Common use of Investor Suitability Clause in Contracts

Investor Suitability. Selected Dealer will offer Shares only: (i) to persons that meet the financial qualifications set forth in the Prospectus or in any suitability letter or memorandum sent to it by the Company or the Dealer Manager, and (ii) in accordance with Section 8, to persons in the jurisdictions in which it is advised in writing by the Company or the Dealer Manager that the Shares are qualified for sale or that qualification is not required (the “Blue Sky Survey”). Notwithstanding the qualification of Shares for sale in any respective jurisdiction (or exemption therefrom), Selected Dealer will not offer Shares and will not permit any of its registered representatives to offer Shares in any jurisdiction unless both Selected Dealer and such registered representative are duly licensed to transact securities business in such jurisdiction. In offering Shares, Selected Dealer shall comply with the provisions of the FINRA Rules, as well as other applicable rules and regulations relating to suitability of investors, including, but not limited to, the provisions of Section III.C. of the NASAA Guidelines. In offering the sale of Shares to any person, Selected Dealer will have reasonable grounds to believe (based on such information obtained from the investor concerning the investor’s age, investment objectives, other investments, financial situation, needs or any other information known by Selected Dealer after due inquiry) that: (A) such person is in a financial position appropriate to enable such person to realize to a significant extent the benefits described in the Prospectus, including the tax benefits where they are a significant aspect of the Company; (B) the investor has a fair market net worth sufficient to sustain the risks inherent in the program, including loss of investment and lack of liquidity; (C) the purchase of the Shares is otherwise suitable for such person; and (D) such person has either: (1) a minimum annual gross income of $70,000 and a minimum net worth (exclusive of home, home furnishings and automobiles) of $70,000; or (2) a minimum net worth (determined with the foregoing exclusions) of $250,000 and meets the higher suitability standards, if applicable, imposed by the state in which the investment by such investor is made. Selected Dealer further will use its best efforts to determine the suitability and appropriateness of an investment in the Shares of each proposed investor solicited by a person associated with Selected Dealer by reviewing documents and records disclosing the basis upon which the determination as to suitability was reached as to each proposed investor, whether such documents and records relate to accounts which have been closed, accounts which are currently maintained or accounts hereinafter established. In making the determinations as to financial qualifications and as to suitability required by the NASAA Guidelines, Selected Dealer may rely on (x) representations from investment advisers who are not affiliated with Selected Dealer, banks acting as trustees or fiduciaries, and (y) information it has obtained from a prospective investor, including such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by Selected Dealer after due inquiry. Notwithstanding the foregoing, Selected Dealer shall not execute any transaction with the Company in a discretionary account without prior written approval of the transaction by the customer.

Investor Suitability. Selected Dealer will offer Shares only: (i) to persons hereby represents, warrants and covenants that meet the financial qualifications set forth in the Prospectus no member of, or in any suitability letter or memorandum sent to it by the Company or the Dealer Manager, and (ii) in accordance with Section 8, to persons in the jurisdictions in which it is advised in writing by the Company or the Dealer Manager that the Shares are qualified for sale or that qualification is not required (the “Blue Sky Survey”). Notwithstanding the qualification of Shares for sale in any respective jurisdiction (or exemption therefrom)person associated with, Selected Dealer will not shall offer Shares and will not permit any of its registered representatives to offer or sell Offered Shares in any jurisdiction unless both except to investors who satisfy the investor suitability and minimum investment requirements under the most restrictive of the following: (i) applicable provisions of the Prospectus, (ii) the laws of the jurisdiction of which such investor is a resident, and (iii) FINRA rules and regulations and FINRA Rules 2111 and 2310, in particular. Specifically, Selected Dealer and such registered representative are duly licensed agrees to transact securities business ensure that, in such jurisdiction. In offering Sharesrecommending the purchase or sale of the Offered Shares to an investor, each member of, or person associated with, Selected Dealer shall comply with the provisions of the FINRA Rules, as well as other applicable rules and regulations relating to suitability of investors, including, but not limited to, the provisions of Section III.C. of the NASAA Guidelines. In offering the sale of Shares to any person, Selected Dealer will have reasonable grounds (as required by FINRA Conduct Rules 2310(b)(2)(B)(i) and 2111) to believe (based believe, on such the basis of information obtained from the investor (and thereafter maintained in the manner and for the period provided in this Agreement and such FINRA Rules) concerning the investor’s his or her age, investment objectives, investment experience, time horizon, liquidity needs, risk tolerance, other investments, financial situationsituation and needs, needs or and any other information known by to such member of, or person associated with, Selected Dealer Dealer, after due inquiry) that: inquiry that (A) such person the investor is or will be in a financial position appropriate to enable such person him or her to realize to a significant extent the benefits described in the Prospectus, including the tax benefits where to the extent they are a significant aspect of the Company; (B) the investor has a fair market net worth sufficient to sustain the risks inherent in an investment in the programOffered Shares in the amount proposed, including loss of investment complete loss, and lack of liquidity, of such investment; (C) an investment in the purchase of the Offered Shares is otherwise suitable in type and amount for such personinvestor; and (D) such person has either: (1) a minimum annual gross income of $70,000 and a minimum net worth (exclusive of home, home furnishings and automobiles) of $70,000; or (2) a minimum net worth (determined with the foregoing exclusions) of $250,000 and meets the higher suitability standards, if applicable, imposed by the state State in which the investment by such investor is made. Selected Dealer further will use its best efforts to determine the suitability and appropriateness of an investment in the Shares of each proposed investor solicited by a person associated with Selected Dealer by reviewing documents and records disclosing the basis upon which the determination as to suitability was reached as to each proposed investor, whether such documents and records relate to accounts which have been closed, accounts which are currently maintained or accounts hereinafter established. In making the determinations as to financial qualifications and as to suitability required by the NASAA Guidelines, Selected Dealer may rely on (x) representations from investment advisers who are not affiliated with Selected Dealer, banks acting as trustees or fiduciaries, and (y) information it has obtained from a prospective investor, including such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by Selected Dealer after due inquiry. Notwithstanding the foregoing, Selected Dealer shall not execute any transaction with the Company in a discretionary account without prior written approval of the transaction by the customerresides.

