Common use of Qualifications of Trustees Clause in Contracts

Qualifications of Trustees. A Trustee shall be an individual. The following persons are disqualified from being a Trustee of the Trust: 3.3.1 anyone who is less than eighteen years of age; 3.3.2 anyone who does not have the full exercise of his civil rights; 3.3.3 anyone who is of unsound mind and has been so found by a court in Canada or elsewhere; 3.3.4 anyone who has been placed under protective supervision; 3.3.5 anyone who is not an individual; or 3.3.6 a person who has the status of bankrupt. A majority of the Trustees must be resident Canadians. Trustees are not required to hold Units. At all relevant times, however, it is intended that at least one Trustee will not be, directly or indirectly, a Unitholder or a person who holds an option to acquire Units (a “Non- Unitholder Trustee”). A majority of the Trustees shall have at least five (5) years substantial experience in the real estate industry. Notwithstanding anything herein contained to the contrary, and, to the fullest extent permitted by applicable law, all the acts of the Trustees otherwise in accordance with this Contract of Trust shall be valid notwithstanding any temporary failure to comply with the provisions of this paragraph.

Qualifications of Trustees. A Trustee shall be an individual. The following persons are disqualified from being a Trustee of the Trust: 3.3.1 3.4.1 anyone who is less than eighteen years of age; 3.3.2 3.4.2 anyone who does not have the full exercise of his civil rights; 3.3.3 3.4.3 anyone who is of unsound mind and has been so found by a court Court in Canada or elsewhere; 3.3.4 3.4.4 anyone who has been placed under protective supervision;; and 3.3.5 anyone who is not an individual; or 3.3.6 3.4.5 a person who has the status of bankrupt. A majority of the Trustees must be resident Canadians. Trustees are not required to hold Units. At all relevant times, however, it is intended that at least one Trustee will not be, directly or indirectly, a Unitholder or a person who holds an option to acquire Units (a “Non- Non-Unitholder Trustee”). A majority of the Trustees shall have at least five (5) years substantial experience in the real estate industry. Notwithstanding anything herein contained to the contrary, and, to the fullest extent permitted by applicable law, all the acts of the Trustees otherwise in accordance with this Contract of Trust shall be valid notwithstanding any temporary failure to comply with the provisions of this paragraph.