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Common use of Suitability Clause in Contracts

Suitability. In offering the Shares to any person, you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) that: (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: (a) a minimum annual gross income of $70,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000. Suitability standards are higher in certain states as set forth in the Subscription Agreement and the Prospectus. You and/or the Soliciting Dealers shall maintain, for at least six years, a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of the investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met the suitability standards.

Appears in 8 contracts

Samples: Dealer Manager Agreement (American Realty Capital Trust, Inc.), Dealer Manager Agreement (American Realty Capital Trust, Inc.), Dealer Manager Agreement (American Realty Capital Trust, Inc.)

Suitability. In offering the Shares to any person, you and each Soliciting the Dealer Manager shall have reasonable grounds to believe after due inquiry that: (i) the person has the capability of understanding the fundamental aspects of the Company and its subsidiaries from either the person’s: (A) employment experience; (B) educational level; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; or (D) prior experience with investments of a similar nature; (ii) the person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the risk that the person may lose the entire investment; (C) the lack of liquidity of this investment; (D) the restrictions on transferability of Shares; (E) the background and qualification of: (1) the Company’s sponsor, Inland Real Estate Investment Corporation (the “Sponsor”); (2) the Business Manager; (3) the Company’s real estate manager, Inland Residential Real Estate Services, LLC; and (F) the tax consequences of the investment; (iii) the person can reasonably benefit from an investment in the Company based upon the person’s overall investment objectives and portfolio structure; (iv) the person is able to bear the economic risk of the investment based on the person’s overall financial situation; and (v) such other information as the Company may reasonably request. In determining the financial qualifications and suitability of any prospective investor, the Dealer Manager and Soliciting Dealers may rely on (A) representations from investment advisers who are not affiliated with a Soliciting Dealer, and banks acting as trustees or fiduciaries, and (B) information they have obtained from a prospective investor, including information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you the Dealer Manager (or Soliciting Dealer, as applicable), after due inquiry) that: (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you the Dealer Manager shall not, and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: (a) agree not to, execute any transaction in a minimum annual gross income discretionary account without prior written approval of $70,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000transaction by the customer. Suitability standards are higher in certain states as set forth in the Subscription Agreement and the Prospectus. You and/or the Soliciting Dealers The Dealer Manager shall maintain, for at least six years, or for a record period of time not less than that required to comply with all applicable federal, state or other regulatory requirements, whichever is later, records of the information obtained from each investor and used to determine that an each investor meets met the suitability standards imposed on the offer and sale of the Shares in the Primary Offering (both at the time of the initial subscription and at the time of any additional subscriptionssubscription) and a representation of the from each investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met satisfied the suitability standards. Further, the Dealer Manager shall have reasonable grounds to believe that the person satisfies the higher of the following suitability standards: (i) a minimum annual gross income of $70,000 and a minimum net worth (excluding home, home furnishings and automobiles) of $70,000; or a minimum net worth of $250,000 (excluding home, home furnishings and automobiles); or (ii) the suitability standards set forth in the Subscription Agreement and the Prospectus for investors residing in certain states.

Appears in 7 contracts

Samples: Dealer Manager Agreement (Inland Residential Properties Trust, Inc.), Dealer Manager Agreement (Inland Residential Properties Trust, Inc.), Dealer Manager Agreement (Inland Residential Properties Trust, Inc.)

Suitability. In offering the Shares to any person, you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) that: (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s 's role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares; and (iv) such other information as we may reasonably request. Notwithstanding the foregoing, you and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: (a) a minimum annual gross income of $70,000 45,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,00045,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000150,000. Suitability standards are higher in certain states as set forth in the Subscription Agreement and the Prospectus. You and/or the Soliciting Dealers shall maintain, for at least six years, a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of the investor that the investor is investing for the investor’s 's own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met the suitability standards.

Appears in 7 contracts

Samples: Dealer Manager Agreement (Inland Western Retail Real Estate Trust Inc), Dealer Manager Agreement (Inland Western Retail Real Estate Trust Inc), Dealer Manager Agreement (Inland Western Retail Real Estate Trust Inc)

Suitability. In offering the Shares to any person, you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) that: (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s 's role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: : (a) a minimum annual gross income of $70,000 45,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,00045,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000150,000. Suitability standards are higher in certain states as set forth in the Subscription Agreement and the Prospectus. You and/or the Soliciting Dealers shall maintain, for at least six years, a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of the investor that the investor is investing for the investor’s 's own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met the suitability standards.

