Company: CLPR
Filing Date: 2025-01-23
Form Type: S-3
Source: 0001437749-25-001690
Chunk: 41

Company: Clipper Realty Inc.
Filing Date: 2025-01-23
Form: S-3
Chunk 41
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 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 REIT subsidiary or entity that is disregarded as an entity separate from the general partner for U.S. federal income tax purposes; |

| ● | modify either or both the manner in which items of net income or net loss are allocated or the manner in which capital accounts are adjusted