Company: CLPR
Filing Date: 2025-02-04
Form Type: 424B5
Source: 0001437749-25-002637
Chunk: 39

Company: Clipper Realty Inc.
Filing Date: 2025-02-04
Form: 424B5
Chunk 39
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 general partner. Generally, the partnership agreement may be amended with the general partner’s approval and the approval of the limited partners holding a majority in interests of all limited partners. Certain amendments that would, among other things, have the following effects, must be approved by each partner adversely affected thereby:

| ● | convert a limited partner’s interest into a general partner’s interest (except as a result of the general partner acquiring such interest); |

| ● | modify the limited liability of a limited partner; |

| ● | alter the rights of any partner to receive the distributions to which such partner is entitled (subject to certain exceptions); |

| ● | alter or modify the redemption rights provided by the partnership agreement; or |

| ● | alter or modify the provisions governing transfer of the general partner’s partnership interest. |

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Notwithstanding the foregoing, the general partner has the power, without the consent of the limited partners, to amend the partnership agreement as may be required to:

| ● | add to our obligations or surrender any right or power granted to us or any of our affiliates for the benefit of the limited partners; |

| ● | reflect the admission, substitution, or withdrawal of partners or the termination of the operating partnership in accordance with the partnership agreement and to amend the list of OP unit and LTIP unit holders in connection with such admission, substitution or withdrawal; |

| ● | reflect a change that is of an inconsequential nature or does not adversely affect the limited partners as such in any material respect, or to cure any ambiguity, correct or supplement any provision in the partnership agreement not inconsistent with the law or with other provisions, or make other changes with respect to matters arising under the partnership agreement that will not be inconsistent with the law or with the provisions of the partnership agreement; |

| ● | satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or regulation of a U.S. federal or state agency or contained in U.S. federal or state law; |

| ● | set forth or amend the designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of the holders of any additional partnership interests issued or established pursuant to the partnership agreement; |

| ● | reflect such changes as are reasonably necessary for us to maintain or restore our qualification as a REIT, to satisfy the REIT requirements or to reflect the transfer of all or any part of a partnership interest among our company and any qualified