Title to Unencumbered Properties Sample Clauses
The "Title to Unencumbered Properties" clause establishes that the seller must provide the buyer with ownership of the property free from any liens, mortgages, or other encumbrances. In practice, this means the seller is responsible for resolving any outstanding debts or claims against the property before the transfer of title, ensuring the buyer receives clear and marketable ownership. This clause is essential for protecting the buyer from inheriting legal or financial issues tied to the property, thereby ensuring a smooth and undisputed transfer of ownership.
Title to Unencumbered Properties. Except as indicated on Schedule 6.3 hereto, the Borrower and its Subsidiaries own or lease all of the assets reflected in the consolidated balance sheet of the REIT Guarantor as of the Balance Sheet Date or acquired or leased since that date (except property and assets sold or otherwise disposed of in the ordinary course since that date), and Subsidiary Guarantors own or lease (pursuant to a Ground Lease) each subject Unencumbered Property subject to no rights of others, including any mortgages, leases pursuant to which Subsidiary Guarantors or any of their Affiliates is the lessee, conditional sales agreements, title retention agreements, liens or other monetary encumbrances except Permitted Liens.