LSI 2010 Real Estate Joint Ventures conference materials.pdf
LSI 2010 Real Estate Joint Ventures conference materials.pdf
LSI 2010 Real Estate Joint Ventures conference materials.pdf
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David E. Myre, Jr. of Hillis Clark Martin & Peterson, P.S.<br />
Jane Rakay Nelson of Lane Powell PC<br />
And all actions taken by the Company under the Property Management<br />
Agreement – including any lawsuit to enforce the contract – will be taken<br />
solely by Investor on behalf of Company. Developer as “Manager” will have<br />
no authority or role whatsoever.<br />
Developer: Any other interested transaction contract should be authorized,<br />
without specific Investor approval, if on market terms and conditions.<br />
Investor: Negotiable point, depending.<br />
Developer: With respect to any remaining items on the Major Decisions list, there<br />
should be a penalty if Investor fails to respond quickly to a request from<br />
Developer for an approval.<br />
Investor: No, but will discuss approval procedures and customary decisionmaking<br />
timeline. May agree to certain exceptions.<br />
Developer: Also need mechanism for breaking deadlock if Developer approves<br />
but Investor disapproves a proposed budget, contract amendment or other<br />
action.<br />
Investor: Depends on subject matter of impasse. In some areas, negotiable.<br />
Speaker 9c: 2<br />
Speaker 10c: 2<br />
DWT 12267619v1 0000099-071219<br />
2<br />
Law Seminars International | <strong>Real</strong> <strong>Estate</strong> <strong>Joint</strong> <strong>Ventures</strong> and Funds | 02/08/10 in Seattle, WA
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