REAL ESTATE AUDIT

Our Real Estate Practice Group believes that businesses should periodically review their real estate portfolio, policies, procedures and practices. It has been our experience that even the most seasoned real estate company or professional may not be aware of all of the benefits available in the current real estate market. An annual preventive legal audit helps you to reduce legal costs, take advantage of present and future trends, educate your employees and improve your public relations. Our Real Estate Audit Program is focused on assisting our clients and prospective clients in determining whether their present real estate policies, procedures and practices are effective and up to date. There are five steps in our audit process. First, we review your existing real estate documents to analyze your legal vulnerability. Second, if we find issues of concern in the documents, we will draft a remedial plan for you explaining your potential legal exposure. Third, we will recommend compliance guidelines to insure that you are not exposed to that issue in the future. Fourth, if requested, we will provide legal forms and employee training in the real estate area. Fifth, we will provide written reminders regarding leases, options to purchase and other agreements concerning your real estate holdings. Our ultimate goal in the audit process is to prevent possible legal problems before they occur.

Our Real Estate Practice Group actively assists organizations of all sizes, both public and private, engaged in the real estate industry and provides services, including general business, tax and real property considerations and alternative methods of owning, financing and operating the various components of the real estate project for corporations, partnerships, limited liability companies, trusts, financial institutions and individuals. The representation of a client usually continues throughout the project's life, from the acquisition to development and construction financing, equity infusion, construction, leasing and management, permanent financing, refinancing, and disposition. Through our experience, we add value to our clients by identifying the potential risks and benefits of each individual transaction and/or document relating to each transaction. Specifically, we keep abreast of the various incentives being offered either by municipalities or landlords in relation to various real estate opportunities. Additionally, in our role as counsel for local lenders, we are well aware of the terms of financial deals being offered by the various lenders in the community and can aid a client or prospective client in achieving the best possible loan terms, whether they be for construction or permanent financing. As part of the acquisition process, we can identify any zoning and/or land use issues which may present an obstacle for the transaction.

Fee arrangements are subject to discussion. Normally, we recommend a phased approach where we would charge a small fixed fee for the first phase (first step above). In the first phase, we would review your existing leases, loan documents, zoning and land use permits, and environmental documents to insure that you have the best possible economic deal available in the area given the circumstances of the location and dynamics of the real estate. We would also visit with your management and owners to gain an understanding of your business and to discuss your specific real estate needs and/or concerns. After the first phase and visit, we will provide a written report assessing your current real estate holdings and provide recommendations for improving or amending any of the existing real estate documents, in addition to providing strategic advice as to achieving any new real estate goals which may be apparent. If you would want the Real Estate Practice Group to provide further services, we would discuss our fees for subsequent phases of representation, which would depend upon the scope of the opportunities and nature of the work required.

For further information, please contact: Jim Groner  or Don Paynter