Common use of Investment Opportunities and Allocation Clause in Contracts

Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated to present any particular Investment opportunity to the Company even if the opportunity is of a character that, if presented to the Company, could be taken by the Company. In the event an Investment opportunity is identified, the allocation procedures set forth under the caption “Conflicts of Interest—Allocation of Investment Opportunities” in any Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the Company, any of its Affiliates and any investment vehicles sponsored or managed by the Sponsor or any of their Affiliates.

Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment investment opportunity to the Company even if the opportunity is of a character thatwhich, if presented to the Company, could be taken by the Company. In the event an Investment investment opportunity is identifiedlocated, the allocation procedures procedure set forth under the caption “Conflicts of Interest—Allocation Competitive Activities of Investment OpportunitiesXxxxx and its Affiliates” in any Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the Company, any Company and Affiliates of its Affiliates and any investment vehicles sponsored or managed by the Sponsor or any of their AffiliatesAdvisor.

Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment investment opportunity to the Company even if the opportunity is of a character thatwhich, if presented to the Company, could be taken by the Company. In the event an Investment investment opportunity is identifiedlocated, the allocation procedures procedure set forth under the caption “Conflicts of Interest—Allocation Competitive Activities of Investment OpportunitiesHxxxx and its Affiliates” in any Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the Company, any Company and Affiliates of its Affiliates and any investment vehicles sponsored or managed by the Sponsor or any of their AffiliatesAdvisor.

Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment investment opportunity to the Company even if the opportunity is of a character thatwhich, if presented to the Company, could be taken by the Company. In the event an Investment investment opportunity is identifiedlocated, the allocation procedures procedure set forth under the caption “Conflicts of Interest—Allocation Competitive Activities of Investment OpportunitiesHines and its Affiliates” in any Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the Company, any Company and Affiliates of its Affiliates and any investment vehicles sponsored or managed by the Sponsor or any of their AffiliatesAdvisor.

Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment investment opportunity to the Company even if the opportunity is of a character thatwhich, if presented to the Company, could be taken by the Company. In the event an Investment investment opportunity is identifiedlocated, the allocation procedures procedure set forth under the caption “Conflicts of Interest—Allocation -Competitive Activities of Investment OpportunitiesXxxxxxx and its Affiliates” in any Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the Company, any Company and Affiliates of its Affiliates and any investment vehicles sponsored or managed by the Sponsor or any of their AffiliatesAdvisor.

Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment investment opportunity to the Company even if the opportunity is of a character thatwhich, if presented to the Company, could be taken by the Company. In the event an Investment investment opportunity is identifiedlocated, the allocation procedures procedure set forth under the caption “Conflicts of Interest—Interest — Allocation of Investment Opportunities” in any Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the Company, any Company and Affiliates of its Affiliates and any investment vehicles sponsored or managed by the Sponsor or any of their AffiliatesAdvisor.

Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment investment opportunity to the Company even if the opportunity is of a character thatwhich, if presented to the Company, could be taken by the Company. In the event an Investment investment opportunity is identifiedlocated, the allocation procedures procedure set forth under the caption “Conflicts of Interest—Investment Opportunity Allocation of Investment OpportunitiesProcedure” in any the April 30, 2009 Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the CompanyCompany and Affiliates of the Advisor; provided, any of its Affiliates and any investment vehicles sponsored or managed however, such allocation procedure may be revised as mutually agreed by the Sponsor or any of their Affiliatesparties hereto from time to time.

Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment investment opportunity to the Company even if the opportunity is of a character thatwhich, if presented to the Company, could be taken by the Company. In the event an Investment investment opportunity is identifiedlocated, the allocation procedures procedure set forth under the caption “Conflicts of Interest—Allocation -Competitive Activities of Investment OpportunitiesHxxxxxx and its Affiliates” in any Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the Company, any Company and Affiliates of its Affiliates and any investment vehicles sponsored or managed by the Sponsor or any of their AffiliatesAdvisor.

Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment investment opportunity to the Company even if the opportunity is of a character thatwhich, if presented to the Company, could be taken by the Company. In the event an Investment investment opportunity is identified, the allocation procedures procedure set forth under the caption [“Conflicts of Interest—Allocation Competitive Activities of Investment Opportunities” NRI and its Affiliates”] in the Offering Memorandum or any Prospectus prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the Company, any Company and Affiliates of its Affiliates and any investment vehicles sponsored or managed by the Sponsor or any of their AffiliatesAdvisor.

Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment investment opportunity to the Company even if the opportunity is of a character thatwhich, if presented to the Company, could be taken by the Company. In the event an Investment investment opportunity is identifiedlocated, the allocation procedures procedure set forth under the caption “Conflicts of InterestInterest —Allocation of Investment Opportunities” in any Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the Company, any Company and Affiliates of its Affiliates and any investment vehicles sponsored or managed by the Sponsor or any of their AffiliatesAdvisor.

Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment investment opportunity to the Company even if the opportunity is of a character thatwhich, if presented to the Company, could be taken by the Company. In the event an Investment investment opportunity is identifiedlocated, the allocation procedures procedure set forth under the caption “Conflicts of Interest—Allocation Competitive Activities of Investment OpportunitiesHines and its Affiliates” in any Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the Company, any Company and Affiliates of its Affiliates and any investment vehicles sponsored or managed by the Sponsor or any of their Affiliates.Advisor. ARTICLE 13

Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment investment opportunity to the Company even if the opportunity is of a character thatwhich, if presented to the Company, could be taken by the Company. In the event an Investment investment opportunity is identifiedlocated, the allocation procedures procedure set forth under the caption “Conflicts of Interest—Allocation of Investment Opportunities” in any Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the Company, any Company and Affiliates of its Affiliates and any investment vehicles sponsored or managed by the Sponsor or any of their AffiliatesAdvisor.