Special Basis Adjustment. At the request of either the transferor or transferee in connection with a transfer of an Interest in the Company approved by the Members pursuant to Article 16 of this Agreement, the Managers shall cause the Company to make the election provided for in Code Section 754 and maintain a record of the adjustments to Basis of Property resulting from that election. Any such transferee shall pay all costs incurred by the Company in connection with such election and the maintenance of such records.
Appears in 6 contracts
Samples: Operating Agreement (Wellsford Real Properties Inc), Pledge and Security Agreement (Wellsford Residential Property Trust), Pledge and Security Agreement (Equity Residential Properties Trust)
