Common use of Designation of Charitable Beneficiaries Clause in Contracts

Designation of Charitable Beneficiaries. By written notice to the Trustee, the Corporation may designate, or change at any time or for any reason or no reason the designation of, the Charitable Beneficiary by designating one or more nonprofit organizations to be the Charitable Beneficiary of the interest in the Trust such that (a) Shares held in the Trust would not violate the restrictions set forth in Section 6.1.1(a) in the hands of such Charitable Beneficiary and (b) each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A) (other than clauses (vii) and (viii) thereof), 2055 and 2522 of the Code. Neither the failure of the Corporation to make such designation nor the failure of the Corporation to appoint the Trustee before the automatic transfer provided for in Section 6.1(b)(i) shall make such transfer ineffective, provided that the Corporation thereafter makes such designation and appointment. The designation of a nonprofit organization as a Charitable Beneficiary shall not entitle such nonprofit organization to serve in such capacity. Any determination by the Corporation with respect to the application of this Article VI shall be binding on each Charitable Beneficiary.

Designation of Charitable Beneficiaries. By written notice to the Trustee, the Corporation Company may designatedesignate or, or from time to time, change at any time or for any reason or no reason the designation of, the Charitable Beneficiary by designating one or more nonprofit organizations to be as the Charitable Beneficiary of the interest in the Trust such that (ai) Shares the Units held in the Trust would not violate the restrictions set forth in Section 6.1.1(a) 11.7 hereof in the hands of such Charitable Beneficiary and (bii) each such organization must be organized under the laws of the United States, any state thereof, or the District of Columbia and must be described in Section 501(c)(3) of the Code Code, and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A) (other than clauses (vii) and (viii) thereof), 2055 and 2522 of the Code. Neither the failure of the Corporation Company to make such designation nor the failure of the Corporation Company to appoint the Trustee before the automatic transfer provided for in Section 6.1(b)(i) 11.7 hereof shall make such transfer ineffective, provided that the Corporation Company thereafter makes such designation and appointment. The designation of a nonprofit organization as a Charitable Beneficiary shall not entitle such nonprofit organization to serve in such capacitycapacity and the Company may, in its sole discretion, designate a substitute or additional nonprofit organization meeting the requirements of this Section 11.8 as the Charitable Beneficiary at any time and for any or no reason. Any determination by the Corporation Company with respect to the application of this Article VI Section shall be binding on each Charitable Beneficiary.

Designation of Charitable Beneficiaries. By written notice to the Charitable Trustee, the Corporation may designate, or change at any Trust shall designate from time or for any reason or no reason the designation of, the Charitable Beneficiary by designating to time one or more nonprofit organizations to be the Charitable Beneficiary of the interest in the Charitable Trust such that (a) Equity Shares held in trust by the Trust Charitable Trustee would not violate the restrictions set forth in Section 6.1.1(a5.2.1(a) in the hands of such Charitable Beneficiary and (b) each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must shall be eligible for deduction under each of Sections 170(b)(1)(A) (other than clauses (vii) and (viii) thereof), 2055 and 2522 of the Code. The Charitable Beneficiary shall not obtain any enforceable right to the Charitable Trust or any of its trust corpus until so designated and thereafter any such rights remain subject to the provisions of this Article V, including Section 5.3.8. Neither the failure of the Corporation Trust to make such designation nor the failure of the Corporation Trust to appoint the Charitable Trustee before the automatic transfer provided for in Section 6.1(b)(i5.2.1(b) shall make such transfer ineffective, provided that the Corporation Trust thereafter makes such designation and appointment. The designation of Trust may, in its sole discretion, designate a substitute or additional nonprofit organization meeting the requirements of this Section 5.3.7 as a the Charitable Beneficiary shall not entitle such nonprofit organization to serve in such capacityat any time and for any or no reason. Any determination by the Corporation Trust with respect to the application of this Article VI V shall be binding on each Charitable Beneficiary.

