New organizational structuring

The preparation of a new set of organizational documents for both the Operating Partnership and its general partner is required. In addition, a newly drafted advisory agreement is necessary in order to ensure that the sponsor continues to be compensated for its services provided to the Operating Partnership. In connection with that, we prepare a draft of an Advisory Agreement by and between the sponsor and both the general partner and the Operating Partnership.We also summarize the professional responsibilities of the external advisor(i.e., the sponsor) and the related fees to be earned by it (e.g., acquisition fees, asset management fees, disposition fees, etc.). We also participate in discussions with legal counsel and assist the same with finalizing the Advisory Agreement. We then assist legal counsel with the preparation and filing of organizational documents to constitute an “Up-REIT” model. We also assist legal counsel with the preparation and execution of the Limited Partnership Agreement in the State of Delaware. We then also assist legal counsel with the preparation and execution of the Articles of Incorporation and related documents for the General Partner of the Limited Partnership in the State of Maryland.

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