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Title: |
Bylaws |
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Entities: |
Apple Hospitality Two Inc.; Federal National Mortgage Association |
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Date: |
2002 |
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Size: |
Preview shows 25KB of 141KB total |
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Price: |
$47 |
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ID: |
#396460 |
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Start of Preview |
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May 1, 2002
BYLAWS
OF
APPLE HOSPITALITY TWO, INC.
{PAGE}
TABLE OF CONTENTS
{TABLE}
{S} {C}
ARTICLE I THE COMPANY; DEFINITIONS..................................................................5
1.1 Name.......................................................................................5
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1.2 Nature of Company..........................................................................5
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1.3 Definitions................................................................................5
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ARTICLE II MINIMUM CAPITAL..........................................................................9
2.1 Minimum Capital............................................................................9
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2.2 [Reserved].................................................................................9
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ARTICLE III........................................................................................10
3.1 Principal Office..........................................................................10
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3.2 Other Offices.............................................................................10
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3.3 Taxable Year..............................................................................10
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ARTICLE IV.........................................................................................10
4.1 Place of Meetings.........................................................................10
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4.2 Annual Meetings...........................................................................10
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4.3 Special Meetings..........................................................................11
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4.4 Notice; Affidavit of Notice...............................................................11
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4.5 Record Date for Shareholder Notice, Voting and Giving Consents............................12
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4.6 Adjourned Meetings; Notice................................................................12
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4.7 Voting at Meetings of Shareholders........................................................13
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4.8 Quorum....................................................................................13
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4.9 Waiver of Notice or Consent of Absent Shareholders........................................13
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4.10 Action Without Meeting....................................................................13
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4.11 Proxies...................................................................................14
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4.12 Inspectors of Election....................................................................14
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ARTICLE V..........................................................................................15
5.1 Powers....................................................................................15
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5.2 Number, Tenure and Qualifications.........................................................15
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5.3 Nomination of Directors...................................................................16
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5.4 Vacancies.................................................................................17
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5.5 Place of Meeting..........................................................................17
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5.6 Organization Meeting......................................................................17
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5.7 Special Meetings..........................................................................18
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5.8 Adjournment...............................................................................18
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5.9 Notice of Adjournment.....................................................................18
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5.10 Entry of Notice...........................................................................18
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5.11 Waiver of Notice..........................................................................18
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5.12 Quorum....................................................................................18
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5.13 Fees and Compensation.....................................................................19
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5.14 Action Without Meeting....................................................................19
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5.15 Independent Directors.....................................................................19
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5.16 Removal of Director for Cause.............................................................21
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5.17 Removal of Director Without Cause.........................................................21
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5.18 Committees................................................................................21
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5.19 Fiduciary Relationship....................................................................22
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5.20 Preferred Shares and Other Securities.....................................................22
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ARTICLE VI.........................................................................................22
{/TABLE}
{PAGE}
{TABLE}
{S} {C}
6.1 Officers..................................................................................22
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6.2 Election..................................................................................22
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6.3 Subordinate Officers......................................................................22
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6.4 Removal and Resignation...................................................................22
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6.5 Vacancies.................................................................................23
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6.6 Chairman of the Board.....................................................................23
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6.7 President.................................................................................23
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6.8 Vice Presidents...........................................................................23
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6.9 Secretary.................................................................................23
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6.10 Assistant Secretaries.....................................................................24
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6.11 Chief Financial Officer...................................................................24
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6.12 Assistant Chief Financial Officers........................................................24
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ARTICLE VII........................................................................................24
