Common use of Limitation on Indemnification Clause in Contracts

Limitation on Indemnification. Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met: (i) The Advisor or its Affiliates have determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company and the Operating Partnership. (ii) The Advisor or its Affiliates were acting on behalf of or performing services for the Company or the Operating Partnership. (iii) Such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates. (iv) Such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from the Stockholders.

Limitation on Indemnification. Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met: (i) The Advisor or its Affiliates have determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company and the Operating Partnership. (ii) The Advisor or its Affiliates were acting on behalf of or performing services for the Company or the Operating Partnership. (iii) Such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates. (iv) Such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from the Stockholders.

Limitation on Indemnification. Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification of the Advisor Adviser, the Sub-Adviser or its their Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met: (i) The Advisor Adviser, the Sub-Adviser or its their Affiliates have determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company and the Operating PartnershipCompany. (ii) The Advisor Adviser, the Sub-Adviser or its their Affiliates were acting on behalf of or performing services for the Company or the Operating PartnershipCompany. (iii) Such liability or loss was not the result of negligence or misconduct by the Advisor Adviser, the Sub-Adviser or its their Affiliates. (iv) Such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from the Stockholders.