All rights reserved © 2008 InnVest REIT

WEB SITE AGREEMENT

This Web Site (the "Site") is an online information service provided by InnVest Real Estate Investment Trust ("InnVest REIT"), subject to your compliance with the terms and conditions set forth below. PLEASE READ THIS DOCUMENT CAREFULLY BEFORE ACCESSING OR USING THE SITE. BY ACCESSING OR USING THE SITE, YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS SET FORTH BELOW. IF YOU DO NOT WISH TO BE BOUND BY THESE TERMS AND CONDITIONS, YOU MAY NOT ACCESS OR USE THE SITE. INNVEST REIT MAY MODIFY THIS AGREEMENT AT ANY TIME, AND SUCH MODIFICATIONS SHALL BE EFFECTIVE IMMEDIATELY UPON POSTING OF THE MODIFIED AGREEMENT ON THE SITE. YOU AGREE TO REVIEW THE AGREEMENT PERIODICALLY TO BE AWARE OF SUCH MODIFICATIONS AND YOUR CONTINUED ACCESS OR USE OF THE SITE SHALL BE DEEMED YOUR CONCLUSIVE ACCEPTANCE OF THE MODIFIED AGREEMENT.
  1. Copyright, Licenses and Idea Submissions.

    The entire contents of the Site are protected by international copyright and trademark laws. The owner of the copyrights and trademarks is InnVest REIT, its affiliates or other third party licensors. YOU MAY NOT MODIFY, COPY, REPRODUCE, REPUBLISH, UPLOAD, POST, TRANSMIT, OR DISTRIBUTE, IN ANY MANNER, THE MATERIAL ON THE SITE, INCLUDING TEXT, GRAPHICS, CODE AND/OR SOFTWARE. You may print and download portions of material from the different areas of the Site solely for your own non-commercial use provided that you agree not to change or delete any copyright or proprietary notices from the materials. You agree to grant to InnVest REIT a non-exclusive, royalty-free, worldwide, perpetual license, with the right to sub-license, reproduce, distribute, transmit, create derivative works of, publicly display and publicly perform any materials and other information (including, without limitation, ideas contained therein for new or improved products and services) you submit to any public areas of the Site (such as bulletin boards, forums and newsgroups) or by e-mail to InnVest REIT by all means and in any media now known or hereafter developed. You also grant to InnVest REIT the right to use your name in connection with the submitted materials and other information as well as in connection with all advertising, marketing and promotional material related thereto. You agree that you shall have no recourse against InnVest REIT for any alleged or actual infringement or misappropriation of any proprietary right in your communications to InnVest REIT.


  2. Trademarks.

    Publications, products, content, names, brands, logos, icons, graphics, designs or services referenced herein or on the Site are the exclusive trademarks, tradenames or servicemarks of InnVest REIT, Choice Hotels Canada Inc. or their affiliates, or InnVest REIT, Choice Hotels Canada Inc, or their affiliates may have been licensed to use them. The display of trade marks, trade names or service marks on pages at this Site does not constitute a licence of any kind to any party. Other product and company names mentioned in the Site may be the trademarks of their respective owners. Any unauthorized downloading, transmission, republication or other copying or modification of material posted on this Site, including trademarks, trade names and service marks, may violate federal, common or civil law trade mark law and copyright law, and may result in legal action.


  3. Use of the Site.

    InnVest REIT intends for the Content on the Site to be accurate and reliable, however, since the content has been compiled by InnVest REIT from a variety of sources, it is provided to you "as is" and "as available". InnVest REIT ASSUMES NO RESPONSIBILITY TO YOU OR ANY THIRD PARTY FOR ANY ERRORS OR OMISSIONS OF ANY KIND IN THE CONTENT, AND DISCLAIMS ALL WARRANTIES AND/OR CONDITIONS, EXPRESS OR IMPLIED, AS TO THE CONTENT AND TO ANY MATTER RELATING TO THE SITE, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES AND/OR CONDITIONS OF NON INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. InnVest REIT RESERVES THE RIGHT TO CHANGE OR REMOVE ANY CONTENT FROM THE SITE, IN WHOLE OR IN PART, AT ITS SOLE DISCRETION, AT ANY TIME, WITHOUT NOTICE.

    Links available on the Site will allow you to link to Websites not maintained or controlled by InnVest REIT. InnVest REIT provides these links for your convenience, and is not responsible for the contents of any linked site. InnVest REIT uses reasonable efforts to ensure the accuracy of its content on the Site, but cannot and does not warrant the accuracy, completeness, non-infringement, merchantability or fitness for a particular purpose of any information available through these links, and makes no representation or endorsement whatsoever about any other Website which you may access through the Site. It is your responsibility to ensure that any Website you choose to use is free of potentially destructive items such as viruses, worms, Trojan horses or other code that manifest contaminating or destructive properties.


