Common use of Owned Real Property and Leased Real Property Clause in Contracts

Owned Real Property and Leased Real Property. With respect to the Owned Real Property and the Leased Real Property (the "Real Property"), except as provided in Schedule 4.1.7 hereto: (i) To Seller's knowledge, there are no pending actions against or affecting the Real Property; (ii) The Real Property (including all improvements, parking areas, utilities and HVAC systems) is being sold in "as is" condition; provided, however, that all major equipment systems included herein shall be in working condition on the Closing Date; (iii) The Real Property currently has unrestricted vehicular and pedestrian ingress and egress access to publicly dedicated and publicly maintained roads or streets, the failure of which would not result in more than an insignificant adverse impact on the operation of the Restaurants; (iv) Seller has not released or discharged nor, to Seller's knowledge (for purposes of this Agreement, to Seller's knowledge shall be deemed to be knowledge at the Louisville headquarters level, without any special investigation, of factors that would have more than an insignificant adverse impact on the operation of the Restaurants), has any third party released or discharged, any hazardous substance on the Real Property. Seller agrees to provide Purchaser with copies of any environmental surveys, audits or other reports relating to the Restaurants of which it is aware in its possession;

Owned Real Property and Leased Real Property. With respect to the Owned Real Property and the Leased Real Property (the "Real Property"), except as provided in Schedule 4.1.7 hereto: (i) To Seller's knowledge, there are no pending actions against or affecting the Real Property; (ii) The Real Property (including all improvements, parking areas, utilities and HVAC systems) is being sold in "as is" condition; provided, however, that all major equipment systems included herein shall be in working condition on the Closing Date; (iii) The Real Property currently has unrestricted vehicular and pedestrian ingress and egress access to publicly dedicated and publicly maintained roads or streets, the failure of which would not result in more than an insignificant adverse impact on the operation of the Restaurants; (iv) Seller has not released or discharged nor, to Seller's knowledge (for purposes of this Agreement, to Seller's knowledge shall be deemed to be knowledge at the Louisville Irvine headquarters level, without any special investigation, of factors that would have more than an insignificant adverse impact on the operation of the Restaurants), has any third party released or discharged, any hazardous substance on the Real Property. Seller agrees to provide Purchaser with copies of any environmental surveys, audits or other reports relating to the Restaurants of which it is aware in its possession; (v) The Real Property leases are in effect, and all amounts due and owing by Seller pursuant to the leases prior to the Closing will be paid by Seller; and (vi) Seller has marketable title in fee simple to the Owned Real Property, and marketable title to a leasehold estate in the Leased Real Property.