Common use of TERM OF RESTRICTIVE COVENANTS Clause in Contracts

TERM OF RESTRICTIVE COVENANTS. The term of the restrictive covenants in this ARTICLE III (the "Non-Compete Term") shall commence on the date hereof and shall terminate two years after the date of termination of Employee, except that the Non-Compete Term shall terminate on such earlier date as determined by the Board of Directors in its sole and absolute discretion if (i) Employee is terminated by the Company other than for Cause and (ii) such termination DOES NOT occur within 30 days after a Change in Control. For purposes of this Agreement, a "Change in Control" shall be deemed to have occurred upon the occurrence of one or more of the following events: (i) any sale, lease, exchange or other transfer (in one or a series of related transactions) of all or substantially all of the assets of the Partnership, the Operating Partnership L.P. or the Company to any Person or its Affiliates, other than the Partnership, the Operating Partnership, the Company or any of their Affiliates or (ii) any merger, reorganization, consolidation or other transaction pursuant to which more than 50% of the combined voting power of the equity interests in the Partnership, the Operating Partnership or the Company ceases to be owned by Persons who own such interests, respectively, as of the date of the initial public offering of common units of the Partnership.

TERM OF RESTRICTIVE COVENANTS. The term of the restrictive covenants in this ARTICLE Article III (the "“Non-Compete Term"”) shall commence on the date hereof and shall terminate two years after the date of termination of Employee, except that the Non-Compete Term shall terminate on such earlier date as determined by the Board of Directors in its sole and absolute discretion if (i) Employee is terminated by the Company other than for Cause and (ii) such termination DOES NOT does not occur within 30 days after a Change in Control. For purposes of this Agreement, a "“Change in Control" ” shall be deemed to have occurred upon the occurrence of one or more of the following events: (i) any sale, lease, exchange or other transfer (in one or a series of related transactions) of all or substantially all of the assets of the Partnership, the Operating Partnership L.P. or the Company to any Person or its Affiliates, other than the Partnership, the Operating Partnership, the Company or any of their Affiliates or (ii) any merger, reorganization, consolidation or other transaction pursuant to which more than 50% of the combined voting power of the equity interests in the Partnership, the Operating Partnership or the Company ceases to be owned by Persons who own such interests, respectively, as of the date of the initial public offering of common units of the Partnership.