Common use of Limitations on Activities Clause in Contracts

Limitations on Activities. The Monticello Advisor shall refrain from knowingly taking any action that, in its sole judgment made in good faith, (i) is not in compliance with the Investment Guidelines, (ii) after taking into account the information provided by the BlackRock Advisor with respect to the Liquid Investments Portfolio, would cause the Trust to fail to qualify as a REIT under the Code or require the Trust to register as an investment company under the Investment Company Act, or (iii) would materially violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Trust or of any exchange on which the securities of the Trust may be listed or that would otherwise not be permitted by the Declaration of Trust or Bylaws. If the Monticello Advisor is ordered to take any action by the Board, the Monticello Advisor shall notify the Board if it is the Monticello Advisor’s reasonable judgment that such action would adversely and materially affect such status or violate any such law, rule or regulation or the Declaration of Trust or Bylaws. Notwithstanding the foregoing, neither the Monticello Advisor nor any of its Affiliates shall be liable to the Trust, the Board, or the Shareholders for any act or omission by the Monticello Advisor or any of its Affiliates, except as provided in Section 19 of this Agreement.

Limitations on Activities. The Monticello BlackRock Advisor shall refrain from knowingly taking any action that, in its sole judgment made in good faith, (i) is not in compliance with the Investment Guidelines, (ii) after taking into account the information provided by the BlackRock Monticello Advisor with respect to the Liquid Investments PortfolioLoan Portfolio and the subsidiaries of the Trust, would cause the Trust to fail to qualify as a REIT under the Code or require the Trust to register as an investment company under the Investment Company Act, or (iii) would materially violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Trust or of any exchange on which the securities of the Trust may be listed or that would otherwise not be permitted by the Declaration of Trust or Bylaws. If the Monticello BlackRock Advisor is ordered to take any action by the Board, the Monticello BlackRock Advisor shall notify the Board if it is the Monticello BlackRock Advisor’s reasonable judgment that such action would adversely and materially affect such status or violate any such law, rule or regulation or the Declaration of Trust or Bylaws. Notwithstanding the foregoing, neither the Monticello BlackRock Advisor nor any of its Affiliates shall be liable to the Trust, the Board, or the Shareholders for any act or omission by the Monticello BlackRock Advisor or any of its Affiliates, except as provided in Section 19 of this Agreement.