Common use of CERTAIN GUIDELINES Clause in Contracts

CERTAIN GUIDELINES. The Advisor shall endeavor to ensure, with respect to the Company's investments, that: (a) an appropriate policy of title insurance is obtained with respect to any property, whether acquired directly by the Company or encumbered by a lien in favor of the Company, which secures a loan made by the Company or any property otherwise acquired by the Company, or that an opinion of counsel as to such title is obtained; (b) any mortgage securing any investment of the Company shall be a valid lien upon the mortgaged property and upon foreclosure thereof would be subordinate only to such liens as are expressly set forth therein; (c) any property acquired by the Company or securing a mortgage loan investment of the Company is duly insured against loss or damage by fire, with extended coverage, and against such other insurable hazards and risks as are customary and appropriate in the circumstances; (d) a majority of the Board of Directors (including a majority of the independent directors, as such term is used in the Registration Statement) approves, in advance, any investment (other than with respect to the initial properties (as such term is used in the Registration Statement) or the Interests) by the Company or the operating partnership (as such term is used in the Registration Statement), on the one hand, with the Advisor or any of its affiliates, on the other hand; (e) the Company does not make any loans to the Advisor or any of its affiliates; (f) the Company's ratio of debt to total assets, at the time of the incurrence of any indebtedness, does not exceed 75%; and