Appears in 4 contracts

Samples: Dealer Manager Agreement (Inland Retail Real Estate Trust Inc), Dealer Manager Agreement (Inland Retail Real Estate Trust Inc), Dealer Manager Agreement (Inland Retail Real Estate Trust Inc)

Suitability. In offering the Shares to any person, you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) that: (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: (a) a minimum annual gross income of $70,000 45,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,00045,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000150,000. Suitability standards are higher in certain states as set forth in the Subscription Agreement and the Prospectus. You and/or the Soliciting Dealers shall maintain, for at least six years, a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of the investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met the suitability standards.

Appears in 4 contracts

Samples: Dealer Manager Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.), Dealer Manager Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.), Dealer Manager Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.)

Suitability. In offering the Shares to any person, . you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) that: : (i) such person has the capability of understanding the fundamental aspects aspect of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and accountants, tax advisors, etc.; and (D) prior experience with investments of a similar nature; ; (ii) such person has apparent understanding of: of (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; , (C) the Advisor’s 's role in directing or managing the investment; and (D) the tax consequences of the investment; and and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: either (a) a minimum annual gross income of $70,000 45,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,00045,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000150,000. Suitability standards are may be higher in certain states as set forth in the Subscription Agreement and the ProspectusAgreement. You and/or the Soliciting Dealers shall maintain, maintain for at least six years, years a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of the investor that the investor is investing for the investor’s investors own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met the suitability standards.

Appears in 2 contracts

Samples: Underwriting Agreement (American Church Mortgage Co), Underwriting Agreement (American Church Mortgage Co)

Suitability. In offering the Shares Preferred Units to any person, you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as information, including without limitation, the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) that: : (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; ; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; and (C) the Advisor’s role in directing or managing the investment; and (D) the tax consequences of the investment; and and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered SharesPreferred Units. Notwithstanding the foregoingforegoing and subject to the second paragraph of this paragraph 4(h), you and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: (a) a minimum annual gross income of $70,000 45,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,00045,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000150,000. Suitability standards are higher in certain states as set forth in the Subscription Agreement and in Exhibit B to the Prospectus. You and/or the Soliciting Dealers shall maintain, for at least six years, a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares Preferred Units (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of the investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met the suitability standards.

Appears in 2 contracts

Samples: Participating Dealer Agreement (Great Lakes Capital Acceptance LLC), Participating Dealer Agreement (Great Lakes Capital Acceptance LLC)

Suitability. In offering the Shares to any person, you and each Soliciting the Dealer Manager shall have reasonable grounds to believe after due inquiry that: (i) the person has the capability of understanding the fundamental aspects of the Company and its subsidiaries from either the person’s: (A) employment experience; (B) educational level; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; or (D) prior experience with investments of a similar nature; (ii) the person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the risk that the person may lose the entire investment; (C) the lack of liquidity of this investment; (D) the restrictions on transferability of Shares; (E) the background and qualification of: (1) the Company’s sponsor, Inland Real Estate Investment Corporation (the “Sponsor”); (2) the Business Manager; (3) the Company’s real estate manager, Inland Residential Real Estate Services, LLC; and (F) the tax consequences of the investment; (iii) the person can reasonably benefit from an investment in the Company based upon the person’s overall investment objectives and portfolio structure; (iv) the person is able to bear the economic risk of the investment based on the person’s overall financial situation; and (v) such other information as the Company may reasonably request. In determining the financial qualifications and suitability of any prospective investor, the Dealer Manager and Soliciting Dealers may rely on (A) representations from investment advisers who are not affiliated with a Soliciting Dealer, and banks acting as trustees or fiduciaries, and (B) information they have obtained from a prospective investor, including information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you the Dealer Manager (or Soliciting Dealer, as applicable), after due inquiry) that: (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you the Dealer Manager shall not, and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: (a) agree not to, execute any transaction in a minimum annual gross income discretionary account without prior written approval of $70,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000transaction by the customer. Suitability standards are higher in certain states as set forth in the Subscription Agreement and the Prospectus. You and/or the Soliciting Dealers The Dealer Manager shall maintain, for at least six years, or for a record period of time not less than that required to comply with all applicable federal, state or other regulatory requirements whichever is later, records of the information obtained from each investor and used to determine that an each investor meets met the suitability standards imposed on the offer and sale of the Shares (both in the Primary Offering at the time of the initial subscription and at the time of any additional subscriptions) and a representation of the from each investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met satisfied the suitability standards. Further, the Dealer Manager shall have reasonable grounds to believe that the person satisfies the higher of the following suitability standards: (i) a minimum annual gross income of $70,000 and a minimum net worth (excluding home, home furnishings and automobiles) of $70,000; or a minimum net worth of $250,000 (excluding home, home furnishings and automobiles); or (ii) the suitability standards set forth in the Subscription Agreement and the Prospectus or Private Placement Memorandum for investors residing in certain states or in Canada.

