Common use of Duly Organized and Validly Existing Clause in Contracts

Duly Organized and Validly Existing. With respect to Buyer, Buyer represents that it was formed and is operating in accordance with the laws of the state of New Mexico governing its formation and operations. With respect to the Seller, Seller represents it is a limited liability company duly organized, validly existing and in good standing under the laws of Delaware and has the corporate power and authority to own or lease its properties and carry on its business as now conducted. Seller also represents it is duly registered with the New Mexico Secretary of State, in good standing and avails itself of the privileges and liabilities of the laws of the state of New Mexico and has corporate power and authority to own and operate the Project in New Mexico.