Compensation Limitation. Notwithstanding any other provision of this Section 6, the Total Operating Expenses of the Company shall (in the absence of a satisfactory showing to the contrary) be deemed to be excessive if they exceed in any fiscal year the greater of 2% of its Average Invested Assets or 25% of its Net Income for such year. In the event the Independent Directors do not determine such excess expenses are justified, the Advisor agrees to reimburse the Company at the end of the twelve month period the amount by which the aggregate annual expenses paid or incurred by the Company exceed the limitations herein provided.
Appears in 7 contracts
Samples: Advisory Agreement (CM REIT, Inc.), Advisory Agreement (CM REIT, Inc.), Advisory Agreement (CM REIT, Inc.)
Compensation Limitation. Notwithstanding any other provision of this Section 6, the Total Operating Expenses of the Company shall (in the absence of a satisfactory showing to the contrary) be deemed to be excessive if they exceed in any fiscal year the greater of 2% of its Average Net Invested Assets or 25% of its Net Income for such year. In the event the Independent Directors do not determine such excess expenses are justified, the Advisor agrees to reimburse the Company at the end of the twelve month period the amount by which the aggregate annual expenses paid or incurred by the Company exceed the limitations herein provided.
Appears in 1 contract
Samples: Advisory Agreement (Bull Street Real Estate Investment Trust Inc)
