Real Property definition
Examples of Real Property in a sentence
The Seller is the lessee, sublessee or licensee under any particular Real Property Lease and owns the leasehold or license interest created pursuant to each of the Real Property Leases free and clear of all Encumbrances, other than Permitted Encumbrances.
Each of the Real Property Leases and Assumed Contracts is valid, binding, in full force and effect, and enforceable by or against the Seller in accordance with their respective terms and conditions and upon assignment and assumption by the Buyer will be enforceable by the Buyer in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, or other laws affecting the enforcement of creditors’ rights generally and by general equitable principles.
No event has occurred and is continuing that constitutes, or that with the giving of notice or the passage of time or both would constitute, a default by the Seller, or the knowledge of the Seller, the applicable counterparty under such Real Property Lease, under any Real Property Lease.
There is not, under any such Real Property Lease, any existing default by the Seller, or, to the Seller’s knowledge, by the applicable counterparty thereto.
Each Real Property Lease is in full force and effect and constitutes a binding obligation of the Seller and, to the Seller’s knowledge, of the applicable counterparty under such Real Property Lease.