Common use of Acquired Real Estate Clause in Contracts

Acquired Real Estate. If such Loan Party acquires fee ownership of any Real Estate after the Closing Date (other than the acquisition by Foamex of all or a portion of the facility located in Milan, Tennessee, so long as such facility or portion thereof acquired by Foamex is sold by Foamex within forty-five (45) days from its acquisition thereof) that was not financed by such Loan Party with purchase money Debt permitted hereunder (or in the event such financing is repaid), such Loan Party shall, within 30 days of the request of the Administrative Agent or the Majority Lenders, deliver to the Administrative Agent, in each case in form and substance reasonably satisfactory to the Administrative Agent: (a) a fully executed and notarized Mortgage encumbering the fee interest of such Loan Party in such Real Estate; (b) an American Land Title Association (or its equivalent in the relevant jurisdiction) survey of such Real Estate performed by an independent professional licensed land surveyor, certified to the Administrative Agent and the title insurance company issuing the policy referred to in clause (c) below (the "Title Insurance Company") and dated a date reasonably satisfactory to the Administrative Agent and the Title Insurance Company; (c) a fully paid American Land Title Association (or its equivalent in the relevant jurisdiction) mortgagee title insurance policy with respect to the Mortgage on such Real Estate; (d) a legal opinion of special local counsel for such Loan Party for the state or other jurisdiction in which such Real Estate is located and such other legal opinions of counsel for such Loan Party as to the due authorization, execution and delivery and other matters relating to the Mortgage on such Real Estate as the Administrative Agent may reasonably request; and (e) if requested by the Administrative Agent, an environmental report with respect to such Real Estate, in form and substance reasonably satisfactory to the Administrative Agent and conducted by a Person reasonably acceptable to the Administrative Agent. Each Loan Party acknowledges and agrees that, as security for all Obligations, the Financing Orders on the terms described therein create a Lien in favor of the Administrative Agent, for the ratable benefit of the Administrative Agent and the Lenders, on all real property, improvements thereon and interests therein now or hereafter owned or acquired by any Loan Party, whether or not a Mortgage for any such property is executed or delivered by any Loan Party.

Acquired Real Estate. If such Loan Party acquires fee ownership of any Real Estate after the Closing Date (other than the acquisition by Foamex of all or a portion of the facility located in Milan, Tennessee, so long as such facility or portion thereof acquired by Foamex is sold by Foamex within forty-five thirty (4530) days from its acquisition thereof) that was not financed by such Loan Party with purchase money Debt permitted hereunder (or in the event such financing is repaid), such Loan Party shall, within 30 days of the request of the Administrative Agent such acquisition (or the Majority Lendersrepayment of such financing, if applicable), deliver to the Administrative Agent, in each case in form and substance reasonably satisfactory to the Administrative Agent: (a) a fully executed and notarized Mortgage encumbering the fee interest of such Loan Party in such Real Estate; (b) an American Land Title Association (or its equivalent in the relevant jurisdiction) survey of such Real Estate performed by an independent professional licensed land surveyor, certified to the Administrative Agent and the title insurance company issuing the policy referred to in clause (c) below (the "Title Insurance Company") and dated a date reasonably satisfactory to the Administrative Agent and the Title Insurance Company; (c) a fully paid American Land Title Association (or its equivalent in the relevant jurisdiction) mortgagee title insurance policy with respect to the Mortgage on such Real Estate; (d) a legal opinion of special local counsel for such Loan Party for the state or other jurisdiction in which such Real Estate is located and such other legal opinions of counsel for such Loan Party as to the due authorization, execution and delivery and other matters relating to the Mortgage on such Real Estate as the Administrative Agent may reasonably request; and (e) if requested by the Administrative Agent or the Syndication Agent, an environmental report with respect to such Real Estate, in form and substance reasonably satisfactory to the Administrative Agent and the Syndication Agent and conducted by a Person reasonably acceptable to the Administrative Agent. Each Loan Party acknowledges and agrees that, as security for all Obligations, the Financing Orders on the terms described therein create a Lien in favor of the Administrative Agent, for the ratable benefit of the Administrative Agent and the Lenders, on all real property, improvements thereon and interests therein now or hereafter owned or acquired by any Loan Party, whether or not a Mortgage for any such property is executed or delivered by any Loan PartySyndication Agent.

Acquired Real Estate. If such Loan Party acquires fee ownership of any Real Estate after the Closing Date (other than the acquisition by Foamex of all or a portion of the facility located in Milan, Tennessee, so long as such facility or portion thereof acquired by Foamex is sold by Foamex within forty-five thirty (4530) days from its acquisition thereof) that was not financed by such Loan Party with purchase money Debt permitted hereunder (or in the event such financing is repaid), such Loan Party shall, within 30 days of the request of the Administrative Agent such acquisition (or the Majority Lendersrepayment of such financing, if applicable), deliver to the Administrative Agent, in each case in form and substance reasonably satisfactory to the Administrative Agent: (a) a fully executed and notarized Mortgage encumbering the fee interest of such Loan Party in such Real Estate; (b) an American Land Title Association (or its equivalent in the relevant jurisdiction) survey of such Real Estate performed by an independent professional licensed land surveyor, certified to the Administrative Agent and the title insurance company issuing the policy referred to in clause (c) below (the "Title Insurance Company") and dated a date reasonably satisfactory to the Administrative Agent and the Title Insurance Company; (c) a fully paid American Land Title Association (or its equivalent in the relevant jurisdiction) mortgagee title insurance policy with respect to the Mortgage on such Real Estate; (d) a legal opinion of special local counsel for such Loan Party for the state or other jurisdiction in which such Real Estate is located and such other legal opinions of counsel for such Loan Party as to the due authorization, execution and delivery and other matters relating to the Mortgage on such Real Estate as the Administrative Agent may reasonably request; and (e) if requested by the Administrative Agent, an environmental report with respect to such Real Estate, in form and substance reasonably satisfactory to the Administrative Agent and conducted by a Person reasonably acceptable to the Administrative Agent. Each Loan Party acknowledges and agrees that, as security for all Obligations, the Financing Orders on the terms described therein create a Lien in favor of the Administrative Agent, for the ratable benefit of the Administrative Agent and the Lenders, on all real property, improvements thereon and interests therein now or hereafter owned or acquired by any Loan Party, whether or not a Mortgage for any such property is executed or delivered by any Loan Party.