Common use of Operating Partnership Interests Clause in Contracts

Operating Partnership Interests. The Advisor has made a capital contribution of $1,000 to the Operating Partnership in exchange for OP Units. In addition, an Affiliate of the Advisor has made a capital contribution of $1,000 to the Operating Partnership in exchange for Special OP Units. The Special OP Units shall be entitled to the distributions provided for, and shall be subject to redemption by the Operating Partnership, in accordance with the terms of the Operating Partnership Agreement. To the extent distributions to the Special OP Units are not paid from net sales proceeds, such amounts will count against the limit on Operating Expenses.

Operating Partnership Interests. The Advisor has made a capital contribution of $1,000 to the Operating Partnership in exchange for OP Units. In addition, an An Affiliate of the Advisor has made a capital contribution of $1,000 to the Operating Partnership in exchange for Special OP Units. The Special OP Units shall be entitled to the distributions provided for, and shall be subject to redemption by the Operating Partnership, in accordance with the terms of the Operating Partnership Agreement. To the extent distributions to the Special OP Units are not paid from net sales proceeds, such amounts will count against the limit on Operating Expenses. In the event of termination of this Agreement by the Company for Cause, the Company shall redeem the Special OP Units in exchange for a one-time cash payment to the Advisor’s Affiliate of $1.00.

Operating Partnership Interests. The Advisor has made a capital contribution of $1,000 to the Operating Partnership in exchange for OP Units. In addition, an Affiliate of the Advisor has made a capital contribution of $1,000 to the Operating Partnership in exchange for Special OP Units. The Upon the earliest to occur of the termination of this Agreement for Cause, a Termination Event or a Listing, all of the Special OP Units shall be entitled to the distributions provided for, and shall be subject to redemption redeemed by the Operating Partnership, Partnership in accordance with the terms of the Operating Partnership Agreement. To the extent distributions to the Special OP Units are not paid from net sales proceeds, such amounts will count against the limit on Operating Expenses.

Operating Partnership Interests. The Advisor has made a capital contribution of $1,000 to the Operating Partnership in exchange for OP Units. In addition, an Affiliate affiliate of the Advisor has made received OP Units constituting a capital contribution separate series of $1,000 to limited partnership interests (the Operating Partnership in exchange for “Special OP Units”). The Upon the earliest to occur of the termination of this Agreement for Cause, a Termination Event or a Listing, all of the Special OP Units shall be entitled to the distributions provided for, and shall be subject to redemption redeemed by the Operating Partnership, Partnership in accordance with the terms of the Operating Partnership Agreement. To the extent distributions to the Special OP Units are not paid from net sales proceeds, such amounts will count against the limit on Operating Expenses.

Operating Partnership Interests. The Advisor has made a capital contribution of $1,000 200,000 to the Operating Partnership in exchange for OP Units. In addition, an Affiliate An affiliate of the Advisor has made also will be issued OP Units constituting a capital contribution separate series of $1,000 to limited partnership interests (the Operating Partnership in exchange for “Special OP Units”). The Upon the earliest to occur of the termination of this Agreement for Cause, a Termination Event or a Listing, all of the Special OP Units shall be entitled to the distributions provided for, and shall be subject to redemption redeemed by the Operating Partnership, Partnership in accordance with the terms of the Operating Partnership Agreement. To the extent distributions to the Special OP Units are not paid from net sales proceeds, such amounts will count against the limit on Operating Expenses.

Operating Partnership Interests. The Advisor has made a capital contribution of $1,000 to the Operating Partnership in exchange for OP Units. In addition, an Affiliate of the Advisor has made received OP Units constituting a capital contribution separate series of $1,000 to limited partnership interests (the Operating Partnership in exchange for “Special OP Units”). The Upon the earliest to occur of the termination of this Agreement for Cause, a Termination Event or a Listing, all of the Special OP Units shall be entitled to the distributions provided for, and shall be subject to redemption redeemed by the Operating Partnership, Partnership in accordance with the terms of the Operating Partnership Agreement. To the extent distributions to the Special OP Units are not paid from net sales proceeds, such amounts will count against the limit on Operating Expenses.

Operating Partnership Interests. The Advisor has made a capital contribution of $1,000 200,000 to the Operating Partnership in exchange for OP Units. In addition, an Affiliate An affiliate of the Advisor has made also will be issued OP Units constituting a capital contribution separate series of $1,000 to limited partnership interests (the Operating Partnership in exchange for "Special OP Units"). The Upon the earliest to occur of the termination of this Agreement for Cause, a Termination Event, a Listing, or a Conversion, all of the Special OP Units shall be entitled to the distributions provided for, and shall be subject to redemption redeemed by the Operating Partnership, Partnership in accordance with the terms of the Operating Partnership Agreement. To the extent distributions to the Special OP Units are not paid from net sales proceeds, such amounts will count against the limit on Operating Expenses.

Operating Partnership Interests. The Advisor has made a capital contribution of $1,000 to the Operating Partnership in exchange for OP Units. In addition, an Affiliate of the Advisor has made a capital contribution of $1,000 to the Operating Partnership in exchange for Special OP Units. The Special OP Units shall be entitled to the distributions provided for, and shall be subject to redemption by the Operating Partnership, in accordance with the terms of the Operating Partnership Agreement. To the extent distributions to the Special OP Units are not paid from net sales proceeds, such amounts will count against the limit on Operating Expenses.

Operating Partnership Interests. The Advisor has made a capital contribution of $1,000 200,000 to the Operating Partnership in exchange for OP Units. In addition, an Affiliate An affiliate of the Advisor has made also will be issued OP Units constituting a capital contribution separate series of $1,000 to limited partnership interests (the Operating Partnership in exchange for "Special OP Units"). The Upon the earliest to occur of the termination of this Agreement for Cause, a Termination Event, or a Listing, all of the Special OP Units shall be entitled to the distributions provided for, and shall be subject to redemption redeemed by the Operating Partnership, Partnership in accordance with the terms of the Operating Partnership Agreement. To the extent distributions to the Special OP Units are not paid from net sales proceeds, such amounts will count against the limit on Operating Expenses.