The company shall not invest in any asset unless such asset:
- Is a commercial, multiresidential, and/or a single family asset;
- Is located within California, Florida, Georgia, North Carolina, South Carolina, and Texas. Notwithstanding the foregoing, the company will be permitted to invest up to 25% of the maximum company capital outside of California, Florida, Georgia, North Carolina, South Carolina, and Texas.
- Is located within a municipal statistical area with a population base greater than 200,000 people;
- Is available on a freehold basis, not on a leasehold basis.