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 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 40% of the Units sold by the Partnership in any such offering; provided that all Units issued to the Public REIT OP shall be issued in respect of its non-managing general partner interest in the Partnership, notwithstanding that Units may otherwise be offered 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 the Offer Notice, which Exercise Notice must specify the total number of Units the Public REIT OP wishes to acquire, up to 40% of the total number of Units 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 specified in the Exercise Notice, up to 40% of the total number of Units issued in such offering; provided that the 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 4020% of the Units sold by the Partnership in any such offering; offering provided that all Units issued to the Public REIT OP shall OP's investment in the Partnership may be issued in respect of its for non-managing general partner interest in interests, if the PartnershipPublic REIT OP so chooses, notwithstanding that rather than the Units may otherwise be offered in such offering in respect of limited partner interests in 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 within 30 days after delivery of the Offer NoticePartner, which Exercise Notice must specify the total number of Units (or equivalent interest) the Public REIT OP wishes to acquire, up to 4020% 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 4020% 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.