Common use of Qualifying Internalization Process Clause in Contracts

Qualifying Internalization Process. At any time, the Company may elect to internalize the functions performed by the Business Manager through an agreed-upon, transition with the Business Manager on the terms and subject to the conditions set forth in this Section 10 (a “Qualifying Internalization”). Any decision to pursue a Qualifying Internalization must be approved by the affirmative vote of a majority of the Board of Directors, including a majority of the Independent Directors. If the Company elects to pursue a Qualifying Internalization, the Company shall provide written notice to the Business Manager, stating the Company’s intention to pursue the Qualifying Internalization (the “Qualifying Internalization Notice”). During the period commencing upon the Business Manager’s receipt of the Qualifying Internalization Notice and ending with the closing of the Qualifying Internalization (the “Transition Period”), the Company and the Business Manager shall transition the services provided by the Business Manager to the Company, and upon the written request of the Company, the Business Manager shall assign one or more of the Service Provider Agreements to the Company or the Operating Partnership. The closing of the Qualifying Internalization shall occur on the last Business Day of the Transition Period or such other date that the Company and the Business Manager mutually agree (the “Completion Date”). This Agreement shall terminate on the Completion Date.

Qualifying Internalization Process. At any timetime after two (2) years from the effective date of this Agreement, the Company may elect to internalize the functions performed by the Business Manager through an agreed-upon, transition with the Business Manager on the terms and subject to the conditions set forth in this Section 10 (a “Qualifying Internalization”). Any decision to pursue a Qualifying Internalization must be approved by the affirmative vote of a majority of the Board of Directors, including a majority of the Independent Directors. If the Company elects to pursue a Qualifying Internalization, the Company shall provide written notice to the Business Manager, stating the Company’s intention to pursue the Qualifying Internalization (the “Qualifying Internalization Notice”). During the period commencing upon the Business Manager’s receipt of the Qualifying Internalization Notice and ending with the closing of the Qualifying Internalization (the “Transition Period”), the Company and the Business Manager shall transition the services provided by the Business Manager to the Company, and upon the written request of the Company, the Business Manager shall assign one or more of the Service Provider Agreements to the Company or the Operating Partnership. The closing of the Qualifying Internalization shall occur on the last Business Day of the Transition Period or such other date that the Company and the Business Manager mutually agree (the “Completion Date”). This Agreement shall terminate on the Completion Date.

Qualifying Internalization Process. At any timetime after 2 years from the effective date of this Agreement, the Company may elect to internalize the functions performed by the Business Manager through an agreed-upon, transition with the Business Manager on the terms and subject to the conditions set forth in this Section 10 (a “Qualifying Internalization”). Any decision to pursue a Qualifying Internalization must be approved by the affirmative vote of a majority of the Board of Directors, including a majority of the Independent Directors. If the Company elects to pursue a Qualifying Internalization, the Company shall provide written notice to the Business Manager, stating the Company’s intention to pursue the Qualifying Internalization (the “Qualifying Internalization Notice”). During the period commencing upon the Business Manager’s receipt of the Qualifying Internalization Notice and ending with the closing of the Qualifying Internalization (the “Transition Period”), the Company and the Business Manager shall transition the services provided by the Business Manager to the Company, and upon the written request of the Company, the Business Manager shall assign one or more of the Service Provider Agreements to the Company or the Operating Partnership. The closing of the Qualifying Internalization shall occur on the last Business Day of the Transition Period or such other date that the Company and the Business Manager mutually agree (the “Completion Date”). This Agreement shall terminate on the Completion Date.