Common use of Authority, Authorizations and Consents Clause in Contracts

Authority, Authorizations and Consents. Owner is an institution of the State of California. Owner has all necessary power and authority to enter into this Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement has been duly and validly authorized by all necessary action and proceedings, and except as specifically contemplated in the New Lease, no further action or authorization is necessary on the part of Owner in order to consummate the transactions contemplated herein. This Agreement is a legal, valid and binding obligation of Owner, enforceable in accordance with its respective terms. Owner has obtained all authorizations, consents or approvals of any governmental entity or other person or entity required to be obtained or given in connection with the execution and delivery of this Agreement by Owner or the performance of any of Owner’s obligations hereunder, except those authorizations, consents or approvals specifically contemplated in the New Lease.