Common use of Redemption of Special Partnership Units Upon a Termination Event Clause in Contracts

Redemption of Special Partnership Units Upon a Termination Event. Upon the occurrence of a Termination Event, the Special OP Unitholder shall have the right to require the Partnership to redeem all, but not less than all, of the Special Partnership Units for an amount equal to the Termination Redemption Amount to be paid by the Partnership, at the election of the General Partner, in the form of either cash or the issuance to the Special OP Unitholder of an interest-bearing promissory note (the "Redemption Note") in an amount equal to the Termination Redemption Amount. Interest on the Redemption Note will accrue beginning on the Termination Date at a rate deemed fair and reasonable by the General Partner. After the Termination Date, the Company shall repay the Redemption Note using the Net Sales Proceeds of each Sale prior to making any distributions under Section 5.02(b) until the Redemption Note is paid in full, with interest. If the Redemption Note has not been paid in full within five years after the Termination Date, then the General Partner shall purchase the Redemption Note from the Special OP Unitholder in exchange for cash or REIT Shares with a Market Value equal to the aggregate amount outstanding under the Redemption Note, including principal and accrued but unpaid interest.

Redemption of Special Partnership Units Upon a Termination Event. Upon the occurrence of a Termination Event, the Special OP Unitholder shall have the right to require the Partnership to redeem all, but not less than all, of the Special Partnership Units for an amount equal to the Termination Redemption Amount to be paid by the Partnership, at the election of the General Partner, in the form of either cash or the issuance to the Special OP Unitholder of an interest-bearing promissory note (the "Redemption Note") in an amount equal to the Termination Redemption Amount. Interest on the Redemption Note will accrue beginning on the Termination Date at a rate deemed fair and reasonable by the General Partner. After the Termination Date, the Company shall repay the Redemption Note using the Net Sales Proceeds of each Sale prior to making any distributions under Section 5.02(b) until the Redemption Note is paid in full, with interest. If the Redemption Note has not been paid in full within five years after the Termination Date, then the General Partner shall purchase the Redemption Note from the Special OP Unitholder in exchange for cash or REIT Shares with a Market Value equal to the aggregate amount outstanding under the Redemption Note, including principal and accrued but unpaid interest.

Redemption of Special Partnership Units Upon a Termination Event. Upon the occurrence of a Termination Event, the Special OP Unitholder shall have the right to require the Partnership to redeem all, but not less than all, of the Special Partnership Units for an amount equal to the Termination Redemption Amount to be paid by the Partnership, at the election of the General Partner, in the form of either cash or the issuance to the Special OP Unitholder of an interest-bearing promissory note (the "“Redemption Note"”) in an amount equal to the Termination Redemption Amount. Interest on the Redemption Note will accrue beginning on the Termination Date at a rate deemed fair and reasonable by the General Partner. After the Termination Date, the Company shall repay the Redemption Note using the Net Sales Proceeds of each Sale prior to making any distributions under Section 5.02(b) until the Redemption Note is paid in full, with interest. If the Redemption Note has not been paid in full within five years after the Termination Date, then the General Partner shall purchase the Redemption Note from the Special OP Unitholder in exchange for cash or REIT Shares with a Market Value equal to the aggregate amount outstanding under the Redemption Note, including principal and accrued but unpaid interest.

Redemption of Special Partnership Units Upon a Termination Event. Upon the occurrence of a Termination Event, the Special OP Unitholder shall have the right to require the Partnership to redeem all, but not less than all, of the Special Partnership Units for an amount equal to the Termination Listing Redemption Amount to be paid by the Partnership, at the election of the General Partner, in the form of either cash or the issuance to the Special OP Unitholder of an interest-bearing promissory note (the "Redemption Note") in an amount equal to the Termination Redemption Amount. Interest on the Redemption Note will accrue beginning on the Termination Date at a rate deemed fair and reasonable by the General Partner. After the Termination Date, the Company shall repay the Redemption Note using the Net Sales Proceeds of each Sale prior to making any distributions under Section 5.02(b) until the Redemption Note is paid in full, with interest. If the Redemption Note has not been paid in full within five years after the Termination Date, then the General Partner shall purchase the Redemption Note from the Special OP Unitholder in exchange for cash or REIT Shares with a Market Value equal to the aggregate amount outstanding under the Redemption Note, including principal and accrued but unpaid interest.