7.1 Registered Ownership, Share Certificates and Shares in "Unissued Certificate" Form........24
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7.2 Transfer of Shares and Units..............................................................25
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7.3 Disclosures by Holders of Shares and Units; Redemption of Shares and Units................25
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7.4 Right to Refuse to Transfer the Shares....................................................26
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7.5 Limitation On Acquisition of Shares.......................................................26
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7.6 Lost or Destroyed Certificates............................................................28
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7.7 Dividend Record Date and Closing Stock Books..............................................28
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7.8 Dividend Reinvestment Plan................................................................28
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ARTICLE VIII.......................................................................................29
8.1 Employment of Advisor.....................................................................29
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8.2 Term......................................................................................29
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8.3 Other Activities of Advisor...............................................................30
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8.4 Limitation on Offering and Organization Expenses and Acquisition Fees and Expenses........30
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8.5 Limitation on Operating Expenses..........................................................31
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8.6 Limitation on Real Estate Brokerage Commissions on Purchase and Resale of Property........31
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8.7 Limitation on Incentive Fees..............................................................31
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8.8 Limitations on Leverage...................................................................32
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ARTICLE IX.........................................................................................32
9.1 Restrictions..............................................................................32
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ARTICLE X..........................................................................................33
10.1 Transactions with Affiliates..............................................................33
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10.2 Restriction of Duties and Liabilities.....................................................35
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10.3 Persons Dealing with Directors or Officers................................................35
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10.4 Reliance..................................................................................35
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10.5 Income Tax Status.........................................................................36
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ARTICLE XI.........................................................................................36
11.1 Competing Programs........................................................................36
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11.2 Corporate Seal............................................................................36
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11.3 Inspection of Bylaws......................................................................36
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11.4 Inspection of Corporate Records...........................................................37
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11.5 Checks, Drafts, Etc.......................................................................37
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11.6 Contracts, Etc., How Executed.............................................................37
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11.7 Representation of Shares of Other Corporations............................................37
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11.8 Annual Report.............................................................................37
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11.9 Quarterly Reports.........................................................................38
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11.10 Other Reports.............................................................................38
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{/TABLE}
{PAGE}
{TABLE}
{S} {C}
11.11 Certain Amendments to these Bylaws........................................................38
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11.12 Voluntary Dissolution.....................................................................39
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11.13 Distributions.............................................................................39
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11.14 Shareholder Liability.....................................................................39
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11.15 Return of Offering Proceeds...............................................................39
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ARTICLE XII........................................................................................39
12.1 Amendments................................................................................39
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12.2 [Reserved]................................................................................39
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ARTICLE XIII.......................................................................................39
13.1 Subsidiaries..............................................................................39
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13.2 Interpretation and Application of Bylaws..................................................40
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13.3 Certain Shareholder Consents..............................................................40
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{/TABLE}
{PAGE}
ARTICLE I
THE COMPANY; DEFINITIONS
1.1 Name. The name of the corporation is Apple Hospitality Two, Inc. and is
----
referred to in these Bylaws as the "Company." As far as practicable and except
as otherwise provided in the Organizational Documents, the Directors shall
direct the management of the business and the conduct of the affairs of the
Company, execute all documents and sue or be sued in the name of the Company. If
the Directors determine that the use of that name is not practicable, legal or
convenient, they may use such other designation or may adopt another name under
which the Company may hold property or conduct all or part of its activities.
1.2 Nature of Company. The Company is a corporation organized under the
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laws of the Commonwealth of Virginia. It is intended that the Company shall
carry on business as a "real estate investment trust" ("REIT").
1.3 Definitions. Whenever used in these Bylaws, the terms defined in this
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Section 1.3 shall, unless the context otherwise requires, have the respective
meanings specified in this Section 1.3. In these Bylaws, words in the singular
number include the plural and in the plural number include the singular.
(a) Acquisition Expenses. The total expenses, including but not
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limited to legal fees and expenses, travel and communications expenses,
costs of appraisals, non-refundable option payments on property not
acquired, accounting fees and expenses, title insurance, and miscellaneous
expenses related to selection and acquisition of properties, whether or not
acquired. Acquisition Expenses shall not include Acquisition Fees.
(b) Acquisition Fees. The total of all fees and commissions paid by
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any party in connection with the purchase or development of real property
by the Company, except a development fee paid to a person not Affiliated
with the Sponsor in connection with the actual development of a project
after acquisition of the land by the Company. Included in the computation
of such fees or commissions shall be any real estate commission, selection
fee, development fee, nonrecurring management fee, or any fee of a similar
nature, however designated.
