Common use of Status of the Property Clause in Contracts

Status of the Property. (a) Borrower has obtained and will maintain in full force and effect all certificates, licenses, permits and approvals that are issued or required by Law or by any entity having jurisdiction over the Property or over Borrower or that are necessary for the Permitted Use, for occupancy and operation of the Property, for the granting of this Mortgage or for the conduct of Borrower’s business on the Property in accordance with the Permitted Use. (b) The Property is and will continue to be serviced by all public utilities required for the Permitted Use of the Property. (c) All roads and streets necessary for service of and access to the Property for the current or contemplated use of the Property have been completed and are and will continue to be serviceable, physically open and dedicated to and accepted by the Government for use by the public. (d) The Property is free from damage caused by a Casualty. (e) All costs and expenses of labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full.

Appears in 3 contracts

Samples: Open End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Glimcher Realty Trust), Open End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement (Inland Real Estate Corp), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement (Inland Real Estate Corp)

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Status of the Property. (a) Borrower Grantor has obtained and will maintain in full force and effect all certificates, licenses, permits and approvals that are issued or required by Law or by any entity having jurisdiction over the Property or over Borrower Grantor or that are necessary for the Permitted Use, for occupancy and operation of the Property, Property for the granting conveyance described in this Deed of this Mortgage or Trust and for the conduct of Borrower’s Grantor's business on the Property in accordance with the Permitted Use. (b) The Property is and will continue to be serviced by all public utilities required for the Permitted Use of the Property. (c) All roads and streets necessary for service of and access to the Property for the current or contemplated use of the Property have been completed and are and will continue to be serviceable, physically open and dedicated to and accepted by the Government for use by the public. (d) The Property is free from damage caused by a Casualty. (e) All costs and expenses of labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full.

Appears in 2 contracts

Samples: Indemnity Deed of Trust, Assignment of Leases and Rents and Security Agreement (Corporate Office Properties Trust), Indemnity Deed of Trust, Assignment of Leases and Rents and Security Agreement (Corporate Office Properties Trust)

Status of the Property. (a) Borrower Grantor has obtained and will maintain in full force and effect all certificates, licenses, permits and approvals that are issued or required by Law or by any entity having jurisdiction over the Property or over Borrower Grantor or that are necessary for the Permitted Use, for occupancy and operation of the Property, Property for the granting conveyance described in this Deed of this Mortgage or Trust and for the conduct of BorrowerGrantor’s business on the Property in accordance with the Permitted Use. (b) The Property is and will continue to be serviced by all public utilities required for the Permitted Use of the Property. (c) All roads and streets necessary for service of and access to the Property for the current or contemplated use of the Property have been completed and are and will continue to be serviceable, physically open and dedicated to and accepted by the Government for use by the public. (d) The Property is free from damage caused by a Casualty. (e) All costs and expenses of labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full.

Appears in 1 contract

Samples: Indemnity Deed of Trust, Assignment of Leases and Rents and Security Agreement (Corporate Office Properties Trust)

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Status of the Property. (a) Borrower has obtained and will maintain in full force and effect all certificates, licenses, permits and approvals that are issued or required by Law or by any entity having jurisdiction over the Property or over Borrower or that are necessary for the Permitted Use, for occupancy and operation of the Property, for the granting of this Mortgage or for the conduct of Borrower’s business on the Property in accordance with the Permitted Use. (b) The Property is and will continue to be serviced by all public utilities required for the Permitted Use of the Property. (c) All roads and streets necessary for service of and access to the Property for the current or contemplated use of the Property have been completed and are and will continue to be serviceable, physically open and dedicated to and accepted by the Government for use by the public. (d) The Property is free from damage caused by a Casualty. (e) All costs and expenses of labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full, except for (i) ongoing maintenance and repair, and (ii) expenses for tenant improvements pursuant to the Leases.

Appears in 1 contract

Samples: Mortgage Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement (Wells Real Estate Investment Trust Inc)

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