Exchange Rights Agreements. (a) The Limited Partners will be granted the right, but not the obligation, to exchange all or a portion of their Partnership Units for cash or, at the option of the Partnership, for shares of Common Stock or Preferred Stock, as the case may be, on such terms and subject to such conditions and restrictions as will be contained in one or more exchange rights agreements among the General Partner, the Partnership and one or more Limited Partners (as amended from time to time, the “Exchange Rights Agreements”). The form of each Exchange Rights Agreement governing the exchange of Partnership Units shall hereafter be provided by the General Partner. (b) The Limited Partners and all successors, assignees and transferees (whether by operation of law, including by merger or consolidation, dissolution or liquidation of an entity that is a Limited Partner, or otherwise) shall be bound by the provisions of the Exchange Rights Agreement to which they are parties.
Appears in 6 contracts
Samples: Limited Partnership Agreement (Preferred Apartment Communities Inc), Limited Partnership Agreement (Preferred Apartment Communities Inc), Limited Partnership Agreement (United Realty Trust Inc)