Designation of Charitable Beneficiaries. By written notice to the Trustee, the Corporation Company may designatedesignate or, or from time to time, change at any time or for any reason or no reason the designation of, the Charitable Beneficiary by designating one or more nonprofit organizations to be as the Charitable Beneficiary of the interest in the Trust such that (ai) Shares the Units held in the Trust would not violate the restrictions set forth in Section 6.1.1(a) 11.7 hereof in the hands of such Charitable Beneficiary and (bii) each such organization must be organized under the laws of the United States, any state thereof, or the District of Columbia and must be described in Section 501(c)(3) of the Code Code, and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A) (other than clauses (vii) and (viii) thereof), 2055 and 2522 of the Code. Neither the failure of the Corporation Company to make such designation nor the failure of the Corporation Company to appoint the Trustee before the automatic transfer provided for in Section 6.1(b)(i) 11.7 hereof shall make such transfer ineffective, provided that the Corporation Company thereafter makes such designation and appointment. The designation of a nonprofit organization as a Charitable Beneficiary shall not entitle such nonprofit organization to serve in such capacitycapacity and the Company may, in its sole discretion, designate a substitute or additional nonprofit organization meeting the requirements of this Section 11.8 as the Charitable Beneficiary at any time and for any or no reason. Any determination by the Corporation Company with respect to the application of this Article VI Section shall be binding on each Charitable Beneficiary.. AMENDED OPERATING AGREEMENT OF CARDONE REIT I, LLC

Designation of Charitable Beneficiaries. By written notice to the Trustee, the Corporation may designate, or change at any time or for any reason or no reason the designation of, the Charitable Beneficiary by designating Trust shall designate one or more nonprofit organizations to be the Charitable Beneficiary or Charitable Beneficiaries of the interest in the Charitable Trust such that (ai) the Shares held in the Charitable Trust would not violate the restrictions set forth in Section 6.1.1(a2(a)(i) of this Article IV in the hands of such Charitable Beneficiary or Charitable Beneficiaries and (bii) each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A) (other than clauses (vii) and (viii) thereof), 2055 and 2522 of the Code. Neither the failure of the Corporation Trust to make such designation nor the failure of the Corporation Trust to appoint the Trustee before the automatic transfer provided for in Section 6.1(b)(i2(a)(i)(B) of this Article IV shall make such transfer ineffective, provided that the Corporation Trust thereafter makes such designation and appointment. The designation of a nonprofit organization as a Charitable Beneficiary shall not entitle such nonprofit organization to serve in such capacity. Any determination by the Corporation with respect to the application of this Article VI shall be binding on each Charitable Beneficiary.Enforcement

Designation of Charitable Beneficiaries. By written notice to the Trustee, the Corporation Company may designatedesignate or, or from time to time, change at any time or for any reason or no reason the designation of, the Charitable Beneficiary by designating one or more nonprofit organizations to be as the Charitable Beneficiary of the interest in the Trust such that (ai) Shares the Units held in the Trust would not violate the restrictions set forth in Section 6.1.1(a) 11.7 hereof in the hands of such Charitable Beneficiary and (bii) each such organization must be organized under the laws of the United States, any state thereof, or the District of Columbia and must be described in Section 501(c)(3) of the Code Code, and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A) (other than clauses (vii) and (viii) thereof), 2055 and 2522 of the Code. Neither the failure of the Corporation Company to make such designation nor the failure of the Corporation Company to appoint the Trustee before the automatic transfer provided for in Section 6.1(b)(i) 11.7 hereof shall make such transfer ineffective, provided that the Corporation Company thereafter makes such designation and appointment. The designation of a nonprofit organization as a Charitable Beneficiary shall not entitle such nonprofit organization to serve in such capacitycapacity and the Company may, in its sole discretion, designate a substitute or additional nonprofit organization meeting the requirements of this Section 11.8 as the Charitable Beneficiary at any time and for any or no reason. Any determination by the Corporation Company with respect to the application of this Article VI Section shall be binding on each Charitable Beneficiary.. OPERATING AGREEMENT OF CARDONE REIT I, LLC