Common use of Character of Rights Clause in Contracts

Character of Rights. The sole interest of each Unit Owner shall be his pro rata portion of the beneficial interest and the obligations expressly created under this Trust Agreement. Such interest of a Unit Owner is and shall be construed for all purposes to be intangible personal property. No Unit Owner shall have the right to seek or secure any partition during the term of this Trust or during the period of liquidation and winding up, and may not possess specific trust property.