No Liens on Partnership Units Delivered for Redemption. Each Limited Partner covenants and agrees with the General Partner that all Partnership Units delivered for redemption (including Partnership Units redeemed under Section 8.07) shall be delivered to the Partnership or the General Partner, as the case may be, free and clear of all liens, and, notwithstanding anything contained herein to the contrary, neither the General Partner nor the Partnership shall be under any obligation to acquire Partnership Units which are or may be subject to any liens. Each Limited Partner further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Partnership Units to the Partnership or the General Partner, such Limited Partner shall assume and pay such transfer tax.
Appears in 5 contracts
Samples: Limited Partnership Agreement (Gramercy Property Trust Inc.), Limited Partnership Agreement (Gramercy Capital Corp), Limited Partnership Agreement (Gramercy Capital Corp)
No Liens on Partnership Units Delivered for Redemption. Each Limited Partner covenants and agrees with the General Partner that all Partnership Units delivered for redemption (including Partnership Units redeemed under Section Sections 8.06 and 8.07) shall be delivered to the Partnership or the General Partner, as the case may be, free and clear of all liens, and, notwithstanding anything contained herein to the contrary, neither the General Partner nor the Partnership shall be under any obligation to acquire redeem Partnership Units which are or may be subject to any liens. Each Limited Partner further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Partnership Units to the Partnership or the General Partner, such Limited Partner shall assume and pay such transfer tax.
Appears in 5 contracts
Samples: Limited Partnership Agreement (Cb Richard Ellis Realty Trust), Limited Partnership Agreement (Cb Richard Ellis Realty Trust), Limited Partnership Agreement (Cb Richard Ellis Realty Trust)
No Liens on Partnership Units Delivered for Redemption. Each Limited Partner covenants and agrees with the General Partner that all Partnership Units delivered for redemption (including Partnership Units redeemed under Section 8.07) shall be delivered to the Partnership or the General Partner, as the case may be, free and clear of all liens, and, notwithstanding anything contained herein to the contrary, neither the General Partner nor the Partnership shall be under any obligation to acquire Partnership Units which are or may be subject to any liens. Each Unless otherwise provided for in an Applicable Contribution Agreement, each Limited Partner further agrees that, in the event if any state or local property transfer tax is payable as a result of the transfer of its Partnership Units to the Partnership or the General Partner, such Limited Partner shall assume and pay such transfer tax.
Appears in 1 contract
Samples: Limited Partnership Agreement (Burnham Pacific Properties Inc)
No Liens on Partnership Units Delivered for Redemption. Each Limited Partner covenants and agrees with the General Partner LSAC that all Partnership Units delivered for redemption (including Partnership Units redeemed under Section 8.07) shall be delivered to the Partnership or the General PartnerLSAC, as the case may be, free and clear of all liens, and, notwithstanding anything contained herein to the contrary, neither the General Partner LSAC nor the Partnership shall be under any obligation to acquire Partnership Units which are or may be subject to any liens. Each Limited Partner further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Partnership Units to the Partnership or the General PartnerLSAC, such Limited Partner shall assume and pay such transfer tax.
Appears in 1 contract
Samples: Limited Partnership Agreement (Lexington Strategic Asset Corp)