Investor Suitability. Selected Dealer will offer Shares only: (i) to persons hereby represents, warrants and covenants that meet the financial qualifications set forth in the Prospectus no member of, or in any suitability letter or memorandum sent to it by the Company or the Dealer Manager, and (ii) in accordance with Section 8, to persons in the jurisdictions in which it is advised in writing by the Company or the Dealer Manager that the Shares are qualified for sale or that qualification is not required (the “Blue Sky Survey”). Notwithstanding the qualification of Shares for sale in any respective jurisdiction (or exemption therefrom)person associated with, Selected Dealer will not shall offer Shares and will not permit any of its registered representatives to offer or sell Offered Shares in any jurisdiction unless both except to investors who satisfy the investor suitability and minimum investment requirements under the most restrictive of the following: (i) applicable provisions of the Prospectus, (ii) the laws of the jurisdiction of which such investor is a resident, and (iii) FINRA rules and regulations and FINRA Rules 2111 and 2310, in particular. Specifically, Selected Dealer and such registered representative are duly licensed agrees to transact securities business ensure that, in such jurisdiction. In offering Sharesrecommending the purchase or sale of the Offered Shares to an investor, each member of, or person associated with, Selected Dealer shall comply with the provisions have reasonable grounds (as required by Rules 2310(b)(2)(B)(i) and 2111 of the FINRA Rules) to believe, as well as other applicable rules and regulations relating to suitability on the basis of investors, including, but not limited to, the provisions of Section III.C. of the NASAA Guidelines. In offering the sale of Shares to any person, Selected Dealer will have reasonable grounds to believe (based on such information obtained from the investor (and thereafter maintained in the manner and for the period provided in this Agreement and such FINRA Rules) concerning the investor’s his or her age, investment objectives, investment experience, time horizon, liquidity needs, risk tolerance, other investments, financial situationsituation and needs, needs or and any other information known by to such member of, or person associated with, Selected Dealer Dealer, after due inquiry) that: inquiry that (A) such person the investor is or will be in a financial position appropriate to enable such person him or her to realize to a significant extent the benefits described in the Prospectus, including the tax benefits where to the extent they are a significant aspect of the Company; (B) the investor has a fair market net worth sufficient to sustain the risks inherent in an investment in the programOffered Shares in the amount proposed, including loss of investment complete loss, and lack of liquidity, of such investment; (C) an investment in the purchase of the Offered Shares is otherwise suitable in type and amount for such personinvestor; and (D) such person has either: (1) a minimum annual gross income of $70,000 and a minimum net worth (exclusive of home, home furnishings and automobiles) of $70,000; or (2) a minimum net worth (determined with the foregoing exclusions) of $250,000 and meets the higher suitability standards, if applicable, imposed by the state State in which the investment by such investor is made. Selected Dealer further will use its best efforts to determine the suitability and appropriateness of an investment in the Shares of each proposed investor solicited by a person associated with Selected Dealer by reviewing documents and records disclosing the basis upon which the determination as to suitability was reached as to each proposed investor, whether such documents and records relate to accounts which have been closed, accounts which are currently maintained or accounts hereinafter established. In making the determinations as to financial qualifications and as to suitability required by the NASAA Guidelines, Selected Dealer may rely on (x) representations from investment advisers who are not affiliated with Selected Dealer, banks acting as trustees or fiduciaries, and (y) information it has obtained from a prospective investor, including such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by Selected Dealer after due inquiry. Notwithstanding the foregoing, Selected Dealer shall not execute any transaction with the Company in a discretionary account without prior written approval of the transaction by the customerresides.