Common use of Authorization of the Offered Shares Clause in Contracts

Authorization of the Offered Shares. The Offered Shares have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement against payment of the consideration set forth herein, will be validly issued, fully paid and nonassessable, and the issuance and sale of the Offered Shares is not subject to any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase the Offered Shares. The statements set forth in the Prospectus under the caption “Description of Series A Preferred Stock,” insofar as it purports to constitute a summary of the terms of the Preferred Stock, are accurate and complete in all material respects; no holder of the Shares will be subject to personal liability under the Maryland General Corporation Law by reason of being such a holder.

Authorization of the Offered Shares. The Offered Shares have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement against payment of the consideration set forth herein, will be validly issued, fully paid and nonassessable, and the issuance and sale of the Offered Shares is not subject to any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase the Offered Shares. The statements set forth in the Prospectus under the caption “Description of Series A Preferred Capital Stock—Common Stock,” insofar as it purports to constitute a summary of the terms of the Preferred Common Stock, are accurate and complete in all material respects; and no holder of the Shares will be subject to personal liability under the Maryland Delaware General Corporation Law by reason of being such a holder.

Authorization of the Offered Shares. The Offered Shares have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement against payment of the consideration set forth herein, will be validly issued, fully paid and nonassessable, and the issuance and sale of the Offered Shares is not subject to any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase the Offered Shares. The statements set forth in the Prospectus under the caption “Description of Series A Preferred Capital Stock—Common Stock,” insofar as it purports to constitute a summary of the terms of the Preferred Common Stock, are accurate and complete in all material respects; no holder of the Shares will be subject to personal liability under the Maryland General Corporation Law by reason of being such a holder.