Acquisition Projects. The following provisions shall apply if the project covered by this Agreement includes funds for the acquisition of land or facilities:
Acquisition Projects. (a) Acquisition projects are intended to expand, assure, and maintain adequate OHV recreation access or opportunities, eliminate trespass, and provide appropriate buffers to sustain OHV opportunity.
Acquisition Projects. Notwithstanding anything contained in Section 9.10 hereof to the contrary, the Primary Limited Partners and/or their Affiliates shall not, during the period (the "Restricted Period") commencing on the date hereof and ending or the earlier of (i) the tenth (10th) anniversary of the date on which the Completion of the Offering occurs and (ii) the Restrictions Lapse Date (as defined below), acquire an equity ownership interest in any Acquisition Project other than through their ownership interest in the Partnership and the Trust. During the Restricted Period, the Primary Limited Partners may, in their sole discretion, notify the General Partner of any opportunities available to the Partnership to acquire any equity ownership interest in an Acquisition Project to the extent Primary Limited Partners believe such opportunities may be appropriate for consideration by the Partnership. Notwithstanding the preceding sentence, the Primary Limited Partners and/or their Affiliates may not acquire an equity ownership interest in any Acquisition Project during the Restricted Period other than through their ownership interests in the Partnership or the Trust. The "Restrictions Lapse Date" shall mean the second anniversary of the date on which all of the following conditions are satisfied: (i) neither Primary Limited Partner is an executive officer or director of the Trust and (ii) Xxxxxxx Xxxxxxxx and Xxxxx Xxxxxxxx are not (or would not be assuming such persons exercised all of their outstanding Rights of Redemption and received Common Shares in consideration therefor), in the aggregate, the beneficial owners of 10% or more of the outstanding Common Shares of the Trust. For purposes of the previous sentence, during his lifetime, a person shall be deemed to be the beneficial owner of any Common Shares beneficially owned by his Affiliates (including shares that would be owned assuming all outstanding Rights of Redemption were exercised and Common Shares were received in consideration therefor by such persons).
Acquisition Projects. 36 (a) Acquisition projects are intended to expand, or assure, and maintain adequate OHV 37 recreation access or opportunities, and eliminate trespass, and provide appropriate buffers to 38 sustain OHV opportunity. 39 (b) Acquisition projects may include any of the following: 40 (1) Purchase of right-of-way or easement. 41 (2) Purchase of long-term lease. 42 (3) Purchase of land in fee title.
Acquisition Projects. Notwithstanding anything contained in Section 10.4 hereof to the contrary, each Limited Partner and/or its Controlled Entities shall not, during the Restricted Period, acquire, directly or indirectly, a Controlling or general partner interest in any Acquisition Project other than through their ownership interest in the Partnership or the Existing Property Manager (or such other Entity established by the General Partner in which the Partnership holds an ownership interest in a manner similar to the ownership interest that it holds in the Existing Property Manager), without the prior written consent of the General Partner, which consent shall not be unreasonably withheld so long as (i) such Acquisition Project will not be competitive with any Property, (ii) such Acquisition Project will not require any substantial time commitment from any Limited Partner or a material time commitment of the Limited Partners in the aggregate, and (iii) the Limited Partner has first notified the General Partner of the opportunity to acquire an equity ownership interest in such Acquisition Project and the General Partner has informed the Limited Partner that the Partnership does not desire to acquire such interest.
Acquisition Projects. Notwithstanding anything contained in Section 10.4 hereof to the contrary, Xxxxx X. Xxxxxxxx shall not, during the Restricted Period, acquire, directly or indirectly, a Controlling general partner interest or a 25% or greater equity interest in any Acquisition Project other than through his ownership interest in the Partnership or the General Partner without the prior written consent of the Independent Directors (as defined in the Prospectus), which consent shall not be unreasonably withheld so long as (i) such Acquisition Project will not be competitive with any Property, (ii) such Acquisition Project will not require any substantial time commitment from any Limited Partner or a material time commitment of the Limited Partners in the aggregate, and (iii) Xxxxx X. Xxxxxxxx has first notified the General Partner of the opportunity to acquire an equity ownership interest in such Acquisition Project and the General Partner has informed such Limited Partner that the Partnership does not desire to acquire such interest.
