Document:

AKR Ex. 10.3 Q2 2015

SECOND AMENDMENT TO
CREDIT AGREEMENT

SECOND AMENDMENT, dated as of May 22, 2015 (this “Agreement”), to the AMENDED AND RESTATED CREDIT AGREEMENT (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”) dated as of November 25, 2013, among ACADIA REALTY LIMITED PARTNERSHIP, a Delaware limited partnership (the “Borrower”), ACADIA REALTY TRUST, a Maryland real estate investment trust (the “REIT”) and certain subsidiaries of the Borrower from time to time party hereto, as Guarantors, each lender from time to time party hereto (collectively, the “Lenders”), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement (including, if applicable, the Credit Agreement as amended pursuant to Section 1 below).
WHEREAS, the Borrower has requested that the Credit Agreement be modified as herein set forth; and
WHEREAS, the Required Lenders and the Administrative Agent have agreed to modify the Credit Agreement as herein set forth solely upon the terms and conditions provided for in this Agreement.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

SECTION 1.  Modification of the Credit Agreement.  On the Second Amendment Effective Date (as defined below), the Credit Agreement shall be, and hereby is, amended to incorporate the changes marked on the copy of the Credit Agreement attached hereto as Exhibit A, and Exhibit D to the Credit Agreement shall be, and hereby is, amended and restated in the form attached hereto as Exhibit B. 
SECTION 2.  Conditions of Effectiveness.  This Agreement shall not become effective until the date on which all of the following conditions precedent shall have been satisfied or waived in writing (such date being referred to herein as the “Second Amendment Effective Date”):
(a)    Counterparts.  The Administrative Agent shall have received counterparts of this Agreement duly executed by each of the Loan Parties, the Administrative Agent and the Required Lenders.
(b)    Fees.  The Borrower shall have paid, by wire transfer of immediately available funds, to the Administrative Agent (i) for the account of the Lenders that hold Commitments on the Second Amendment Effective Date, fees in amounts equal to the amount of each Lender’s Commitment multiplied by 0.05% and (ii) all fees owed to any Arranger and the Administrative Agent and/or any of its Affiliates.
(c)    Compliance Certificate.   The Administrative Agent shall have received a duly completed Compliance Certificate in the form of Exhibit B hereto.
(d)    Additional Information.  The Administrative Agent shall have received such other assurances, information, certificates, documents, instruments, consents or opinions as the Administrative Agent or the Required Lenders reasonably may require.
SECTION 3.  Representations and Warranties.  After giving effect to this Agreement, the Loan Parties, jointly and severally, reaffirm and restate the representations and warranties set forth in the Credit Agreement and in the other Loan Documents and all such representations and warranties shall be true and correct on the date hereof with the same force and effect as if made on such date (except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations 

and warranties shall be true and correct as of such earlier date).  Each of the Loan Parties represents and warrants (which representations and warranties shall survive the execution and delivery hereof) to the Administrative Agent and the Lenders that:
(a)    it has all requisite power and authority to execute, deliver and perform its obligations under this Agreement and the transactions contemplated hereby and has taken or caused to be taken all necessary action to authorize the execution, delivery and performance of this Agreement and the transactions contemplated hereby;
(a)    no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement, except for filings for reporting purposes required under applicable securities laws;
(b)    this Agreement has been duly executed and delivered on its behalf by a duly authorized officer, and constitutes its legal, valid and binding obligation enforceable in accordance with its terms; 
(c)    no Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement; and
(d)    the execution, delivery and performance of this Agreement will not (i) contravene the terms of any of its Organization Documents; (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (x) any Contractual Obligation to which such Loan Party is a party or affecting such Loan Party or the properties of such Loan Party or any of its Subsidiaries or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any Law. 
SECTION 4.  Affirmation of Guarantors.  Each Guarantor hereby approves and consents to this Agreement and the transactions contemplated by this Agreement and agrees and affirms that its guarantee of the Obligations continues to be in full force and effect and is hereby ratified and confirmed in all respects and shall apply to the Credit Agreement, as amended hereby, and all of the other Loan Documents, as such are amended, restated, supplemented or otherwise modified from time to time in accordance with their terms.
SECTION 5.  Costs and Expenses.  The Loan Parties acknowledge and agree that their payment obligations set forth in Section 11.04 of the Credit Agreement include the costs and expenses incurred by the Administrative Agent in connection with the preparation, execution and delivery of this Agreement and any other documentation contemplated hereby (whether or not this Agreement becomes effective or the transactions contemplated hereby are consummated and whether or not any Default has occurred or is continuing), including, but not limited to, the reasonable fees and disbursements of Kaye Scholer LLP, counsel to the Administrative Agent.
SECTION 6.  Ratification.
(a)The Credit Agreement, as amended by this Agreement, and the other Loan Documents remain in full force and effect and are hereby ratified and affirmed by the Loan Parties.  Each of the Loan Parties hereby (i) confirms and agrees that the Borrower is truly and justly indebted to the Administrative Agent and the Lenders in the aggregate amount of the Obligations without defense, counterclaim or offset of any kind whatsoever, and (ii) reaffirms and admits the validity and enforceability of the Credit Agreement and the other Loan Documents.
(b)This Agreement shall be limited precisely as written and, except as expressly provided herein, shall not be deemed (i) to be a consent granted pursuant to, or a waiver, modification or forbearance of, any term or condition of the Credit Agreement or any of the instruments or agreements referred to therein or a waiver of any Default or Event of Default under the Credit Agreement, whether or not known to the Administrative Agent or any of the Lenders, or (ii) to prejudice any right or remedy which the Administrative Agent or any of the Lenders may now have or have in the future against any Person under or in connection 

