Status of Leases. Borrower is not in default under any of the Leases, and to Borrower’s knowledge there is no default on the part of any other party to any Lease, which defaults could reasonably be expected to have a Material Adverse Effect. The Leases are legal, valid and binding agreements enforceable against Borrower and the tenants thereunder in accordance with their terms, and none of the Leases have been modified or amended in any material respect since the date true and correct copies of the same were delivered to Lender by Borrower. Borrower has not done or omitted to do any act so as to be estopped from exercising any of its rights under any of the Leases, and there is no assignment of any of Borrower’s right under any of such contracts to any person or entity other than Lender.
Status of Leases. Each of the Leases is valid and in full force and effect, has not been further modified or amended and is assignable to Purchaser without the consent of the other party thereto. There are no defaults under any of the Leases by the Seller or, to the best of the Seller's knowledge, by the other party thereunder, and no fact or circumstance has occurred that, by itself or with the giving of notice or the passage of time or both, would constitute such a default by the Seller or, to the best of the Seller's knowledge, by the other party thereunder. The Seller has the sole right to collect the rent under the Leases and neither such right nor any of the Leases has been assigned, pledged, hypothecated or otherwise encumbered. From the date hereof through and including the date of Closing, the Seller shall not modify any of the Leases in any material manner. The Seller shall perform all of its obligations under the Leases from the date hereof through and including the date of Closing.
Status of Leases. To its knowledge, Borrower is not in default under any of the Leases, and there is no default on the part of any other party to any Lease, which defaults could reasonably be expected to have a Material Adverse Effect. None of the Leases have been modified or amended in any material respect since the date true and correct copies of the same were delivered to Lender by Borrower. Borrower has not done or omitted to do any act so as to be estopped from exercising any of its rights under any of the Leases, and there is no assignment of any of Borrower’s right under any of such contracts to any person or entity other than Lender.
Status of Leases. Each of the leases of the Real Property has been duly authorized and executed by RMSI and is in full force and effect, except where the failure to be so would not have an RMSI Material Adverse Effect. To the knowledge of RMSI, each of said leases has been duly authorized and executed by the other party to each of said leases. Neither RMSI nor any of the RMSI Subsidiaries is in default under any material provision of any such said lease, nor has any event occurred which, with notice or the passage of time, or both, would give rise to such a default. To the knowledge of RMSI, the other party to each of said leases is not in default under any material provision of any such lease and there is no event which, with notice or the passage of time, or both, would give rise to such a default.
Status of Leases. (i) To Seller’s Knowledge, the Leases have been maintained according to their terms, in compliance with the agreements to which the Leases are subject; (ii) all royalties (other than royalties held in suspense), delay rentals, and other payments due under the Leases which are Seller Operated Assets (and to Seller’s Knowledge with respect to the other Leases) have been properly and timely paid and all conditions necessary to keep the Leases in force have been fully performed by Seller and each other Person that is a party thereto; (iii) to Seller’s Knowledge, except as shown on the Exhibits hereto, and without expanding or enlarging any warranty of title given elsewhere herein, the Leases are presently in force and effect as to all water bottoms and depths; and (iv) neither Seller nor, to Seller’s Knowledge, any other party to any Lease has received notice or threat of any claim or action seeking to terminate, cancel, rescind, or procure a judicial reformation of any Lease or any provisions thereof or seeking the release of any Lease (or portion thereof). Each Lease is a legal, valid and binding agreement, enforceable in accordance with its terms, of Seller and of each other Person that is a party thereto, and, except as set forth in Part 3.13 of Seller’s Disclosure Schedule, there is no, and Seller has not received notice of any, breach or default (nor is it aware of any condition or event which, after notice or lapse of time or both, would constitute a breach or default) thereunder.
