Common use of Real Property and Leaseholds Clause in Contracts

Real Property and Leaseholds. (a) The Company owns all material parcels of real property currently indicated as owned in fee by the Company on the Financial Statements (the "OWNED REAL ESTATE"). The Company holds marketable and legal title to each of the real properties constituting Owned Real Estate, free and clear of all Encumbrances, except for Encumbrances the existence of which would not have a Material Adverse Effect on the Company. (b) The Company holds valid and subsisting leasehold interests in all material parcels of real property leased or subleased to the Company (collectively, the "LEASED REAL ESTATE"), free and clear of all Encumbrances, except for Encumbrances the existence of which would not have a Material Adverse Effect on the Company.

Real Property and Leaseholds. (a) The Company owns all material parcels of real property currently indicated as owned in fee by the Company on the Financial Statements (the "OWNED REAL ESTATEOwned Real Estate"). The Company holds marketable and legal title to each of the real properties constituting Owned Real Estate, free and clear of all Encumbrances, except for Encumbrances the existence of which would not have a Material Adverse Effect on the Company. (b) The Company holds valid and subsisting leasehold interests in all material parcels of real property leased or subleased to the Company (collectively, the "LEASED REAL ESTATELeased Real Estate"), free and clear of all Encumbrances, except for Encumbrances the existence of which would not have a Material Adverse Effect on the Company.