Status as REIT. The Borrower is organized in conformity with -------------- the requirements for qualification as a real estate investment trust under the Code. Borrower has met all of the requirements for qualification as a real estate investment trust under the Code for its fiscal year ended December 31, 1995. The Borrower is in a position to qualify for its current fiscal year as a real estate investment trust under the Code and its proposed methods of operation will enable it to so qualify.
Status as REIT. HHRI is qualified as a real estate investment trust under the Code and its proposed methods of operation will enable it to continue to be so qualified.
Status as REIT. HMC is qualified as a real estate investment trust under the Code and its proposed methods of operation will enable it to continue to be so qualified.
Status as REIT. The REIT is organized in conformity with the requirements for qualification as a real estate investment trust under the Code. The REIT is in a position to qualify for its current Fiscal Year as a real estate investment trust under the Code and its proposed methods of operation will enable it to so qualify.
Status as REIT. (a) Revoke its election to be a "real estate investment trust" within the meaning of Section 856 of the Code, (b) take or fail to take any action that will cause such election to be terminated or to cease to be valid at any time, (c) incur liability for any excise tax under Section 4981 of the Code or (d) incur liability for any prohibited transaction under Section 857(b)(6) of the Code.
Status as REIT. The Borrower shall maintain at all times its status as a real estate investment trust under the Code.
Status as REIT. Sunstone (a) is organized in conformity with the requirements for qualification as a REIT under the Code, (b) has met all of the requirements for qualification as a REIT under the Code for its Fiscal Year most recently ended and (c) is in a position to qualify for its current Fiscal Year as a REIT under the Code and its proposed methods of operation will enable it to so qualify.
Status as REIT. Borrower is organized in conformity with the requirements for qualification as a real estate investment trust under the Code. Borrower's failure to elect to be treated as a real estate investment trust under the Code for its fiscal year ended December 31, 1986 has not had and will not have any Material Adverse Effect. Borrower has met all of the requirements for qualification as a real estate investment trust under the Code for its fiscal years ended December 31, 1993, 1994, 1995, 1996 and 1997. Borrower is in a position to qualify for its current fiscal year as a real estate investment trust under the Code and its proposed methods of operation will enable it to so qualify.
Status as REIT. The US Borrower is organized in conformity with the requirements for qualification as an equity-oriented real estate investment trust under the Code. The US Borrower has met all of the requirements for qualification as an equity-oriented real estate investment trust under the Code for its Fiscal Year ended December 31, 2000. The US
Status as REIT. Borrower has qualified as a REIT under the Code.
