Common use of Acquisition of Additional Properties Clause in Contracts

Acquisition of Additional Properties. A. The Members anticipate expanding the business of the Company by acquiring one or more Additional Properties (through Additional Property Owner Entities) and causing the Additional Properties to be developed, redeveloped or refurbished. Either Member may identify potential Additional Properties for acquisition and development by the Company and shall notify the other Member of any such identification and provide the other Member with the opportunity to comment thereon. Cordish shall have the right and authority, subject to the provisions of Section 6.1.D applicable to Cordish pursuant to Section 6.2 hereof, to supervise and coordinate all aspects of the acquisition, financing, development and/or redevelopment of each Additional Property, shall keep Manager informed with respect to all such activity and shall have the duties and obligations set forth in Section 6.1.C and elsewhere in this Agreement with respect to the Additional Properties, to the extent applicable; PROVIDED, HOWEVER, that any such Additional Property may only be acquired by an Additional Property Owner Entity and only if (i) such Additional Property and the related Development Plan for such Additional Property has been approved by Cordish, (ii) all available environmental reports and similar reports for such Additional Property have been submitted to the Manager and the Manager has approved the environmental and similar condition of such Additional Property, (iii) the Manager determines that the acquisition of such Additional Properties would not impose additional liabilities or obligations on the Company (other than to the extent that such liabilities or obligations would remain liabilities and obligations solely of the applicable Additional Property Owner Entity) and (iv) the Manager determines that the acquisition of such Additional Properties would not adversely affect the continued qualification of Inland as a REIT and would not cause the imposition of additional taxes under the REIT Rules on Inland.

Acquisition of Additional Properties. A. The Members anticipate expanding the business of the Company by acquiring one or more Additional Properties (through Additional Property Owner Entities) and causing the Additional Properties to be developed, redeveloped or refurbished. Either The Members intend and agree that Cordish shall organize and manage Cordish Managed Entities and CRC shall organize and manage CRC Managed Entities. Any Associate Member may identify potential Additional Properties for acquisition and development by the Company and shall notify the other Member Members of any such identification and provide the other Member Members with the opportunity to comment thereon. Cordish Each Associate Member shall have the right and authority, subject to the provisions of Section 6.1.D 6.x.X applicable to Cordish the Associate Members pursuant to Section 6.2 6.2.A hereof, to supervise and coordinate all aspects of the acquisition, financing, development and/or redevelopment of each Additional Property, shall keep Manager informed with respect to all such activity and shall have the duties and obligations set forth in Section 6.1.C and elsewhere in this Agreement with respect to the Additional Properties, to the extent applicable; PROVIDED, HOWEVER, that any such Additional Property may only be acquired by an Additional Property Owner Entity and only if (i) such Additional Property and the related Development Plan for such Additional Property has been approved by Cordishthe Associate Member who will manage such Additional Property, (ii) all available environmental reports and similar reports for such Additional Property have been submitted to the Manager and the Manager has approved the environmental and similar condition of such Additional Property, (iii) the Manager determines that the acquisition of such Additional Properties would not impose additional liabilities or obligations on the Company (other than to the extent that such liabilities or obligations would remain liabilities and obligations solely of the applicable Additional Property Owner Entity) and (iv) the Manager determines that the acquisition of such Additional Properties would not adversely affect the continued qualification of Inland as a REIT and would not cause the imposition of additional taxes under the REIT Rules on Inland.