The Easements. The applicable Company is the original grantee (or has validly succeeded to the rights of the original grantee) under each of the Easements, has good title to the Easements excepting the Permitted Exceptions and the Liens existing under the Sunflower Credit Agreement (which will be released and terminated upon Closing), and is the sole owner of the Improvements located on the Easement areas thereunder, subject in each case to the Permitted Exceptions, and other than facilities owned by utility companies servicing the Towers in the Ordinary Course of Business. At Closing, the Easements and the Improvements in connection therewith shall be free and clear of all Liens, excepting only the Permitted Exceptions. Furthermore, except as set forth on Schedule 3.15(c), (i) each Easement is in full force and effect and has not been materially modified or amended, (ii) the applicable Company is in actual possession of the easement area under each of the Easements, (iii) except as set forth in any Easements, the applicable Company is not obligated to pay any rent or charges under any of the Easements for any period subsequent to the Closing Date, except for the payment or reimbursement of any real property or ad valorem tax pursuant to the terms of such Easements, and (iv) the applicable Company has not given notice to or received notice from any Person claiming that the Person or such Company is in default under any Easement, and there is no event which, with the giving of notice or the passage of time or both, would constitute such a default.
Appears in 1 contract
Sources: Equity Interest Purchase Agreement (StratCap Digital Infrastructure REIT, Inc.)
The Easements. The applicable Company is the original grantee (or has validly succeeded to the rights of the original grantee) under each of the Easements, has good title to the Easements excepting the Permitted Exceptions and the Liens existing under the Sunflower Credit Agreement (which will be released and terminated upon Closing), and is the sole owner of the Improvements located on the Easement areas thereunder, subject in each case to the Permitted Exceptions, and other than facilities owned by utility companies servicing the Towers in the Ordinary Course of Business. At Closing, the Easements and the Improvements in connection therewith shall be free and clear of all Liens, excepting only the Permitted Exceptions. Furthermore, except as set forth on Schedule 3.15(c), (i) each Easement is in full force and effect and has not been materially modified or amended, (ii) the applicable Company is in actual possession of the easement area under each of the Easements, (iii) except as set forth in any Easements, the applicable Company is not obligated to pay any rent or charges under any of the Easements for any period subsequent to the Closing Date, except for the payment or reimbursement of any real property or ad valorem tax pursuant to the terms of such Easements, and (iv) the applicable Company has not given notice to or received notice from any Person β claiming that the Person or such the Company is in default under any Easement, and there is no event which, with the giving of notice or the passage of time or both, would constitute such a default.
Appears in 1 contract
Sources: Equity Interest Purchase Agreement (StratCap Digital Infrastructure REIT, Inc.)