Real Property. All Real Property Interests of each Credit Party and the nature of its interest (both registered and beneficial) Credit Party therein, is correctly set forth on [Schedule 12.1(t)]. Each Credit Party has legal and marketable title to all of its Real Property Interests, free and clear of all Liens other than Permitted Liens.

Real Property. The land described in [Exhibit A] attached hereto (the "Land"), together with # all improvements located thereon ("Improvements"), # without warranty, all right, title and interest of Seller, if any, in and to the rights, benefits, privileges, easements, tenements, hereditaments, and appurtenances thereon or in anywise appertaining thereto, and # without warranty, all right, title, and interest of Seller, if any, in and to all strips and gores and any land lying in the bed of any street, road or alley, open or proposed, adjoining the Land (collectively, the "Real Property").

Real Property. The Company does not own any real property. All real property leased by the Company under any oral or written lease (each, a “Real Property Lease”) is described on [Schedule 4.13] (the “Leased Real Property”). The Company has a good and valid leasehold interest in all of the Leased Real Property, together with all buildings, improvements and fixtures thereon. The Real Property Leases are in full force and effect and constitute valid and binding agreements of the Company and, to the Knowledge of the Company, the other parties thereto in accordance with their terms.

Real Property. [Schedule 3.4.12] of the Disclosure Schedule contains a true, correct and complete list of each Project name, street address (to the extent one exists) or lot number, and a status showing the percentage of completion of any home currently under construction on the Real Property owned by a Project entity. Each Project entity owns good and marketable title to its fee simple estates in the Real Property, free and clear of all liens other than permitted liens related to the Assumed Indebtedness.

Real Property. That certain real property commonly known as 650 Townsend Street and 699 Eighth Street in the City of San Francisco, State of California, as more particularly described in [Exhibit A] attached hereto and made a part hereof (the “Land”), together with # all improvements located thereon (the “Improvements”), # all rights, benefits, privileges, easements, tenements, hereditaments, rights-of-way and other appurtenances thereon or in any way appertaining thereto, including all mineral rights, development rights, air and water rights, and # all strips and gores and any land lying in the bed of any street, road or alley, open or proposed, adjoining such Land (collectively, the “Real Property”);

Real Property. No Company owns any Real Estate Assets with a value in excess of

Real Property. No Company owns any Real Estate Assets with a value in excess of

Seller does not own any Real Property.

The Sellers do not own any real property. [Schedule 5.10(a)] contains a true and correct description of all leases, licenses, permits, subleases, and occupancy agreements or arrangements, together with any amendments thereto effective as of immediately prior to the Closing (the “Real Property Leases”), with respect to all real property used, occupied or held for use in connection with the Business (the “Leased Real Property”). No Person has assigned, transferred, conveyed, mortgaged, deeded in trust or encumbered its interest under any Real Property Lease, or subleased all or any part of the space demised thereby, or granted any right to the possession, use, occupancy or enjoyment of any Leased Real Property. No option has been exercised under any of such Real Property Leases, except options whose exercise has been evidenced by a written document, a true, complete and accurate copy of which has been delivered to the Purchaser with the corresponding Real Property Lease. None of the Sellers nor, to the Knowledge of the Sellers, any of the other parties to any of the Real Property Leases is in default under any of the Real Property Leases, and no amount due under any of the Real Property Leases remains unpaid, no controversy, claim, dispute or disagreement exists between any of the parties to any of the Real Property Leases, and no event has occurred which with the passage of time or giving of notice, or both, would constitute a default under any of the Real Property Leases.

Real Property. Each parcel of real property owned by Seller (or for which Seller is under contract) listed on Exhibit A attached hereto, together with any and all improvements, appurtenances, fixtures, rights, privileges, rights-of-way and easements benefiting, belonging or pertaining thereto, including, without limitation, all buildings, fixtures, structures, improvements, systems and utilities situated thereon and all easements, rights-of-way and other rights, interests and privileges appurtenant thereto (including, but not limited to, any rights of Seller in any streets or other public ways adjacent thereto and any water or mineral rights owned by, or leased to, Seller) (collectively, the “Real Property” or the “Real Properties”).