Common use of FEDERAL INCOME TAX LAWS Clause in Contracts

FEDERAL INCOME TAX LAWS. The Corporation has obtained an opinion of Xxxxx Xxxxxx LLP, Philadelphia, Pennsylvania, stating that, under existing federal income tax laws and regulations, assuming the Company acts as described in the "Federal Income Tax Considerations" section of the Prospectus and timely files the requisite elections, counsel is of the opinion that the Company has been organized in conformity with the requirements for qualification as a REIT beginning with its taxable year ending December 31, 2003, and that its prior, current and anticipated methods of operation (as described in the Prospectus and represented by management) has enabled and should enable it to satisfy the REIT Requirements (as defined in the Prospectus).

FEDERAL INCOME TAX LAWS. The Corporation has obtained an opinion of Xxxxx Xxxxxx LLP, Philadelphia, Pennsylvania, stating that, under existing federal income tax laws and regulations, assuming the Company acts as described in the "“Federal Income Tax Considerations" ” section of the Prospectus and timely files the requisite elections, counsel is of the opinion that the Company has been organized in conformity with the requirements for qualification as a REIT beginning with its taxable year ending December 31, 2003, and that its prior, current and anticipated methods of operation (as described in the Prospectus and represented by management) has enabled and should enable it to satisfy the REIT Requirements (as defined in the Prospectus).