Common use of Basic Restrictions Clause in Contracts

Basic Restrictions. (i) (1) No Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Shares in excess of the Ownership Limit and (2) no Excepted Holder shall Beneficially Own or Constructively Own Shares in excess of the Excepted Holder Limit for such Excepted Holder. (ii) No Person shall Beneficially Own or Constructively Own Shares to the extent that such Beneficial Ownership or Constructive Ownership of Shares would result in the Trust (x) being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year), or (y) otherwise failing to qualify as a REIT (including, but not limited to, Beneficial Ownership or Constructive Ownership that would result in the Trust owning (actually or Constructively) an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the Trust from such tenant would cause the Trust to fail to satisfy any of the gross income requirements of Section 856(c) of the Code). (iii) Any Transfer of Shares that, if effective, would result in Shares being beneficially owned by fewer than 100 Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended transferee shall acquire no rights in such Shares.

Basic Restrictions. (iA) (1) No Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Shares Partnership Interests in excess of the REIT Subsidiary Ownership Limit Limit, and (2) no No Excepted Holder shall Beneficially Own or Constructively Own Shares Partnership Interests in excess of the Excepted Holder Limit for such Excepted Holder. (iiB) No Person shall Beneficially Own or Constructively Own Shares Partnership Interests to the extent that such Beneficial Ownership or Constructive Ownership of Shares would result in the Trust (x) any REIT Subsidiary being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year), or (y) otherwise failing to qualify as a REIT (including, but not limited to, including Beneficial Ownership or Constructive Ownership that would result in any REIT Subsidiary actually owning or constructively owning, determined in accordance with Sections 856(d)(2)(B) and 856(d)(5) of the Trust owning (actually or Constructively) Code, an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the Trust REIT Subsidiary from such tenant would cause the Trust REIT Subsidiary to fail to satisfy any of the gross income requirements of Section 856(c) of the Code). (iii) Any Transfer of Shares that, if effective, would result in Shares being beneficially owned by fewer than 100 Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended transferee shall acquire no rights in such Shares.

Basic Restrictions. (iA) (1) No Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Shares LLC Interests in excess of the REIT Subsidiary Ownership Limit Limit, and (2) no No Excepted Holder shall Beneficially Own or Constructively Own Shares LLC Interests in excess of the Excepted Holder Limit for such Excepted Holder. (iiB) No Person shall Beneficially Own or Constructively Own Shares Interests to the extent that such Beneficial Ownership or Constructive Ownership of Shares would result in the Trust (x) any REIT Subsidiary being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year), or (y) otherwise failing to qualify as a REIT (including, but not limited to, including Beneficial Ownership or Constructive Ownership that would result in any REIT Subsidiary actually owning or constructively owning, determined in accordance with Sections 856(d)(2)(B) and 856(d)(5) of the Trust owning (actually or Constructively) Code, an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the Trust REIT Subsidiary from such tenant would cause the Trust REIT Subsidiary to fail to satisfy any of the gross income requirements of Section 856(c) of the Code). (iii) Any Transfer of Shares that, if effective, would result in Shares being beneficially owned by fewer than 100 Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended transferee shall acquire no rights in such Shares.

Basic Restrictions. (iA) (1) No Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Shares Partnership Interests in excess of the REIT Subsidiary Ownership Limit Limit, and (2) no No Excepted Holder shall Beneficially Own or Constructively Own Shares Partnership Interests in excess of the Excepted Holder Limit for such Excepted Holder. (iiB) No Person shall Beneficially Own or Constructively Own Shares Interests to the extent that such Beneficial Ownership or Constructive Ownership of Shares would result in the Trust (x) any REIT Subsidiary being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year), or (y) otherwise failing to qualify as a REIT (including, but not limited to, including Beneficial Ownership or Constructive Ownership that would result in any REIT Subsidiary actually owning or constructively owning, determined in accordance with Sections 856(d)(2)(B) and 856(d)(5) of the Trust owning (actually or Constructively) Code, an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the Trust REIT Subsidiary from such tenant would cause the Trust REIT Subsidiary to fail to satisfy any of the gross income requirements of Section 856(c) of the Code). (iii) Any Transfer of Shares that, if effective, would result in Shares being beneficially owned by fewer than 100 Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended transferee shall acquire no rights in such Shares.

Basic Restrictions. (iA) (1) No Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Shares LLC Interests in excess of the REIT Subsidiary Ownership Limit Limit, and (2) no No Excepted Holder shall Beneficially Own or Constructively Own Shares LLC Interests in excess of the Excepted Holder Limit for such Excepted Holder. (iiB) No Person shall Beneficially Own or Constructively Own Shares LLC Interests to the extent that such Beneficial Ownership or Constructive Ownership of Shares would result in the Trust (x) any REIT Subsidiary being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year), or (y) otherwise failing to qualify as a REIT (including, but not limited to, including Beneficial Ownership or Constructive Ownership that would result in any REIT Subsidiary actually owning or constructively owning, determined in accordance with Sections 856(d)(2)(B) and 856(d)(5) of the Trust owning (actually or Constructively) Code, an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the Trust REIT Subsidiary from such tenant would cause the Trust REIT Subsidiary to fail to satisfy any of the gross income requirements of Section 856(c) of the Code). (iii) Any Transfer of Shares that, if effective, would result in Shares being beneficially owned by fewer than 100 Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended transferee shall acquire no rights in such Shares.

Basic Restrictions. (i1) (1A) No Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Equity Shares in excess of the Ownership Limit Limit, and (2B) no Excepted Holder shall Beneficially Own or Constructively Own Equity Shares in excess of the Excepted Holder Limit for such Excepted Holder. (ii2) No Person Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Equity Shares to the extent that such Beneficial Ownership or Constructive Ownership of Equity Shares would result in the Trust (x) being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year), any Investees that are otherwise REITs or (y) otherwise Foreign REITs failing to qualify as a REIT or Foreign REIT (including, but not limited towithout limitation, Beneficial Ownership or Constructive Ownership that would result in the Trust any Investees that are otherwise REITs owning (actually or Constructively) an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by such Investees that are otherwise REITs or any of their respective Affiliates, as the Trust case may be, from such tenant would cause the Trust any such Investees that are otherwise REITs to fail to satisfy any of the gross income requirements of Section 856(c) of the Code). (iii) Any Transfer of Shares that, if effective, would result in Shares being beneficially owned by fewer than 100 Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended transferee shall acquire no rights in such Shares.