LSI 2010 Real Estate Joint Ventures conference materials.pdf

David E. Myre, Jr. of Hillis Clark Martin & Peterson, P.S.
Jane Rakay Nelson of Lane Powell PC
shortfall, bearing a commercially reasonable rate of interest and having other loan terms
according to Investor’s customary operating agreement provisions.
* * *
13. Major Decisions. All of the following actions (the “Major Decisions”) shall
require the express prior written approval of Investor before the Manager is authorized to act on
behalf of the Company:
(1) Any modification to the contracts assigned to the Company on the Equity
Closing Date, with the Site Seller, the Architect and the General Contractor;
(2) The Design Development phase and Construction Documents phase plans
and specifications for the Project prepared by the Architect (or any replacement
architect);
(3) A Construction budget;
(4) Any modification of the Permits assigned to the Company, and any new
permits of a material nature;
(5) Form and content of any agreement with the General Contractor for
construction of the Project, and any amendments, extensions or assignments thereof;
(6) Any modification to the loan commitment from the Construction Lender,
the definitive Construction Loan documents, and all modification thereto;
(7) The incurring of other material indebtedness for or on behalf of the
Company;
(8) All Construction Loan draw requests and other material communications
to the Construction Lender during construction of the Project;
(9) Any agreement for the acquisition of real property (other than the Site) or
material tangible personal property to be acquired by the Company, and any amendments
or modifications thereto;
(10) Any service contract for the Site or the Project that is not cancelable by the
Company upon thirty (30) days’ notice;
(11) The sale, assignment, transfer, conveyance, ground lease, easement, lease
or other disposition of any portion of the Site or the Project;
(12) Any parking agreement or arrangement concerning the parking spaces
constructed as part of the Project;
Speaker 9a: 4
Speaker 10a: 4
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Law Seminars International | Real Estate Joint Ventures and Funds | 02/08/10 in Seattle, WA