OP definition
Examples of OP in a sentence
If a Cash Investor elects to exercise its rights to have the OP acquire its interests in the Trust for cash under this Section 10.2 with respect to a Notice of Exchange, it shall so notify the OP in writing within twenty (20) Business Days after the date on which the Manager mails the Notice of Exchange to the Beneficial Owner.
Notwithstanding anything to the contrary in this Agreement, the Company shall survive the exercise of the FMV Option by the OP.
Upon receipt of any and all documents and signatures required by the Manager or OP under this Section 12.7.3 (such date of final receipt, the “Receipt Date”), the Manager shall distribute (i) to any Contributing Member the OP Units within ten (10) Business Days of the Receipt Date and (ii) to any Cash Member the Cash Amount within ten (10) Business Days of the Receipt Date.
If any Beneficial Owner does not provide such notice to the Manager within twenty (20) Business Days after the mailing date of the Notice of Exchange, such Beneficial Owner will be deemed to have agreed to have the OP acquire the Beneficial Owner’s interest in the Trust in exchange for OP Units.
In connection with the exercise of the FMV Option, the Manager shall receive a call option fee from the Trust equal to 1.0% of the FMV Option Appraised Value of the Property (the “Call-Option Fee”).] The FMV Option shall be exercised pursuant to a “Notice of Exchange,” a form of which is attached as Exhibit G to this Trust Agreement, delivered to the Investors by the OP.