Common use of Restrictions on Ownership and Transfers Clause in Contracts

Restrictions on Ownership and Transfers. (i) At any time during the Restriction Period, except as provided in Section 9.9, (i) no Individual shall Beneficially Own outstanding Shares in excess of the General Ownership Limit and (ii) any Transfer that, if effective, would result in any Individual Beneficially Owning Shares in excess of the General Ownership Limit shall be void ab initio as to the Transfer of that number of Shares that would be otherwise Beneficially Owned by such Individual in excess of the General Ownership Limit, and the intended transferee shall acquire no rights in such excess Shares. (ii) Notwithstanding any other provision herein, any Transfer that, if effective during the Restriction Period, would result in the Company being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of the taxable year) shall be void ab initio as to the Transfer of that number of Shares that would cause the Company to be “closely held” within the meaning of Section 856(h) of the Code, and the intended transferee shall acquire no rights in such excess Shares. (iii) Notwithstanding any other provision herein, any Transfer of Shares that, if effective during the Restriction Period, would cause the Company to fail to qualify as a REIT shall be void ab initio as to the Transfer of that number of Shares in excess of the number that could have been Transferred without such result and the intended transferee shall acquire no rights in such excess Shares.