Common use of Title to Assets; Leases Clause in Contracts

Title to Assets; Leases. (a) Except for (i) liens and encumbrances specifically disclosed in any of the Company Financial Statements referred to in Section 3.5 hereof, (ii) landlords' or statutory liens or other liens incurred in the ordinary course of business and not securing indebtedness for borrowed money and not yet delinquent, and (iii) liens and encumbrances which are not material in amount and do not materially impair the value of any property subject thereto or the use of such property for the purposes for which it is presently used or intended to be used, the Company, Mid-Iowa and each Company Subsidiary has good and marketable title, free and clear of all security interests, encumbrances, trust agreements, liens or other adverse claims, to all its assets and property, real and personal, reflected in the Company Financial Statements referred to in Section 3.5 hereof or acquired thereafter, which includes all property and assets used by the Company, Mid-Iowa and each Company Subsidiary that are material to the conduct of their respective businesses, except for assets and property disposed of in the ordinary course of business after September 30, 1997. (b) The Company, Mid-Iowa and each Company Subsidiary as lessee has the right under valid and existing leases to occupy, use, and possess all property leased by it in all material respects as presently occupied, used, and possessed by the Company, Mid-Iowa or any Company Subsidiary and such leases will not terminate or lapse prior to the Effective Time or be affected in any material respect by consummation of the transactions contemplated hereby. Schedule 3.20(b) contains an accurate listing of each lease pursuant to which the Company, Mid-Iowa or any Company Subsidiary acts as lessor or lessee, including the expiration date and the terms of any renewal options which relate to the same, as well as a listing of each material real property owned by the Company, Mid-Iowa or any Company Subsidiary and used in the conduct of its respective business. (c) All material real and personal property owned by the Company, Mid-Iowa or any Company Subsidiary or presently used by any of them are in an adequate condition (ordinary wear and tear excepted) and are in all material respects sufficient to carry on the business of the Company, Mid-Iowa and each Company Subsidiary in the manner conducted currently by them.

Title to Assets; Leases. (a) Except for (i) liens and encumbrances specifically disclosed in any of the Company Financial Statements referred to in Section 3.5 hereof, (ii) landlords' or statutory liens or other liens incurred in the ordinary course of business and not securing indebtedness for borrowed money and not yet delinquent, and (iii) liens and encumbrances which are not material in amount and do not materially impair the value of any property subject thereto or the use of such property for the purposes for which it is presently used or intended to be used, the Company, Mid-Iowa Xxxxxxxx and each Company Subsidiary has good and marketable title, free and clear of all security interests, encumbrances, trust agreements, liens or other adverse claims, to all its assets and property, real and personal, reflected in the Company Financial Statements referred to in Section 3.5 hereof or acquired thereafter, which includes all property and assets used by the Company, Mid-Iowa Xxxxxxxx and each Company Subsidiary that are material to the conduct of their respective businesses, except for assets and property disposed of in the ordinary course of business after September June 30, 1997. (b) The Company, Mid-Iowa Xxxxxxxx and each Company Subsidiary as lessee has the right under valid and existing leases to occupy, use, and possess all property leased by it in all material respects as presently occupied, used, and possessed by the Company, Mid-Iowa Xxxxxxxx or any Company Subsidiary and such leases will not terminate or lapse prior to the Effective Time or be affected in any material respect by consummation of the transactions contemplated hereby. Schedule 3.20(b3.21(b) contains an accurate listing of each lease pursuant to which the Company, Mid-Iowa Xxxxxxxx or any Company Subsidiary acts as lessor or lessee, including the expiration date and the terms of any renewal options which relate to the same, as well as a listing of each material real property owned by the Company, Mid-Iowa Xxxxxxxx or any Company Subsidiary and used in the conduct of its respective business. (c) All material real and personal property owned by the Company, Mid-Iowa Xxxxxxxx or any Company Subsidiary or presently used by any of them are in an adequate condition (ordinary wear and tear excepted) and are in all material respects sufficient to carry on the business of the Company, Mid-Iowa Xxxxxxxx and each Company Subsidiary in the manner conducted currently by them.

Title to Assets; Leases. (a) Except for (i) liens and encumbrances specifically disclosed in any of the Company Financial Statements consolidated financial statements of BankBoynton referred to in Section 3.5 4.5 hereof, (ii) landlords' or statutory liens or other liens incurred in the ordinary course of business and not securing indebtedness for borrowed money and not yet delinquent, and (iii) liens and encumbrances which are not material in amount and do not materially impair the value of any property subject thereto or the use of such property for the purposes for which it is presently used or intended to be used, the Company, Mid-Iowa and each Company Subsidiary BankBoynton has good and marketable title, free and clear of all security interests, encumbrances, trust agreements, liens or other adverse claims, to all its assets and property, real and personal, reflected in the Company Financial Statements financial statements referred to in Section 3.5 4.5 hereof or acquired thereafter, which includes all property and assets used by the Company, Mid-Iowa and each Company Subsidiary BankBoynton that are material to the conduct of their respective its businesses, except for assets and property disposed of in the ordinary course of business after September June 30, 19971996. (b) The Company, Mid-Iowa and each Company Subsidiary BankBoynton as lessee has the right under valid and existing leases to occupy, use, possess and possess control all property leased by it in all material respects as presently occupied, used, possessed and possessed controlled by the Company, Mid-Iowa or any Company Subsidiary BankBoynton and such leases will not terminate or lapse prior to the Effective Time or be affected in any material respect by consummation of the transactions contemplated hereby. Schedule 3.20(b4.20(b) contains an accurate listing of each lease pursuant to which the Company, Mid-Iowa or any Company Subsidiary BankBoynton acts as lessor or lessee, including the expiration date and the terms of any renewal options which relate to the same, as well as a listing of each material real property owned by the Company, Mid-Iowa or any Company Subsidiary BankBoynton and used in the conduct of its respective business. (c) All material real and personal property owned by the Company, Mid-Iowa BankBoynton or any Company Subsidiary or presently used by any of them are it is in an adequate condition (ordinary wear and tear excepted) and are in all material respects sufficient to carry on the business of the Company, Mid-Iowa and each Company Subsidiary BankBoynton in the manner conducted currently by themit.