Common use of Operating Partnership Clause in Contracts

Operating Partnership. The Operating Partnership has been duly formed and is validly existing as a limited partnership in good standing under the laws of the State of Delaware and has partnership power and authority to own or lease, as the case may be, and to operate its properties and to conduct its business as described in the Registration Statement and the Prospectus and to enter into and perform its obligations under this Agreement, except where the failure to be in good standing or have such power or authority would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Operating Partnership is duly qualified to transact business in all jurisdictions in which the conduct of its business requires such qualification, except where the failure to be so qualified would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company is the general partner of the Operating Partnership. The aggregate percentage interests of the Company and the limited partners in the Operating Partnership as of a recent date specified in the Registration Statement and the Prospectus is set forth or incorporated by reference in the Registration Statement and the Prospectus.