Appears in 2 contracts

Samples: Dealer Manager Agreement (Inland Residential Properties Trust, Inc.), Dealer Manager Agreement (Inland Residential Properties Trust, Inc.)

Suitability. In offering the Shares to any person, you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) inquiry that: (i) such the person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by Company from either the followingperson’s: (A) the nature of employment experience; (B) educational level achievedlevel; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and or (D) prior experience with investments of a similar nature; (ii) such the person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the risk that the person may lose the entire investment; (C) the lack of liquidity of this investment; (CD) the Advisorrestrictions on transferability of Shares; (E) the background and qualification of the Company’s role in directing or managing the investmentsponsor and its Business Manager; and (DF) the tax consequences of the investment; and (iii) such the person has the financial capability to invest can reasonably benefit from an investment in the Company based upon the person’s overall investment objectives and you portfolio structure; (iv) the person is able to bear the economic risk of the investment based on the person’s overall financial situation; and (v) such other information as we may reasonably request. You or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoingFurther, you and each Soliciting Dealer shall have reasonable grounds to believe that such the person has eithersatisfies the higher of the following suitability standards: (1) (a) a minimum annual gross income of $70,000 45,000 and a minimum net worth (exclusive of excluding home, home furnishing furnishings and automobiles) of $70,00045,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000. Suitability 150,000 (excluding home, home furnishings and automobiles); or (2) the suitability standards are higher in certain states as set forth in the Subscription Agreement and the ProspectusProspectus or Private Placement Memorandum for investors residing in certain states or in Canada. You and/or the and each Soliciting Dealers Dealer shall maintain, for at least six years, a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of from the investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met satisfied the suitability standards.

Appears in 2 contracts

Samples: Dealer Manager Agreement (Inland American Real Estate Trust, Inc.), Dealer Manager Agreement (Inland American Real Estate Trust, Inc.)

Suitability. In offering the Shares to any person, you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) that: (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s 's role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: : (a) a minimum annual gross income of $70,000 45,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,00045,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000150,000. Suitability standards are may be higher in certain states as set forth in the Subscription Agreement and the ProspectusAgreement. You and/or the Soliciting Dealers shall maintain, for at least six years, a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of the investor that the investor is investing for the investor’s 's own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met the suitability standards.

Appears in 2 contracts

Samples: Dealer Manager Agreement (Inland Monthly Income Fund Iii Inc), Dealer Management Agreement (Inland Monthly Income Fund Iii Inc)

