Common use of Option Properties Clause in Contracts

Option Properties. At Closing Time, the agreements pursuant to which the Operating Partnership will have the option and/or right of first refusal to purchase certain properties (or interests therein) listed on Schedule D annexed hereto that are not being acquired by the Operating Partnership pursuant to the Formation Transactions, will have been duly and validly authorized, executed and delivered by the parties thereto and will be valid and binding agreements, enforceable in accordance with their terms, subject as to enforceability to applicable bankruptcy, insolvency, reorganization and other similar laws affecting creditors' rights generally and to general equitable principles.