Common use of REIT Covenant Clause in Contracts

REIT Covenant. It is the goal of the Partners that each Operating Company that is a REIT shall at all times be a “domestically controlled REIT” as defined in Section 897(h)(4) of the Code. The Partnership shall not take any action or engage in any activities (including exercising operating control over Operating Companies) on and after the date that the elections of NY Trust, NY Trust II or any other Operating Company under Section 856 of the Code to be taxed as a real estate investment trust first becomes effective (the “REIT Election Effective Date”) if both (i) such actions or activities would cause the Partnership to be treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, or as owning U.S. real property interests within the meaning of Section 897 of the Code, at any time on and after the REIT Election Effective Date, and (ii) the Partnership is so treated as engaged in a U.S. trade or business or as owning U.S. real property interests other than because of the application and/or operation of Section 897(h) of the Code or because of the ownership of any interest in a real estate investment trust that is treated as a U.S. real property corporation under Section 897(c)(2) of the Code.

REIT Covenant. It is the goal of the Partners that each Operating Company that is a REIT shall at all times be a “"domestically controlled REIT” " as defined in Section 897(h)(4) of the Code. The Partnership shall not take any action or engage in any activities (including exercising operating control over Operating Companies) on and after the date that the elections of NY Trust, NY Trust II or any other Operating Company under Section 856 of the Code to be taxed as a real estate investment trust first becomes effective (the “"REIT Election Effective Date”") if both (i) such actions or activities would cause the Partnership to be treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, or as owning U.S. real property interests within the meaning of Section 897 of the Code, at any time on and after the REIT Election Effective Date, and (ii) the Partnership is so treated as engaged in a U.S. trade or business or as owning U.S. real property interests other than because of the application and/or operation of Section 897(h) of the Code or because of the ownership of any interest in a real estate investment trust that is treated as a U.S. real property corporation under Section 897(c)(2) of the Code.

REIT Covenant. It is the goal of the Partners that each Operating Company that is a REIT shall at all times be a “domestically controlled REIT” as defined in Section 897(h)(4) of the Code. The Partnership shall not take any action or engage in any activities (including exercising operating control over Operating Companies) on and after the date that the elections of NY Trust, NY Trust II or any other Operating Company under Section 856 of the Code to be taxed as a real estate investment trust first becomes effective (the “REIT Election Effective Date”) if both (i) such actions or activities would cause the Partnership to be treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, or as owning U.S. real property interests within the meaning of Section 897 of the Code, at any time on and after the REIT Election Effective Date, and (ii) the Partnership is so treated as engaged in a U.S. trade or business or as owning U.S. real property interests other than because of the application and/or operation of Section 897(h) of the Code or because of the ownership of any interest in a real estate investment trust that is treated as a U.S. real property corporation under Section 897(c)(2) of the Code.. ARTICLE III Partnership Capital SECTION 3.1

REIT Covenant. It is the goal of the Partners that each Operating Company that is a REIT shall at all times be a “domestically controlled REIT” as defined in Section 897(h)(4) of the Code. The Partnership shall not take any action or engage in any activities (including exercising operating control over Operating Companies) on and after the date that the elections of NY Trust, NY Trust II or any other Operating Company under Section 856 of the Code to be taxed as a real estate investment trust first becomes effective (the “REIT Election Effective Date”) if both (i) such actions or activities would cause the Partnership to be treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, or as owning U.S. real property interests within the meaning of Section 897 of the Code, at any time on and after the REIT Election Effective Date, and (ii) the Partnership is so treated as engaged in a U.S. trade or business or as owning U.S. real property interests other than because of the application and/or operation of Section 897(h) of the Code or because of the ownership of any interest in a real estate investment trust that is treated as a U.S. real property corporation under Section 897(c)(2) of the Code.