Suitability. In offering the Shares to any person, you and each Soliciting the Dealer Manager shall have (and shall require that all Offering Participants have) reasonable grounds to believe after due inquiry that: (i) the person has the capability of understanding the fundamental aspects of the Company and the Subsidiaries from either the person’s: (A) employment experience; (B) educational level; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; or (D) prior experience with investments of a similar nature; (ii) the person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the risk that the person may lose the entire investment; (C) the lack of liquidity of this investment; (D) the restrictions on transferability of Shares; (E) the background and qualification of each of the Advisor and the Sub-Advisor; and (F) the tax consequences of the investment; (iii) the person can reasonably benefit from an investment in the Company based upon the person’s overall investment objectives and portfolio structure; (iv) the person is able to bear the economic risk of the investment based on the person’s overall financial situation; and (v) such other information as the Company may reasonably request. In determining the financial qualifications and suitability of any prospective investor, the Dealer Manager and Offering Participants may rely on (A) representations from investment advisers who are not affiliated with an Offering Participant, and banks acting as trustees or fiduciaries, and (B) information they have obtained from a prospective investor, including information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you the Dealer Manager (or Offering Participant, as applicable), after due inquiry) that: (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you the Dealer Manager shall not, and each Soliciting Offering Participant shall agree not to, execute any transaction in a discretionary account without prior written approval of the transaction by the customer. The Dealer Manager shall have reasonable grounds to believe maintain (and shall require that such person has either: (a) a minimum annual gross income of $70,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000. Suitability standards are higher in certain states as set forth in the Subscription Agreement and the Prospectus. You and/or the Soliciting Dealers shall each Offering Participant maintain), for at least six years, or for a record period of time not less than that required to comply with all applicable federal, state or other regulatory requirements, whichever is later, records of the information obtained from each investor and used to determine that an each investor meets met the suitability standards imposed on the offer and sale of the Shares in the Primary Offering (both at the time of the initial subscription and at the time of any additional subscriptionssubscription) and a representation of the from each investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met satisfied the suitability standards. Further, the Dealer Manager shall have (and shall require each Offering Participant to have) reasonable grounds to believe that the person satisfies the higher of the following suitability standards: (i) a minimum annual gross income of $70,000 and a minimum net worth (excluding home, home furnishings and automobiles) of $70,000; or a minimum net worth of $250,000 (excluding home, home furnishings and automobiles); and (ii) any additional suitability standards set forth in the Subscription Agreement and the Prospectus for investors residing in certain states.

Appears in 2 contracts

Samples: Dealer Manager Agreement (InPoint Commercial Real Estate Income, Inc.), Dealer Manager Agreement (InPoint Commercial Real Estate Income, Inc.)

Suitability. In offering the Shares to any person, you the Dealer Manager, in its agreements with Offering Participants, will require that the Offering Participants comply, with the provisions of the Rules set forth in the FINRA Manual, as well as all other applicable rules and each Soliciting regulations relating to suitability of investors, including without limitation, the provisions of Article III.C and Article III.E.1 of the Statement of Policy Regarding Real Estate Investment Trusts of the North American Securities Administrators Association, Inc. (the “NASAA Guidelines”) and any enhanced standard of care applicable under Regulation Best Interest. In offering the Shares to any person, the Dealer Manager shall have (and shall require that all Offering Participants have) reasonable grounds to believe after due inquiry that: (i) the person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the risk that the person may lose the entire investment; (C) the lack of liquidity of this investment; (D) the restrictions on transferability of Shares; (E) the background and qualification of the Advisor; and (F) the tax consequences of the investment; (ii) the person can reasonably benefit from an investment in the Company based upon the person’s overall investment objectives and portfolio structure; (iii) the person is able to bear the economic risk of the investment based on the person’s overall financial situation; and (iv) such other information as the Company may reasonably request. In determining the financial qualifications and suitability of any prospective investor, the Dealer Manager and Offering Participants may rely on (A) representations from investment advisers who are not affiliated with an Offering Participant, and banks acting as trustees or fiduciaries, and (B) information they have obtained from a prospective investor, including information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you the Dealer Manager (or Offering Participant, as applicable), after due inquiry) that: (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you the Dealer Manager shall not, and each Soliciting Offering Participant shall agree not to, execute any transaction in a discretionary account without prior written approval of the transaction by the customer. The Dealer Manager shall have reasonable grounds to believe maintain (and shall require that such person has either: (a) a minimum annual gross income of $70,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000. Suitability standards are higher in certain states as set forth in the Subscription Agreement and the Prospectus. You and/or the Soliciting Dealers shall each Offering Participant maintain), for at least six years, or for a record period of time not less than that required to comply with all applicable federal, state or other regulatory requirements, whichever is later, records of the information obtained from each investor and used to determine that an each investor meets met the suitability standards imposed on the offer and sale of the Shares in the Primary Offering (both at the time of the initial subscription and at the time of any additional subscriptionssubscription) and a representation of the from each investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met satisfied the suitability standards. Further, the Dealer Manager shall have (and shall require each Offering Participant to have) reasonable grounds to believe that the person satisfies the higher of the following suitability standards: (i) a minimum annual gross income of $70,000 and a minimum net worth (excluding home, home furnishings and automobiles) of $70,000; or a minimum net worth of $250,000 (excluding home, home furnishings and automobiles); and (ii) any additional suitability standards set forth in the Subscription Agreement and the Prospectus for investors residing in certain states.

