Common use of Redemption by Company Clause in Contracts

Redemption by Company. Notwithstanding the provisions of Section 8.7.A, a Limited Partner that exercises the Redemption Right shall be deemed to have offered to sell the OP Units described in the Notice of Redemption to the Company. The Company may, in its sole and absolute discretion (subject to any limitations on ownership and transfer of REIT Shares set forth in the Certificate of Incorporation), elect to assume directly and satisfy a Redemption Right by paying to the Redeeming Partner either the Cash Amount or the REIT Shares Amount, as the Company determines in its sole and absolute discretion on the Specified Redemption Date, whereupon the Company shall acquire the OP Units offered for redemption by the Redeeming Partner and shall be treated for all purposes of this Agreement as the owner of such OP Units. If the Company shall elect to exercise its right to purchase OP Units under this Section 8.7.B with respect to a Notice of Redemption, it shall so notify the Redeeming Partner within five (5) Business Days after the receipt by it of such Notice of Redemption. Unless the Company (in its sole and absolute discretion) shall exercise its right to purchase OP Units from the Redeeming Partner pursuant to this Section 8.7.B, the Company shall not have any obligation to the Redeeming Partner or the Partnership with respect to the Redeeming Partner's exercise of the Redemption Right. In the event the Company shall exercise its right to purchase OP Units with respect to the exercise of a Redemption Right in the manner described in the first sentence of this Section 8.7.B, the Partnership shall have no obligation to pay any amount to the Redeeming Partner with respect to such Redeeming Partner's exercise of such Redemption Right, and each of the Redeeming Partner, the Partnership, and the Company shall treat the 31 transaction between the Company and the Redeeming Partner, for federal income tax purposes, as a sale of the Redeeming Partner's OP Units to the Company. Each Redeeming Partner agrees to execute such documents as the Company may reasonably require in connection with the issuance of REIT Shares upon exercise of the Redemption Right.. In the event that the Company determines to pay the Redeeming Partner the Redemption Amount in the form of REIT Shares, the total number of REIT Shares to be paid to the Redeeming Partner in exchange for the Redeeming Partner's OP Units shall be the applicable REIT Shares Amount. In the event this amount is not a whole number of REIT Shares, the Redeeming Partner shall be paid (i) that number of REIT Shares that equals the nearest whole number less than such amount plus (ii) an amount of cash which the Company determines, in its reasonable discretion, to represent the fair value of the remaining fractional Share which would otherwise be payable to the Redeeming Partner.

Redemption by Company. Notwithstanding the provisions of Section 8.7.A, a Limited Partner that exercises the Redemption Right shall be deemed to have offered to sell the OP Units described in the Notice of Redemption to the CompanyGeneral Partner. The Company General Partner may, in its sole and absolute discretion (subject to any limitations on ownership and transfer of REIT Shares set forth in the Certificate Declaration of IncorporationTrust), elect to assume directly and satisfy a Redemption Right by paying to the Redeeming Partner either the Cash Amount or the REIT Shares Amount, as the Company General Partner determines in its sole and absolute discretion on the Specified Redemption Date, whereupon the Company General Partner shall acquire the OP Units offered for redemption by the Redeeming Partner and shall be treated for all purposes of this Agreement as the owner of such OP Units. If the Company General Partner shall elect to exercise its right to purchase OP Units under this Section 8.7.B with respect to a Notice of Redemption, it shall so notify the Redeeming Partner within five (5) Business Days after the receipt by it of such Notice of Redemption. Unless the Company General Partner (in its sole and absolute discretion) shall exercise its right to purchase OP Units from the Redeeming Partner pursuant to this Section 8.7.B, the Company General Partner shall not have any obligation to the Redeeming Partner or the Partnership with respect to the Redeeming Partner's ’s exercise of the Redemption Right. In the event the Company General Partner shall exercise its right to purchase OP Units with respect to the exercise of a Redemption Right in the manner described in the first sentence of this Section 8.7.B, the Partnership shall have no obligation to pay any amount to the Redeeming Partner with respect to such Redeeming Partner's ’s exercise of such Redemption Right, and each of the Redeeming Partner, the Partnership, and the Company General Partner shall treat the 31 transaction between the Company General Partner and the Redeeming Partner, for federal income tax purposes, as a sale of the Redeeming Partner's ’s OP Units to the CompanyGeneral Partner. Each Redeeming Partner agrees to execute such documents as the Company General Partner may reasonably require in connection with the issuance of REIT Shares upon exercise of the Redemption Right.. . In the event that the Company General Partner determines to pay the Redeeming Partner the Redemption Amount in the form of REIT Shares, the total number of REIT Shares to be paid to the Redeeming Partner in exchange for the Redeeming Partner's ’s OP Units shall be the applicable REIT Shares Amount. In the event this amount is not a whole number of REIT Shares, the Redeeming Partner shall be paid (i) that number of REIT Shares that equals the nearest whole number less than such amount plus (ii) an amount of cash which the Company General Partner determines, in its reasonable discretion, to represent the fair value of the remaining fractional Share which would otherwise be payable to the Redeeming Partner.

Redemption by Company. Notwithstanding the provisions of Section 8.7.A, a Limited Partner that exercises the Redemption Right shall be deemed to have offered to sell the OP Units described in the Notice of Redemption to the Company. The Company may, in its sole and absolute discretion (subject to any limitations on ownership and transfer of REIT Shares set forth in the Certificate of Incorporation), elect to assume directly and satisfy a Redemption Right by paying to the Redeeming Partner either the Cash Amount or the REIT Shares Amount, as the Company determines in its sole and absolute discretion on the Specified Redemption Date, whereupon the Company shall acquire the OP Units offered for redemption by the Redeeming Partner and shall be treated for all purposes of this Agreement as the owner of such OP Units. If the Company shall elect to exercise its right to purchase OP Units under this Section 8.7.B with respect to a Notice of Redemption, it shall so notify the Redeeming Partner within five (5) Business Days after the receipt by it of such Notice of Redemption. Unless the Company (in its sole and absolute discretion) shall exercise its right to purchase OP Units from the Redeeming Partner pursuant to this Section 8.7.B, the Company shall not have any obligation to the Redeeming Partner or the Partnership with respect to the Redeeming Partner's exercise of the Redemption Right. In the event the Company shall exercise its right to purchase OP Units with respect to the exercise of a Redemption Right in the manner described in the first sentence of this Section 8.7.B, the Partnership shall have no obligation to pay any amount to the Redeeming Partner with respect to such Redeeming Partner's exercise of such Redemption Right, and each of the Redeeming Partner, the Partnership, and the Company shall treat the 31 transaction between the Company and the Redeeming Partner, for federal income tax purposes, as a sale of the Redeeming Partner's OP Units to the Company. Each Redeeming Partner agrees to execute such documents as the Company may reasonably require in connection with the issuance of REIT Shares upon exercise of the Redemption Right.. In the event that the Company determines to pay the Redeeming Partner the Redemption Amount in the form of REIT Shares, the total number of REIT Shares to be paid to the Redeeming Partner in exchange for the Redeeming Partner's OP Units shall be the applicable REIT Shares Amount. In the event this amount is not a whole number of REIT Shares, the Redeeming Partner shall be paid (i) that number of REIT Shares that equals the nearest whole number less than such amount plus (ii) an amount of cash which the Company determines, in its reasonable discretion, to represent the fair value of the remaining fractional Share which would otherwise be payable to the Redeeming Partner.