Common use of Release of Money or Other Property Upon Written Request Clause in Contracts

Release of Money or Other Property Upon Written Request. Manager agrees that any money or other property of the Company held by Manager under this Agreement shall be held by Manager as custodian for the Company, and Manager’s records shall be clearly and appropriately marked to reflect the ownership of such money or other property by the Company. Upon the receipt by Manager of a written request signed by a duly authorized officer of the Company requesting Manager to release to the Company any money or other property then held by Manager for the account of the Company under this Agreement, Manager shall release such money or other property to the Company within a reasonable period of time, but in no event later than sixty (60) days following such request. Manager shall not be liable to the Company, the Independent Directors, Parent REIT or Sub-REIT’s stockholders or the Operating Partnership’s partners for any acts or omissions by the Company in connection with the money or other property released to the Company in accordance with the terms hereof. The Company shall indemnify Manager and its members, managers, officers and employees against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever which arise in connection with Manager’s release of such money or other property to the Company in accordance with the terms of this Section 17. Indemnification pursuant to this Section 17 shall be in addition to any right of Manager to indemnification under Section 11.

Release of Money or Other Property Upon Written Request. Manager The Advisor agrees that any money or other property of the Company held by Manager under this Agreement the Advisor shall be held by Manager the Advisor as custodian for the Company, and Managerthe Advisor’s records shall be appropriately and clearly and appropriately marked to reflect the ownership of such money or other property by the Company. Upon the receipt by Manager the Advisor of a written request signed by a duly authorized officer of the Company requesting Manager the Advisor to release to the Company any money or other property then held by Manager the Advisor for the account of the Company under this Agreement, Manager the Advisor shall release such money or other property to the Company within a reasonable period of timeas promptly as reasonably practicable, but in no event later than sixty (60) days following such request. Manager The Advisor shall not be liable to the Company, the Independent Directors, Parent REIT or Sub-REIT’s stockholders or the Operating PartnershipCompany’s partners security holders for any acts or omissions by the Company in connection with the money or other property released to the Company in accordance with the terms hereofthis Section. The Company shall indemnify Manager the Advisor, its directors, officers, stockholders, employees and its members, managers, officers and employees agents against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever Losses (as defined above) which arise in connection with Managerthe Advisor’s release of such money or other property to the Company in accordance with the terms of this Section 1719. Indemnification pursuant to this Section 17 provision shall be in addition to any right of Manager the Advisor to indemnification under Section 1111 of this Agreement.