Common use of Status of Title to Properties Clause in Contracts

Status of Title to Properties. A. State of Title. Contributor shall convey the Properties to Acquiror or Acquiror's designee subsidiary by bargain and sale deeds without covenants against grantor's acts in recordable form (the "Deeds"), and title to the Properties shall be free and clear of all liens and encumbrances and shall be subject only to: (i) those covenants, conditions and restrictions of record which are reviewed and approved by Acquiror within the Inspection Period (as defined below), (ii) rights of tenants under the Leases, as tenants only, (iii) general real estate taxes for the year in which the Closing occurs and subsequent years, not yet delinquent and (iv) those certain mortgages securing payment of the Existing Indebtedness and more particularly described in Exhibit I attached to this Agreement (the "Existing Mortgages") (the above enumerated exceptions being hereinafter collectively referred to as the "Permitted Exceptions").

Status of Title to Properties. A. State of Title. Contributor shall convey the Properties to Acquiror or Acquiror's designee subsidiary by bargain and sale deeds without covenants against grantor's acts in recordable form (the "Deeds"), and title to the Properties shall be free and clear of all liens and encumbrances and shall be subject only to: (i) those covenants, conditions and restrictions of record which are reviewed and approved by Acquiror within the Inspection Period (as defined below)Period, (ii) rights of tenants under the Leases, as tenants only, (iii) general real estate taxes for the year in which the Closing occurs and subsequent years, not yet delinquent and (iv) those certain mortgages securing payment of the Existing Indebtedness and more particularly described in Exhibit I attached to this Agreement (the "Existing Mortgages") (the above enumerated exceptions being hereinafter collectively referred to as the "Permitted Exceptions").