Owner Entities definition
Examples of Owner Entities in a sentence
The Members anticipate expanding the business of the Company by acquiring one or more Additional Properties (through Additional Property Owner Entities) and causing the Additional Properties to be developed, redeveloped or refurbished.
The Members intend that the Company will not own any real estate directly, but will only own interests in the Owner Entities and Additional Property Owner Entities.
As and when prepared or received by the Manager, the Manager shall promptly provide each Member with copies of all reports, studies, operating statements, budgets and other material documents received by the Owner Entity and the Additional Property Owner Entities.
Instead, the Company shall only invest in qualified REIT real estate assets, which assets shall generate qualified REIT income and be owned separately by each of the Owner Entity and Additional Property Owner Entities, and any debts and liabilities shall be incurred only by such Entities.
The Company intends that the Existing Property will be owned by the Owner Entity and all Additional Properties will be owned by Additional Property Owner Entities, through which the Company's business will be conducted.
Without the unanimous approval of the Members, the Company, the Owner Entity and the Additional Property Owner Entities shall not engage in any other business or activity.
If any Additional Property Owner Entity experiences a Cash Shortfall, or to the extent the Company experiences a Cash Shortfall attributable solely to one or more Additional Property Owner Entities, either Member shall have the right to provide written notice of such Cash Shortfall to the Members (a "CASH SHORTFALL NOTICE").
Upon the redemption of the Cordish LLC Interests, the books and records of the Company and the Additional Property Owner Entities shall be closed.
Cordish shall open and be the sole signatory on all bank accounts and keep all banking and accounting records with respect to the Additional Properties, Additional Property Owner Entities and Operations Reserve, PROVIDED, HOWEVER, that Cordish shall make all information regarding the Additional Properties, the Additional Property Owner Entities and the Operations Reserve available to Inland for its review, as required under the terms of this Article VII.
To the Transferors' knowledge, the Owner Entities hold all licenses, permits and authorizations with respect to the use, operation and occupancy of each Property the failure of which to hold would have a materially adverse effect on the current ownership and operation of such Property.