Common use of Organization; Compliance Clause in Contracts

Organization; Compliance. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida. The Company is: (a) entitled to own or lease its properties and to carry on its business as and in the places where such business is now conducted, and (b) duly licensed and qualified in all jurisdictions where the character of the property owned by it or the nature of the business transacted by it makes such license or qualification necessary, except where the failure to do so would not result in a material adverse effect on the Company.