Common use of REIT Limitations Clause in Contracts

REIT Limitations. Anything contained in this Agreement to the contrary notwithstanding, Tenant shall not (i) sublet or assign any Leased Property or any Lease on any basis such that the rental or other amounts to be paid by the sublessee or assignee thereunder would be based, in whole or in part, on the income or profits derived by the business activities of the sublessee or assignee; (ii) sublet or assign any Leased Property or any Lease to any person that Landlord owns, directly or indirectly (by applying constructive ownership rules set forth in Section 856(d) (5) of the Code), a ten percent (10%) or greater interest; or (iii) sublet or assign any Leased Property or any Lease in any other manner or otherwise derive any income which could cause any portion of the amounts received by Landlord pursuant to any Lease or any sublease to fail to qualify as "rents from real property" within the meaning of Section 856(d) of the Code, or which could cause any other income received by Landlord to fail to qualify as income described in Section 856(c) (2) of the Code. The requirements of this Section 12.05 shall likewise apply to any further subleasing by any subtenant.

REIT Limitations. Anything contained in this Agreement Lease to the ---------------- contrary notwithstanding, Tenant shall not (i) sublet or assign any the Leased Property or any this Lease on any basis such that the rental or other amounts to be paid by the sublessee or assignee thereunder would be based, in whole or in part, on the income or profits derived by the business activities of the sublessee or assignee; (ii) sublet or assign any the Leased Property or any this Lease to any person that Landlord owns, directly or indirectly (by applying constructive ownership rules set forth in Section 856(d) (5856(d)(5) of the Code), a ten percent (10%) % or greater interestinterest in; or (iii) sublet or assign any the Leased Property or any this Lease in any other manner or otherwise derive any income which could cause any portion of the amounts received by Landlord pursuant to any this Lease or any sublease to fail to qualify as "rents from real property" within the meaning of Section 856(d) of the Code, or which could cause any other income received by Landlord to fail to qualify as income described in Section 856(c) (2856(c)(2) of the Code. The requirements of this Section 12.05 22.5 shall likewise apply to any further ------------ subleasing by any subtenant.

REIT Limitations. Anything contained in this Agreement to the contrary notwithstanding, Tenant shall not (i) sublet or assign any Leased Property or any Lease on any basis such that the rental or other amounts to be paid by the sublessee or assignee thereunder would be based, in whole or in part, on the income or profits derived by the business activities of the sublessee or assignee; (ii) sublet or assign any Leased Property or any Lease to any person that Landlord owns, directly or indirectly (by applying constructive ownership rules set forth in Section 856(d) (5) of the Code), a ten percent (10%) or greater interest; or (iii) sublet or assign any Leased Property or any Lease in any other manner or otherwise derive any income which could cause any portion of the amounts received by Landlord pursuant to any Lease or any sublease to fail to qualify as "rents from real property" within the meaning of Section 856(d) of the Code, or which could cause any other income received by Landlord to fail to qualify as income described in Section 856(c) (2) of the Code. The requirements of this Section 12.05 13.05 shall likewise apply to any further subleasing by any subtenant.

REIT Limitations. Anything contained in this Agreement to the contrary notwithstanding, Tenant Borrower shall not (i) sublet lease or assign any Leased Property or any Lease on any basis enter into other arrangements such that the rental or other amounts to be paid by the sublessee or assignee thereunder would be based, in whole or in part, on the income or profits derived by the business activities of the sublessee or assignee; (ii) sublet lease or assign any Leased the Property or any Lease this Agreement to any person that Landlord Lender owns, directly or indirectly (by applying constructive ownership rules set forth in Section 856(d) (5856(d)(5) of the Code), a ten percent (10%) % or greater interest; or (iii) sublet lease or assign any Leased the Property or any Lease this Agreement in any other manner or otherwise derive any income which could cause any portion of the amounts received by Landlord Lender pursuant to any Lease this Agreement or any sublease lease to fail to qualify as "rents from interest on obligations secured by mortgages on real property, or on interests in real property" within the meaning of Section 856(d856(c)(3)(B) of the Code, or which could cause any other income received by Landlord Lender to fail to qualify as income described in Section 856(c) (2856(c)(2) of the Code. The requirements of this Section 12.05 12.4 shall likewise apply to any further subleasing by any subtenant.

REIT Limitations. Anything contained in this Agreement Lease to the ---------------- contrary notwithstanding, Tenant shall not (i) sublet or assign any the Leased Property or any this Lease on any basis such that the rental or other amounts to be paid by the sublessee or assignee thereunder would be based, in whole or in part, on the income or profits derived by the business activities of the sublessee or assignee; (ii) sublet or assign any the Leased Property or any this Lease to any person that Landlord owns, directly or indirectly (by applying constructive ownership rules set forth in Section 856(d) (5856(d)(5) of the Code), a ten percent (10%) % or greater interestinterest in; or (iii) sublet or assign any the Leased Property or any this Lease in any other manner or otherwise derive any income which could cause any portion of the amounts received by Landlord pursuant to any this Lease or any sublease to fail to qualify as "rents from real property" within the meaning of Section 856(d) of the Code, or which could cause any other income received by Landlord to fail to qualify as income described in Section 856(c) (2856(c)(2) of the Code. The requirements require- ments of this Section 12.05 22.5 shall likewise apply to any further subleasing by any ------------ subtenant.

REIT Limitations. Anything contained in this Agreement Lease to the contrary notwithstandingnotwith standing, Tenant shall not (i) sublet or assign any the Leased Property or any this Lease on any basis such that the rental or other amounts to be paid by the sublessee subtenant or assignee thereunder would be based, in whole or in part, on the income or profits derived by the business activities of the sublessee subtenant or assignee; (ii) sublet or assign any the Leased Property or any this Lease to any person that Person in which Landlord owns, directly or indirectly (by applying constructive ownership rules set forth in Section 856(d) (5856(d)(5) of the Code), a ten percent (10%) % or greater interest; or (iii) sublet or assign any the Leased Property or any this Lease in any other manner or otherwise derive any income which could cause any portion of the amounts received by Landlord pursuant to any this Lease or any sublease to fail to qualify as "rents from real property" within the meaning of Section 856(d) of the Code, or which could cause any other income received by Landlord to fail to qualify as income described in Section 856(c) (2856(c)(2) of the Code. The requirements of this Section 12.05 24.5 shall likewise apply to any further subleasing by any subtenant.