Common use of Emptive Right Clause in Contracts

Emptive Right. Following the Initial Offering Period, for so long as the Public REIT OP is a partner in the Partnership, the Partnership shall give the Public REIT OP written notice (an "Offer Notice") of any proposed offering of Units for cash at least 90 days prior to the anticipated closing date of such offering, which notice shall specify the total number of Units being offered and the price per Unit at which the Partnership is offering Units in such offering. The Public REIT OP shall have the right (a "Preemptive Right") to acquire up to 20% of the Units sold by the Partnership in any such offering provided that the Public REIT OP's investment in the Partnership may be for non-managing general partner interests, if the Public REIT OP so chooses, rather than the Units offered by the Partnership. In order to exercise its Pre-Emptive Right, the Public REIT OP must deliver a written notice (an "Exercise Notice") within 30 days after delivery of notice of such offering to the Partnership and the General Partner, which Exercise Notice must specify the total number of Units (or equivalent interest) the Public REIT OP wishes to acquire, up to 20% of the total number of Units (or equivalent interest) issued in such offering. If the Public REIT OP delivers an Exercise Notice within such 30 day period, then the Public REIT OP will be obligated to buy, and the Partnership shall be obligated to sell to the Public REIT OP, that number of Units (or equivalent interest) specified in the Exercise Notice, up to 20% of the total number of Units (or equivalent interest) issued in such offering; provided that the Holding Partnership shall have no obligation to sell any Units to the Public REIT OP if such offering is cancelled.

Emptive Right. Following the Initial Offering Period, for so long as the Public REIT OP is a partner in the Partnership, the Partnership shall give the Public REIT OP written notice (an "Offer Notice") of any proposed offering by the Partnership of additional Units for cash at least 90 days prior to the anticipated closing date of such offering, which notice shall specify the total number of Units being offered and the price per Unit at which the Partnership is offering Units in such offering. The Public REIT OP shall have the right (a "Preemptive Right") to acquire up to 2040% of the Units sold by the Partnership in any such offering offering; provided that all Units issued to the Public REIT OP's investment OP shall be issued in the Partnership may be for respect of its non-managing general partner interestsinterest in the Partnership, if the Public REIT OP so chooses, rather than the notwithstanding that Units may otherwise be offered by in such offering in respect of limited partner interests in the Partnership. In order to exercise its Pre-Emptive Right, the Public REIT OP must deliver a written notice (an "Exercise Notice") to the Partnership and the General Partner within 30 days after delivery of notice of such offering to the Partnership and the General PartnerOffer Notice, which Exercise Notice must specify the total number of Units (or equivalent interest) the Public REIT OP wishes to acquire, up to 2040% of the total number of Units (or equivalent interest) issued in such offering. If the Public REIT OP delivers an Exercise Notice within such 30 day period, then the Public REIT OP will be obligated to buy, and the Partnership shall be obligated to sell to the Public REIT OP, that number of Units (or equivalent interest) specified in the Exercise Notice, up to 2040% of the total number of Units (or equivalent interest) issued in such offering; provided that the Holding Partnership shall have no obligation to sell any Units to the Public REIT OP if such offering is cancelled.