Appears in 1 contract

Samples: Dealer Manager Agreement (IPC Alternative Real Estate Income Trust, Inc.)

Suitability. In offering the Shares to any person, you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) that: (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares; and (iv) such other information as we may reasonably request. Notwithstanding the foregoing, you and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: (a) a minimum annual gross income of $70,000 45,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,00045,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000150,000. Suitability standards are higher in certain states as set forth in the Subscription Agreement and the Prospectus. You and/or the Soliciting Dealers shall maintain, for at least six years, a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of the investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met the suitability standards.

Appears in 1 contract

Samples: Dealer Manager Agreement (Inland Western Retail Real Estate Trust Inc)

Suitability. In offering the Shares to any person, you and each Soliciting the Dealer Manager shall have reasonable grounds to believe after due inquiry that: (i) the person has the capability of understanding the fundamental aspects of the Company and its subsidiaries from either the person’s: (A) employment experience; (B) educational level; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; or (D) prior experience with investments of a similar nature; (ii) the person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the risk that the person may lose the entire investment; (C) the lack of liquidity of this investment; (D) the restrictions on transferability of Shares; (E) the background and qualification of: (1) the Company’s sponsor, Inland Real Estate Investment Corporation (the “Sponsor”); (2) the Company’s business manager, IRPT V Business Manager & Advisor, Inc. (the “Business Manager”); (3) the Company’s real estate managers, Inland National Real Estate Services II, LLC and Inland National Real Estate Services II, LLC (collectively, the “Real Estate Managers”); and (F) the tax consequences of the investment; (iii) the person can reasonably benefit from an investment in the Company based upon the person’s overall investment objectives and portfolio structure; (iv) the person is able to bear the economic risk of the investment based on the person’s overall financial situation; and (v) such other information as the Company may reasonably request. In determining the financial qualifications and suitability of any prospective investor, the Dealer Manager and Soliciting Dealers may rely on (A) representations from investment advisers who are not affiliated with a Soliciting Dealer, and banks acting as trustees or fiduciaries, and (B) information they have obtained from a prospective investor, including information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you the Dealer Manager (or Soliciting Dealer, as applicable), after due inquiry) that: (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you the Dealer Manager shall not, and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: (a) agree not to, execute any transaction in a minimum annual gross income discretionary account without prior written approval of $70,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000transaction by the customer. Suitability standards are higher in certain states as set forth in the Subscription Agreement and the Prospectus. You and/or the Soliciting Dealers The Dealer Manager shall maintain, for at least six years, or for a record period of time not less than that required to comply with all applicable federal, state or other regulatory requirements whichever is later, records of the information obtained from each investor and used to determine that an each investor meets met the suitability standards imposed on the offer and sale of the Shares (both in the Primary Offering at the time of the initial subscription and at the time of any additional subscriptions) and a representation of the from each investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met satisfied the suitability standards. Further, the Dealer Manager shall have reasonable grounds to believe that the person satisfies the higher of the following suitability standards: (i) a minimum annual gross income of $70,000 and a minimum net worth (excluding home, home furnishings and automobiles) of $70,000; or a minimum net worth of $250,000 (excluding home, home furnishings and automobiles); or (ii) the suitability standards set forth in the Subscription Agreement and the Prospectus or Private Placement Memorandum for investors residing in certain states or in Canada.

Appears in 1 contract

Samples: Dealer Manager Agreement (Inland Retail Properties Trust V, Inc.)

