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

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Due Diligence Documentation "Exhibit D-4"

Developer’s Project Operations Plan - Owner's Program

The following notes are provided pertaining to this exhibit:

  1. What: the Developer is the party responsible for creating the Owner's Program - the key document that sets forth all the goals, expectations and requirements the Owner has for the project.

  2. When: this document is created at the beginning of the pre-construction phase and updated from time to time as new information is received and analyzed.

  3. Why: without the Owner's Program, there is no substantive criteria by which the progress of the Owner's Program and the Developer can be effectively measured.

  4. Where: at the pre-construction phase once the market feasibility study is complete and accepted (see Exhibit F-3).

  5. How: electronic file format.

  6. What's important: the Owner's program has to provide policy guidance for all aspects of the proposed Project and is the basis for the proposed business deal between the syndicate members and the Owner.

  7. This exhibit is not required for syndications of existing properties that do not contemplate any new construction.

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