Units Validly Issued. The Units, when issued, will have been duly and validly authorized and issued, free of any preemptive or similar rights, and will be fully paid and nonassessable, without any obligation to restore capital except as required by the Virginia Revised Uniform Limited Partnership Act (the "Limited Partnership Act"). Upon execution and delivery of the Partnership Agreement by Contributor, Contributor shall be admitted as a limited partner of Acquirer as of the Closing Date and shall be entitled to all of the rights and protections of a limited partner under the Limited Partnership Act and the provisions of the Partnership Agreement, with the same rights, preferences, and privileges as all other limited partners on a pari passu basis.
Appears in 32 contracts
Samples: Contribution Agreement (Columbia Equity Trust, Inc.), Contribution Agreement (Columbia Equity Trust, Inc.), Contribution Agreement (Columbia Equity Trust, Inc.)
