Common use of Number, Term and Qualifications Clause in Contracts

Number, Term and Qualifications. No later than the time when the Trust first has public Shareholders, the number of Trustees shall be not less than three nor more than nine, as fixed from time to time by the Board of Trustees, a majority of whom shall at all times be Independent Trustees (except that in the event of death, resignation or removal of an Independent Trustee, the requirement for such majority shall not be applicable for a period of 60 days). Unless otherwise fixed by the Board of Trustees or the Shareholders, the number of Trustees constituting the entire board of Trustees shall be four. The following persons shall be the initial Trustees of the Trust to serve until the first meeting of Shareholders and until their successors are elected and qualify: Xxxxxxxxx Xxxxxxx, Xxxx X. Xxxxxxxx, Xxxxxxx X. Xxxxx and Xxxxxxx X. X'Xxxxxx, Xx. The Trustees shall be elected at the annual meeting of shareholders. Each Trustee shall serve a term of one year subject to his successor being elected and qualified. A Trustee shall be an individual at least 21 years of age who is not under legal disability. A Trustee shall not be required to devote his full business time and effort to the Trust. A Trustee shall qualify as such when he has either signed this Declaration of Trust or agreed in writing to be bound by it. No bond shall be required to secure the performance of a Trustee unless the Trustees so provide or as required by law. A Trustee must have at least three years of relevant experience demonstrating the knowledge and experience required successfully to acquire and manage Mortgage Investments. At least one Independent Trustee must have at least three years of relevant real estate experience. Nominations for the election of Trustees may be made by the Board of Trustees or a committee appointed by the Board of Trustees or by any Shareholder entitled to vote in the election of Trustees generally. However, any Shareholder entitled to vote in the election of Trustees generally may nominate one or more persons for election as Trustees at a meeting only if written notice of such Shareholders' intent to make such nomination or nominations has been given, either by personal delivery or by United States mail, postage prepaid, to the Secretary of the Trust not later than (i) with respect to an election to be held at an annual meeting of Shareholders, ninety days prior to the anniversary date of the immediately preceding annual meeting, and (ii) with respect to an election to be held at a special meeting of Shareholders for the election of Trustees, the close of business on the tenth day following the date on which notice of such meeting is first given to the Shareholders. Each such notice shall set forth: (a) the name and address of the Shareholder who intends to make the nomination and of the person or persons to be nominated; (b) a representation that the Shareholder is a holder of record of Shares of the Trust entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice; (c) a description of all arrangements or understandings between the Shareholder and each nominee and any other person or persons (naming such person or person) pursuant to which the nomination or nominations are to be made by the Shareholder; (d) such other information regarding each nominee proposed by such Shareholder as would be required to be included in a proxy statement filed pursuant to the proxy rules of the Securities and Exchange Commission, had the nominee been nominated, or intended to be nominated, by the Board of Trustees; and (e) the consent of each nominee to serve as a Trustee of the Trust if so elected. The presiding officer of the meeting may refuse to acknowledge the nomination of any person not made in compliance with the foregoing procedure.

Number, Term and Qualifications. No Not later than the time when the Trust first has public Shareholders, the number of Trustees shall be not less than three nor more than nine, as fixed from time to time by the Board of Trustees, a majority of whom shall at all times be Independent Trustees (except that in the event of death, resignation or removal of an Independent Trustee, the requirement for such majority shall not be applicable for a period of 60 days). Unless otherwise fixed by the Board of Trustees or the Shareholders, the number of Trustees constituting the entire board Board of Trustees shall be four. The following persons shall be the initial Trustees of the Trust to serve until the first meeting of Shareholders and until their successors are elected and qualify: Xxxxxxxxx Xxxxxxx, Xxxx X. Xxxxxxxx, Xxxxxxx X. Xxxxx and Xxxxxxx X. X'Xxxxxx, Xxthree. The Trustees shall be elected at the annual meeting of shareholdersShareholders. Each Trustee shall serve a term of one year subject to his successor being elected and qualified. A Trustee shall be an individual at least 21 years of age who is not under legal disability. A Trustee shall not be required to devote his full business time and effort to the Trust. A Trustee shall qualify as such when he has either signed this Declaration of Trust or agreed in writing to be bound by it. No bond shall be required to secure the performance of a Trustee unless the Trustees so provide or as required by law. A Trustee must have at least three years of relevant experience demonstrating the knowledge and experience required to successfully to acquire and manage Mortgage Investments. At least one Independent Trustee must have at least three years of relevant real estate experience. Nominations for the election of Trustees may be made by the Board of Trustees or a committee appointed by the Board of Trustees or by any Shareholder entitled to vote in the election of Trustees generally. However, any Shareholder entitled to vote in the election of Trustees generally may nominate one or more persons for election as Trustees at a meeting only if written notice of such Shareholders' Shareholder's intent to make such nomination or nominations has been given, either by personal delivery or by United States mail, postage prepaid, to the Secretary of the Trust not later than (i) with respect to an election to be held at an annual meeting of Shareholders, ninety days prior to the anniversary date of the immediately preceding annual meeting, and (ii) with respect to an election to be held at a special meeting of Shareholders for the election of Trustees, the close of business on the tenth day following the date on which notice of such meeting is first given to the Shareholders. Each such notice shall set forth: (a) the name and address of the Shareholder who intends to make the nomination and of the person or persons to be nominated; (b) a representation that the Shareholder is a holder of record of Shares of the Trust entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice; (c) a description of all arrangements or understandings between the Shareholder and each nominee and any other person or persons (naming such person or personpersons) pursuant to which the nomination or nominations are to be made by the Shareholder; (d) such other information regarding each nominee proposed by such Shareholder as would be required to be included in a proxy statement filed pursuant to the proxy rules of the Securities and Exchange Commission, had the nominee been nominated, or intended to be nominated, by the Board of Trustees; and (e) the consent of each nominee to serve as a Trustee of the Trust if so elected. The presiding officer of the meeting may refuse to acknowledge the nomination of any person not made in compliance with the foregoing procedure.