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

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Due Diligence Documentation "Exhibit P-3"

Mortgage & Liens Report

The following notes are provided pertaining to this exhibit:

  1. What: the syndication is undertaken subject to the Sponsor providing marketable title.  As part of this analysis a report must be generated by the title company for all outstanding liens.

  2. When: title passes upon the closing of a successful syndication and the liens must all be extinguished by the application of closing proceeds (the new construction mortgage financing and syndicate financing).

  3. Why: the Syndicate will not be responsible for any previous debts of parties in the chain-of-title.

  4. Where: the Developer/Sponsor's title company will provide an electronic record.

  5. How: a draft copy of the lien report is provided to the Syndicate's counsel during the pre-construction phase prior to commencement of the actual syndication.

  6. What's important: the syndication could be placed at-risk if all liens are not satisfied.

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