Suitability. In offering the Shares to any person, you and each Soliciting Dealer shall not offer or sell Shares in any jurisdiction except to investors who satisfy the suitability and minimum investment requirements under the applicable provisions of the Prospectus or the laws of such jurisdiction (if they are more restrictive). You hereby acknowledge your firm’s obligations pursuant to (i) FINRA rules, in general, and FINRA Conduct Rule 2310, in particular and (ii) Article III.C of the Statement of Policy regarding Real Estate Investment Trusts of the North American Securities Administrators Association, Inc. Specifically, you agree to ensure that, in recommending the purchase, sale or exchange of Shares to an investor, each member of, or person associated with, your firm shall have reasonable grounds (as required by FINRA rules) to believe (based believe, on such the basis of information as obtained from the investor concerning his investment objectives, other investments, financial situation and needs of the person or needs, and any other information known by you after due inquiry) that: to such member of, or person associated with your firm, that (i) such person has the capability of understanding investor is or will be in a financial position appropriate to enable him to realize to a significant extent the fundamental aspects benefits described in the Prospectus, including the tax benefits to the extent they are a significant aspect of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person the investor has apparent understanding of: (A) a fair market net worth sufficient to sustain the fundamental risks inherent in an investment in Shares in the amount proposed, including loss, and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s role in directing or managing the investment; and (D) the tax consequences of the investment; such, and (iii) an investment in Shares is otherwise suitable for such investor. You further represent, warrant and covenant that you will: (w) require each member of, or person has associated with your firm, to make diligent inquiry as to the financial capability suitability and appropriateness of an investment in Shares from each proposed investor, (x) retain in your records for a period equal to invest in the Company longer of (A) six years from the date of the applicable sale of Shares or (B) five years from the end of the Offering Period, (y) make available to us and you or each Soliciting Dealer the Company, upon request (as and upon your firm’s receipt of an appropriate document subpoena from one of the case may befollowing, to representatives of the Commission, FINRA and applicable State securities administrators) shall maintain records documents disclosing the basis upon which you the determination as to suitability was reached as to each purchaser of Shares pursuant to a subscription solicited by your firm, whether such records relate to accounts which have been closed, accounts which are currently maintained, or accounts hereafter established and each Soliciting Dealer determined (z) comply with the suitability record keeping requirements of the Exchange Act, including but not limited to, Rules 17a-3 and 17a-4 promulgated under the Exchange Act. You shall not purchase any persons offered Shares for a discretionary account without obtaining the prior written approval of your customer and his signature on a Subscription Agreement. Prior to the sale of the Shares. Notwithstanding the foregoing, you and each Soliciting Dealer shall have reasonable grounds inform the prospective purchaser of all pertinent facts relating to believe that such person has either: (a) a minimum annual gross income of $70,000 the liquidity and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000. Suitability standards are higher in certain states as set forth in the Subscription Agreement and the Prospectus. You and/or the Soliciting Dealers shall maintain, for at least six years, a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale marketability of the Shares (both at during the time term of the initial subscription and at the time of any additional subscriptions) and a representation of the investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met the suitability standardsinvestment.

Appears in 1 contract

Samples: Dealer Manager Agreement (Medical Hospitality Group, Inc.)

Suitability. In offering the Shares to any person, you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) that: (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: (a) a minimum annual gross income of $70,000 75,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,00075,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000. Suitability standards are higher in certain states as set forth in the Subscription Agreement and the Prospectus. You and/or the Soliciting Dealers shall maintain, for at least six years, a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of the investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met the suitability standards.

Appears in 1 contract

Samples: Dealer Manager Agreement (Lightstone Value Plus Real Estate Investment Trust Ii Inc)

Suitability. In offering the Shares to any person, you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) inquiry that: (i) such the person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by Company from either the followingperson’s: (A) the nature of employment experience; (B) educational level achievedlevel; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and or (D) prior experience with investments of a similar nature; (ii) such the person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the risk that the person may lose the entire investment; (C) the lack of liquidity of this investment; (CD) the Advisorrestrictions on transferability of Shares; (E) the background and qualification of the Company’s role in directing or managing the investmentsponsor and its Business Manager; and (DF) the tax consequences of the investment; and (iii) such the person has the financial capability to invest can reasonably benefit from an investment in the Company based upon the person’s overall investment objectives and you or each Soliciting Dealer portfolio structure; (iv) the person is able to bear the economic risk of the investment based on the person’s overall financial situation; and (v) such other information as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: we (a) a minimum annual gross income of $70,000 and a minimum net worth (exclusive of excluding home, home furnishing furnishings and automobiles) of $70,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000. Suitability 250,000 (excluding home, home furnishings and automobiles); or (2) the suitability standards are higher in certain states as set forth in the Subscription Agreement and the ProspectusProspectus or Private Placement Memorandum for investors residing in certain states or in Canada. You and/or the and each Soliciting Dealers Dealer shall maintain, for at least six years, a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of from the investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met satisfied the suitability standards.

