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

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Due Diligence Documentation "Exhibit L-5"

Project Legal Consultant Opinion Letters

The following notes are provided pertaining to this exhibit:

  1. What: opinion letters of counsel.

  2. When: just prior to closing of the syndication.

  3. Why: in order to ensure that all legal agreements are binding, the Sponsor's counsel provides legal assurances.

  4. Where: Developer's offices/web server.

  5. How: provided on legal firm letterhead as an electronic file.

  6. What's important: these are legal matters that should be referred to each purchaser's legal counsel to discern whether or not the opinion letters are consistent with the requirements of the syndication, project and development program.

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