Common use of Compensation and Expense Reimbursement Clause in Contracts

Compensation and Expense Reimbursement. (a) For each Property for which Property Manager provides property management services, Owner shall pay Property Manager a monthly Property Management Fee in an amount not to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of property managers in such area. (b) For each Property for which Property Manager provides property management services, Owner shall pay Property Manager a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. (c) For each Improvement with respect to which Property Manager provides construction management services as set forth in Section 5(c) (other than as provided in the next sentence), Property Manager shall be entitled to a fee of up to five percent (5%) of the cost of such Improvement. (d) Property Manager will pay such other reimbursable expenses and costs as Owner has approved and deems advisable or necessary for the efficient and economic management and leasing of the Properties through its annual budgets or as otherwise provided for in this Agreement (e.g., for marketing or leasing programs that exceed in scope that which Property Manager would normally utilize, as provided for in Sections 5(a)(ii)(H) and 5(b)(ii)). Owner shall reimburse Property Manager for such costs and expenses, which shall include, to the extent included in the applicable Property budgets or a general property management and leasing budget to be agreed upon, personnel costs for On-Site Personnel providing direct services for the Properties and for roving maintenance personnel to the extent needed at the Properties from time to time, cost of travel and entertainment, printing and stationery, advertising, marketing, signage, long distance phone calls and other expenses that are directly related to the management of specific Properties. Notwithstanding the foregoing, Owner shall not reimburse Property Manager for its general overhead costs or, other than as set forth in this subsection 6(d), for the wages and salaries and other employee-related expenses of its employees.

Compensation and Expense Reimbursement. (a) For each Property In consideration for which Property the Wholesaler performing its obligations under this Agreement, the Dealer Manager provides property management services, Owner shall pay Property the Wholesaler a Distribution Fee equal to the aggregate Dealer Manager a monthly Property Management Fee in payable from the date this Agreement becomes effective, reduced by any applicable Fee Reallowances payable to Soliciting Dealers pursuant to an amount not to exceed executed Soliciting Dealer Agreement between the fee customarily charged in arm’s-length transactions by others rendering similar services in Dealer Manager and the same geographic area for similar properties as determined by a survey of property managers in such areaSoliciting Dealer (the “Distribution Fee”). (b) For each Property In consideration for which Property Manager provides property management servicesits services as dealer manager of the Offering and in connection with its performance of certain operations, Owner closing and settlement functions in connection with the Offering Wholesaler shall pay Property Manager advance to IAA a separate fee for portion of the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services Distribution Fee in the same geographic area amount provided on Schedule 1 to this Agreement (the “IAA Fee”). For the avoidance of doubt, the parties understand and agree that the full IAA Fee shall be payable monthly during the Term of the Agreement irrespective of the amount of the Distribution Fee received by Wholesaler for similar properties as determined each respective month, and, to the extent available, shall be paid or advanced from proceeds received by a survey of brokers and agents in such areathe Wholesaler from the Distribution Fee. (c) For each Improvement with With respect to Units sold to participants in an Offering Participant’s “wrap account” program and which Property Manager provides construction management services participate in such program, the Wholesaler shall still receive the same Distribution Fee as set forth listed in Section 5(c) (other than as provided in the next sentence3(a), Property Manager shall be entitled provided the Wholesaler meets the eligibility requirements to a fee of up to five percent (5%) of the cost of receive such Improvementcompensation. (d) Property Unless otherwise reimbursed directly by the Company, the Dealer Manager will pay shall also reimburse the Wholesaler for all costs and expenses incurred in connection with bona fide due diligence activities upon presentation of itemized and detailed invoices (which would then be reimbursed by the Company pursuant to the Dealer Manager Agreement), and such other reimbursable reasonable costs and expenses and costs as Owner has approved and deems advisable or necessary for Wholesaler may incur in the efficient and economic management and leasing performance of its duties hereunder, as may be agreed to by the respective parties from time to time. Upon receipt by IAA of the Properties through its annual budgets or as otherwise provided funds from the Company for in this Agreement (e.g., for marketing or leasing programs that exceed in scope that which Property Manager would normally utilize, as provided for in Sections 5(a)(ii)(H) and 5(b)(ii)). Owner shall reimburse Property Manager for such Wholesaler’s costs and expenses, which IAA shall include, reimburse Wholesaler the amount due