(c) Adjusted Net Asset Value. The net assets of the Company (total
------------------------
assets before deducting depreciation or non-cash reserves less total
liabilities) valued at fair market value as determined by qualified
appraisals or valuations of the assets.
(d) Advisor. The Person responsible for directing or performing the
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day-to-day business affairs of the Company, including a Person to which the
Advisor subcontracts substantially all such functions.
(e) Affiliate. Means (i) any Person directly or indirectly
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controlling, controlled by or under common control with another Person,
(ii) any Person owning or
{PAGE}
controlling 10% or more of the outstanding voting securities or beneficial
interests of such other Person, (iii) any officer, director, trustee or
general partner of such Person, and (iv) if such other Person is an
officer, director, trustee or partner of another entity, then the entity
for which that Person acts in any such capacity. Affiliated means being an
Affiliate of a specified Person.
(f) Annual Report. As set forth in Section 11.8.
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(g) Appraisal. The values as of the date of the appraisal or valuation
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of property in its existing state or in a state to be created, as
determined by the Directors, the Advisor or by another person, who is a
member in good standing of the American Institute of Real Estate Appraisers
or who in the sole judgment of the Directors is properly qualified to make
such a determination. The Directors may in good faith rely on a previous
Appraisal made on behalf of another Person, provided (i) it meets the
standards of this definition and was made in connection with an investment
in which the Company acquires the entire or a participating interest, and
(ii) it was prepared not earlier than two years prior to the acquisition by
the Company of its interest in the property. In appraising properties,
appraisers may take into consideration each of the specific terms and
conditions of a purchase, including any leaseback or other guarantee
arrangement. The Appraisal may not necessarily represent the cash value of
the property but may consider the value of the income stream from such
property plus the discounted value of the fee interest and other terms of
the purchase. An Appraisal shall be obtained from an independent qualified
appraiser if a majority of the Independent Directors so decides or if the
transaction is with the Advisor, Directors or any of their Affiliates. Each
Appraisal shall be maintained in the Company's records for a minimum of
five years and shall be available for inspection and duplication by any
Shareholder.
(h) Articles of Incorporation. The Articles of Incorporation of the
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Company, including all amendments, restatements or modifications thereof.
(i) Average Invested Assets. The average of the aggregate book value
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of the assets of the Company invested, directly or indirectly, in equity
interests in and loans secured by real estate, before reserves for
depreciation or bad debts or other similar non-cash reserves, computed by
taking the average of such values at the end of each month during any
period.
(j) Bylaws. These Bylaws, including all amendments, restatements or
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modifications hereof.
(k) Competitive Real Estate Commission. The real estate or brokerage
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commission paid for the purchase or sale of a property that is reasonable,
customary and competitive in light of the size, type and location of such
property.
(l) Contract Price. The amount actually paid or allocated to the
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purchase, development, construction or improvement of real property
exclusive of Acquisition Fees and Acquisition Expenses.
6
{PAGE}
(m) Directors. As of any particular time, the directors of the Company
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holding office at such time.
(n) Dividend Reinvestment Plan. The program adopted by the Board of
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Directors pursuant to Section 5.1 hereof and available to Shareholders to
reinvest dividends in Shares available under the Liquidity Matching
Program.
(o) Independent Director. A Director of the Company who is not
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Affiliated, directly or indirectly, with the Advisor, whether by ownership
of, ownership interest in, employment by, any material business or
professional relationship with, or serving as an officer or director of,
the Advisor, or an Affiliated business entity of the Advisor (other than as
an Independent Director of up to three other real estate investment trusts
advised by the Advisor or an Affiliate of the Advisor). An Independent
Director may perform no other services for the Company, except as a
Director. Notwithstanding anything to the contrary herein, any member of a
law firm whose only material business or professional relationship with the
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