Common use of Real Property; Plant and Equipment Clause in Contracts

Real Property; Plant and Equipment. (a) Schedule 4.13(a) contains a legal description of, and exhibits indicating the location of, the Real Property included in the NMP-2 Assets in which Sellers have tenant-in-common interests. All Encumbrances on the Real Property (other than Permitted Encumbrances) shall be released on or before the Closing Date. Complete and correct copies of any current surveys in Sellers' possession and any policies of title insurance currently in force and in the possession of Sellers with respect to the Real Property have heretofore been delivered by Sellers to Buyer. (b) Schedule 4.13(b) contains a description of the major equipment components and personal property comprising the NMP-2 Assets and all such equipment and property has been maintained in accordance with Good Utility Practices. (c) Except for the exceptions listed in Schedule 4.13(c), the NMP-2 Assets conform in all material respects to the NRC license and the Final Safety Analysis Report (FSAR) and are being operated in all material respects in conformance with all material applicable requirements under the Atomic Energy Act, the Energy Reorganization Act, and the rules, regulations, orders, and licenses issued thereunder. The NMP-2 Assets constitute all of the real property and tangible assets necessary to operate the Facilities in substantially the same manner as they have been operated to date.