Status of the Property Clause Samples
The "Status of the Property" clause defines the current physical and legal condition of the property at the time of the agreement. It typically outlines whether the property is being sold "as is" or if the seller is required to make certain repairs or disclosures about defects, zoning, or compliance with regulations. This clause ensures that both parties have a clear understanding of the property's state, helping to prevent disputes over undisclosed issues and allocating responsibility for any necessary repairs or improvements.
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Status of the Property. To the best knowledge of the General Partners, (i) Owner has good and valid fee simple marketable title to the Property subject only to those liens, encumbrances and other matters of record, (ii) the Property is subject to no mortgages or other similar liens of record, (iii) Owner has all permits, licenses and other governmental authorizations necessary for the ownership, use and operation of the Property, (iv) Owner and the Property are in compliance with all applicable zoning, subdivision, and other laws, statutes, regulations and ordinances and building codes applicable to Owner and the Property and have received no notices of violation thereof, (v) the Property is served by all necessary public utilities, (vi) all taxes imposed upon the Property or upon the operation of the Property have been paid and all returns required to be filed in connection therewith have been filed, (vii) there has been no disposal, spill, discharge, emission or release of any Hazardous Material on the Property and there are no Hazardous Materials located in, at, on, or under, the Property, in each case that is reasonably likely to require investigation, removal, remedial or corrective action, or the incurrence of any liability, by Owner under any Environmental Law, (viii) there has not been any underground or aboveground storage tank or other underground storage receptacle or related piping, or any impoundment or other storage, treatment or disposal area containing Hazardous Materials located on the Property, and no asbestos or polychlorinated biphenyls have been used or disposed of, or have been located at, on, or under the Property, and (ix) no lien has been recorded against the Property under any Environment Law.
Status of the Property. (a) Borrower has obtained and will maintain in full force and effect all certificates, licenses, permits and approvals that are issued or required by Law or by any entity having jurisdiction over the Property or over Borrower or that are necessary for the Permitted Use, for occupancy and operation of the Property, for the granting of this Mortgage or for the conduct of Borrower’s business on the Property in accordance with the Permitted Use.
(b) The Property is and will continue to be serviced by all public utilities required for the Permitted Use of the Property.
(c) All roads and streets necessary for service of and access to the Property for the current or contemplated use of the Property have been completed and are and will continue to be serviceable, physically open and dedicated to and accepted by the Government for use by the public.
(d) The Property is free from damage caused by a Casualty.
(e) All costs and expenses of labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full.
Status of the Property. Borrower represents and warrants as of the date hereof and covenants that at all times prior to the satisfaction or release of this Mortgage:
(a) Borrower has obtained and will maintain or cause to be maintained in full force and effect all certificates, licenses, permits and approvals that are issued or required by Law or by any other entity having jurisdiction over the Property or over Borrower or that are necessary for the Permitted Use, for occupancy and operation of the Property, for the granting of this Mortgage or for the conduct of the Permitted Use on the Property. Without limiting the foregoing, Borrower will cause all employees of Borrower or Sponsor, or third party service providers who use the Property as a means of delivering the services (by way of example but not of limitation, such providers include personal trainers and massage therapists) (i) to be appropriately licensed or certified as required by Law and (ii) to carry or be covered by customary and reasonable amounts of insurance.
(b) The Property is and will continue to be serviced by all utilities required for the Permitted Use of the Property;
(c) All roads and streets necessary for service of and access to the Property for the current or contemplated use of the Property have been completed and are and will continue to be serviceable, physically open and available for use by the public to access the Property;
(d) The Property is free from damage caused by a Casualty; and
(e) All costs and expenses of labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full or that provision for payment of such items will be made in the normal course of Borrower's business.
Status of the Property. (a) Borrower has obtained and will maintain in full force and effect all certificates, licenses, permits and approvals that are required by Law or by any entity having jurisdiction over the Property or over Borrower or that are necessary for the Permitted Use, for occupancy and operation of the Property, for the granting of the Security Instrument or for the conduct of Borrower’s business on the Property in accordance with the Permitted Use, except, in each case, to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect.
(b) The Property is and will continue to be serviced by all public utilities required for the Permitted Use of the Property.
(c) All roads and streets necessary for service of and access to the Property for the current or contemplated use of the Property have been completed and are and will continue to be serviceable, physically open and dedicated to and accepted by the Government for use by the public.
(d) As of the date hereof, the Property is free from damage caused by a Casualty.
(e) As of the date hereof, all costs and expenses of labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full.
