Common use of Title to Interest Clause in Contracts

Title to Interest. (a) The Contributor owns beneficially and of record, free and clear of any claim, lien, pledge (except for pledges relating to the debt or equity financing of any of the properties held by the Partnership (each, a "Property") or encumbrances arising under the Partnership Agreement pursuant to which the Interest was issued (any such pledge, a "PERMITTED PLEDGE")), voting agreement, option, charge, security interest, mortgage, deed of trust, encumbrance, right of assignment, purchase right or other rights of any nature whatsoever (each, an "ENCUMBRANCE"), and has full power and authority to convey free and clear of any Encumbrances, its Interest and, upon delivery of a Contribution and Assumption Agreement by the Contributor conveying its Interest and delivery of the Consideration by the Operating Partnership for such Interest as herein provided, the Operating Partnership will acquire good and valid title thereto, free and clear of any Encumbrance, except Encumbrances created in favor of the Operating Partnership by the transactions contemplated hereby.

Title to Interest. (a) The Contributor owns beneficially and of record, free and clear of any claim, lien, pledge (except for pledges relating to the debt or equity financing of any of the properties held by the Partnership (each, a "Property") or encumbrances arising under the Partnership Agreement pursuant to which the Interest was issued (any such pledge, a "PERMITTED PLEDGE")), voting agreement, option, charge, security interest, mortgage, deed of trust, encumbrance, right of assignment, purchase right or other rights of any nature whatsoever (each, an "ENCUMBRANCE"), and has full power and authority to convey free and clear of any Encumbrances, its Interest and, upon delivery of a Contribution and Assumption Agreement by the Contributor conveying its Interest and delivery of the Consideration by the Operating Partnership for such Interest as herein provided, the Operating Partnership will acquire acquire, as a contribution to its capital, good and valid title thereto, free and clear of any Encumbrance, except Encumbrances created in favor of the Operating Partnership by the transactions contemplated hereby.