Common use of Development and Construction Clause in Contracts

Development and Construction. The Advisor shall receive a fee for development and construction services requested by the Company. The development fee shall be calculated in accordance with the following schedule, unless otherwise agreed by the parties: Total Cost Fee Range of Fee Formula 0 - 10M 5.0% 0 - .5 M 0M + 5.0% x (TC - 0M) 10M - 20M 4.5% .5 M - .95M .50M + 4.5% x (TC - 10M) 20M - 30M 4.0% .95M - 1.35M .95M + 4.0% x (TC - 20M) 30M - 40M 3.5% 1.35M - 1.70M 1.35M + 3.5% x (TC - 30M) 40M - 50M 3.0% 1.70M - 2.00M 1.70M + 3.0% x (TC - 40M) Total Project Cost shall be defined as the total of all hard and soft costs (excluding the cost of the subject land) on the Company authorized development project. The development fee shall be calculated and paid when Advisor delivers a certificate of occupancy for the structure which is the subject of the authorized development project. If an authorized development project involves multiple structures to be completed over a period of time, the development fee shall be calculated and paid in increments upon delivery of each individual structure’s certificate of occupancy. Except in those limited circumstances where a target cap rate would not apply, Company shall hold-back ten percent (10%) of each development fee payment until such time as the authorized development project achieves financial performance at a cap rate equal to or greater than the performance cap rate target agreed to by Advisor and Company at the time of the original land acquisition.

Development and Construction. The Advisor shall receive a fee for development and construction services requested by the Company. The development fee shall be calculated in accordance with the following schedule, unless otherwise agreed by the parties: Total Cost Fee Range of Fee Formula 0 - 10M 5.05.0 % 0 - .5 M 0M + 5.0% x (TC - 0M) 10M - 20M 4.54.5 % .5 M - .95M .50M + 4.5% x (TC - 10M) 20M - 30M 4.04.0 % .95M - 1.35M .95M + 4.0% x (TC - 20M) 30M - 40M 3.53.5 % 1.35M - 1.70M 1.35M + 3.5% x (TC - 30M) 40M - 50M 3.03.0 % 1.70M - 2.00M 1.70M + 3.0% x (TC - 40M) Total Project Cost shall be defined as the total of all hard and soft costs (excluding the cost of the subject land) on the Company authorized development project. The development fee shall be calculated and paid when Advisor delivers a certificate of occupancy for the structure which is the subject of the authorized development project. If an authorized development project involves multiple structures to be completed over a period of time, the development fee shall be calculated and paid in increments upon delivery of each individual structure’s certificate of occupancy. Except in those limited circumstances where a target cap rate would not apply, Company shall hold-back ten percent (10%) of each development fee payment until such time as the authorized development project achieves financial performance at a cap rate equal to or greater than the performance cap rate target agreed to by Advisor and Company at the time of the original land acquisition.. Adopted by the Board of Trustees Effective 4.1.20

Development and Construction. The Advisor shall receive a fee for development and construction services requested by the Company. The development fee shall be calculated in accordance with the following schedule, unless otherwise agreed by the parties: Total Cost Fee Range of Fee Formula 0 - 10M 5.05.0 % 0 - .5 M 0M + 5.0% x (TC - 0M) 10M - 20M 4.54.5 % .5 M - .95M .50M + 4.5% x (TC - 10M) 20M - 30M 4.04.0 % .95M - 1.35M .95M + 4.0% x (TC - 20M) 30M - 40M 3.53.5 % 1.35M - 1.70M 1.35M + 3.5% x (TC - 30M) 40M - 50M 3.03.0 % 1.70M - 2.00M 1.70M + 3.0% x (TC - 40M) Total Project Cost shall be defined as the total of all hard and soft costs (excluding the cost of the subject land) on the Company authorized development project. The development fee shall be calculated and paid when Advisor delivers a certificate of occupancy for the structure which is the subject of the authorized development project. If an authorized development project involves multiple structures to be completed over a period of time, the development fee shall be calculated and paid in increments upon delivery of each individual structure’s certificate of occupancy. Except in those limited circumstances where a target cap rate would not apply, Company shall hold-back ten percent (10%) of each development fee payment until such time as the authorized development project achieves financial performance at a cap rate equal to or greater than the performance cap rate target agreed to by Advisor and Company at the time of the original land acquisition.. Adopted by the Board of Trustees Effective 4.1.19