Exception:  Like Kind Sample Clauses

Exception:  Like Kind. As an exception to the restrictions imposed on MAAC and MAA under this Section 13.23, MAAC, MAA and their respective Affiliates may acquire property during the Restricted Period if (i) such property is acquired in a qualifying like-kind exchange under Section 1031 of the Code, (ii) the qualifying like-kind exchange is with proceeds from the disposition of a property held by MAAC, MAA or their respective Affiliates, and (iii) MAAC, MAA or their respective Affiliates were obligated by an agreement with a third party to undertake a like-kind exchange at some time in the future with respect to such property held.