Common use of Requisite Action Clause in Contracts

Requisite Action. All action on the part of Lessor necessary for the authorization, execution, delivery and performance of this Lease and the consummation of the transactions contemplated hereby, has been properly taken and obtained by it and this Lease constitutes a valid and legally binding obligation of Lessor enforceable in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, reorganization, moratorium, or other laws affecting generally the enforcement of creditors' rights and by general principles of equity.