Ownership of Premises. The Company is the owner of fee title to the land described on Schedule 4.21(a) and to all of the buildings, structures and other improvements located thereon (collectively, the Owned Real Property) free and clear of all Title Defects, except for the matters listed on Schedule 4.21(a)-1 and encumbrances that do not individually or in the aggregate: (i) interfere in any material respect with, or materially increase the cost of, the use, occupancy or operation of the applicable parcel of Owned Real Property as currently used, occupied and operated and as intended to be used, occupied and operated, or (ii) materially reduce the fair market value of the applicable parcel of Owned Real Property below the fair market value such parcel would have had but for such encumbrances (collectively, the Permitted Owned Real Property Exceptions). The Owned Real Property constitutes all of the real property owned by the Company on the date hereof. As used in this Agreement, Title Defects shall mean and include any mortgage, deed of trust, lien, pledge, security interest, claim, lease, charge, option, right of first refusal, easement, restrictive covenant, encroachment or other survey defect, encumbrance or other restriction or limitation.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Specialty Foods Acquisition Corp), Stock Purchase Agreement (Specialty Foods Corp)