Common use of Status of Property Clause in Contracts

Status of Property. The Borrower delivering any Security Documents to Atlantic is the fee simple owner of the subject Property free and clear of all restrictions, covenants, easements, liens and encumbrances, including, without limitation, mechanics', materialmen's and suppliers' liens (except liens securing Atlantic and matters reflected in the Title Policy). To Homestead and each Borrower's knowledge: each Property is a legal lot under applicable laws, statutes, ordinances and regulations of the governing jurisdiction; each Property is carried, or is in the process of being changed so as to be carried, on the tax rolls of the governing jurisdiction as a separate, subdivided parcel; each Property has, or will have upon completion of construction, full access to the public highways and to the services of all utilities, including water, storm sewer, sanitary sewer, electricity and telephone, required to serve the intended use of the Property; each Property under construction or completed is zoned under applicable zoning laws and ordinances so as to permit the construction and development of the Project planned for such Property and the use and occupancy of the Property as contemplated under this Agreement; and each Property under construction or completed currently complies in all material respects with such laws and ordinances and with all private restrictions applicable thereto and any special use permit, variance, exception, or other special zoning authorization applicable thereto; each Property currently complies in all material respects with all Governmental Requirements applicable thereto. To Borrower's knowledge, the liens of the Security Documents executed by it are valid liens covering the subject Properties.

Status of Property. The Borrower delivering any Security Documents to Atlantic PTR is the fee simple owner of the subject Property free and clear of all restrictions, covenants, easements, liens and encumbrances, including, without limitation, mechanics', materialmen's and suppliers' liens (except liens securing Atlantic PTR and matters reflected in the Title Policy). To Homestead and each Borrower's knowledge: each Property is a legal lot under applicable laws, statutes, ordinances and regulations of the governing jurisdiction; each Property is carried, or is in the process of being changed so as to be carried, on the tax rolls of the governing jurisdiction as a separate, subdivided parcel; each Property has, or will have upon completion of construction, full access to the public highways and to the services of all utilities, including water, storm sewer, sanitary sewer, electricity and telephone, required to serve the intended use of the Property; each Property under construction or completed is zoned under applicable zoning laws and ordinances so as to permit the construction and development of the Project planned for such Property and the use and occupancy of the Property as contemplated under this Agreement; and each Property under construction or completed currently complies in all material respects with such laws and ordinances and with all private restrictions applicable thereto and any special use permit, variance, exception, or other special zoning authorization applicable thereto; each Property currently complies in all material respects with all Governmental Requirements applicable thereto. To Borrower's knowledge, the liens of the Security Documents executed by it are valid liens covering the subject Properties.

Status of Property. The Borrower delivering any Security Documents to Atlantic PTR is the fee simple owner of the subject Property free and clear of all restrictions, covenants, easements, liens and encumbrances, including, without limitation, mechanics', materialmen's and suppliers' liens (except liens securing Atlantic PTR and matters reflected in the Title Policy). To Homestead and each Borrower's knowledge: each Property is a legal lot under applicable laws, statutes, ordinances and regulations of the governing jurisdiction; each Property is carried, or is in the process of being changed so as to be carried, on the tax rolls of the governing jurisdiction as a separate, subdivided parcel; each Property has, or will have upon completion of construction, full access to the public highways and to the services of all utilities, including water, storm sewer, sanitary sewer, electricity and telephone, required to serve the intended use of the Property; each Property under construction or completed is zoned under applicable zoning laws and ordinances so as to permit the construction and development of the Project planned for such Property and the use and occupancy of the Property as contemplated under this Agreement; and each Property under construction or completed currently complies in all material respects with such laws and ordinances and with all private restrictions applicable thereto and any special use permit, variance, exception, or other special zoning authorization applicable thereto; each Property currently complies in all material respects with all Governmental Requirements 18 applicable thereto. To Borrower's knowledge, the liens of the Security Documents executed by it are valid liens covering the subject Properties.

Status of Property. The Borrower delivering any Security Documents to Atlantic is the fee simple owner of the subject Property free and clear of all restrictions, covenants, easements, liens and encumbrances, including, without limitation, mechanics', materialmen's and suppliers' liens (except liens securing Atlantic and matters reflected in the Title Policy). To Homestead and each Borrower's knowledge: each Property is a legal lot under applicable laws, statutes, ordinances and regulations of the governing jurisdiction; each Property is carried, or is in the process of being changed so as to be carried, on the tax rolls of the governing jurisdiction as a separate, subdivided parcel; each Property has, or will have upon completion of construction, full access to the public highways and to the services of all utilities, including water, storm sewer, sanitary sewer, electricity and telephone, required to serve the intended use of the Property; each Property under construction or completed is zoned under applicable zoning laws and ordinances so as to permit the construction and development of the 18 Project planned for such Property and the use and occupancy of the Property as contemplated under this Agreement; and each Property under construction or completed currently complies in all material respects with such laws and ordinances and with all private restrictions applicable thereto and any special use permit, variance, exception, or other special zoning authorization applicable thereto; each Property currently complies in all material respects with all Governmental Requirements applicable thereto. To Borrower's knowledge, the liens of the Security Documents executed by it are valid liens covering the subject Properties.