Qualifying and Maintaining Qualification as a REIT. From the effective date of the COMPANY'S election to qualify as a REIT until the Restriction Termination Date (as defined in Article XIII) of the COMPANY, the MANAGING MEMBER or BOARD OF DIRECTORS and their officers shall take such action from time to time as the MANAGING MEMBER or BOARD OF DIRECTORS determines is necessary or appropriate in order to maintain the COMPANY'S qualification as a REIT; provided, however, if the MANAGING MEMBER or BOARD OF DIRECTORS determines that it is no longer in the best interests of the COMPANY to continue to be qualified as a REIT, the MANAGING MEMBER or BOARD OF DIRECTORS may authorize the COMPANY to revoke or otherwise terminate its REIT election pursuant to Section 856(g) of the CODE. It is intended that the COMPANY will elect to be treated as a corporation that will elect to be taxed as a REIT prior to the Initial Date (as defined in Article XIII) of the COMPANY until the Restriction Termination Date of the COMPANY.
Appears in 7 contracts
Samples: Operating Agreement (Century West Multifamily Income Reit, LLC), Operating Agreement (Anabasis Real Estate Investment Trust, LLC), Operating Agreement (Century West Multifamily Income Reit, LLC)
Qualifying and Maintaining Qualification as a REIT. From the effective date of the COMPANY'S election to qualify as a REIT until the Restriction Termination Date (as defined in Article XIII) of the COMPANY, the MANAGING MEMBER or BOARD OF DIRECTORS and their officers shall take such action from time to time as the MANAGING MEMBER or BOARD OF DIRECTORS determines is necessary or appropriate in order to maintain the COMPANY'S qualification as a REIT; provided, however, if the MANAGING MEMBER or BOARD OF DIRECTORS determines that it is no longer in the best interests of the COMPANY to continue to be qualified as a REIT, the MANAGING MEMBER or BOARD OF DIRECTORS may authorize the COMPANY to revoke or otherwise terminate its REIT election pursuant to Section 856(g) of the CODE. It is intended that the COMPANY will elect to be treated as a corporation that will elect to be taxed as a REIT prior to the Initial Date (as defined in Article XIII) of the COMPANY until the Restriction Termination Date of the COMPANY.. EXHIBIT 1A-2B - page. 38
Appears in 1 contract
Samples: Operating Agreement (Strategic Hotel Ventures, LLC)