Status of the Property. (a) Borrower has obtained and will maintain in full force and effect all certificates, licenses, permits and approvals that are issued or required by Law or by any entity having jurisdiction over the Property or over Borrower or that are necessary for the Permitted Use, for occupancy and operation of the Property for the conveyance described in this Deed of Trust and for the conduct of Borrower’s business on the Property in accordance with the Permitted Use.
(b) The Property is and will continue to be serviced by all public utilities required for the Permitted Use of the Property.
(c) All roads and streets necessary for service of and access to the Property for the current or contemplated use of the Property have been completed and are, and to the best of Borrower’s knowledge will continue to be, serviceable, physically open and dedicated to and accepted by the Government for use by the public.
(d) The Property is free from damage caused by a Casualty.
(e) All costs and expenses of labor, materials, supplies and equipment used in the construction of the Improvements and due and owing as of the date hereof have been paid in full.
Status of the Property. (a) Borrower has obtained and will maintain in full force and effect all certificates, licenses, permits and approvals that are issued or required by Law or by any entity having jurisdiction over the Property or over Borrower or that are necessary for the Permitted Use, for occupancy and operation of the Property for the conveyance described in this Deed of Trust and for the conduct of Borrower’s business on the Property in accordance with the Permitted Use; provided the Leases shall require each of the tenants to obtain specific licenses and permits required by their operations such as health department licenses and alcohol and mixed beverage permits, .
(b) The Property is and will continue to be serviced by all public utilities required for the Permitted Use of the Property.
(c) All roads and streets necessary for service of and access to the Property for the current or contemplated use of the Property have been completed and are and will continue to be serviceable, physically open and dedicated to and accepted by the Government for use by the public.
(d) The Property is free from damage caused by a Casualty.
(e) All costs and expenses of labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full, other than certain leasehold improvements by tenants for which tenants are responsible for payment.
Status of the Property. The Authority will be the fee owner of the Development Property and will convey title to and possession of the Development Property to Developer, subject to all the terms and conditions of this Agreement.
Status of the Property. (1) The Real Estate is not located in an area identified by the Federal Emergency Management Agency or a successor thereto as an area having special flood hazards pursuant to the terms of the National Flood Insurance Act of 1968, or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or if the Real Estate is located in such an area, Borrower has obtained and will maintain the insurance for the Property as specified in Section 2.3(a)(iii) hereof;
(2) The Property is served by all utilities in adequate supply required for the use thereof as herein contemplated;
(3) The Property is free from damage caused by fire or other casualty as of the date hereof;
(4) All streets necessary to serve the Property have been completed and are serviceable, and Borrower has unrestricted access from public roads to the Real Estate and the Improvements; and
(5) There is no condemnation or similar proceeding pending or threatened affecting any part of the Property.
Status of the Property. The Mortgagor represents and warrants that, to the best of the Mortgagor's knowledge, (i) the Property is served by all necessary water, sanitary and storm sewer, drainage, electric, steam, gas, telephone and other utilities and utility facilities, which utility facilities have capacities which are sufficient to serve the current use and occupancy of the Property; (ii) the Property has legal access to all streets, roads or alleys adjacent to the Property (including, as appropriate, access over properly granted, perpetual, private right-of-way or easement Agreements) sufficient to serve the current use and operation of the Property; (iii) the Improvements are not located in an area designated as "flood prone" (as defined under the regulations adopted under the National Flood Insurance Program), or to the extent the Improvements are located in an area designated as "flood prone", the Mortgagor maintains in full force and effect flood insurance under the National Flood Insurance Program to the extent and in the minimum amounts required by applicable law; and (iv) since the date of the survey described on Exhibit B, there have been no material additions to or material alterations of the Improvements.
Status of the Property. Borrower represents and warrants as of the date hereof and covenants that at all times prior to the release of this Mortgage:
(a) To Borrower's knowledge, Borrower has obtained and will use commercially reasonable efforts to maintain in full force and effect all certificates, licenses, permits and approvals that are issued or required (the failure to obtain which would have a material and adverse effect on Borrower's operation of the Property) (i) by Law, (ii) by any other entity having jurisdiction over the Property or (iii) to be obtained by Borrower that are necessary for the use, occupancy and operation of the Property, for the granting of this Mortgage or for the conduct of Borrower's business on the Property in accordance with the Permitted Use;
(b) To Borrower's knowledge, the Property is and will continue to be (subject to force majeure events) serviced by all public utilities required for the Permitted Use of the Property;
(c) To Borrower's knowledge, all roads and streets necessary for service of and access to the Property for the current or contemplated use of the Property have been completed and are and will continue to be (subject to force majeure events) serviceable, physically open and dedicated to and accepted by the Government for use by the public; and
(d) All costs and expenses of labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full or will be paid in the ordinary course of business.