Exceptions to Exemption Clause Samples

Exceptions to Exemption. The Ownership Limit Waiver shall not be effective with respect to (i) ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, his immediate family members, any entity controlled directly or indirectly by ▇▇. ▇▇▇▇▇▇, or any trust of which ▇▇. ▇▇▇▇▇▇ is the trustee, grantor or beneficiary or (ii) ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, his immediate family members, any entity controlled directly or indirectly by ▇▇. ▇▇▇▇▇▇, or any trust of which ▇▇. ▇▇▇▇▇▇ is the trustee, grantor or beneficiary, or (iii) Simon Property Group, Inc. and its Affiliates with respect to any Redeemable Units and/or Redemption Shares acquired during 2002 and/or as the direct or indirect result of negotiations initiated during 2002.