Common use of Preliminary Actions Clause in Contracts

Preliminary Actions. Prior to the execution and delivery of this Agreement, the following actions were taken: (a) SIR was organized as a Maryland real estate investment trust on December 19, 2011; (b) ILPT was organized as a Maryland real estate investment trust on September 15, 2017; (c) (i) On September 29, 2017, prior to the transactions described in Section 2.1(d), each of the Entities listed on Schedule 2.1(c)(i) as a Distributing Owner (the “Distributing Owners”) assigned, transferred and conveyed all its right, title and interest in and to the Property more particularly described in Schedule 2.1(c)(i) with respect to such Distributing Owner, together with all Related Assets (such Property and Related Assets, the “Distributed Assets”), to the Subsidiary of SIR identified on such schedule, and such Subsidiary of SIR assumed and agreed to timely pay, perform, observe and discharge all Liabilities arising out of or related to the Distributed Assets, whether arising before or after the date of transfer; and