Common use of BUSINESS OF THE PARTNERSHIP Clause in Contracts

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit IRET at all times to qualify as a REIT, unless IRET otherwise ceases to qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing: In connection with the foregoing, and without limiting IRET's right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that IRET's current status as a REIT inures to the benefit of all the Partners and not solely to IRET. The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly traded partnership" for purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is shall be: (i) to conduct any business that may be lawfully conducted by a limited liability limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit IRET INREIT at all times to qualify as a REIT, unless IRET INREIT otherwise ceases to qualify as a REIT, ; (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing foregoing; and (iii) to do anything necessary or incidental to the foregoing: In connection with the foregoing, and without limiting IRET's INREIT’s right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that IRET's INREIT’s current status as a REIT inures to the benefit of all the Partners and not solely to IRETINREIT. The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly “Publicly traded partnership" ” for purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is shall be: (i) to conduct any business that may be lawfully conducted by a limited liability limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit IRET STERLING at all times to qualify as a REIT, unless IRET STERLING otherwise ceases to qualify as a REIT, ; (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing foregoing; and (iii) to do anything necessary or incidental to the foregoing: In connection with the foregoing, and without limiting IRET's STERLING’s right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that IRET's STERLING’s current status as a REIT inures to the benefit of all the Partners and not solely to IRETSTERLING. The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly “Publicly traded partnership" ” for purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit IRET the Company at all times to qualify as a REIT, unless IRET the Company otherwise ceases to qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing: . In connection with the foregoing, and without limiting IRETthe Company's right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that IRETthe Company's current status as a REIT inures to the benefit of all the Partners and not solely to IRETthe Company. The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly traded partnership" for purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is shall be: (i) to conduct any business that may be lawfully conducted by a limited liability limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit IRET XXXXXXXX at all times to qualify as a REIT, unless IRET STERLING otherwise ceases to qualify as a REIT, ; (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing foregoing; and (iii) to do anything necessary or incidental to the foregoing: In connection with the foregoing, and without limiting IRET's XXXXXXXX’s right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that IRET's XXXXXXXX’s current status as a REIT inures to the benefit of all the Partners and not solely to IRETXXXXXXXX. The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly “Publicly traded partnership" ” for purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit IRET at all times to qualify as a REIT, unless IRET otherwise ceases to qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing: . In connection with the foregoing, and without limiting IRET's right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that IRET's current status as a REIT inures to the benefit of all the Partners and not solely to IRET. The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly traded partnership" for purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit IRET the Company at all times to qualify as a REIT, unless IRET the Company otherwise ceases to qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing: . In connection with the foregoing, and without limiting IRETthe Company's right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that IRETthe Company's current status as a REIT inures to the benefit of all the Partners and not solely to IRETthe Company. The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly traded partnership" for the purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is shall be: (i) to conduct any business that may be lawfully conducted by a limited liability limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit IRET the Trust at all times to qualify as a REIT, unless IRET the Trust otherwise ceases to qualify as a REIT, ; (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing foregoing; and (iii) to do anything necessary or incidental to the foregoing: . In connection with the foregoing, and without limiting IRET's the Trust’s right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that IRET's the Trust’s current status as a REIT inures to the benefit of all the Partners and not solely to IRETthe Trust. The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly “Publicly traded partnership" ” for purposes of Section 7704 of the Code.

BUSINESS OF THE PARTNERSHIP. The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such -------- ------- business shall be limited to and conducted in such a manner as to permit IRET the Company at all times to qualify as a REIT, unless IRET the Company otherwise ceases to qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing: . In connection with the foregoing, and without limiting IRETthe Company's right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that IRETthe Company's current status as a REIT inures to the benefit of all the Partners and not solely to IRETthe Company. The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly traded partnership" for purposes of Section 7704 of the Code.