Common use of Real Property and Leaseholds Clause in Contracts

Real Property and Leaseholds. (a) To the Knowledge of the Company, each lease agreement and mortgage to which the Company or any Subsidiary is a party is in full force and effect in accordance with its terms. (b) With respect to each parcel of real property owned or leased by the Company or any of its Subsidiaries: (i) The Company or the relevant Subsidiary, as the case may be, has good and valid title to and/or a valid and subsisting leasehold interest in each item of real property and leasehold, as appropriate, free and clear of all mortgages, liens, Encumbrances (except Permitted Encumbrances), leases, equities, claims, charges, easements, rights-of-way, covenants, conditions and restrictions, except for liens, if any, for property taxes not due; (ii) No officer, director or employee of the Company, of any Subsidiary or of any Affiliate of the Company, nor any Subsidiary or Affiliate of the Company, owns directly or indirectly in whole or in part, any of such real properties or leaseholds; (iii) Neither the Company nor any Subsidiary is in default with respect to any material term or condition of any such mortgage or lease, nor has any event occurred which, through the passage of time or the giving of notice or both, would constitute a default thereunder by the Company or any Subsidiary or would cause the acceleration of any obligation of the Company or any Subsidiary or the creation of a lien or encumbrance upon any asset of the Company or any Subsidiary; (iv) All of the buildings, fixtures and other improvements described in SCHEDULE 4.19 are in reasonably good operating condition, have been maintained in accordance with reasonable industry practices and are adequate to conduct the business of the Company and its Subsidiaries, as the case may be, as presently conducted; and (v) Neither the Company nor any Subsidiary has received any notice or otherwise has Knowledge that the Company or any such Subsidiary, as the case may be, is in violation of any applicable building code, zoning ordinance or other law or regulation.