Common use of Acquisition of Additional Properties Clause in Contracts

Acquisition of Additional Properties. For the two-year period from and after the date of this Agreement (the “Acquisition Period”), the Company shall seek to acquire additional properties from third parties which are not Affiliates (as defined in Section 16.13) of Inland or NYSTRS (individually, an “Additional Property”, and collectively, the “Additional Properties”) that meet the Investment Guidelines; provided, however, that the Acquisition Period may be extended for one additional one-year period by written agreement of the Members. At the end of the Acquisition Period, the Company shall cease to acquire Additional Properties; provided, however, that it shall complete any transactions to acquire Additional Properties for which it has become contractually bound during the Acquisition Period. Evaluation Materials. The Manager will use commercially reasonable efforts to identify Additional Properties that meet the Investment Guidelines. Should the Manager negotiate a reasonably detailed non-binding letter of intent on behalf of the Company to purchase an Additional Property that meets the Investment Guidelines, the Manager will submit to the Executive Committee, a package of information, including, but not limited to: a description of the Additional Property, a rent roll, financial projections, market data (including rental and sales comparables); photographs; site plans; known environmental and physical issues, competitive submarket survey, financing plan; due diligence budget, the amount of the Additional Capital Contributions (as defined herein) which will be required to be made by the Members in connection with the acquisition of the Additional Property, and such other information as the Manager determines to be necessary (or as either Member may reasonably request) in connection with the evaluation of the Additional Property (collectively, the “Evaluation Materials”) in order to permit the Executive Committee to evaluate the proposed acquisition. Any such letter of intent shall expressly state that the parties shall not be bound until a mutually satisfactory purchase contract has been entered into between the Company and the seller of the Additional Property.