Common use of Property Management Fees Clause in Contracts

Property Management Fees. If the Company retains the Advisor or its Affiliates to manage any of its Properties, the Company will pay the Advisor or its Affiliates in amounts that are usual and customary for comparable services rendered to similar Properties in the geographic market; provided, however, that the Conflict Committee must determine that such Property Management Fees are fair and reasonable and on terms and conditions not less favorable than those available from unaffiliated third parties. Property Management Fees will include the reimbursement of the specified cost incurred by the Advisor of engaging third parties for such services. However, the Property Management Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Property Management Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. Notwithstanding the above, the Advisor may engage (on behalf of the Company) third parties to provide property management services pursuant to its authority under Article 4 and pay such third parties all applicable Property Management Fees.