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

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Due Diligence Documentation "Exhibit P-6"

Evidence of Zoning/Entitled Use of Proposed Project Site

The following notes are provided pertaining to this exhibit:

  1. What: the Developer/Sponsor must provide evidence that the zoning laws and parcel zoning allow for the construction of the proposed Project as it is intended to be used.

  2. When: prior to the start of construction.

  3. Why: zoning fights can be protracted, expensive and the outcome is anything but certain.  Accordingly, the Syndicator's policy is that no syndication proceeds shall be made available for the purposes of obtaining a zoning variance or re-zoning of the proposed Project Site.  The costs and risks associated with zoning variances and/or parcel/plat rezoning shall be the exclusive responsibility of the Developer/Sponsor to obtain prior to any syndication being undertaken.

  4. Where: Developer/Sponsor provides this document in electronic file format.

  5. How: the Developer/Sponsor's legal counsel will provide a citation of the corresponding code and will translate said code citation into an opinion letter stating the required zoning is in place and the proposed Project can proceed with construction permitting.

  6. What's important: the proposed Project Site must be fully entitled for the Developer's intended use prior to the syndication process moving forward.  This measure is intended to eliminate the vagaries associated with political policies and practices from impacting the proposed Project and placing the Syndicate's economic interests at risk.

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