Common use of Right to Reject Orders or Cancel Sales Clause in Contracts

Right to Reject Orders or Cancel Sales. All orders, whether initial or additional, are subject to acceptance by and will only become effective upon confirmation by the Company, which reserves the right to reject any order. Orders may be rejected by the Company or the Dealer Manager if they are not accompanied by a Subscription Agreement and the required payment for the Shares. The Shares will be issued in book entry form on the records of the Company only after actual receipt of payment therefor. If any check is not paid upon presentment, or if the Company is not in actual receipt of clearinghouse funds or cash, certified or cashier’s check, wire transfer or the equivalent in payment for the Shares within 15 days of sale, the Company reserves the right to cancel the sale without notice.