with the Credit Agreement, any of the instruments or agreements referred to therein or any of the transactions contemplated thereby.
SECTION 7.  Modifications.  Neither this Agreement, nor any provision hereof, may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the parties hereto.
SECTION 8.  References.  The Loan Parties acknowledge and agree that this Agreement constitutes a Loan Document. Each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in each other Loan Document (and the other documents and instruments delivered pursuant to or in connection therewith) to the “Credit Agreement”, “thereunder”, “thereof” or words of like import, shall mean and be a reference to the Credit Agreement as modified hereby and as the Credit Agreement may in the future be amended, restated, supplemented or modified from time to time.  
SECTION 9.  Counterparts.  This Agreement may be executed by the parties hereto individually or in combination, in one or more counterparts, each of which shall be an original and all of which shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page by telecopier or electronic mail (in a .pdf format) shall be effective as delivery of a manually executed counterpart. 
SECTION 10.  Successors and Assigns.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
SECTION 11.  Severability.  If any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or enforceability without in any manner affecting the validity or enforceability of such provision in any other jurisdiction or the remaining provisions of this Agreement in any jurisdiction.
SECTION 12.  Governing Law.  THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
SECTION 13.  Headings.  Section headings in this Agreement are included for convenience of reference only and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.
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IN WITNESS WHEREOF, the Loan Parties, the Administrative Agent and the undersigned Lenders have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.
BORROWER:

ACADIA REALTY LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:  
	ACADIA REALTY TRUST, its General Partner

By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

    
GUARANTORS:

ACADIA REALTY TRUST, a Maryland real estate investment trust
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA 1520 MILWAUKEE AVENUE LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA 28 JERICHO TURNPIKE LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA 2914 THIRD AVENUE LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA 5-7 EAST 17TH STREET LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA 83 SPRING STREET LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA BARTOW AVENUE LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA CHESTNUT LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA GOLD COAST LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA MAD RIVER PROPERTY LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA MERCER STREET LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA RUSH WALTON LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA TOWN LINE LLC, a Connecticut limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA WEST 54TH STREET LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA WEST SHORE EXPRESSWAY LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

MARK PLAZA FIFTY L.P., a Pennsylvania limited partnership
		
	By:  
	ACADIA MARK PLAZA LLC, its General Partner

By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA MARK PLAZA LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

RD ABINGTON ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:  
	ACADIA PROPERTY HOLDINGS, LLC, its General Partner

By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

RD ABSECON ASSOCIATES, L.P, a Delaware limited partnership
		
	By:  
	ACADIA ABSECON LLC, its General Partner

By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA ABSECON LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

RD BLOOMFIELD ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:  
	ACADIA PROPERTY HOLDINGS, LLC, its General Partner

By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

RD HOBSON ASSOCIATES, L.P., a Delaware limited partnership
		
	By:  
	ACADIA PROPERTY HOLDINGS, LLC, its General Partner

By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

MARK TWELVE ASSOCIATES, LP, a Pennsylvania limited partnership
		
	By:  
	ACADIA HOBSON LLC, its General Partner

By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA HOBSON LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

RD METHUEN ASSOCIATES LIMITED PARTNERSHIP, a Massachusetts limited partnership
		
	By:  
	ACADIA PROPERTY HOLDINGS, LLC, its General Partner

By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA PROPERTY HOLDINGS, LLC, a Delaware limited liability company
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA 181 MAIN STREET LLC
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA CHICAGO LLC
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA CONNECTICUT AVENUE LLC
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

8-12 EAST WALTON LLC
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

A/L 3200 M STREET LLC
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA 3200 M STREET LLC
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

RD BRANCH ASSOCIATES, L.P., a New York limited partnership
		
	By:  
	Acadia Property Holdings, LLC, its General Partner

By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA WEST DIVERSEY LLC 
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

