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Due Diligence Documentation "Exhibit E-3"
Site, Survey & Civil Engineering
Contract
The following notes
are provided pertaining to this exhibit:
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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.
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When: during
the pre-construction phase once the market feasibility study (see Exhibit
F-3) and pro forma financial presentation (see Exhibit
F-5) have been
completed and accepted.
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Why: the
provision of these services 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.
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Where: various
off site locations. These documents are also used for zoning
changes/variance requests and are supervised by the Design/Builder.
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How: review
of proposed contract, errors and omissions insurance (naming the Owner as
"also-insured") and payment requirements.
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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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For projects that
do not envision any new construction activities, this exhibit is not
required.
For more information, please contact us at 832.659.5009 or via email at info@realestateplays.com.
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