Common use of REIT Compliance Clause in Contracts

REIT Compliance. The Company is organized in a manner that conforms with the requirements for qualification as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), and the Company’s intended method of operation, as set forth in the Prospectus, would enable it to meet the requirements for taxation as a REIT under the Code. The Company will make a timely election to be subject to tax as a REIT pursuant to Sections 856 through 860 of the Code commencing with the taxable year in which the Company satisfies the Minimum Offering (as defined below). The Operating Partnership will be treated as a partnership for federal income tax purposes and not as a corporation or association taxable as a corporation.

REIT Compliance. The Company is organized in a manner that conforms conformity with the requirements for qualification and taxation as a REIT real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), and the Company’s intended method of operation, as set forth in the Prospectus, would will enable it to meet the requirements for taxation as a REIT under the Code. The Company will intends to make a timely election to be subject to tax taxation as a REIT pursuant to Sections 856 through 860 of the Code commencing with the taxable year in which the Company satisfies the Minimum Offering (as defined below)Offering. The Operating Partnership will be treated as a partnership for federal income tax purposes and not as a corporation or association taxable as a corporation.

REIT Compliance. The Company is organized in a manner that conforms with the requirements for qualification and taxation as a REIT real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), and the Company’s intended method of operation, as set forth in the Prospectus, would enable it to meet the requirements for qualification and taxation as a REIT under the Code. The Company will intends to make a timely election to be subject to tax taxation as a REIT pursuant to Sections 856 through 860 of the Code commencing with the taxable year in which the Company satisfies the Minimum Offering (as defined below)ending December 31, 2014. The Operating Partnership will be treated as a partnership for federal income tax purposes and not as a corporation or association taxable as a corporation.

REIT Compliance. The Company is organized in a manner that conforms with the requirements for qualification and taxation as a REIT real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), and the Company’s intended method of operation, as set forth in the Prospectus, would enable it to meet the requirements for qualification and taxation as a REIT under the Code. The Company will intends to make a timely election to be subject to tax taxation as a REIT pursuant to Sections 856 through 860 of the Code commencing with the taxable year in which the Company satisfies the Minimum Offering (as defined below)ending December 31, 2015. The Operating Partnership will be treated as a partnership for federal income tax purposes and not as a corporation or association taxable as a corporation.

REIT Compliance. The Company is organized in a manner that conforms with the requirements for qualification and taxation as a REIT real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), and the Company’s intended method of operation, as set forth in the Prospectus, would will enable it to meet the requirements for qualification and taxation as a REIT under the Code. The Company will intends to make a timely election to be subject to tax taxation as a REIT pursuant to Sections 856 through 860 of the Code commencing with the taxable year in which the Company satisfies the Minimum Offering (as defined below)ended December 31, 2016. The Operating Partnership will be treated as a partnership for federal income tax purposes and not as a corporation or association taxable as a corporation.