Common use of BUSINESS OF THE PARTNERSHIP Clause in Contracts

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit Summit REIT at all times to qualify as a REIT, unless Summit REIT otherwise ceases to, or the Board of Directors determines, pursuant to Section 5.7 of the Articles, that Summit REIT shall no longer, qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting Summit REIT’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners acknowledge that the status of Summit REIT as a REIT and the avoidance of income and excise taxes on Summit REIT inures to the benefit of all the Partners and not solely to the General Partner or its Affiliates. Notwithstanding the foregoing, the Limited Partners agree that Summit REIT may terminate or revoke its status as a REIT under the Code at any time. Summit REIT shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit Summit REIT the General Partner at all times to qualify as a REIT, unless Summit REIT the General Partner otherwise ceases to, or the Board of Directors determines, pursuant to Section 5.7 of the Articles, that Summit REIT shall no longer, qualify as a REIT, and in a manner such that the General Partner will not be subject to any taxes under Section 857 or 4981 of the Code, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting Summit REITthe General Partner’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners acknowledge that the General Partner’s current status of Summit REIT as a REIT and the avoidance of income and excise taxes on Summit REIT the General Partner inures to the benefit of all the Partners and not solely to the General Partner or its AffiliatesPartner. Notwithstanding the foregoing, the Limited Partners agree that Summit REIT the General Partner may terminate or revoke its status as a REIT under the Code at any timetime to the full extent permitted under the Articles of Incorporation. Summit REIT The General Partner on behalf of the Partnership shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is (ia) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit Summit REIT the General Partner at all times to qualify as a REIT, unless Summit REIT the General Partner otherwise ceases to, or the Board of Directors determines, pursuant to Section 5.7 of the Articles, that Summit REIT shall no longer, qualify as a REIT, and in a manner such that the General Partner will not be subject to any taxes under Section 857 or Section 4981 of the Code, (iib) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing foregoing, and (iiic) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting Summit REITthe General Partner’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners acknowledge that the General Partner’s current status of Summit REIT as a REIT and the avoidance of income and excise taxes on Summit REIT the General Partner inures to the benefit of all the Partners and not solely to the General Partner or its AffiliatesPartner. Notwithstanding the foregoing, the Limited Partners agree that Summit REIT the General Partner may terminate or revoke its status as a REIT under the Code at any timetime to the full extent permitted under its Articles of Incorporation. Summit REIT The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit Summit REIT the General Partner at all times to qualify as a REIT, unless Summit REIT the General Partner otherwise ceases to, or the Board of Directors determines, pursuant to Section 5.7 of the Articles, that Summit REIT the General Partner shall no longer, qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting Summit REITthe General Partner’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners acknowledge that the General Partner intends to elect REIT status of Summit REIT as a REIT and the avoidance of income and excise taxes on Summit REIT the General Partner inures to the benefit of all the Partners and not solely to the General Partner or its AffiliatesPartner. Notwithstanding the foregoing, the Limited Partners agree that Summit REIT the General Partner may terminate or revoke its status as a REIT under the Code at any time. Summit REIT The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit Summit REIT the General Partner at all times to qualify as a REIT, unless Summit REIT the General Partner otherwise ceases shall have ceased to, or the Board of Directors determines, pursuant to Section 5.7 of the Articles, that Summit REIT the General Partner shall no longer, qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting Summit REITthe General Partner’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners acknowledge that the status of Summit REIT the General Partner as a REIT and the avoidance of income and excise taxes on Summit REIT the General Partner inures to the benefit of all the Partners and not solely to the General Partner or its Affiliates. Notwithstanding the foregoing, the Limited Partners agree that Summit REIT the General Partner may terminate or revoke its status as a REIT under the Code at any time. Summit REIT The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by of the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit Summit Priam REIT at all times to qualify as a REIT, unless Summit Priam REIT otherwise ceases to, or the Board of Directors determines, pursuant to Section 5.7 of the Articles, that Summit Priam REIT shall no longer, longer qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting Summit Priam REIT’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners acknowledge that the Priam REIT intends to elect REIT status of Summit REIT as a REIT and the avoidance of income and excise taxes on Summit Priam REIT inures to the benefit of all the Partners and not solely to the General Partner or its AffiliatesPriam REIT. Notwithstanding the foregoing, the Limited Partners agree that Summit Priam REIT may terminate or revoke its status as a REIT under the Code at any time. Summit REIT The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit Summit REIT the General Partner at all times to qualify as a REIT, unless Summit REIT the General Partner otherwise ceases to, or the Board of Directors determines, pursuant to Section 5.7 5.5 of the ArticlesCharter, that Summit REIT the General Partner shall no longer, longer qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting Summit REITthe General Partner’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners acknowledge that the General Partner intends to elect REIT status of Summit REIT as a REIT and the avoidance of income and excise taxes on Summit REIT the General Partner inures to the benefit of all the Partners and not solely to the General Partner or its AffiliatesPartner. Notwithstanding the foregoing, the Limited Partners agree that Summit REIT the General Partner may terminate or revoke its status as a REIT under the Code at any time. Summit REIT The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the Code.. ARTICLE IV

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit Summit REIT the General Partner at all times to qualify as a REIT, unless Summit REIT the General Partner otherwise ceases to, or the Board of Directors Trustees determines, pursuant to Section 5.7 5.5 of the ArticlesDeclaration of Trust, that Summit REIT the General Partner shall no longer, longer qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting Summit REITthe General Partner’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners acknowledge that the General Partner intends to elect REIT status of Summit REIT as a REIT and the avoidance of income and excise taxes on Summit REIT the General Partner inures to the benefit of all the Partners and not solely to the General Partner or its AffiliatesPartner. Notwithstanding the foregoing, the Limited Partners agree that Summit REIT the General Partner may terminate or revoke its status as a REIT under the Code at any time. Summit REIT The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the Code.