Common use of Common Decisions Clause in Contracts

Common Decisions. In the event that the Partners can not reach agreement as to any Major Decisions, the Managing Partner will continue to operate the Partnership in accordance with the then existing Business Plan and will not do or undertake any affirmative act which would constitute a Major Decision without the approval of the Partners. For purposes of this Section 6.5 “Common Decision” means, on or after four (4) years from the applicable date the Property (on a Property by Property basis) was first acquired by the Partnership (or by TRT LLC with respect to a DCX Asset), selling, transferring, assigning or otherwise disposing of any portion or all of the Fee Owners’ Interest in such Property, such Property or any interest therein (except immaterial items of personal property in the ordinary course of business) or entering into a binding agreement to sell, transfer, assign or otherwise dispose of any portion or all of the Fee Owners’ Interest, such Property or any of them or any interest therein (except immaterial items of personal property in the ordinary course of business) or entering into any amendment, renegotiation, modification, supplement or extension of a binding agreement to sell, transfer, assign or otherwise dispose of any portion or all of the Fee Owners’ Interest, such Property or any of them or any interest therein. For all Common Decisions, either Partner may initiate the taking of a Common Decision and if the other Partner does not agree with the proposed initiative, the Partners shall confer for sixty (60) days in good faith and if the Partners continue to disagree on the initiative it shall constitute an “Impasse”. Thereafter, either Partner may invoke their rights under the provisions of Section 16.1, but only with respect to the Property or Properties in question.

Common Decisions. In the event that the Partners can not reach agreement as to any Major Decisions, the Managing Partner will continue to operate the Partnership in accordance with the then existing Approved Annual Business Plan and will not do or undertake any affirmative act which would constitute a Major Decision without the approval of the Partners. For purposes of this Section 6.5 “"Common Decision” " means, on or after four (4) years from the applicable date the Property (on a Property by Property basis) was first acquired by the Partnership (or by TRT LLC with respect to a DCX Asset), selling, transferring, assigning or otherwise disposing of any portion or all of the Fee Owners’ ' Interest in such Property, such Property or any interest therein (except immaterial items of personal property in the ordinary course of business) or entering into a binding agreement to sell, transfer, assign or otherwise dispose of any portion or all of the Fee Owners’ ' Interest, such Property or any of them or any interest therein (except immaterial items of personal property in the ordinary course of business) or entering into any amendment, renegotiation, modification, supplement or extension of a binding agreement to sell, transfer, assign or otherwise dispose of any portion or all of the Fee Owners’ ' Interest, such Property or any of them or any interest therein. For all Common Decisions, either Partner may initiate the taking of a Common Decision and if the other Partner does not agree with the proposed initiative, the Partners shall confer for sixty (60) days in good faith and if the Partners continue to disagree on the initiative it shall constitute an “"Impasse”". Thereafter, either Partner may invoke their rights under the provisions of Section 16.1, but only with respect to the Property or Properties in question.