Common use of Exercise of Put Right Clause in Contracts

Exercise of Put Right. A. The General Partner shall, upon the written request of the JMB Limited Partner, promptly cause the Partnership to exercise its Put Right (as such term is defined in the Property Owning Partnership Agreement) to require the Property Owning General Partner and Metropolis, jointly and severally, to purchase the Property Owning Partnership Interest pursuant to Section 12.2C of the Property Owning Partnership Agreement. B. The General Partner shall, upon the written request of the JMB Limited Partner, promptly cause the Partnership to exercise its right to sell the OHSP Interests to FW Strategic or OHSP pursuant to the proviso of Section 4.02(d)(ii) of the Restructuring Agreement. C. Following (i) the exercise of the Put Right pursuant to Section 7.6A and (ii) the receipt by the JMB Limited Partner of all amounts to be received as a result thereof, the General Partner shall, upon receipt of the written election of the JMB Limited Partner at any time, in the JMB Limited Partner's sole discretion, cause its Partnership Interest to be converted to a limited partner interest, and the Special General Partner shall thereupon become the successor General Partner. D. Following (i) the exercise of the Purchase Right (as defined in Property Owning Partnership Agreement) the pursuant to Section 12.2A of the Property Owning Partnership Agreement and (ii) the receipt by the JMB Limited Partner of all amounts to be received as a result thereof, the General Partner shall, upon receipt of the written election of the JMB Limited Partner at any time, in the JMB Limited Partner's sole discretion, cause its Partnership Interest to be converted to a limited partner interest, and the Special General Partner shall thereupon become the successor General Partner.