Common use of Independent Appraiser Clause in Contracts

Independent Appraiser. A person or entity with no material current or prior business or personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (“M.A.I.”) or the Society of Real Estate Appraisers (“S.R.E.A.”) shall be conclusive evidence of such qualification. Invested Capital. The amount calculated by multiplying the total number of Shares purchased by stockholders by the issue price, reduced by the portion of any Distribution that is attributable to Net Sales Proceeds and by any amounts paid by the Company to repurchase Shares pursuant to the Company’s plan for redemption of Shares. For purposes of calculating the Stockholders’ 8% Return, Invested Capital shall be determined for each day during the period for which the Stockholders’ 8% Return is being calculated net of (1) Distributions of Cash from Sales and Financings, except to the extent such Distributions would be required to achieve a cumulative, non-compounded, annual return of 8%, and (2) Distributions other than from Cash from Sales and Financings to the extent such Distributions provide a cumulative, non-compounded, annual return in excess of 8%, as all such amounts are computed on a daily basis based on a three hundred sixty-five day year. Joint Venture. Any joint venture, limited liability company or other Affiliate of the Company that owns, in whole or in part on behalf of the Company, any Property, Loan or other Permitted Investment.

Independent Appraiser. A person or entity with no material current or prior business or personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (“M.A.I.”) or the Society of Real Estate Appraisers (“S.R.E.A.”) shall be conclusive evidence of such qualification. Invested Capital. The amount calculated by multiplying the total number of Shares purchased by stockholders by the issue price, reduced by the portion of any Distribution that is attributable to Net Sales Proceeds and by any amounts paid by the Company to repurchase Shares pursuant to the Company’s 's plan for redemption of Shares. For purposes of calculating the Stockholders’ ' 8% Return, Invested Capital shall be determined for each day during the period for which the Stockholders’ ' 8% Return is being calculated net of (1) Distributions of Cash from Sales and Financings, except to the extent such Distributions would be required to achieve a cumulative, non-compounded, annual return of 8%, and (2) Distributions other than from Cash from Sales and Financings to the extent such Distributions provide a cumulative, non-compounded, annual return in excess of 8%, as all such amounts are computed on a daily basis based on a three hundred sixty-five day year. Joint Venture. Any joint venture, limited liability company or other Affiliate of the Company that owns, in whole or in part on behalf of the Company, any Property, Loan or other Permitted Investment.

Independent Appraiser. A person or entity with no material current or prior business or personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (“M.A.I.”) or the Society of Real Estate Appraisers (“S.R.E.A.”) shall be conclusive evidence of such qualification. Invested Capital. The amount calculated by multiplying the total number of Shares purchased by stockholders by the issue price, reduced by the portion of any Distribution that is attributable to Net Sales Proceeds and by any amounts paid by the Company to repurchase Shares pursuant to the Company’s plan for redemption of Shares. For purposes of calculating the Stockholders’ 8% Return, Invested Capital shall be determined for each day during the period for which the Stockholders’ 8% Return is being calculated net of (1) Distributions of Cash from Sales and Financings, except to the extent such Distributions would be required to achieve a cumulative, non-compounded, annual return of 8%, and (2) Distributions other than from Cash from Sales and Financings to the extent such Distributions provide a cumulative, non-non- compounded, annual return in excess of 8%, as all such amounts are computed on a daily basis based on a three hundred sixty-five day year. Joint Venture. Any joint venture, limited liability company or other Affiliate of the Company that owns, in whole or in part on behalf of the Company, any Property, Loan or other Permitted Investment.