868 BROADWAY LLC 
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

120 WEST BROADWAY LLC 
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

11 EAST WALTON LLC 
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

865 WEST NORTH AVENUE LLC 
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

61 MAIN STREET OWNER LLC
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

252-256 GREENWICH AVENUE RETAIL LLC 
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

2520 FLATBUSH AVENUE LLC 
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA CLARK-DIVERSEY LLC 
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

ACADIA NEW LOUDON LLC 
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

131-135 PRINCE STREET LLC 
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

201 NEEDHAM STREET OWNER LLC 
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

SHOPS AT GRAND AVENUE LLC 
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

2675 GEARY BOULEVARD LP 
		
	By:  
	2675 City Center Partner LLC, its General Partner

By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

2675 CITY CENTER PARTNER LLC 
By:  /s/  Robert Masters    
Name:  Robert Masters
Title:    Senior Vice President

bank of america, n.a., as 
Administrative Agent

By:  /s/  Yelena Kharnas    
Name:  Yelena Kharnas
Title:     Vice President
bank of america, n.a., as a Lender, L/C Issuer and Swing Line Lender

By:  /s/  Yelena Kharnas    
Name:  Yelena Kharnas
Title:     Vice President
PNC BANK, NATIONAL ASSOCIATION, as a Lender

By:  /s/  Denise Smyth    
Name:  Denise Smyth
Title:    Senior Vice President

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

By:  /s/  Matthew Ricketts    
Name:  Matthew Ricketts
Title:    Managing DirectorAKR Ex. 10.4 Q2 2015

FORM OF ASSIGNMENT AND ASSUMPTION OF CARRIED INTEREST

This Assignment and Assumption of Carried Interest (“Assignment”) is made as of the __ day of __, 20__ by and between ACADIA REALTY LIMITED PARTNERSHIP, a Delaware limited partnership, having an office at 1311 Mamaroneck Avenue, Suite 260, White Plains, New York 10605 (“Assignor”) and ________, an individual residing in the State of New York (“Assignee”).

W I T N E S S E T H :

WHEREAS, Assignor currently owns 100% of the membership interests in and is the sole member of [insert name of entity whose interests are being transferred] (“_____________ Promote Member”);
WHEREAS, Assignor desires to assign a ____% membership in ________Promote Member to Assignee (the “Assigned Interest”); and 
WHEREAS, Assignee desires to accept such assignment and to assume the obligations and liabilities of Assignor with respect to the Assigned Interest only.
NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, Assignor and Assignee hereby agree as follows:
1.    Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Operating Agreement of ________Promote Member.
2.    Subject to the vesting requirements of Section 5, Assignor hereby transfers, assigns and conveys the Assigned Interest to Assignee.

3.    Assignee hereby accepts such assignment and assumes the obligations and liabilities of Assignor with respect to the Assigned Interest from and after the date hereof.

4.    Assignor represents and warrants that at the time of execution and delivery of this Assignment, Assignor owns good and marketable title to, and has the requisite power to assign, transfer and convey to the Assignee the Assigned Interest, and that the Assigned Interest is free and clear of all liens, encumbrances and security interests and it is hereby conveying the same to the Assignee.

5.    Assignee shall earn a vested and nonforfeitable right to the Assigned Interest as follows:
		
	i.
	vesting shall be subject to Assignee’s continuing employment with Acadia Realty Limited Partnership and Acadia Realty Trust or any of their subsidiaries (collectively, the “Company”).  In the event that Assignee shall no longer be employed by the Company, any portion of the Assigned Interest which has not vested shall be void, terminated and revert to Assignor.  Assignee shall have no right, title or interest in the remaining, unvested balance of the Assigned Interest; and

		
	ii.
	with respect to one hundred percent (100%) of the Assigned Interest awarded pursuant to Section 2, vesting shall occur as follows:

[insert vesting schedule]

Notwithstanding any other agreement between Assignee and Company, upon Assignee’s: (I) voluntary termination of employment with the Company or (II) termination of employment by the Company for Cause (as defined below), any portion of the Assigned Interest which has not vested shall be forfeited.  Notwithstanding anything to the contrary aforesaid, following a Change of Control (as defined below) and the Assignor or any wholly-owned affiliate terminates the Assignee’s employment without Cause (as defined below) or Assignee terminates his or her employment for Good Reason (as defined below), any part of the Assigned Interest which has not vested shall vest in full as of the date of such Change of Control.

