Common use of Stock of the Borrower Clause in Contracts

Stock of the Borrower. As of June 30, 2008, the entire outstanding capital stock of the Borrower consists of (i) Series C Cumulative Convertible Preferred Stock, 2,000,000 shares; (ii) Series E Cumulative Convertible Preferred Stock, 70,835 shares; (iii) Series F Cumulative Preferred Stock, 6,003,700 shares; and (iv) Common Stock, 23,091,225 shares; all of which are duly and validly issued and outstanding, fully paid and nonassessable as of the Effective Date. The issuance and sale of such Stock of the Borrower either (i) has been registered under applicable federal and state securities laws or (ii) was issued pursuant to an exemption therefrom. The Borrower meets the requirements for taxation as a REIT under the Code.

Stock of the Borrower. As of June 30October 21, 20082005, the entire outstanding capital stock of the Borrower consists of (i) Series C Cumulative Convertible Preferred Stock, 2,000,000 shares; (ii) Series E Cumulative Convertible Preferred Stock, 70,835 356,875 shares; (iii) Series F Cumulative Preferred Stock, 6,003,700 6,640,000 shares; and (iv) Common Stock, 23,091,225 23,195,999 shares; all of which are duly and validly issued and outstanding, fully paid and nonassessable as of the Effective Date. The issuance and sale of such Stock of the Borrower of the Borrower either (i) has been registered under applicable federal and state securities laws or (ii) was issued pursuant to an exemption therefrom. The Borrower meets the requirements for taxation as a REIT under the Code.