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Model Real Estate Development Operating Agreement from the American Bar Association

By Doug Cornelius

The February 2008 edition of The Business Lawyer contains a report on Model Real Estate Development Operating Agreement with Commentary [pdf. ABA membership logon required].The model agreement was put together by a Joint Task Force of Committee on LLCs, Partnerships and Unincorporated Entities and the Committee on Taxation, ABA Section of Business Law.Here is the fact pattern that the model agreement addresses:The Project. The real estate project involves the acquisition of undeveloped land and the construction of an ice skating rink complex with a hotel, retail shops, condominiums, and an office building.The Venturers. The proposed venturers are: (1) a real estate development and management company (the ?Developer?), whose focus is to organize the venture, acquire the land, obtain appropriate permits, oversee construction of all the buildings in phases, manage all of the buildings, and hire the appropriate leasing agents and ancillary specialists necessary for the project; (2) the owner of the undeveloped land (the ?Land?) upon which the project is to be constructed (the ?Landowner?); and (3) an investor who will provide the necessary equity financing for the venture to obtain the needed debt financing for the construction and subsequent operation of the project (the ?Financial Investor?)...continue to full post

Full post as published by Real Estate Space on May 28, 2008 (boomark / email).