Common use of No Contracts Clause in Contracts

No Contracts. To the knowledge of Contributor, each agreement, undertaking or contract affecting the Property, written or oral, is valid and binding on the Participating Entity and the Participating Entity Interest and is in full force and effect in all material respects, as such enforceability may be limited by bankruptcy or the application of equitable principles, and all such material agreements, undertakings or contracts have been delivered or made available to the Operating Partnership and its agents and underwriters. To the knowledge of Contributor, no party to any such contract has breached or defaulted under the terms of such contract, except for such breaches or defaults that would not, individually or in the aggregate, have a material adverse effect on the business or operations of the Property.