Representation and Warranties of Kramont. Kramont represents and warrants to the Limited Partners and Kramont OP that Kramont is a real estate investment trust duly organized, validly existing and in good standing under the laws of the State of Maryland with the requisite trust power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The contribution by Kramont of the Kramont Contributed Interests hereunder has been duly authorized by all necessary action on the part of Kramont. This Agreement has been duly executed and delivered by Kramont and constitutes the valid and legally binding obligation of Kramont, enforceable against Kramont in accordance with its terms.