“Cause” means the Assignee has: (A) deliberately made a misrepresentation in connection with, or willfully failed to cooperate with, a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or willfully destroyed or failed to preserve documents or other materials known to be 

relevant to such investigation, or willfully induced others to fail to cooperate or to produce documents or other materials; (B) failed to perform his duties hereunder (other than any such failure resulting from the Assignee’s incapacity due to physical or mental illness) which failure continues for a period of three (3) business days after written demand for corrective action is delivered by the Company specifically indentifying the manner in which the Company believes the Assignee has not performed his duties; (C) engaged in conduct constituting a material act of willful misconduct in connection with the performance of his duties, including, without limitation, misappropriation of funds or property of the Company other than the occasional customary and de minimis use of Company property for personal purposes; (D) materially violated a Company policy, including but not limited to a policy set forth in the Company's Employee Handbook; (E) disparaged the Company, its officers, trustees, employees or partners; (F) solicited any existing employee of the Company above the level of an administrative assistant to work at another company; (G) committed a felony or misdemeanor involving moral turpitude, deceit, dishonesty or fraud.

“Change of Control” means that any of the following events has occurred: (A) any "person" or "group" of persons, as such terms are used in Sections 13 and 14 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), other than any employee benefit plan sponsored by the Company, becomes the "beneficial owner", as such term is used in Section 13 of the Exchange Act (irrespective of any vesting or waiting periods) of (i) Common Shares in an amount equal to thirty percent (30 %) or more of the sum total of the Common Shares issued and outstanding immediately prior to such acquisition as if they were a single class and disregarding any equity raised in connection with the financing of such transaction; provided, however, that in determining whether a Change of Control has occurred, outstanding shares or voting securities which are acquired in an acquisition by (i) the Company or any of its subsidiaries or (ii) an employee benefit plan (or a trust forming a part thereof) maintained by the Company or any of its subsidiaries shall not constitute an acquisition which can cause a Change of Control; or (B) the approval of the dissolution or liquidation of the Company; or (C) the approval of the sale or other disposition of all or substantially all of its assets in one (1) or more transactions; or (D) a turnover, during any two (2) year period, of the majority of the members of the Board, without the consent of the majority of the members of the Board as to the appointment of the new Board members.

“Good Reason” means (A) a material breach of any employment or severance agreement between Assignor or any wholly-owned subsidiary and Assignee, including but not limited to: a material, adverse alteration in the nature of Assignee’s duties, responsibilities, or authority; (B) upon a material reduction in Assignee’s Annual Base Salary or a material reduction in other benefits (except for bonuses or similar discretionary payments) as in effect at the time in question, or a failure to pay such amounts when due which is not cured by the Assignor within ten (10) days after written notice of such default by Assignee.

6.    The Assigned Interest may not be transferred, assigned, pledged or hypothecated, and shall be subject to execution, attachment or similar process only to the extent the Assignee shall have, pursuant to Section 5 hereof, a vested, nonforfeitable right to any portion of the Assigned Interest.
7.    Nothing contained in this Agreement shall be construed or deemed by any person under any circumstances to bind the Company to continue the employment or services of the Assignee for the period during which the Assigned Interest has not vested.
8.

(a)    This Assignment may not be modified, altered or amended, or its terms waived, except by an instrument in writing signed by the parties hereto.

(b)    All notices under this Agreement shall, unless otherwise provided herein, be mailed or delivered by hand to the parties at their respective addresses set forth beneath their names below or at such other address as may be designated in writing by either of the parties to one another.
(c)    This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws.
(d)    The parties agree to keep the content of this Agreement and any related documents strictly confidential and shall not disclose such confidential information to any person or entity other than each party's respective financial, legal and tax consultants (except as required by law or court order).

(e)    This Agreement shall be binding upon and inure to the heirs, successors and assigns of the Assignee (subject, however, to the limitations set forth herein) and the Assignor.

(f)    None of the provisions of this Assignment are intended to be, nor shall they construed to be, for the benefit of any third party.

(g)    The paragraph numbers and captions appearing herein are inserted only as a matter of convenience and are not intended to define, limit, construe or describe the scope or intent of any paragraph, nor in any way affect this Agreement.

(h)    Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such prohibition shall be ineffective to the extent of such prohibition or invalidation of the remainder of such provision or the remaining provisions of the Agreement.

(i)    If any provision of this Assignment is determined by a court of competent jurisdiction to be invalid or unenforceable, such determination will not effect the remaining provisions of this Assignment, all of which will remain in full force and effect.

(j)    This Assignment may be executed in counterparts all of which taken together shall constitute one original Assignment.

IN WITNESS WHEREOF, Assignor and Assignee have executed and delivered this Assignment as of the date first above written.

	
		
	ASSIGNOR:
	ACADIA REALTY LIMITED PARTNERSHIP, a Delaware limited partnership

By:Acadia Realty Trust, its general partner

By:
Robert Masters
Senior Vice President

	 
	

	ASSIGNEE:
	_______________________________________
[Insert Name of Assignee]

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