Common use of REAL ESTATE DISPOSITION FEE Clause in Contracts

REAL ESTATE DISPOSITION FEE. If the Advisor or an Affiliate provides a substantial amount of the services (as determined by a majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or such Affiliate shall receive at closing a Real Estate Disposition Fee equal to the lesser of (i) one-half of the Competitive Real Estate Commission, or (1) if the contract price for the Sale is in excess of $20 million, then an amount not to exceed 1.0% of the contract price of such Property or Properties, and (2) if the contract price for the sale is $20 million or less, then an amount not to exceed 2.0% of the sales price of such Property or Properties. In each case in which a Real Estate Disposition Fee may be payable, the precise amount of the fee within the limits set forth in the preceding sentence shall be determined by the Board, including a majority of the Independent Directors, based upon the extent of the services provided by the Advisor or its Affiliate and market norms for the services provided. Notwithstanding anything to the contrary herein, no Real Estate Disposition Fee shall be payable to the Advisor for Property Sales if such Sales involve the Company selling all or substantially all of its Properties in one or more transactions designed to effectuate a business combination transaction (as opposed to a Company liquidation, in which case the Real Estate Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). Any Real Estate Disposition Fee payable under this section may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions (including such Real Estate Disposition Fee) paid to all Persons by the Company for each Property shall not exceed an amount equal to the lesser of (i) 6.0% of the Contract Sales Price of the Property or (ii) the Competitive Real Estate Commission for the Property.

REAL ESTATE DISPOSITION FEE. If the Advisor or an Affiliate provides a substantial amount of the services (as determined by a majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or such Affiliate shall receive at closing a Real Estate Disposition Fee equal to the lesser of (i) one-half of the Competitive Real Estate Commission, or (1) if the contract price for the Sale is in excess of $20 million, then an amount not to exceed 1.0% of the contract price of such Property or Properties, and (2ii) if the contract price for the sale is $20 million or less, then an amount not to exceed 2.0% of the sales price of such Property or Properties. In each case in which a Real Estate Disposition Fee may be payable, the precise amount of the fee within the limits set forth in the preceding sentence shall be determined by the Board, including a majority of the Independent Directors, based upon the extent of the services provided by the Advisor or its Affiliate and market norms for the services provided. Notwithstanding anything to the contrary herein, no Real Estate Disposition Fee shall be payable to the Advisor for Property Sales if such Sales involve the Company selling all or substantially all of its Properties in one or more transactions designed to effectuate a business combination transaction (as opposed to a Company liquidation, in which case the Real Estate Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). Any Real Estate Disposition Fee payable under this section may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions (including such Real Estate Disposition Fee) paid to all Persons by the Company for each Property shall not exceed an amount equal to the lesser of (i) 6.0% of the Contract Sales Price of the Property or (ii) the Competitive Real Estate Commission for the Property.

REAL ESTATE DISPOSITION FEE. If the Advisor or an Affiliate provides a substantial amount of the services (as determined by a majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or such Affiliate shall receive at closing a Real Estate Disposition Fee equal to the lesser of (i) one-half of the Competitive Real Estate Commission, or (ii) (1) if the contract price for the Sale is in excess of $20 million, then an amount not to exceed 1.0% of the contract price of such Property or Properties, and (2) if the contract price for the sale is $20 million or less, then an amount not to exceed 2.0% of the sales price of such Property or Properties. In each case in which a Real Estate Disposition Fee may be payable, the precise amount of the fee within the limits set forth in the preceding sentence shall be determined by the Board, including a majority of the Independent Directors, based upon the extent of the services provided by the Advisor or its Affiliate and market norms for the services provided. Notwithstanding anything to the contrary herein, no Real Estate Disposition Fee shall be payable to the Advisor for Property Sales if such Sales involve the Company selling all or substantially all of its Properties in one or more transactions designed to effectuate a business combination transaction (as opposed to a Company liquidation, in which case the Real Estate Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). Any Real Estate Disposition Fee payable under this section may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions (including such Real Estate Disposition Fee) paid to all Persons by the Company for each Property shall not exceed an amount equal to the lesser of (i) 6.0% of the Contract Sales Price of the Property or (ii) the Competitive Real Estate Commission for the Property.

REAL ESTATE DISPOSITION FEE. If the Advisor or an Affiliate provides a substantial amount of the services (as determined by a majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or such Affiliate shall receive at closing a Real Estate Disposition Fee equal to the lesser of (i) one-half of the Competitive Real Estate Commission, or (ii) (1) if the contract price Contract Sales Price for the Sale is in excess of $20 million, then an amount not to exceed 1.0% of the contract price Contract Sales Price of such Property or Properties, and (2) if the contract price Contract Sales Price for the sale is $20 million or less, then an amount not to exceed 2.0% of the sales price Contract Sales Price of such Property or Properties. In each case in which a Real Estate Disposition Fee may be payable, the precise amount of the fee within the limits set forth in the preceding sentence shall be determined by the Board, including a majority of the Independent Directors, based upon the extent of the services provided by the Advisor or its Affiliate and market norms for the services provided. Notwithstanding anything to the contrary herein, no Real Estate Disposition Fee shall be payable to the Advisor for Property Sales if such Sales involve the Company selling all or substantially all of its Properties in one or more transactions designed to effectuate a business combination transaction Business Combination (as opposed to a Company liquidation, in which case the Real Estate Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). Any Real Estate Disposition Fee payable under this section may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions (including such Real Estate Disposition Fee) paid to all Persons by the Company for each Property shall not exceed an amount equal to the lesser of (i) 6.0% of the Contract Sales Price of the Property or (ii) the Competitive Real Estate Commission for the Property.