Increase or Decrease in Ownership Limit. Subject to the limitations provided in Section 6.11, the Managers may from time to time increase or decrease the Ownership Limit; provided, however, that any decrease may only be made prospectively as to subsequent holders (other than a decrease as a result of a retroactive change in existing law that would require a decrease to retain the REIT’s status as a real estate investment trust under the Code, in which case such decrease shall be effective immediately).
Appears in 2 contracts
Sources: Limited Liability Company Agreement (TIAA-CREF U.S. Real Estate Fund I, L.P.), Limited Liability Company Agreement (TIAA-CREF U.S. Real Estate Fund I, L.P.)
Increase or Decrease in Ownership Limit. Subject to the limitations provided in Section 6.11, the Managers Manager may from time to time increase or decrease the Ownership Limit; provided, however, that any decrease may only be made prospectively as to subsequent holders (other than a decrease as a result of a retroactive change in existing law that would require a decrease to retain the REIT’s status as a real estate investment trust under the Code, in which case such decrease shall be effective immediately).
Appears in 2 contracts
Sources: Limited Partnership Agreement (Behringer Harvard Multifamily Reit I Inc), Limited Liability Company Agreement (TIAA-CREF U.S. Real Estate Fund I, L.P.)
Increase or Decrease in Ownership Limit. Subject to the limitations provided in Section 6.11, the Managers Manager may from time to time increase or decrease the Ownership Limit or the Existing Holder Limit; provided, however, that any decrease may only be made prospectively as to subsequent holders (other than a decrease as a result of a retroactive change in existing law that would require a decrease to retain the REIT’s status as a real estate investment trust under the Code, in which case such decrease shall be effective immediately).
Appears in 1 contract
Sources: Limited Partnership Agreement (Industrial Property Trust Inc.)