Appears in 1 contract

Samples: Dealer Manager Agreement (Inland American Real Estate Trust, Inc.)

Suitability. In offering the Shares to any person, . you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) that: : (i) such person has the capability of understanding the fundamental aspects aspect of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and accountants, tax advisors, etc.; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: of (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; , (C) the Advisor’s 's role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: either (a) a minimum annual gross income of $70,000 45,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,00045,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000150,000. Suitability standards are may be higher in certain states as set forth in the Subscription Agreement and the ProspectusAgreement. You and/or the Soliciting Dealers shall maintain, maintain for at least six years, years a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of the investor that the investor is investing for the investor’s investors own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met the suitability standards.

Appears in 1 contract

Samples: Underwriting Agreement (American Church Mortgage Co)

Suitability. In offering the Shares to any person, you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) inquiry that: (i) such the person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by Company from either the followingperson’s: (A) the nature of employment experience; (B) educational level achievedlevel; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and or (D) prior experience with investments of a similar nature; (ii) such the person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the risk that the person may lose the entire investment; (C) the lack of liquidity of this investment; (CD) the Advisorrestrictions on transferability of Shares; (E) the background and qualification of the Company’s role in directing or managing the investmentsponsor and its Business Manager; and (DF) the tax consequences of the investment; and (iii) such the person has the financial capability to invest can reasonably benefit from an investment in the Company based upon the person’s overall investment objectives and you or each Soliciting Dealer portfolio structure; (iv) the person is able to bear the economic risk of the investment based on the person’s overall financial situation; and (v) such other information as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: we (a) a minimum annual gross income of $70,000 45,000 and a minimum net worth (exclusive of excluding home, home furnishing furnishings and automobiles) of $70,00045,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000. Suitability 150,000 (excluding home, home furnishings and automobiles); or (2) the suitability standards are higher in certain states as set forth in the Subscription Agreement and the ProspectusProspectus or Private Placement Memorandum for investors residing in certain states or in Canada. You and/or the and each Soliciting Dealers Dealer shall maintain, for at least six years, a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of from the investor that the investor is investing for the investor’s own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met satisfied the suitability standards.

Appears in 1 contract

Samples: Dealer Manager Agreement (Inland American Real Estate Trust, Inc.)

Suitability. In offering the Shares to any person, you and each Soliciting Dealer shall have reasonable grounds to believe (based on such information as the investment objectives, other investments, financial situation and needs of the person or any other information known by you after due inquiry) that: (i) such person has the capability of understanding the fundamental aspects of the Company, which capacity may be evidenced by the following: (A) the nature of employment experience; (B) educational level achieved; (C) access to advice from qualified sources, such as attorneys, accountants and tax advisors; and (D) prior experience with investments of a similar nature; (ii) such person has apparent understanding of: (A) the fundamental risks and possible financial hazards of this type of investment; (B) the lack of liquidity of this investment; (C) the Advisor’s 's role in directing or managing the investment; and (D) the tax consequences of the investment; and (iii) such person has the financial capability to invest in the Company and you or each Soliciting Dealer (as the case may be) shall maintain records disclosing the basis upon which you and each Soliciting Dealer determined the suitability of any persons offered Shares. Notwithstanding the foregoing, you and each Soliciting Dealer shall have reasonable grounds to believe that such person has either: (a) a minimum annual gross income of $70,000 45,000 and a minimum net worth (exclusive of home, home furnishing and automobiles) of $70,00045,000; or (b) a minimum net worth (determined with the foregoing exclusions) of $250,000150,000. Suitability standards are higher in certain states as set forth in the Subscription Agreement and the Prospectus. You and/or the Soliciting Dealers shall maintain, for at least six years, a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of the Shares (both at the time of the initial subscription and at the time of any additional subscriptions) and a representation of the investor that the investor is investing for the investor’s 's own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met the suitability standards.

Appears in 1 contract

Samples: Dealer Manager Agreement (Inland Retail Real Estate Trust Inc)