Common use of Ownership of the Property Clause in Contracts

Ownership of the Property. The LLC owns good and marketable fee simple title to the Property free and clear of all liens, encumbrances, covenants, restrictions, easements, rights of way, claims, rights and other matters whatsoever, other than the following (the “Permitted Exceptions”): (i) utility and drainage easements of record which will not materially impair the value of the Property or the ability of Acquirer to use the same for Acquirer’s intended use; (ii) zoning and building laws, ordinances, resolutions and regulations; (iii) ad valorem real estate taxes and assessments for public improvements, in each case not due and payable; (iv) any matter relating to title or survey not objected to by Acquirer; (v) any title exception created directly by any act or omission of Acquirer or its representatives, agents, employees or invitees; and (vi) the Loan Documents (as defined below). Except for those to be acquired by the Acquirer in connection with this Agreement, there are no rights to purchase, subscriptions, warrants, options, conversion rights, preemptive rights, agreements, instruments or similar understandings of any kind outstanding (i) relating to any interest in the Property, or (ii) to purchase, transfer or to otherwise acquire, or to in any way encumber, any of the Property. The LLC does not have any commitment or legal obligation, absolute or contingent, to any other individual, corporation, limited liability company, partnership, trust or other entity (“Person”) other than the Acquirer to sell, sign, transfer or effect a sale of any right, title or interest in or to the Property.

Ownership of the Property. The LLC owns good and marketable fee simple title to the Property as tenant in common free and clear of all liens, encumbrances, covenants, restrictions, easements, rights of way, claims, rights and other matters whatsoever, other than the following (the “Permitted Exceptions”): (i) utility and drainage easements of record which will not materially impair the value of the Property or the ability of Acquirer to use the same for Acquirer’s intended use; (ii) zoning and building laws, ordinances, resolutions and regulations; (iii) ad valorem real estate taxes and assessments for public improvements, in each case not due and payable; (iv) any matter relating to title or survey not objected to by Acquirer; (v) any title exception created directly by any act or omission of Acquirer or its representatives, agents, employees or invitees; and (vi) the Loan Documents (as defined below). Except for those to be acquired by the Acquirer in connection with this Agreement, there are no rights to purchase, subscriptions, warrants, options, conversion rights, preemptive rights, agreements, instruments or similar understandings of any kind outstanding (i) relating to any interest in the Property, or (ii) to purchase, transfer or to otherwise acquire, or to in any way encumber, any of the Property. The LLC does not have any commitment or legal obligation, absolute or contingent, to any other individual, corporation, limited liability company, partnership, trust or other entity (“Person”) other than the Acquirer to sell, sign, transfer or effect a sale of any right, title or interest in or to the Property.