Status of Leases. Exhibit E attached hereto contains a full and complete listing of all tenants under all Leases. Magellan has delivered to the Purchaser true and complete copies of each Material Lease. With respect to each Material Lease, neither Magellan nor any Subco has received a notice of termination, is in default, or has any knowledge that any other party to such Material Lease is in default thereunder. The Seller is the owner of the entire lessor's interest in and to the Leases, and neither the lessor's interest in the Leases nor the rents payable thereunder have been assigned, pledged or encumbered in any manner other than under collateral assignments that will be released in connection with the Closing. No tenant has any right or option to purchase or otherwise acquire any Facility or any portion thereof. Except as indicated on the Rent Roll delivered to the Purchaser as a part of the Seller's Deliveries pursuant to Section 3, (i) no rentals or other amounts due under the Material Leases have been paid more than one (1) month in advance, (ii) all security and other deposits of any type required under the Material Leases have been paid in full and are being held by the Seller, (iii) there exists no circumstance or state of facts that constitutes a default by the Seller or to the Seller's knowledge any tenant under the Material Leases, or that would, with the passage of time or the giving of notice, or both, constitute a default on the part of the Seller or by any tenant under any of the Material Leases, or that entitles any tenant under the Material Leases to defenses against the prompt, current payment and performance of rent and/or other payments and obligations thereunder, and (iv) none of the tenants under the Material Leases has asserted any defenses, set-offs or claims in connection with any of the Material Leases, except in the case of clauses (iii) or (iv) above, for violations, breaches or defaults which do not have a material adverse effect on the Facilities. Seller has no knowledge of any pending or threatened litigation by any tenant against the Seller with regard to any Material Lease. There do not exist any unpaid leasing commissions due with regard to any of the Material Leases. The Seller has performed in all material respects all of the duties, liabilities and obligations imposed upon Seller by the terms, provisions and conditions contained in the Material Leases and accruing on or prior to the date hereof. The total amount of annual rent payable ...
Status of Leases. With respect to the oil, gas and/or mineral leases comprising part of the Assets (i) to Seller's Knowledge, such leases have been maintained according to their terms, in compliance with the agreements to which such leases are subject; (ii) to Seller's Knowledge all royalties (other than royalties held in suspense), delay rentals and other payments due under such leases have been properly and timely paid and all conditions necessary to keep such leases in force have been fully performed; (iii) to Seller's Knowledge, except as shown on the Exhibits hereto, and without expanding or enlarging any warranty of title given elsewhere herein, such leases are presently in force and effect; and (iv) neither Seller nor, to Seller's Knowledge, any other party to any such lease has received notice of any claim or action seeking to terminate, cancel, rescind or procure a judicial reformation of any such lease or any provisions thereof or seeking the release of any such lease (or portion thereof) comprising any part of the Assets.
Status of Leases. Each of the leases of the Real Property has ---------------- been duly authorized and executed by Xxxxxxx and is in full force and effect, except where the failure to be so would not have a Xxxxxxx Material Adverse Effect. To the knowledge of Xxxxxxx, each of said leases has been duly authorized and executed by the other party to each of said leases. Neither Xxxxxxx nor any of the Xxxxxxx Subsidiaries is in default under any material provision of any such said lease, nor has any event occurred which, with notice or the passage of time, or both, would give rise to such a default. To the knowledge of Xxxxxxx, the other party to each of said leases is not in default under any material provision of any such lease and there is no event which, with notice or the passage of time, or both, would give rise to such a default.
Status of Leases. Except as set forth in Schedule 6.01(s), the Leases are in full force and effect in accordance with their terms, there exist no defaults under any of the Leases by any Target Entity or, to Seller’s knowledge, by any other person that is a party to such Leases, and no event has occurred that with notice or lapse of time or both would constitute any default under any of such Leases by any Target Entity or, to Seller’s knowledge, any other person who is a party to any of such Leases.
Status of Leases. Each of the Vendors shall have delivered to the Purchaser (i) acknowledgments from the lessors under the leases identified in Schedule 3.4(c) that such leases are in full force and the respective Corporation is not in breach of any of the terms thereof and (ii) any consent to the change in ownership effected by the sale of the Purchased Shares as may be required by the terms of such leases.
