Common use of Contributor’s Tax Acknowledgment Clause in Contracts

Contributor’s Tax Acknowledgment. Contributor represents and warrants that it has obtained from its own counsel advice regarding the tax consequences of (i) the transfer of Contributor’s Oak Crest Interests to the REIT and its receipt of the Consideration, as consideration therefor, (ii) Contributor’s receipt of the allocated REIT Shares; and (iii) any other transaction contemplated by this Agreement. Contributor acknowledges and understands that the contribution transaction contemplated by this Agreement will be treated as a taxable sale of Contributor’s Oak Crest Interests in exchange for the Consideration. Contributor further represents and warrants that it has not relied on the REIT, the Operating Partnership or any such party’s respective affiliates, representatives, counsel or other advisors and their respective representatives for such tax advice.