Common use of Leases Binding Clause in Contracts

Leases Binding. The Leases are in full force and effect and valid, binding and enforceable in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or other Laws affecting creditors’ rights generally and the exercise of judicial discretion in accordance with general equitable principles. There are currently no events of default (whether with or without notice, lapse of time or both or the happening or occurrence of any other event) under the Leases and, to the Knowledge of Company, no event of default has occurred which (whether with or without notice, lapse of time or both or the happening or occurrence of any other event) would constitute a default thereunder on the part of Company, Seller or any other party thereto. The current annual rent and term under each Lease are as set forth on Schedule 3.22. Schedule 3.22 separately identifies all Leases for which consents or waivers must be obtained on or prior to the Closing Date (or which have been obtained) in order for such Leases to continue in effect according to their terms after the Closing Date. Company has not waived in writing any rights under any Lease which would be in effect on or after the date of this Agreement. To the Knowledge of Company, no event has occurred which either entitles, or would, on notice or lapse of time or both, entitle the other party to any Lease to declare a default or to accelerate, or which does accelerate, the maturity of any indebtedness of Company under any Lease.

Leases Binding. (i) The Leases are in full force and effect and valid, binding and enforceable against Company in accordance with their terms, except as enforceability may are in full force and effect, and at Closing the Replacement Corporate Lease will be limited by bankruptcyvalid, insolvency or other Laws affecting creditors’ rights generally binding and enforceable against the exercise of judicial discretion landlord thereunder in accordance with general equitable principles. There are currently no events of default its terms and in full force and effect; (whether with or without notice, lapse of time or both or the happening or occurrence of any other eventii) under the Leases and, to the Knowledge of Company, no event of default has occurred which (whether with or without notice, lapse of time or both or the happening or occurrence of any other event) would constitute a default thereunder under the Leases on the part of CompanyCompany or Sellers; and (iii) Company and Sellers have no Knowledge of the occurrence of any event of default which (whether with or without notice, Seller lapse of time or both or the happening or occurrence of any other party theretoevent) would constitute a default under the Leases by any other party. The current annual rent and term under each Lease are as set forth on Schedule 3.22. Schedule 3.22 separately identifies all Leases for which consents or waivers must be obtained on or prior to the Closing Date (or which have been obtained) in order for such Leases to continue in effect according to their terms after the Closing Date. Company has not waived in writing any rights under any Lease which would be in effect on or after the date of this Agreement. To the Knowledge of Company, no No event has occurred which either entitles, or would, on notice or lapse of time or both, entitle the other party to any Lease with Company to declare a default or to accelerate, or which does accelerate, the maturity of any indebtedness of Company under any Lease.

Leases Binding. The Leases are in full force and effect and valid, binding and enforceable in accordance with their termsterms and are in full force and effect, except as enforceability may be limited (i) by bankruptcy, insolvency or other Laws affecting creditors’ rights generally and the exercise of judicial discretion in accordance with general equitable principles. There are currently no events of default principles or (whether with or without notice, lapse of time or both or the happening or occurrence of any other eventii) under the Leases and, due to the Knowledge of fact that one or more other parties thereto was not duly authorized or competent to enter into such Lease. To the Company’s Knowledge, no each other party to each such Lease was duly authorized and competent to enter into such Lease. No event of default has occurred which (whether with or without notice, lapse of time or both or the happening or occurrence of any other event) would constitute a default thereunder on the part of CompanyCompany or Sellers. The Company has no Knowledge of the occurrence of any event which (whether with or without notice, Seller lapse of time or both or the happening or occurrence of any other party theretoevent) would constitute a default thereunder by any other party. The current annual rent and term under each Lease are as set forth on Schedule 3.22. Schedule 3.22 separately identifies all Leases for which consents or waivers must be obtained on or prior to the Closing Date (or which have been obtained) in order for such Leases to continue in effect according to their terms after the Closing Date. Company has not waived in writing any material rights under any Lease which would be in effect on or after the date of this Agreement. To the Knowledge of Company, no event has occurred which either entitles, or would, on notice or lapse of time or both, entitle the other party to any Lease with Company to declare a default or to accelerate, or which does accelerate, the maturity of any indebtedness of Company under any Lease.