Common use of Status of Leases Clause in Contracts

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 under all Leases as of the date hereof is not greater than $3,000,000.

Status of Leases. Exhibit E attached hereto contains a full and complete listing of all tenants under all Leases. Magellan has delivered Each contract pertaining 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, Leased Property is in default, full force and effect and such Leased Property is subject to no term or has any knowledge that any condition other party to than as contained in such Material Lease is in default thereundercontract. The Seller is Group has complied with all commitments and obligations on its part to be performed or observed under each such contract, except for such noncompliance which will not, individually or in the owner aggregate, have a Material Adverse Effect upon the tenant's right of possession and use. To the knowledge of the entire lessor's interest in Seller Group, each party to each such contract other than any member of the Seller Group has complied with all commitments and obligations on its part to the Leasesbe performed or observed thereunder, and neither the lessor's interest except for such noncompliance which is not reasonably likely, individually or in the Leases nor the rents payable thereunder aggregate, to have been assigned, pledged or encumbered in any manner other than under collateral assignments that will be released in connection with the Closinga Material Adverse Effect upon tenant's right of possession and use. No tenant member of the ICSL Group has waived any material obligation of any landlord or any right or option to purchase or otherwise acquire any Facility of such member or any portion thereofother under any lease or sublease of Leased Property. Except as indicated on the Rent Roll delivered to the Purchaser as a part No member of the Seller's Deliveries pursuant to Section 3Seller Group has received any notice of a default, (i) offset or counterclaim under any such contract and no rentals event 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 condition has occurred or presently exists no circumstance or state of facts that constitutes a default by the Seller or, after notice or to the Seller's knowledge any tenant under the Material Leases, or that would, with the passage lapse of time or the giving of noticeboth and without a timely cure, or both, would constitute a default on under any such contract, except for such notices, defaults, offsets or counterclaims which are not reasonably likely, individually or in the part aggregate, to have a Material Adverse Effect upon tenant's right of possession or use. No security interests, charges or other encumbrance of any kind attach to any leasehold interest of the Seller or by any tenant Group under any lease or sublease. SCHEDULE 7.07(b) of the Material Leases, Disclosure Schedule identifies each existing lease or that entitles any tenant sublease of Leased Property which will have to be assigned upon the Closing under circumstances requiring 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 consent 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 approval 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 under all Leases as of the date hereof is not greater than $3,000,000another person.