Common use of Opinion of Local Counsel Clause in Contracts

Opinion of Local Counsel. Lender shall have received, in form and substance reasonably satisfactory to Lender, a legal opinion as to the enforceability of each Mortgage under the laws of the state in which the applicable individual Property is located, the good standing, foreign qualification, valid existence or other comparable concept under applicable law of the applicable Borrower in such state and the other matters described in the form local counsel opinion delivered to Borrower as of the Closing Date (it being understood that the formulation of such opinions shall be subject to the policies of the counsel providing such opinions and qualifications required by the various jurisdictions in which the Properties are located).