Common use of Subordinated Disposition Fee Clause in Contracts

Subordinated Disposition Fee. i. If the Advisor or one of its Affiliates provides a substantial amount of services (as determined by a majority of the Independent Directors) in connection with the Sale of one or more Real Estate Assets, the Fund shall pay to the Advisor or such Affiliate a “Subordinated Disposition Fee” equal to the lesser of (A) one-half of a Competitive Real Estate Commission, and (B) 3.0% of the proceeds of the Sale of such Real Estate Asset. The Subordinated Disposition Fee will be payable only if the following condition (the “Subordination Condition”) has been satisfied as of the date of payment (or, for purposes of Sections 8(c)(iii) and (iv),the Termination Date or the Listing Date, respectively): the Stockholders must have received Dividends in an amount equal to their Remaining Capital plus their 8.0% Return. To the extent that Subordinated Disposition Fees are not payable by the Fund at the time of the Sale of a Real Estate Asset because the Subordination Condition has not been satisfied, any unpaid fees will be paid at such time as the Subordination Condition has been satisfied. The Subordinated Disposition Fee may be paid in addition to real estate commissions paid to non-Affiliates in connection with any Sale of a Real Estate Asset; provided that the total real estate commissions paid to all Persons by the Fund shall not exceed an amount equal to the lesser of (X) 6.0% of the proceeds of the Sale of such Real Estate Asset, and (Y) the Competitive Real Estate Commission with respect to the Sale of such Real Estate Asset.

Subordinated Disposition Fee. i. If the Advisor or one of its Affiliates provides a substantial amount of services (as determined by a majority of the Independent Directors) in connection with the Sale of one or more Real Estate Assets, the Fund shall pay to the Advisor or such Affiliate a “Subordinated Disposition Fee” equal to the lesser of (A) one-half of a Competitive Real Estate Commission, and (B) 3.0% of the proceeds of the Sale of such Real Estate Asset. The Subordinated Disposition Fee will be payable only if the following condition (the “Subordination Condition”) has been satisfied as of the date of payment (or, for purposes of Sections 8(c)(iii) and (iv),the iv), the Termination Date or the Listing Date, respectively): the Stockholders must have received Dividends in an amount equal to their Remaining Capital plus their 8.0% Return. To the extent that Subordinated Disposition Fees are not payable by the Fund at the time of the Sale of a Real Estate Asset because the Subordination Condition has not been satisfied, any unpaid fees will be paid at such time as the Subordination Condition has been satisfied. The Subordinated Disposition Fee may be paid in addition to real estate commissions paid to non-Affiliates in connection with any Sale of a Real Estate Asset; provided that the total real estate commissions paid to all Persons by the Fund shall not exceed an amount equal to the lesser of (X) 6.0% of the proceeds of the Sale of such Real Estate Asset, and (Y) the Competitive Real Estate Commission with respect to the Sale of such Real Estate Asset.

Subordinated Disposition Fee. i. If the Advisor or one of its Affiliates provides a substantial amount of services (as determined by a majority of the Independent Directors) in connection with the Sale of one or more Real Estate AssetsInvestments, the Fund shall pay to the Advisor or such Affiliate a “Subordinated Disposition Fee” equal to the lesser of (A) one-half of a Competitive Real Estate Commission, and (B) 3.0% of the proceeds of the Sale of such Real Estate AssetInvestment. The Subordinated Disposition Fee will be payable only if the following condition (the “Subordination Condition”) has been satisfied as of the date of payment (or, for purposes of Sections 8(c)(iii9(d)(iii) and (iv),the iv), the Termination Date or the Listing Date, respectively): the Stockholders must have received Dividends in an amount equal to their Remaining Capital plus their 8.0% Return. To the extent that Subordinated Disposition Fees are not payable by the Fund at the time of the Sale of a Real Estate Asset an Investment because the Subordination Condition has not been satisfied, any unpaid fees will be paid at such time as the Subordination Condition has been satisfied. The Subordinated Disposition Fee may be paid in addition to real estate commissions paid to non-Affiliates in connection with any Sale of a Real Estate Assetan Investment; provided that the total real estate commissions paid to all Persons by the Fund shall not exceed an amount equal to the lesser of (X) 6.0% of the proceeds of the Sale of such Real Estate AssetInvestment, and (Y) the Competitive Real Estate Commission with respect to the Sale of such Real Estate AssetInvestment.