under the invoices. (e) Notwithstanding any other provision of this Agreement to the extent included in contrary, the applicable Property budgets Company shall have sole discretion to accept or a general property management and leasing budget to be agreed upon, personnel costs for On-Site Personnel providing direct services reject any subscription for the Properties Units in whole or in part. (f) The payment of the initial IAA Fee shall be due and for roving maintenance personnel payable upon execution of this Agreement and thereafter the IAA Fee shall be payable to IAA in advance on the extent needed at first day of each month until the Properties from time to time, cost Agreement is terminated. The parties hereto agree that the Distribution Fee shall be paid concurrently with each monthly Offering closing cycle and any additional closings that occur outside of travel and entertainment, printing and stationery, advertising, marketing, signage, long distance phone calls and other expenses that are directly related to the management of specific Properties. Notwithstanding the foregoing, Owner shall not reimburse Property Manager for its general overhead costs or, other than as set forth in this subsection 6(d), for the wages and salaries and other employee-related expenses of its employeesmonthly Offering closing cycle.

Compensation and Expense Reimbursement. (a) 9.1. For each Property for which Property Manager provides property management services, Owner shall pay Property Manager a monthly Property Management Fee in an amount not management fee equal to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of property managers in such area. (b) For each Property for which Property Manager provides property management services, Owner shall pay Property Manager a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. (c) For each Improvement with respect to which Property Manager provides construction management services as set forth in Section 5(c) (other than as provided in the next sentence), Property Manager shall be entitled to a fee of up to five four percent (54.0%) of the cost of such ImprovementGross Receipts for that given month, payable from that month’s receipts, in each case unless a different fee is described in the Property Addendum for that Property. (d) Property 9.2. Manager will pay such other reimbursable expenses and costs as Owner has approved and deems advisable or necessary for the efficient and economic management and leasing of the Properties through its annual budgets Budget or as otherwise provided for in this Agreement (e.g., for marketing or leasing programs that exceed in scope that which Property Manager would normally utilize, as provided utilize for in Sections 5(a)(ii)(H) and 5(b)(ii)its own properties). Owner shall will reimburse Property Manager or Leasing Manager, as applicable, for such costs and those expenses, which shall include, include to the extent included in the applicable Budget, costs of (i) Property budgets or a general property management Personnel, including wages, salaries, commissions and leasing budget to be agreed uponemployee benefits, personnel costs for On-Site Personnel providing direct services for and supervision of the Properties and for Property Personnel, (ii) roving maintenance personnel to the extent needed at the Properties from time to time, cost of (iii) travel and entertainment, (iv) printing and stationery, (v) advertising, marketing, (vi) signage, (vii) long distance phone calls calls, (viii) electronic filing expenses, and (ix) other expenses that are directly related direct expenses. The costs of Property Personnel shall be allocated to each Property by dividing the rentable square feet at each Property by the aggregate rentable square feet of all of the Properties for which each employee provides services and then multiplying the resulting quotient by the individual cost of each employee, unless Owner and Manager agree in writing to another basis for such allocation. The costs of roving maintenance personnel will be charged to each Property at a reasonable hourly or monthly rate pre-approved by Owner for the actual and reasonably necessary services provided by such roving maintenance personnel at each Property. Owner will reimburse Leasing Manager for employee benefits of Property Personnel in an amount equal to 20% of the total compensation payable to each employee. Employee benefits shall not be reconciled to the management actual amounts incurred by Owner for the employee benefits of specific Properties. Notwithstanding each employee, such that Owner will not be required to reimburse Leasing Manager any additional amounts to the foregoing, Owner shall not reimburse Property extent that the amounts reimbursed to Leasing Manager for its general overhead costs oremployee benefits of an employee is less than the actual amount of employee benefits paid by Leasing Manager to such employee, other and Leasing Manager is not required to reimburse Owner to the extent the employee benefits paid by Leasing Manager to an employee are less than the amount of employee benefits reimbursed by Owner to Leasing Manager for such employee. 9.3. For each Property for which Manager provides Additional Services as set forth defined in this subsection 6(d)the Property Addendum, Manager is entitled to fees for the wages and salaries and other employee-related expenses of its employeesAdditional Services at market rates for the geographic area in which the applicable Property is located, as may be specifically identified in the Property Addendum.

