Common use of Modification or Revocation Clause in Contracts

Modification or Revocation. The Directors may, at any time upon the giving of notice to the Adviser, modify or revoke the authority set out in this Article 4. If and to the extent the Directors do so modify or revoke, the Advisor shall from that time forward submit to the Directors for prior approval such proposed transactions involving investments in Property as thereafter require prior approval, provided however, that such modification or revocation shall be effective upon receipt by the Adviser and shall not be applicable to investment transactions to which the Adviser has committed the Company prior to the date of receipt by the Adviser of such notification.

Modification or Revocation. The Directors may, at any time upon the giving of notice to the AdviserAdvisor, modify or revoke the authority set out in this Article 4. If and to the extent the Directors do so modify or revoke, the Advisor shall from that time forward submit to the Directors for prior approval such proposed transactions involving investments in Property as thereafter require prior approval, provided however, that such modification or revocation shall be effective upon receipt by the Adviser Advisor and shall not be applicable to investment transactions to which the Adviser Advisor has committed the Company prior to the date of receipt by the Adviser Advisor of such notification.