Common use of Development Fee Clause in Contracts

Development Fee. If the Advisor or an Affiliate provides the development services, the Company shall pay the Advisor Development Fees in amounts that are usual and customary for comparable services rendered to similar projects in the geographic market; provided, however, that a majority of the Independent Directors must determine that such Development Fees are fair and reasonable and on terms and conditions not less favorable than those available from unaffiliated third parties. Development Fees will include the reimbursement of the specified cost incurred by the Advisor of engaging third parties for such services. The Advisor, in its sole discretion, may waive, reduce or defer all or any portion of the Development Fee to which it would otherwise be entitled. Notwithstanding the above, the Advisor may engage (on behalf of the Company) third parties to provide development services pursuant to its authority under Section 2.03 and pay such third parties all applicable Development Fees.

Development Fee. If the Advisor or an Affiliate provides the development services, the Company shall pay the Advisor or its Affiliate Development Fees in amounts that are usual and customary for comparable services rendered to similar projects in the geographic market; provided, however, that a majority of the Independent Directors must determine that such Development Fees are fair and reasonable and on terms and conditions not less favorable than those available from unaffiliated third parties. Development Fees will include the reimbursement of the specified cost incurred by the Advisor of engaging third parties for such services. The Advisor, in its sole discretion, may waive, reduce or defer all or any portion of the Development Fee to which it would otherwise be entitled. Notwithstanding the above, the Advisor may engage (on behalf of the Company) third parties to provide development services pursuant to its authority under Section 2.03 and pay such third parties all applicable Development Fees.

Development Fee. If the Advisor or an Affiliate provides the development servicesDevelopment Services, the Company shall pay the Advisor Development Fees in amounts that are usual and customary for comparable services rendered to similar projects in the geographic market; provided, however, that a majority of the Independent Directors must determine that such Development Fees are fair and reasonable and on terms and conditions not less favorable than those available from unaffiliated third parties. Development Fees will include the reimbursement of the specified cost incurred by the Advisor of for engaging third parties for such services. The Advisor, in its sole discretion, may waive, reduce or defer all or any portion of the Development Fee to which it would otherwise be entitled. Notwithstanding the above, the Advisor may engage (on behalf of the Company) third parties to provide development services Development Services pursuant to its authority under Section 2.03 and pay such third parties all applicable Development Fees.