On-Going Covenants of the Company. 3.1 Notwithstanding any provisions of the Charter to the contrary, the Company agrees that the Excepted Holder Limit granted to CIO OP by this Agreement and this Agreement shall not be revoked unless the Board of Directors determines based upon the written advice of counsel that such revocation is required for the preservation of the Company’s qualification as a REIT under the Code.
On-Going Covenants of the Company. 3.1 [Reserved]
On-Going Covenants of the Company. 3.1 The Company agrees to sell its Equity Stock in National Healthcare Corporation (“NHC”) as soon as reasonably possible, and further agrees not to acquire any NHC stock in the future. In the event the Company involuntarily acquires an equity interest in NHC, the Company shall take commercially reasonable steps to divest itself of its equity interest in NHC as soon as is reasonably practicable.
On-Going Covenants of the Company. 3.1 Notwithstanding any provisions of the Charter to the contrary, the Directors of the Company agree that the Excepted Holder Limit granted to SCLP by this Agreement and this Agreement shall not be revoked unless the Board of Directors determines based upon the written advice of counsel that such revocation is required for the preservation of the Company’s qualification as a REIT under the Code.
