Fractional Dutch Auctions of Commercial Income-Producing Real Estate Properties - TIC Plan Ownership Syndications

Due Diligence Documentation "Exhibit D-1"

Development Management Agreement

The following notes are provided pertaining to this exhibit:

What: the development management agreement is the controlling document by which the project developer (who may or may not be the same entity as the sponsor) provides development management services.
When: the development management agreement is typically the first legal contract executed by the Owner in the pre-construction phase because the Development Manager's services are typically required from concept to project completion.
Why: development management services (like all other vendors) requires a contract so as to be able to enforce the Owner's rights pursuant to the development agreement.
Where: both on site and off site offices are usually required. The Developer is usually tasked with organizing and administering the pre-construction phase and construction phase marketing programs of the project, so the Developer's participation is important.
How: electronic file attachment.
What's important: all terms and conditions need to be understood as to what the expectations are of the Developer and what matters the Developer will be legally responsible and liable to complete.
This exhibit is not required for syndications of existing properties that do not contemplate any new construction.

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