Common use of Authority of Advisor Clause in Contracts

Authority of Advisor. (a) Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 7), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Board hereby delegates to the Advisor the authority to perform the services described in Section 3. (b) Notwithstanding the foregoing, any investment in Investments, including any financing of such Investment will require the prior approval of the Board. The Advisor will deliver to the Board all documents and other information required by the Board or any committee of the Board, as the case may be, to evaluate a proposed Investment (and any financing related to such proposed investment). (c) If a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents and other information required by them to properly evaluate the proposed transaction. (d) The prior approval of a majority of the Independent Directors not otherwise interested in the transaction and a majority of the Directors not otherwise interested in the transaction will be required for each transaction to which the Advisor or its Affiliates is a party. (e) The Board may, at any time upon the giving of written notice to the Advisor, modify or revoke the authority set forth in this Section 4; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company or the Operating Partnership prior to the date of receipt by the Advisor of such notification.

Authority of Advisor. (a) Pursuant to the terms of this Agreement (including the restrictions included in this Section Paragraph 4 and in Section Paragraph 7), and subject to the continuing and exclusive authority of the Board Directors over the management of the Company, the Board Directors hereby delegates delegate to the Advisor the authority to perform the services described take those actions set forth in Section 3Paragraph 3 above. (b) Notwithstanding the foregoing, any investment in Properties, Loans or other Permitted Investments, including any acquisition of Property by the Company (as well as any financing of acquired by the Company in connection with such Investment acquisition), will require the prior approval of the Board. The Advisor will deliver to the Board all documents and other information required by the Board or any committee Directors (including a majority of the Board, as the case may be, to evaluate a proposed Investment (and any financing related to such proposed investmentIndependent Directors). (c) If a transaction requires approval by the Independent Directors, as set forth in the Articles of Incorporation, the Advisor will deliver to the Independent Directors all documents and other information required by them to properly evaluate the proposed transaction. (d) . The prior approval of a majority of the Independent Directors not otherwise interested in the transaction and a majority of the Directors not otherwise interested in the transaction will be required for each transaction to which the Advisor or its Affiliates is a party. (e) . The Board Directors may, at any time upon the giving of written notice to the Advisor, modify or revoke the authority set forth in this Section Paragraph 4; . If and to the extent the Directors so modify or revoke the authority contained herein, the Advisor shall henceforth submit to the Directors for prior approval such proposed transactions involving investments thereafter which require prior approval, provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company or the Operating Partnership prior to the date of receipt by the Advisor of such notification.