Common use of Legal Status of Borrower Clause in Contracts

Legal Status of Borrower. Borrower is a limited partnership, duly organized, validly existing and in good standing under the laws of the State of Maryland and is duly authorized to transact business in the jurisdictions in which the Approved Assets owned by it are located, and has all power, authority, permits, consents, authorizations and licenses necessary to carry on its business, to acquire, develop, demolish, construct, renovate, expand, equip, own and operate each Approved Asset owned by Borrower and to execute, deliver and perform this Agreement and the other Loan Documents; and this Agreement and the other Loan Documents executed to date by Borrower have been duly authorized, executed and delivered by and on behalf of Borrower so as to constitute this Agreement and said other Loan Documents the valid and binding obligations of Borrower, enforceable in accordance with their terms.