Common use of OP Units Clause in Contracts

OP Units. 2.4.1. As more particularly described herein, the Buyer shall have the right to exchange beneficial interests in Seller at the time of Closing by means of issuing OP Units (hereafter defined). The Buyer expects to issue OP Units only to holders of beneficial interests in Seller (“Beneficial Owners”) who (a) qualify as “accredited investors” within the meaning set forth in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended, (b) have received the Investor Package (as defined below), and (c) deliver the OP Issuance Delivery Documents (as defined below) to Buyer at least five (5) business days prior to Closing (such beneficial owners who satisfy the foregoing requirements are referred to herein individually as an “Eligible Beneficial Owner” and collectively as the “Eligible Beneficial Owners”). The term “OP Units” shall mean units of limited partnership interests in Buyer with the rights and preferences as set forth in Buyer’s Agreement of Limited Partnership of the Partnership, dated as of December 27, 2005, as amended on June 3, 2010, June 28, 2011, and August 3, 2012, and as the same may be further amended from time to time, a copy of which is filed with the United States Securities and Exchange Commission (the “SEC”). Buyer understands and agrees that Buyer’s obligation to purchase the Property is in no way conditioned upon any Eligible Beneficial Owners accepting the Buyer’s offer of OP Units, and that the Buyer’s offering of the OP Units may not in any way delay the Closing contemplated in this Agreement. Buyer further agrees and acknowledges that the offering of OP Units is being undertaken solely by the Buyer and that the Seller will not encourage nor participate in the offering of OP Units.

OP Units. 2.4.1. As more particularly described herein, the Buyer shall have the right to exchange beneficial interests in Seller at the time of Closing by means of issuing OP Units (hereafter defined). The Buyer expects to issue OP Units only to holders of beneficial interests in Seller (“Beneficial Owners”) who (a) qualify as “accredited investors” within the meaning set forth in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended, (b) have received the Investor Package (as defined below), and (c) deliver the OP Issuance Delivery Documents (as defined below) to Buyer at least five (5) business days prior to Closing (such beneficial owners who satisfy the foregoing requirements are referred to herein individually as an “Eligible Beneficial Owner” and collectively as the “Eligible Beneficial Owners”). The term “OP Units” shall mean units of limited partnership interests in Buyer with the rights and preferences as set forth in Buyer’s Agreement of Limited Partnership of the Partnership, dated as of December 27, 2005, as amended on June 3, 2010, June 28, 2011, and August 3, 2012, and as the same may be further amended from time to time, a copy of which is filed with the United States Securities and Exchange Commission (the “SEC”). Buyer understands and agrees that Buyer’s obligation to purchase the Property is in no way conditioned upon any Eligible Beneficial Owners accepting the Buyer’s offer of OP Units, and that the Buyer’s offering of the OP Units may not in any way delay the Closing contemplated in this Agreement. Buyer further agrees and acknowledges that the offering of OP Units is being undertaken solely by the Buyer and that the Seller will not encourage nor participate in the offering of OP Units.the

OP Units. 2.4.12.3.1. As more particularly described herein, the Buyer shall have the right to exchange beneficial interests in Seller at the time of Closing by means of issuing OP Units (hereafter defined). The Buyer expects to issue OP Units only to holders of beneficial interests in Seller (“Beneficial Owners”) who (a) qualify as “accredited investors” within the meaning set forth in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended, (b) have received the Investor Package (as defined below), and (c) deliver the OP Issuance Delivery Documents (as defined below) to Buyer at least five (5) business days prior to Closing (such beneficial owners who satisfy the foregoing requirements are referred to herein individually as an “Eligible Beneficial Owner” and collectively as the “Eligible Beneficial Owners”). The term “OP Units” shall mean units of limited partnership interests in Buyer with the rights and preferences as set forth in Buyer’s Agreement of Limited Partnership of the Partnership, dated as of December 27, 2005, as amended on June 3, 2010, June 28, 2011, and August 3, 2012, and as the same may be further amended from time to time, a copy of which is filed with the United States Securities and Exchange Commission (the “SEC”). Buyer understands and agrees that Buyer’s obligation to purchase the Property is in no way conditioned upon any Eligible Beneficial Owners accepting the Buyer’s offer of OP Units, and that the Buyer’s offering of the OP Units may not in any way delay the Closing contemplated in this Agreement. Buyer further agrees and acknowledges that the offering of OP Units is being undertaken solely by the Buyer and that the Seller will not encourage nor participate in the offering of OP Units.