Common use of Due Organization; Qualification Clause in Contracts

Due Organization; Qualification. (1) The REIT is qualified to transact business and is in good standing in the State of Tennessee. The Borrower Parties are qualified to transact business and is in good standing in the State in which they are organized and in each other jurisdiction in which such qualification and/or standing is necessary to the conduct of its business and where the failure to be so qualified would adversely affect the validity of, the enforceability of, or the ability of the Borrower Parties to perform the Obligations under this Agreement and the other Loan Documents. The Borrower Parties are qualified to transact business and are in good standing in each State in which they own a Mortgaged Property.

Due Organization; Qualification. (1) The REIT is qualified to transact business and is in good standing in the State of Tennessee. The Borrower Parties are is qualified to transact business and is in good standing in the State in which they are it is organized and in each other jurisdiction in which such qualification and/or standing is necessary to the conduct of its business and where the failure to be so qualified would adversely affect the validity of, the enforceability of, or the ability of the Borrower Parties to perform the Obligations under this Agreement and the other Loan Documents. The Borrower Parties are is qualified to transact business and are is in good standing in each State in which they own it owns a Mortgaged Property.