Organization and Power; Due Authorization; Enforceability Sample Clauses
The "Organization and Power; Due Authorization; Enforceability" clause confirms that a party to an agreement is properly organized, has the legal authority to enter into the contract, and that the contract is legally binding on them. In practice, this means the party is a validly existing entity (such as a corporation or LLC), has obtained all necessary internal approvals (like board resolutions), and that the agreement is enforceable against them under applicable law. This clause provides assurance to the other party that the agreement is valid and that the commitments made can be relied upon, thereby reducing the risk of future disputes over the party’s legal capacity or the contract’s enforceability.
Organization and Power; Due Authorization; Enforceability. The Operating Partnership is duly organized, validly existing, and in good standing as a limited partnership under the laws of the State of Delaware, and has full right, limited partnership power, and authority to enter into this Agreement and to assume and perform all of its obligations under this Agreement. The execution and delivery of this Agreement and the performance by the Operating Partnership of its obligations hereunder have been duly authorized by all requisite action of the Operating Partnership and require no further action or approval of the Operating Partnership’s partners or of any other individuals or entities in order to constitute this Agreement as a binding and enforceable obligation of the Operating Partnership. This Agreement, and each agreement, document and instrument executed and delivered by or on behalf of the Operating Partnership or the REIT pursuant to this Agreement, constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of the Operating Partnership or the REIT, as applicable, enforceable against the Operating Partnership or the REIT, as applicable, in accordance with its terms, except as such enforceability may be limited by bankruptcy or the application of equitable principles.
Organization and Power; Due Authorization; Enforceability. The Operating Partnership is duly organized, validly existing and in good standing under the laws of the State of Delaware and has full right, limited partnership power and authority to enter into this Agreement and to perform all of its obligations under this Agreement. The execution and delivery by the Operating Partnership of this Agreement and the performance by the Operating Partnership of its obligations hereunder have been duly authorized by all requisite action of the Operating Partnership and require no further action or approval of the Operating Partnership’s partners or of any other individuals or entities in order to constitute this Agreement as a binding and enforceable obligation of the Operating Partnership. This Agreement constitutes the legal, valid and binding obligation of the Operating Partnership, enforceable against the Operating Partnership in accordance with its terms, except as such enforceability may be limited by bankruptcy or the application of equitable principles.
Organization and Power; Due Authorization; Enforceability. Purchaser is duly organized, validly existing and in good standing under the laws of the State of Delaware and has full right, power and authority to enter into this Agreement and to perform all of its obligations under this Agreement. The execution and delivery by Purchaser of this Agreement and the performance by Purchaser of its obligations hereunder have been duly authorized by all requisite action of Purchaser and require no further action or approval of Purchaser’s partners or of any other individuals or entities in order to constitute this Agreement as a binding and enforceable obligation of Purchaser. This Agreement constitutes the legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, except as such enforceability may be limited by bankruptcy or the application of equitable principles.
Organization and Power; Due Authorization; Enforceability. Purchaser is duly organized, validly existing and in good standing under the laws of the State of Delaware, and has full right, power and authority to enter into this Agreement and to perform all of its obligations under this Agreement. The execution and delivery by Purchaser of this Agreement and the performance by Purchaser of its obligations hereunder have been duly authorized by all requisite action of Purchaser and require no further action or approval of Purchaser’s members, partners, stockholders, managers, board of directors, trustees or of any other individuals or entities in order to constitute this Agreement as a binding and enforceable obligation of Purchaser. This Agreement constitutes the legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, except as such enforceability may be limited by bankruptcy or the application of equitable principles.