Common use of Authorization of Preferred Units Clause in Contracts

Authorization of Preferred Units. The Preferred Units to be issued and outstanding at the Closing Time have been duly authorized and will be validly issued and fully paid and conform to the description thereof contained in the Prospectus in all material respects. None of the Preferred Units will be issued in violation of the preemptive or other similar rights of any securityholder in the Operating Partnership. There are no outstanding options, rights (preemptive or otherwise) or warrants to purchase or subscribe for Preferred Units or other securities of the Operating Partnership.