Trustees definition
Examples of Trustees in a sentence
Except as set forth herein, the Advisor shall not assign, sell or otherwise dispose of all or any part of its right, title and interest in and to this Agreement to any Persons other than an Affiliate without the approval of a majority of the Trustees (including a majority of the Independent Trustees).
Each the Trust and the Operating Partnership hereby retains the Administrator to act as administrator of the Trust and the Operating Partnership, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Trustees of the Trust (the “Board”), for the period and on the terms and conditions set forth in this Agreement.
For so long as this Agreement is in effect, (i) the Advisor shall have the right to designate two Trustees to the Board and (ii) the Board shall consult with the Advisor in connection with filling of any vacancies created by the removal, resignation, retirement or death of any Trustee (other than in connection with a removal by Shareholders in accordance with the Declaration of Trust).
The Trustee's compensation rate pursuant to Section 6.04 of the Standard Terms and Conditions of Trust shall be an annual fee in the amount of $.0096 per Unit.
Should the Board request that the Advisor or any director, officer or employee thereof render services for the Trust and the Operating Partnership other than set forth in Section 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Trustees, subject to the limitations contained in the Declaration of Trust, and shall not be deemed to be services pursuant to the terms of this Agreement.