Common use of Organization; Special Purpose Clause in Contracts

Organization; Special Purpose. Each of Borrower and the SPE Party has been duly organized and is validly existing and in good standing under the laws of the state of its formation, with requisite power and authority, and all rights, licenses, permits and authorizations, governmental or otherwise, necessary to own its properties and to transact the business in which it is now engaged. Each of Borrower and the SPE Party is duly qualified to transact business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, business and operations. Each of Borrower and the SPE Party is a Special Purpose Bankruptcy Remote Entity.

Organization; Special Purpose. Each of Borrower and the each SPE Party has been duly organized and is validly existing and in good standing under the laws of the state of its formation, with requisite power and authority, and all rights, licenses, permits and authorizations, governmental or otherwise, necessary to own its properties and to transact the business in which it is now engaged. Each of Borrower and the each SPE Party is duly qualified to transact business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, business and operations. Each of Borrower and the each SPE Party is a Special Purpose Bankruptcy Remote Entity.

Organization; Special Purpose. Each of Borrower and the SPE Party has been duly organized and is validly existing and in good standing under the laws of the state of its formation, with requisite power and authority, and all rights, licenses, permits and authorizations, governmental or otherwise, necessary to own its properties and to transact the business in which it is now engaged. Each of Borrower and the SPE Party is duly qualified to transact do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, business and operations. Each of Borrower and the SPE Party is a Special Purpose Bankruptcy Remote Entity; provided, however, Lender hereby acknowledges that each of BSV Colonial Owner LLC and BSV Coral Hills LLC have owned property other than the Property prior to the date hereof.

Organization; Special Purpose. Each of Borrower and the SPE Party has been duly organized and is validly existing and in good standing under the laws of the state of its formation, with requisite power and authority, and all rights, licenses, permits and authorizations, governmental or otherwise, necessary to own its properties and to transact the business in which it is now engaged. Each of Borrower and the SPE Party is duly qualified to transact do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, business and operations. Each of Borrower and the SPE Party is a Special Purpose Bankruptcy Remote Entity.

Organization; Special Purpose. Each of Borrower and the each SPE Party has been duly organized and is validly existing and in good standing under the laws of the state of its formation, with requisite power and authority, and all rights, licenses, permits and authorizations, governmental or otherwise, necessary to own its properties and to transact the business in which it is now engaged. Each of Borrower and the each SPE Party is duly qualified to transact do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, business and operations. Each of Borrower and the each SPE Party is a Special Purpose Bankruptcy Remote Entity.