The Real Estate Limited Partnership Agreement is a crucial document used in the Philippine real estate sector when multiple investors seek to pool capital for real estate investments while maintaining limited liability and clear management structures. This agreement is particularly relevant in the context of Philippine property development and investment, where strict regulations govern both domestic and foreign investment in real estate. The document must comply with the Civil Code of the Philippines, the Corporation Code, and various real estate laws, while addressing specific requirements for partnership registration, foreign ownership limitations, and tax considerations. It typically includes detailed provisions for capital contributions, profit distribution, management rights, property acquisition and disposition, and partner obligations, making it essential for large-scale real estate investments and developments in the Philippines.
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1. Parties: Identification of all partners, including the General Partner(s) and Limited Partners, with their complete legal names and addresses
2. Background: Context of the partnership formation, including the purpose of investing in real estate and the general business objectives
3. Definitions: Detailed definitions of key terms used throughout the agreement, including partnership-specific and real estate terminology
4. Formation and Name: Official establishment of the partnership, its name, principal place of business, and term of existence
5. Purpose and Scope: Specific details about the partnership's real estate investment objectives, permitted activities, and geographical scope
6. Capital Contributions: Terms of initial and additional capital contributions, including valuation of non-cash contributions and capital accounts
7. Profit and Loss Allocation: Formula and methods for distributing profits and losses among partners, including priority returns if applicable
8. Management and Control: Rights, duties, and limitations of the General Partner(s) in managing partnership affairs and real estate investments
9. Rights and Obligations of Limited Partners: Scope and limitations of Limited Partners' involvement, voting rights, and information rights
10. Transfer of Partnership Interests: Rules and restrictions regarding the transfer of partnership interests, including right of first refusal
11. Partnership Property: Rules governing acquisition, management, and disposition of real estate assets
12. Books, Records and Accounting: Requirements for maintaining partnership records, accounting methods, and partner access to information
13. Dissolution and Liquidation: Circumstances triggering dissolution, liquidation procedures, and asset distribution
14. Governing Law and Dispute Resolution: Specification of Philippine law governance and methods for resolving partnership disputes
1. Foreign Investment Provisions: Required when foreign partners are involved, detailing compliance with Philippine foreign investment restrictions
2. Development Projects: Include when the partnership plans to engage in real estate development rather than just acquisition
3. Financing Arrangements: Include when the partnership anticipates using leverage or specific financing structures
4. Environmental Matters: Include when properties may have environmental risks or requirements
5. Property Management: Include when the partnership will manage properties directly rather than outsource
6. Tax Matters: Detailed tax provisions when complex tax structures or international tax considerations apply
7. Insurance Requirements: Detailed insurance provisions when significant property insurance requirements exist
8. REIT Conversion: Include when there's potential for future conversion to a REIT structure
1. Schedule A - Initial Capital Contributions: Detailed breakdown of each partner's initial capital contributions and partnership percentages
2. Schedule B - Property Schedule: List and description of initial real estate properties owned by the partnership
3. Schedule C - Partner Information: Detailed information about each partner, including contact details and tax information
4. Schedule D - Management Fee Structure: Detailed breakdown of management fees and calculation methods
5. Schedule E - Distribution Waterfall: Detailed explanation of the distribution priority and calculations
6. Appendix 1 - Property Due Diligence Reports: Due diligence reports for initial properties
7. Appendix 2 - Property Management Guidelines: Standard operating procedures for property management
8. Appendix 3 - Valuation Methodology: Agreed methods for valuing partnership properties and interests
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