Title to Properties; Default Under Agreements. (a) Each of the Company and the Subsidiaries has good and valid title to, or valid leasehold interests in, all its material properties and assets, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties and assets for their intended purposes. (b) Each of the Company and the Subsidiaries has complied with all material obligations under all material agreements to which it is a party and all such agreements are in full force and effect and the Company is not in default under any of such agreements, except for defaults that would not be likely, individually or in the aggregate, to result in a Material Adverse Effect.
Appears in 4 contracts
Samples: Common Stock and Preferred Stock Purchase Agreement (Wellsford Real Properties Inc), Merger Agreement (Equity Residential Properties Trust), Common Stock and Preferred Stock Purchase Agreement (Wellsford Real Properties Inc)
