Subscription Documents Each Person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank, N.A., Escrow Agent for Lightstone III”. During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.
