Common use of Property Interest Clause in Contracts

Property Interest. (i) Owner is: (A) the holder of fee title to Parcel I pursuant to the Deed; (B) the holder of a valid subleasehold interest in Parcel I pursuant to the Operating Sublease; and (C) the holder of a valid ground leasehold estate in the Parcel II pursuant to the Ground Lease, in each case, free and clear of all Liens, except for Permitted Encumbrances. (ii) With respect to the Leases and each lease under which Owner is a landlord or sublandlord at the date hereof that is material to the Property, (A) such lease is valid and binding against Owner, and to Owner’s Knowledge, the other parties thereto, and in full force and effect, (B) neither Owner nor any Subsidiary party thereto, and to the Owner’s Knowledge, no other party thereto is in material violation of, or material default under, such lease, (C) Owner has not granted an option or a right of first refusal or offer, (D) to Owner’s Knowledge, no event has occurred and is pending, which, after the giving of notice, with lapse of time, or otherwise, would constitute a material breach or material default by Owner or any of its Subsidiaries or the applicable lessor under the relevant lease and (E) complete (in all material respects) copies of all such leases have been made available to the Operating Partnership.

Property Interest. (i) Owner is: (A) the holder of fee title to Parcel I pursuant to the Deed; (B) the holder of a valid subleasehold interest in Parcel I pursuant to the Operating Sublease; and (C) the holder of a valid ground leasehold estate in the Parcel II pursuant to the Ground Lease, in each case, free and clear of all Liens, except for Permitted Encumbrances. (ii) With respect to the Leases and each lease under which Owner is was a landlord or sublandlord at the date hereof November 28, 2011 that is material to the Property, (A) such lease is valid and binding against Owner, and to Owner’s Knowledge, the other parties thereto, and in full force and effect, (B) neither Owner nor any Subsidiary party thereto, and to the Owner’s Knowledge, no other party thereto is in material violation of, or material default under, such lease, (C) Owner has not granted an option or a right of first refusal or offer, (D) to Owner’s Knowledge, no event has occurred and is pending, which, after the giving of notice, with lapse of time, or otherwise, would constitute a material breach or material default by Owner or any of its Subsidiaries or the applicable lessor under the relevant lease and (E) complete (in all material respects) copies of all such leases have been made available to the Operating Partnership.