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Due Diligence Documentation "Exhibit O-3"
Property Management Contract
The following notes
are provided pertaining to this exhibit:
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What: the
management of the marketing, advertising, sales and operations of the
proposed Project must be undertaken by an experienced firm that specializes
in the management of essentially similar projects to those the proposer
has serviced in the past. The entire scope of work and payment for
services must be undertaken pursuant to a written contract between the
parties.
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When: this
contract is typically let once the Market Feasibility Study (see Exhibit
F-3), Pro Forma Financial Analysis Presentation (see Exhibit
F-5), the proposed Project Site is under contract (see Exhibit
P-11), the initial architectural designs are complete (see Exhibit
A-5), the draft Site Plan (see Exhibit
E-5) is complete, the environmental report has been submitted (clean -
no hazards found - see Exhibit E-13),
the survey (metes and bounds) has been submitted (see Exhibit
E-4) and the Owner's Program (see Exhibit
D-4) has been updated to reflect all of these findings.
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Why: the
operations of commercial income-producing properties and/or businesses that
require specific commercial real estate assets in order to function (such as
a medical office building). Accordingly, the needs and requirements
for performance must be codified in a written agreement that specifies the
requirements and rights of the parties.
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Where: this
document is kept in electronic file format by the Developer.
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How: this
information is considered along with the firm profile and the staff resumes.
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What's important: an
agreement that covers all matters and contains sufficient detail and/or
specificity for the project being undertaken.
For more information, please contact us at 832.659.5009 or via email at info@realestateplays.com.
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