This excerpt taken from the BLUD 8-K filed Mar 17, 2008.
Section 3.16 Title to Properties; Adequacy.
(a) Section 3.16(a) of the Disclosure Letter lists all of the leases (the Leases) for real or personal property to which Matrix is a party and describes the leased assets. Matrix does not own any real property.
(b) Matrix has good and marketable title to or valid leasehold interests in all properties and assets that are material to the conduct of the Business of Matrix, including those reflected in the 2006 Balance Sheet (or acquired after the date of the 2006 Balance Sheet by Matrix), or not reflected on the 2006 Balance Sheet but used by Matrix, except for assets and properties sold, consumed or otherwise disposed of in the ordinary course of business since January 1, 2007 (which, to the extent material, are disclosed in Section 3.16(b) of the Disclosure Letter) (collectively, the Properties), free and clear of any title defects or Liens, except Liens for current ad valorem Taxes and assessments not in default.