Common use of Qualification as a Real Estate Investment Trust Clause in Contracts

Qualification as a Real Estate Investment Trust. The Managers shall use commercially reasonable efforts to cause the REIT to qualify for U.S. federal income tax treatment as a real estate investment trust under Sections 856 through 860 of the Code. The REIT shall not be a financial institution referred to in Section 582(c)(2) of the Code nor any insurance company to which subchapter L of the Code applies. In furtherance of the foregoing, the Managers shall use their reasonable best efforts to take such actions from time to time as are necessary, and is authorized to take such actions as in their sole judgment and discretion are desirable, to preserve the status of the REIT as a real estate investment trust; provided, however, that if the Managers determine that it is no longer in the best interests of the REIT to continue to have the REIT qualify as a real estate investment trust, the Managers may revoke or otherwise terminate the REIT’s real estate investment trust election pursuant to applicable U.S. federal income tax law and may elect to treat the REIT thereafter as a C corporation, partnership or other type of Entity as they determine in accordance with applicable tax law.

Qualification as a Real Estate Investment Trust. The Managers Manager shall use commercially reasonable efforts to cause the REIT to qualify for U.S. federal Federal income tax treatment as a real estate investment trust under Sections 856 through 860 of the Code. The REIT shall not be a financial institution referred to in Section 582(c)(2) of the Code nor any insurance company to which subchapter L of the Code applies. In furtherance of the foregoing, the Managers Manager shall use their its commercially reasonable best efforts to take such actions from time to time as are necessary, and is authorized to take such actions as in their its sole judgment and discretion are desirable, to preserve the status of the REIT as a real estate investment trust; provided, however, that if the Managers determine Manager determines that it is no longer in the best interests of the REIT to continue to have the REIT qualify as a real estate investment trust, the Managers Manager may (after providing advance notice in writing to each Member) revoke or otherwise terminate the REIT’s real estate investment trust election pursuant to applicable U.S. federal income Federal tax law and may elect to treat the REIT thereafter as a C corporation, partnership or other type of Entity as they determine it determines in accordance with applicable tax law.

Qualification as a Real Estate Investment Trust. The Managers Manager shall use commercially reasonable efforts to cause the REIT to qualify for U.S. federal income tax treatment as a real estate investment trust under Sections 856 through 860 of the Code. The REIT shall not be a financial institution referred to in Section 582(c)(2) of the Code nor any insurance company to which subchapter L of the Code applies. In furtherance of the foregoing, the Managers Manager shall use their its reasonable best efforts to take such actions from time to time as are necessary, and is authorized to take such actions as in their its sole judgment and discretion are desirable, to preserve the status of the REIT as a real estate investment trust; provided, however, that if the Managers determine Manager determines that it is no longer in the best interests of the REIT to continue to have the REIT qualify as a real estate investment trust, the Managers Manager may revoke or otherwise terminate the REIT’s real estate investment trust election pursuant to applicable U.S. federal income tax law and may elect to treat the REIT thereafter as a C corporation, partnership or other type of Entity as they determine it determines in accordance with applicable tax law.

Qualification as a Real Estate Investment Trust. The Managers shall use commercially reasonable efforts to cause the REIT to qualify for U.S. federal income tax treatment as a real estate investment trust under Sections 856 through 860 of the Code. The REIT shall not be a financial institution referred to in Section 582(c)(2) of the Code nor any insurance company to which subchapter L of the Code applies. In furtherance of the foregoing, the Managers shall use their reasonable best efforts to take such actions from time to time as are necessary, and is are authorized to take such actions as in their sole judgment and discretion are desirable, to preserve the status of the REIT as a real estate investment trust; provided, however, that if the Managers determine that it is no longer in the best interests of the REIT to continue to have the REIT qualify as a real estate investment trust, the Managers may revoke or otherwise terminate the REIT’s real estate investment trust election pursuant to applicable U.S. federal income tax law and may elect to treat the REIT thereafter as a C corporation, partnership or other type of Entity as they determine in accordance with applicable tax law.