Common use of REIT Limitations Clause in Contracts

REIT Limitations. At such time as the Landlord in this Lease may be a real estate investment trust, the following provisions shall apply: anything contained in this Lease to the contrary notwithstanding, Tenant shall not: (i) sublet or assign or enter into other arrangements such that the 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 the Leased Premises or this Lease to any person that Landlord owns, directly or indirectly (by applying constructive ownership rules set forth in Paragraph 856(d)(5) of the Internal Revenue Code), a 10% or greater interest within the meaning of Section 856(d)(2)(B) of the Code; or (iii) sublet or assign the Leased Premises or this Lease in any other manner or otherwise derive any income which could cause any portion of the amounts received by Landlord pursuant to this Lease or any sublease to fail to qualify as “rents from real property” within the meaning of Paragraph 856(d) of the Code, or which could cause any other income received by Landlord to fail to qualify as income described in Paragraph 856(c)(2) of the Code. The requirements of this subpart (G) shall likewise apply to any further subleasing by any subtenant.

REIT Limitations. At such time as the Landlord in this Lease may be is a real estate investment trust, the following provisions this Article 10.6 shall apply: anything . Anything contained in this Lease to the contrary notwithstanding, Tenant shall not: (i) sublet or assign or enter into other arrangements such that the 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 the Leased Premises or this Lease to any person that Landlord owns, directly or indirectly (by applying constructive ownership rules set forth in Paragraph Section 856(d)(5) of the Internal Revenue Code), a ten percent (10% %) or greater interest within the meaning of Section 856(d)(2)(B) of the Code; or (iii) sublet or assign the Leased Premises or this Lease in any other manner or otherwise derive any income which could cause any portion of the amounts received by Landlord pursuant to this Lease or any sublease to fail to qualify as “rents from real property” within the meaning of Paragraph Section 856(d) of the Code, or which could cause any other income received by Landlord to fail to qualify as income described in Paragraph Section 856(c)(2) of the Code. The requirements of this subpart (G) Article 10.6 shall likewise apply to any further subleasing by any subtenant.

REIT Limitations. At such time as the Landlord in this Lease may be a real estate investment trust, the following provisions shall apply: anything Anything contained in this Lease to the ---------------- contrary notwithstanding, Tenant shall not: not (i) except for the Sublease and any other subletting permitted hereunder, sublet or assign the Leased Property or enter into other arrangements 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 the Leased Premises Property or this Lease to any person that Landlord owns, directly or indirectly (by applying constructive ownership rules set forth in Paragraph Section 856(d)(5) of the Internal Revenue Code), a 10% or greater interest within the meaning of Section 856(d)(2)(B) of the Codein; or (iii) sublet or assign the Leased Premises Property or this Lease in any other manner or otherwise derive any income which could cause any portion of the amounts received by Landlord pursuant to this Lease or any sublease to fail to qualify as “"rents from real property” " within the meaning of Paragraph Section 856(d) of the Code, or which could cause any other income received by Landlord to fail to qualify as income described in Paragraph Section 856(c)(2) of the Code. The requirements of this subpart (G) Section 22.5 shall likewise apply to any further subleasing by any ------------ subtenant.

REIT Limitations. At such time as the Landlord in this Lease may be a real estate investment trust, the following provisions shall apply: anything Anything contained in this Lease to the contrary notwithstanding, Tenant shall not: not (i) sublet or assign the Leased Property or enter into other arrangements 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 the Leased Premises Property or this Lease to any person that Landlord owns, directly or indirectly (by applying constructive ownership rules set forth in Paragraph Section 856(d)(5) of the Internal Revenue Code), a 10% or greater interest within the meaning (provided that Landlord shall, when requested by Tenant from time to time, deliver to Tenant a schedule of Section 856(d)(2)(B) of the Codeall persons in which Landlord owns a 10% or greater interest); or (iii) sublet or assign the Leased Premises Property or this Lease in any other manner or otherwise derive any income which could cause any portion of the amounts received by Landlord pursuant to this Lease or any sublease to fail to qualify as “"rents from real property” " within the meaning of Paragraph Section 856(d) of the Code, or which could cause any other income received by Landlord to fail to qualify as income described in Paragraph Section 856(c)(2) of the Code. The requirements of this subpart (G) Section 24.5 shall likewise apply to any further subleasing by any subtenant.

REIT Limitations. At such time as the Landlord in this Lease may be a real estate investment trust, the following provisions shall apply: anything contained in this Lease to the contrary notwithstanding, Tenant shall not: (i) sublet or assign or enter into other arrangements such that the 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 the Leased Premises or this Lease to any person that Landlord owns, directly or indirectly (by applying constructive ownership rules set forth in Paragraph 856(d)(5) of the Internal Revenue Code), a 10% or greater interest within the meaning EPT Ski Properties, Inc. Lease of Section 856(d)(2)(B) of the Code; or (iii) sublet or assign the Leased Premises or this Lease in any other manner or otherwise derive any income which could cause any portion of the amounts received by Landlord pursuant to this Lease or any sublease to fail to qualify as “rents from real property” within the meaning of Paragraph 856(d) of the Code, or which could cause any other income received by Landlord to fail to qualify as income described in Paragraph 856(c)(2) of the Code. The requirements of this subpart (G) shall likewise apply to any further subleasing by any subtenant.