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, 1991, 1992, 1993, 1994 and 1995. 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. Upon completion of the spin-off of Borrower by HRPT and at the time of the advance of the Initial Loan, Borrower and its Subsidiaries will be organized in conformity with the requirements for qualification of Borrower as a real estate investment trust under Sections 856 through 860 of the Code. Borrower is in a position to qualify for its taxable year ending December 31, 1999 as a real estate investment trust under Sections 856 through 860 of the Code and its proposed methods of operation will enable it to so qualify. Each Guarantor is a "qualified REIT subsidiary" of Borrower under Section 856(i) of the Code or an entity disregarded as an entity separate from its owner under the Treasury Regulations under Section 7701 of the Code.
Status as REIT. On and after the REIT Conversion Date, Host -------------- REIT will meet all of the requirements for qualification as a real estate investment trust under the Code effective for its first taxable year commencing after the REIT Conversion Date. On and after the REIT Conversion Date, Host REIT is or will be in a position to qualify for such taxable year and for each taxable year thereafter as a real estate investment trust under the Code and its proposed methods of operation will enable it to so qualify.