Compensation and Expense Reimbursement. 9.1 Owner shall pay Manager a monthly management fee equal to four percent (a4.0%) of the Gross Receipts for that given month, payable from that month’s receipts, but not less than $2,000.00 per month, in each case unless a different fee is described in the Property Addendum for the Property. 9.2 Owner shall pay Manager leasing fees, if applicable, at market rates as specified on the Property Addendum for the Property. 9.3 For each Property for which Property Manager provides property construction management services, Owner shall pay Property Manager a monthly Property Management Fee in an amount including but not limited to exceed services related to the fee customarily charged in arm’s-length transactions by others rendering similar services in investigation and remediation of environmental conditions at the same geographic area for similar properties as determined by a survey of property managers in such area. (b) For each Property for which Property Manager provides property management servicesProperties, Owner shall pay Property Manager a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. (c) For each Improvement with respect to which Property Manager provides construction management services as set forth in Section 5(c) (other than as provided in the next sentence), Property Manager shall be entitled to a fee of up to five percent (5%) of fees for tenant and tenant directed improvements, capital improvements and construction management services, all at market rates for the cost of such Improvementgeographic area in which the Property is located, as may be more fully set forth on the Property Addendum or another writing executed by Manager and Owner. (d) Property 9.4 Manager will pay such other reimbursable expenses and costs as Owner has approved and deems advisable or necessary for the efficient and economic management and leasing of the Properties Property through its annual budgets Budget or as otherwise provided for in this Agreement (e.g., for marketing or leasing programs that exceed in scope that which Property Manager would normally utilize, as provided utilize for in Sections 5(a)(ii)(H) and 5(b)(ii)its own properties). Owner shall will reimburse Property Manager for such costs and those expenses, which shall include, include to the extent included in the applicable Budget, costs of (i) Property budgets or a general property management Personnel, including wages, salaries, commissions and leasing budget to be agreed uponemployee benefits, personnel costs for On-Site Personnel providing direct services for and supervision of the Properties and for Property Personnel, (ii) roving maintenance personnel to the extent needed at the Properties Property from time to time, cost of (iii) direct leasing expenses, including, but not limited to, travel expenses for leasing personnel, (iv) travel and entertainment, (v) printing and stationery, (vi) advertising, (vii) marketing, (viii) signage, (ix) long distance phone calls calls, (x) electronic filing expenses, and (xi) other expenses that are directly related direct expenses. The costs of roving maintenance personnel will be charged to the management Property at a reasonable hourly or monthly rate pre-approved by Owner for the actual and reasonably necessary services provided by such roving maintenance personnel at the Property. Owner will reimburse Manager for employee benefits of specific PropertiesProperty Personnel in an amount equal to 20% of the total compensation payable to each employee. Notwithstanding the foregoing, Owner Employee benefits shall not be reconciled to the actual amounts incurred by Owner for the employee benefits of each employee, such that Owner will not be required to reimburse Property Manager any additional amounts to the extent that the amounts reimbursed to Manager for its general overhead costs oremployee benefits of an employee is less than the actual amount of employee benefits paid by Manager to such employee, other and Manager is not required to reimburse Owner to the extent the employee benefits paid by Manager to an employee are less than the amount of employee benefits reimbursed by Owner to Manager for such employee. 9.5 For Additional Services as set forth defined in this subsection 6(d)the Property Addendum, Manager is entitled to fees for the wages and salaries and other employee-related expenses of its employeesAdditional Services at market rates for the geographic area in which the Property is located, as may be specifically identified in the Property Addendum.