Common use of Property Owner Clause in Contracts

Property Owner. The statements contained in the third, fourth, fifth and sixth Recitals to this Agreement are incorporated in this Section 8.3(r) as representations and warranties of Seller. AFE owns its interests in PXR free and clear of all liens, encumbrances, liabilities, claims, covenants and restrictions of any kind or character, including but not limited to, any security interests or, any restriction on sale or assignment or granting of any option, right or agreement for the purchase or acquisition of the same or any interest in the same and AFE has not transferred, assigned, sold, conveyed, pledged, mortgaged, granted a security interest in, or otherwise disposed of any of such interests or any portion thereof or interest therein or granted any option to any person or entity to acquire any of such interests. PXR owns its interests in PXURA and PXLA free and clear of all liens, encumbrances, liabilities, claims, covenants and restrictions of any kind or character, including but not limited to, any security interests or, any restriction on sale or assignment or granting of any option, right or agreement for the purchase or acquisition of the same or any interest in the same, and PXR has not transferred, assigned, sold, conveyed, pledged, mortgaged, granted a security interest in, or otherwise disposed of any of such interest or any portion thereof or interest therein or granted any option to any person or entity to acquire any of such interest. Each of AFE, PXR, PXURA and PXLA is validly existing and in good standing under the laws of the State of New Jersey. The provisions of this Section 8.3 are subject to the limitations on liability set forth in Section 8.5 of this Agreement.