Common use of Contribution Transaction Clause in Contracts

Contribution Transaction. At the Closing (as defined in ARTICLE 2.2 herein) and subject to the terms and conditions contained in this Contribution Agreement, the Contributor shall transfer to the Operating Partnership, absolutely and unconditionally, all of its Partnership Interest (as such term is defined in Recital B herein). The contribution of the Contributor's Partnership Interest shall be evidenced by a "CONTRIBUTION AND ASSUMPTION AGREEMENT" for each of the Partnerships in substantially the form of EXHIBIT "B" attached hereto. Furthermore, the Contributor shall execute and have duly acknowledged an individual quitclaim deed for each Property in the form of EXHIBIT "C" quitclaiming to the Operating Partnership any direct or indirect ownership interest in and to the Properties. The parties shall take such additional actions and execute such additional documentation as may be required by the Partnership Agreement and the Agreement of Limited Partnership of the Operating Partnership (the "OP AGREEMENT") in order to effect the transactions contemplated hereby.

Contribution Transaction. At the Closing (as defined in ARTICLE 2.2 herein) and subject to the terms and conditions contained in this Contribution Agreement, the Contributor shall transfer to the Operating Partnership, absolutely and unconditionally, all of its Partnership Interest (as such term is defined in Recital B herein). The contribution of the Contributor's Partnership Interest shall be evidenced by a "CONTRIBUTION AND ASSUMPTION AGREEMENT" for each of the Partnerships in substantially the form of EXHIBIT "B" attached hereto. Furthermore, the Contributor shall cause each of its individual constituent partners and/or members (as applicable) to execute and have duly acknowledged an individual quitclaim deed for each Property in the form of EXHIBIT "C" quitclaiming to the Operating Partnership any direct or indirect ownership interest in and to the Properties. The parties shall take such additional actions and execute such additional documentation as may be required by the Partnership Agreement and the Agreement of Limited Partnership of the Operating Partnership (the "OP AGREEMENT") in order to effect the transactions contemplated hereby.