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

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Due Diligence Documentation "Exhibit E-12"

Environmental Engineering Contract

The following notes are provided pertaining to this exhibit:

  1. What: all engineering services and site planning services must be provided pursuant to a fee-for-services agreement that specifies the required services to be delivered and the schedule of payments to be made in exchange for the services provided.

  2. When: during the pre-construction phase once the market feasibility study (see Exhibit F-3), the pro forma financial presentation (see Exhibit F-5) have been completed and accepted, and the Project Site has been identified and placed under contract.

  3. Why: the provision of these services and/or the reported results may have a material impact on the proposed Project's total development cost budget.  Accordingly, these services must be provided pursuant to a contractual agreement to protect the rights of the Owner and the syndicate purchasers/investors.

  4. Where: various off site locations and reviewed for acceptance by the Developer.

  5. How: review of proposed contract, errors and omissions insurance (naming the Owner as "also-insured") and payment requirements.

  6. What's important: a full-scope agreement that includes insurance that is appropriate for the scope of work to be provided.

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