Each Loan Party and each of its Subsidiaries owns record title in fee simple or the leasehold interest to the Real Property described on [Schedule R]-1 (as such Schedule may from time to time be updated by written notice from Administrative Loan Party to Agent, so long as Loan Parties have taken (or caused to be taken) all steps reasonably required by Agent with respect thereto), free and clear of all Liens, except Permitted Encumbrances. The Real Property described on [Schedule R]-1 (as such Schedule may from time to time be updated by written notice from Administrative Loan Party to Agent, so long as Loan Parties have taken (or caused to be taken) all steps reasonably required by Agent with respect thereto) constitutes all of the Real Property of Loan Parties.

There is no Owned Real Property.

The agreements listed on [Schedule 3.1(n)] are all the material leases, easements, rights of way, licenses, common use agreements or similar agreements under which the Acquired Companies have rights to real property (together with all amendments and modifications thereto, the “Real Property Agreements”).

Real Property. Except as set forth in the Registration Statement, the Prospectus and the Prospectus Supplement, the Company and each of its Subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real or personal property which are material to the business of the Company and its Subsidiaries taken as a whole, in each case free and clear of all Liens that do not, singly or in the aggregate, materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company or any of its Subsidiaries; and all of the leases and subleases material to the business of the Company and its Subsidiaries, considered as one enterprise, and under which the Company or any of its subsidiaries holds properties described in the Registration Statement, the Prospectus and the Prospectus Supplement, are in full force and effect, and neither the Company nor any Subsidiary has received any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any Subsidiary under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or such Subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease.

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. (i) Set forth on Part I of [Schedule 4.01(p)] hereto (as the same is supplemented or otherwise updated from time to time in accordance with the Loan Documents) is a complete and accurate list of all Real Property owned in fee by any Loan Party or any of its Subsidiaries or subject to a Qualified Ground Lease, showing as of the Closing Date, and as of each other date such [Schedule 4.01(p)] is supplemented or otherwise updated as and to the extent expressly required hereunder pursuant to [Section 5.01(j)(iv) or 5.03(i)])], the street address, state, and the record owner. As of the applicable date, each Necessary LoanBorrower Party that owns any such Real Property has good, marketable and insurable fee simple title to such Real Property, free and clear of all Liens, other than Permitted Liens.

Real Property. Set forth on Part 1 of [Schedule 3.15] is a complete and correct list, as of the Effective Date, of all of the real property owned by the Borrower, indicating in each case the use of the respective property and the location of the respective property. The Borrower has good, marketable, and insurable fee simple title to the real property owned by such Person, free and clear of all Liens, other than Permitted Encumbrances.

Real Property. If, subsequent to the Closing Date, a Loan Party (including a Person that becomes a Subsidiary Guarantor pursuant to Section 6.11(a)) shall acquire any fee-owned real property (for the avoidance of doubt which shall not include leasehold interests in any real property) having a fair market value of $10,000,000 or more (a “Material Real Property”) in the reasonable estimation of the Borrower, the Borrower shall promptly (and in any event within 10 Business Days), after any Responsible Officer of a Loan Party acquires knowledge of same, notify the Administrative Agent, each Lender and each Issuing Lender of same. The relevant Loan Party shall not be required to execute and deliver any Mortgage on such Material Real Property until # at least 60 days from the date the Borrower provided the Administrative Agent, each Lender and each Issuing Lender with prior written notice of such acquisition of such Material Real Property and # the Borrower has received confirmation from the Administrative Agent, each Lender and each Issuing Lender that flood insurance due diligence and flood insurance compliance as required by [Section 6.11(b)(ix)] hereto has been completed. As soon as practicable thereafter, but in any event within 90 days thereafter (or such later date as the Administrative Agent may agree), each Loan Party shall, and shall cause each of its Subsidiaries to, take such action at its own expense as reasonably requested by the Administrative Agent to grant to the Administrative Agent the following with respect to such Material Real Property:

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. 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.