Common use of 1Organization; Authority Clause in Contracts

1Organization; Authority. The Operating Partnership has been duly formed and is validly existing under the laws of the jurisdiction of its formation and is, and at the Closing shall be, treated as a “partnership” for federal income tax purposes, and has all requisite power and authority to enter into this Agreement and each agreement contemplated hereby, to carry out the transactions contemplated hereby and thereby, and to own, lease or operate its property and carry on its business as described in the Partnership Agreement and the Offering Documents and, to the extent required under applicable law, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary.