Common use of No Liens on Partnership Units Delivered for Redemption Clause in Contracts

No Liens on Partnership Units Delivered for Redemption. Each Limited Partner covenants and agrees with the Company that all OP Units delivered for redemption shall be delivered to the Partnership or the Company, as the case may be, free and clear of all liens, and, notwithstanding anything contained herein to the contrary, neither the Company nor the Partnership shall be under any obligation to acquire OP Units that are or may be subject to any liens. Each Limited Partner further agrees that, in the event the General Partner determines that any state or local real property transfer, gains, excise or other similar tax is required to be paid in connection with the transfer of its OP Units to the Partnership or the Company, such Limited Partner shall assume full liability for and shall pay when due such transfer tax. Each Limited Partner hereby unconditionally and irrevocably grants to the Partnership a security interest in such Limited Partner's OP Units to secure such Limited Partner's obligation to pay all amounts required to be paid pursuant to this Section 8.7D, and shall take such actions as the General Partner shall request in order to perfect, maintain or enforce such security interest.

No Liens on Partnership Units Delivered for Redemption. Each Limited Partner covenants and agrees with the Company General Partner that all OP Units delivered for redemption shall be delivered to the Partnership or the CompanyGeneral Partner, as the case may be, free and clear of all liens, and, notwithstanding anything contained herein to the contrary, neither the Company General Partner nor the Partnership shall be under any obligation to acquire OP Units that are or may be subject to any liens. Each Limited Partner further agrees that, in the event the General Partner determines that any state or local real property transfer, gains, excise or other similar tax is required to be paid in connection with the transfer of its OP Units to the Partnership or the CompanyGeneral Partner, such Limited Partner shall assume full liability for and shall pay when due such transfer tax. Each Limited Partner hereby unconditionally and irrevocably grants to the Partnership a security interest in such Limited Partner's ’s OP Units to secure such Limited Partner's ’s obligation to pay all amounts required to be paid pursuant to this Section 8.7D, and shall take such actions as the General Partner shall request in order to perfect, maintain or enforce such security interest.