Common use of Real Estate Sales Commission Clause in Contracts

Real Estate Sales Commission. If the Advisor or an Affiliate of the Advisor 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 sales commission equal to fifty percent (50%) of a Competitive Real Estate Commission given the circumstances surrounding the sale; provided, that such amount shall not exceed three percent (3.0%) of the Contract Sales Price of such Property or Properties (the “Real Estate Sales Commission”). In each case in which a Real Estate Sales Commission 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 Sales Commission shall be payable to the Advisor or its Affiliate 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 Sales Commission would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). Any Real Estate Sales Commission 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 Sales Commission) paid to all Persons by the Company for each Property shall not exceed an amount equal to the lesser of (i) six percent (6%) of the Contract Sales Price of the Property or (ii) the Competitive Real Estate Commission for the Property.