Common use of Ownership of OP Units Clause in Contracts

Ownership of OP Units. The Limited Partnership Agreement of the Operating Partnership is in full force and effect. All of the OP Units issued in exchange for the Initial Securities and the Option Securities to be sold by the Company have been duly authorized and, at the Closing Time and each Date of Delivery, if any, will be validly issued, fully paid and non-assessable and will be owned by the Company free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity, and none of such OP Units will be issued in violation of any preemptive rights or other similar rights. The Company is the direct or indirect owner of all OP Units.