Common use of Valid Title, etc Clause in Contracts

Valid Title, etc. The Borrower has good and marketable fee simple title in and to the Fee Premises, along with any other property set forth on Exhibit A. The Borrower owns leasehold title to the Leasehold Premises, along with any other property set forth on Exhibit A-1, pursuant to the Leasehold Estate described on Exhibit B. The Borrower owns good and marketable title to personal property in which a security interest is granted under the Loan Documents; Borrower further has a good right to sell and Grantee, grant a security interest in, and assign, the Collateral; the Collateral is free and clear of any Liens other than Permitted Encumbrances; and the Borrower will forever warrant and defend the title to the Collateral unto the Grantee against the claims of all Persons whomsoever, except those claiming under Permitted Encumbrances. With respect to the Timber Lease, Borrower represents and warrants, to the best of its knowledge after diligent inquiry, that (i) the Timber Lease is in full force and effect and has not been modified or amended in any manner whatsoever except as may be set forth on Exhibit B, (ii) there are no defaults under the Timber Lease and no event has occurred which, but for the passage of time, or notice, or both, would constitute a default under the Timber Lease, (iii) all Receipts, additional Receipts and other sums due and payable under the Timber Lease have been paid in full, (iv) neither Borrower nor the landlord under the Timber Lease has commenced any action or given or received any notice for the purpose of terminating the Timber Lease which has not been cured.

Valid Title, etc. The Borrower Mortgagor has good and marketable fee simple title in and to the Fee Premises, along with any other property set forth on Exhibit A. The Borrower Mortgagor owns leasehold title to the Leasehold Premises, along with any other property set forth on Exhibit A-1, pursuant to the Leasehold Estate described on Exhibit B. The Borrower Mortgagor owns good and marketable title to personal property in which a security interest is granted under the Loan Documents; Borrower Mortgagor further has a good right to sell and Granteemortgage, grant a security interest in, and assign, the Collateral; the Collateral is free and clear of any Liens other than Permitted Encumbrances; and the Borrower Mortgagor will forever warrant and defend the title to the Collateral unto the Grantee Mortgagee against the claims of all Persons whomsoever, except those claiming under Permitted Encumbrances. With respect to the Timber Lease, Borrower Mortgagor represents and warrants, to the best of its knowledge after diligent inquiry, that (i) the Timber Lease is in full force and effect and has not been modified or amended in any manner whatsoever except as may be set forth on Exhibit B, (ii) there are no defaults under the Timber Lease and no event has occurred which, but for the passage of time, or notice, or both, would constitute a default under the Timber Lease, (iii) all Receiptsrents, additional Receipts rents and other sums due and payable under the Timber Lease have been paid in full, (iv) neither Borrower Mortgagor nor the landlord under the Timber Lease has commenced any action or given or received any notice for the purpose of terminating the Timber Lease which has not been cured.