Common use of Organization and Power; Due Authorization; Enforceability Clause in Contracts

Organization and Power; Due Authorization; Enforceability. The Operating Partnership is duly organized, validly existing, and in good standing as a limited partnership under the laws of the State of Delaware, and has full right, limited partnership power, and authority to enter into this Agreement and to assume and perform all of its obligations under this Agreement. The execution and delivery of this Agreement and the performance by the Operating Partnership of its obligations hereunder have been duly authorized by all requisite action of the Operating Partnership and require no further action or approval of the Operating Partnership’s partners or of any other individuals or entities in order to constitute this Agreement as a binding and enforceable obligation of the Operating Partnership. This Agreement, and each agreement, document and instrument executed and delivered by or on behalf of the Operating Partnership or the REIT pursuant to this Agreement, constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of the Operating Partnership or the REIT, as applicable, enforceable against the Operating Partnership or the REIT, as applicable, in accordance with its terms, except as such enforceability may be limited by bankruptcy or the application of equitable principles.