Common use of Interim Valuations Clause in Contracts

Interim Valuations. In each year between required independent valuations, the Board of Directors shall, at its option, either (i) engage an Independent Valuation Firm to conduct an independent valuation in accordance with the procedures set forth under “Independent Valuations” above; or (ii) provide a valuation, which is reviewed and confirmed by the Independent Valuation Firm (“Interim Valuation”). With respect to an Interim Valuation, the role of the Independent Valuation Firm shall include a review and confirmation of each of the following items relating to the Interim Valuation: • the reasonableness of the valuation process and methodology and conformity with real estate industry standards and practices relating to valuations; • the reasonableness of the assumptions and data used in connection with the valuation of each real estate investment, including but not limited to rental rates, tenant improvements and concessions, lease renewal and option exercise probabilities, revenue and expense growth rates, going-in and residual capitalization rates, discount rates, and other assumptions and data deemed material to the valuation; and • the reasonableness of the final real estate investment valuation assigned by the Company’s Board of Directors.

Interim Valuations. In each year between required independent valuations, the Board of Directors shall, at its option, either (i) engage an Independent Valuation Firm to conduct an independent valuation in accordance with the procedures set forth under “Independent Valuations” above; or (ii) provide a valuation, which is reviewed and confirmed by the Independent Valuation Firm (“Interim ValuationValuations”). With respect to an Interim Valuation, the The role of the Independent Valuation Firm shall include a review and confirmation of each of the following items relating to the Interim Valuation: • the reasonableness of the valuation process and methodology and conformity with real estate industry standards and practices relating to valuations; • the reasonableness of the assumptions and data used in connection with the valuation of each real estate investment, including but not limited to rental rates, tenant improvements and concessions, lease renewal and option exercise probabilities, revenue and expense growth rates, going-in and residual capitalization rates, discount rates, and other assumptions and data deemed material to the valuation; and • the reasonableness of the final real estate investment valuation assigned by the Company’s Board of Directors.