Common use of Organization, Power, Good Standing, and Business Clause in Contracts

Organization, Power, Good Standing, and Business. A. The principal residence of each of Xxxxxxx X. Xxxx and Xxxxx Xxxx Xxxx is in California. The Trust has been duly formed and is validly existing under the laws of the State of California. Borrower has the full power and authority to own and operate its properties, to carry on its business as now conducted, to enter into each Loan Document and to carry out the transactions contemplated hereby and thereby. The Trust has delivered to Lender true and correct copies of portions of its Formation Documents and such portions of the Formation Documents have not been amended or modified except pursuant to agreements delivered to Lender prior to the date hereof. B. Each Signature Party other than Borrower is duly formed and validly existing under the Laws of the State of its formation. Each such Signature Party has the full power and authority to own and operate its properties, to carry on its business as now conducted, to act as a trustee of Borrower or Guarantor, as applicable, to enter into each Loan Document as a trustee of Borrower or a Guarantor, as applicable, to enter into the Guaranty on its own behalf, if applicable, and to carry out the transactions contemplated in the Loan Documents. Borrower has delivered to Lender true, correct and complete copies of the Formation Documents for each such Signature Party and such Formation Documents have not been amended or modified except pursuant to agreements delivered to Lender prior to the date hereof.

Organization, Power, Good Standing, and Business. A. The principal residence of each of Xxxxxxx X. Xxxx and Xxxxx Xxxx Xxxx is in California. The Trust has been duly formed and is validly existing under the laws of the State of California. Borrower has the full power and authority to own and operate its properties, to carry on its business as now conducted, to enter into each Loan Document and to carry out the transactions contemplated hereby and thereby. The Trust has delivered to Lender true and correct copies of portions of its Formation Documents and such portions of the Formation Documents have not been amended or modified except pursuant to agreements delivered to Lender prior to the date hereof. B. Each Signature Party other than Borrower is duly formed and validly existing under the Laws of the State of its formation. Each such Signature Party has the full power and authority to own and operate its properties, to carry on its business as now conducted, to act as a trustee of Borrower or Guarantor, as applicable, to enter into each Loan Document and the Environmental Indemnity as a trustee of Borrower or a Guarantor, as applicable, to enter into the Guaranty and/or Environmental Indemnity on its own behalf, if applicable, and to carry out the transactions contemplated in the Loan DocumentsDocuments and the Environmental Indemnity. Borrower has delivered to Lender true, correct and complete copies of the Formation Documents for each such Signature Party and such Formation Documents have not been amended or modified except pursuant to agreements delivered to Lender prior to the date hereof.