  4. Limitation Of Liability.

    IN NO EVENT WILL INNVEST REIT BE LIABLE FOR ANY DIRECT OR INDIRECT DAMAGES ARISING IN CONNECTION WITH THIS SITE (NOR WITH NAY HYPERLINKED WEBSITE), INCLUDING, WITHOUT LIMITATION, FOR ANY DIRECT OR INDIRECT DAMAGES ARISING IN CONNECTION WITH THIS SITE (NOR WITH ANY HYPERLINKED SITE), INCLUDING, WITHOUT LIMITATION (I) ANY INCIDENTAL, CONSEQUENTIAL, OR INDIRECT DAMAGES (INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, LOSS OF PROGRAMS OR INFORMATION, AND THE LIKE) ARISING OUT OF THE USE OF OR INABILITY TO USE THE SITE, OR ANY INFORMATION PROVIDED ON THE SITE, OR DOWNLOADED FROM THE SITE, OR ANY DELAY OF SUCH INFORMATION OR SERVICE. EVEN IF InnVest REIT OR ITS AUTHORIZED REPRESENTATIVES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, OR (II) ANY CLAIM ATTRIBUTABLE TO ERRORS, OMISSIONS, OR OTHER INACCURACIES IN THE SITE AND/OR MATERIALS OR INFORMATION DOWNLOADED THROUGH THE SITE. IN THE EVENT THAT A COURT OF COMPETENT JURISDICTION FINDS THAT THE ABOVE LIMITATION DOES NOT APPLY TO YOU, INNVEST REIT's LIABILITY WILL BE LIMITED TO THE GREATEST EXTENT PERMITTED BY LAW.


  5. Investment Decisions.

    MATERIAL CONTAINED IN THIS SITE (INCLUDING, WITHOUT LIMITATION, THE INVESTORS OVERVIEW SECTION OF THIS SITE) IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED TO CONSTITUTE AN OFFERING OF SECURITIES IN ANY JURISDICTION.

    This Site is intended to provide information to investors, prospective investors and analysts but does not in any way qualify, amend, modify or supplement information disclosed in accordance with applicable corporate and securities laws. You should not rely on the information contained in this Site to make investment decisions with respect to any units or other securities of InnVest REIT. If you are contemplating making an investment in InnVest REIT's securities, you should contact Investor Relations to obtain printed copies of the documents you wish to review.


  6. Indemnification.

    You agree to indemnify, defend and hold harmless InnVest REIT, its officers, directors, employees, agents, licensors, suppliers and any third party information providers to the Site from and against all losses, expenses, damages and costs, including reasonable attorneys' fees, resulting from any violation of this Agreement (including negligent or wrongful conduct) by you or any other person accessing the Site.


  7. Third Party Rights.

    The provisions of paragraphs 1 (Copyright, Licenses and Idea Submissions), 2 (Trademarks), 3 (Use of the Site), 4 (Limitation of Liability), 5 (Investment Decisions) and 6 (Indemnification) are for the benefit of InnVest REIT and its trustees, officers, directors, employees, agents, licensors, suppliers, and any third party information providers to the Site. Each of these individuals or entities shall have the right to assert and enforce those provisions directly against you on its own behalf.


  8. Termination.

    This Agreement may be terminated by either party without notice at any time for any reason. The provisions of paragraphs 1 (Copyright, Licenses and Idea Submissions), 2 (Trademarks), 3 (Use of the Site), 4 (Limitation of Liability), 5 (Investment Decisions), 6 (Indemnification), 7 (Third Party Rights) and 9 (Miscellaneous) shall survive any termination of this Agreement.


  9. Miscellaneous.

    This Agreement shall all be governed and construed in accordance with the laws of the province of Ontario or the federal laws of Canada applicable to agreements made and to be performed in Canada. You agree that any legal action or proceeding between InnVest REIT and you for any purpose concerning this Agreement or the parties' obligations hereunder shall be brought exclusively in a federal or provincial court of competent jurisdiction sitting in Ontario, Canada. Any cause of action or claim you may have with respect to the Site must be commenced within one (1) year after the claim or cause of action arises or such claim or cause of action is barred. InnVest REIT's failure to insist upon or enforce strict performance of any provision of this Agreement shall not be construed as a waiver of any provision or right. Neither the course of conduct between the parties nor trade practice shall act to modify any provision of this Agreement. InnVest REIT may assign its rights and duties under this Agreement to any party at any time without notice to you.



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