Common use of Redemption of Special Partnership Units Upon Listing Clause in Contracts

Redemption of Special Partnership Units Upon Listing. Upon the occurrence of a Listing, the Special Partnership Units shall be redeemed for an aggregate amount equal to the Net Sales Proceeds that would have been distributed to the Special OP Unitholders under Section 5.02(b)(i)(B)(2) if the Partnership had distributed to the Special OP Unitholders and OP Unitholders upon liquidation an amount equal to the market value of all of the REIT Shares outstanding on the date of Listing, calculated based upon the per share value of a REIT Share (the “Market Value”) being deemed equal to the average closing price, or average of bid and asked prices, as the case may be, during a period of thirty (30) days during which such shares are traded beginning 150 days after the Listing. Payment to the Special OP Unitholders upon a Listing (including a Subsequent Liquidity Event which is a Listing) shall be in the form of REIT Shares, valued at Market Value.

Redemption of Special Partnership Units Upon Listing. Upon the occurrence of a Listing, the Special Partnership Units shall be redeemed for an aggregate amount equal to the Net Sales Proceeds that would have been distributed to the Special OP Unitholders under Section 5.02(b)(i)(B)(25.02(b)(ii)(C)(2) if the Partnership had distributed to the Special OP Unitholders and OP Unitholders upon liquidation an amount equal to the market value of all of the REIT Shares outstanding on the date of Listing, calculated based upon the per share value of a REIT Share (the “Market Value”) being deemed equal to the average closing price, or average of bid and asked prices, as the case may be, during a period of thirty (30) days during which such shares are traded beginning 150 days after the Listing. Payment to the Special OP Unitholders upon a Listing (including a Subsequent Liquidity Event which is a Listing) shall be in the form of REIT Shares, valued at Market Value.

Redemption of Special Partnership Units Upon Listing. Upon the occurrence of a Listing, the Special Partnership Units shall be redeemed for an aggregate amount equal to the Net Sales Proceeds that would have been distributed to the Special OP Unitholders under Section 5.02(b)(i)(B)(2) if the Partnership had distributed to the Special OP Unitholders and OP Unitholders upon liquidation an amount equal to the market value of all of the REIT Shares outstanding on the date of Listing, calculated based upon the per share value of a REIT Share (the “Market Value”) being deemed equal to the average closing price, or average of bid and asked prices, as the case may be, during a period of thirty (30) days during which such shares are traded beginning 150 days after the Listing. Payment to the Special OP Unitholders upon a Listing (including a Subsequent Liquidity Event which is a Listing) shall be in the form of REIT Shares, valued at Market Valuea non-interest bearing promissory note that will be repaid using the entire net proceeds of each sale of an asset or assets of the Partnership in connection with or following the occurrence of the Listing.

Redemption of Special Partnership Units Upon Listing. Upon the occurrence of a Listing, the Special Partnership Units shall be redeemed for an aggregate amount equal to the Net Sales Proceeds that would have been distributed to the Special OP Unitholders under Section 5.02(b)(i)(B)(2) if the Partnership had distributed to the Special OP Unitholders and OP Unitholders upon liquidation an amount equal to the market value of all of the REIT Shares outstanding on the date of Listing, calculated based upon the per share value of a REIT Share (the “"Market Value”") being deemed equal to the average closing price, or average of bid and asked prices, as the case may be, during a period of thirty (30) days during which such shares are traded beginning 150 days after the Listing. Payment to the Special OP Unitholders upon a Listing (including a Subsequent Liquidity Event which is a Listing) shall be in the form of REIT Shares, valued at Market Value.