Common use of Non-Compete Agreements Clause in Contracts

Non-Compete Agreements. Each Contributing Party agrees not to, and warrants that no Affiliate will, directly or indirectly, build, purchase, acquire, own or manage any property (other than the Phase 3 property described in Section 4.8 below) competing with any business or property owned or managed by BNP (or any of its Affiliates) within a three-mile radius, without BNP's consent, for such period of time that the Contributors (assuming the redemption of the Contributors' Units for shares of the REIT's common stock) own (directly or indirectly), in the aggregate, more than 5% of the REIT's outstanding common stock.

Non-Compete Agreements. Each Contributing Party agrees not to, and warrants that no Affiliate will, directly or indirectly, build, purchase, acquire, own or manage any property (other than the Phase 3 II property described in Section 4.8 below) competing with any business or property owned or managed by BNP (or any of its Affiliates) within a three-mile radius, without BNP's consent, for such period of time that the Contributors (assuming the redemption of the Contributors' Units for shares of the REIT's common stock) own (directly or indirectly), in the aggregate, more than 5% of the REIT's outstanding common stock.

Non-Compete Agreements. Each Contributing Party agrees not to, and warrants that no Affiliate will, directly or indirectly, build, purchase, acquire, own or manage any property (other than the Phase 3 property described in Section 4.8 below) competing with any business or property owned or managed by BNP (or any of its Affiliates) within a three-mile radius, without BNP's consent, for such period of time that the Contributors Contributor (assuming the redemption of the Contributors' Contributor's Units for shares of the REIT's common stock) own owns (directly or indirectly), in the aggregate, more than 5% of the REIT's outstanding common stock.