Common use of Development Management Fees Clause in Contracts

Development Management Fees. The Advisor shall receive as compensation for services provided by the Advisor, its Affiliates, or sub-contractors thereof in connection with overseeing the development, construction and improvement, including tenant improvements, of Real Properties by third parties on behalf of the Company a Development Management Fee payable by the Company. The Development Management Fee shall equal 4.0% of the cost to develop, construct or improve any Real Property on behalf of the Company. Development Management Fees shall be payable as such costs are incurred. However, Development Management Fees shall not be payable to the extent that such fees would cause the total of all Acquisition Fees (including Development Management Fees) and Acquisition Expenses payable with respect to any Real Property to exceed 6% of the amount actually paid or allocated to the purchase, development, construction or improvement of such Real Property, exclusive of Acquisition Fees and Acquisition Expenses, unless fees in excess of such amount are approved by a majority of the Directors not interested in such transaction and by a majority of the Independent Directors not interested in such transaction. The Advisor may hire third parties to assist the Advisor in performing these oversight services, in which case the Advisor will compensate the third party from its Development Management Fee. The Advisor and the Company may also agree for the Company to engage a third party to provided these services directly, in which case the Advisor shall not receive a Development Management Fee.

Development Management Fees. The Advisor shall receive as compensation for services provided by the Advisor, its Affiliates, or sub-contractors thereof in connection with overseeing the development, construction and improvement, including tenant improvements, of Real Properties (including DST Properties) by third parties on behalf of the Company a Development Management Fee payable by the Company. The Development Management Fee shall equal 4.0% of the cost to develop, construct or improve any Real Property on behalf of the Company. Development Management Fees shall be payable as such costs are incurred. However, Development Management Fees shall not be payable to the extent that such fees would cause the total of all Acquisition Fees (including Development Management Fees) and Acquisition Expenses payable with respect to any Real Property to exceed 6% of the amount actually paid or allocated to the purchase, development, construction or improvement of such Real Property, exclusive of Acquisition Fees and Acquisition Expenses, unless fees in excess of such amount are approved by a majority of the Directors not interested in such transaction and by a majority of the Independent Directors not interested in such transaction. The Advisor may hire third parties to assist the Advisor in performing these oversight services, in which case the Advisor will compensate the third party from its Development Management Fee. The Advisor and the Company may also agree for the Company to engage a third party to provided these services directly, in which case the Advisor shall not receive a Development Management Fee.