The Borrower will do or cause to be done (and shall cause each Property Borrower to do) all things reasonably necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business, except to the extent the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. Each Person that is a Property Borrower must at all times be a wholly owned Subsidiary of SSOP. Each Property Borrower shall at all times comply with all organizational formalities necessary to maintain its status as a single purpose entity and will hold itself out to creditors and the public as a legal entity separate and distinct from any other entity, provided the Mortgaged Properties may be operated under the Extra Space brand.