The Real Estate Development Joint Venture Term Sheet is utilized when parties intend to collaborate on a real estate development project and need to establish preliminary terms before proceeding with detailed legal documentation. This document, governed by U.S. law, typically emerges during the initial stages of partnership discussions, outlining essential elements such as capital structure, ownership percentages, management rights, and profit distribution mechanisms. It serves as a roadmap for attorneys drafting the final joint venture agreement and helps parties align their expectations early in the process.
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1. Parties: Identification and details of all joint venture partners
2. Background: Context of the development project and reasons for forming the joint venture
3. Definitions: Key terms used throughout the term sheet
4. Project Description: Details of the development project, including location and scope
5. Capital Structure: Initial capital contributions and funding arrangements
6. Ownership Structure: Percentage interests and voting rights
7. Management Structure: Decision-making process and management responsibilities
8. Distribution Waterfall: How profits and losses will be distributed
1. Development Fee Structure: Details of development fees if one partner acts as developer - used when one partner takes on development responsibilities
2. Exit Mechanisms: Buy-sell provisions and exit strategies - used for longer-term ventures or when requested by investors
3. Property Management: Terms for ongoing property management - used when project includes operational phase
1. Project Budget: Detailed development budget and cost estimates
2. Development Timeline: Project schedule and key milestones
3. Property Description: Legal description and details of the development site
4. Pro Forma Financial Projections: Financial models and return projections
5. Capital Call Procedures: Detailed procedures for additional capital contributions
Relevant legal definitions
Agreement
Affiliate
Applicable Law
Asset Management Fee
Business Day
Capital Account
Capital Contribution
Capital Event
Cause
Company
Joint Venture
Construction Budget
Construction Schedule
Development Budget
Development Fee
Development Plan
Development Services
Distribute
Distribution
Effective Date
Exit Event
Fair Market Value
Fiscal Year
Force Majeure
Initial Capital Contribution
Internal Rate of Return
IRR
Major Decisions
Managing Member
Member
Members
Net Operating Income
Operating Budget
Operating Cash Flow
Percentage Interest
Pro Rata Share
Project
Property
Promote
Promoted Interest
Qualified Appraiser
Required Capital Contribution
Return on Investment
Sale
Transfer
Unreturned Capital Contribution
Waterfall
Affiliate
Applicable Law
Asset Management Fee
Business Day
Capital Account
Capital Contribution
Capital Event
Cause
Company
Joint Venture
Construction Budget
Construction Schedule
Development Budget
Development Fee
Development Plan
Development Services
Distribute
Distribution
Effective Date
Exit Event
Fair Market Value
Fiscal Year
Force Majeure
Initial Capital Contribution
Internal Rate of Return
IRR
Major Decisions
Managing Member
Member
Members
Net Operating Income
Operating Budget
Operating Cash Flow
Percentage Interest
Pro Rata Share
Project
Property
Promote
Promoted Interest
Qualified Appraiser
Required Capital Contribution
Return on Investment
Sale
Transfer
Unreturned Capital Contribution
Waterfall
Clauses
Purpose and Scope
Capital Contributions
Ownership Structure
Management Rights
Development Rights and Responsibilities
Profit Distribution
Capital Call Provisions
Development Fee Structure
Asset Management Fee
Major Decisions
Transfer Restrictions
Buy-Sell Provisions
Exit Rights
Tag-Along Rights
Drag-Along Rights
Project Budget
Development Timeline
Cost Overrun Provisions
Property Management
Confidentiality
Exclusivity
Non-Compete
Deadlock Resolution
Default Provisions
Force Majeure
Indemnification
Dispute Resolution
Governing Law
Amendment Process
Term and Termination
Representations and Warranties
Environmental Matters
Insurance Requirements
Reporting Requirements
Tax Treatment
Capital Contributions
Ownership Structure
Management Rights
Development Rights and Responsibilities
Profit Distribution
Capital Call Provisions
Development Fee Structure
Asset Management Fee
Major Decisions
Transfer Restrictions
Buy-Sell Provisions
Exit Rights
Tag-Along Rights
Drag-Along Rights
Project Budget
Development Timeline
Cost Overrun Provisions
Property Management
Confidentiality
Exclusivity
Non-Compete
Deadlock Resolution
Default Provisions
Force Majeure
Indemnification
Dispute Resolution
Governing Law
Amendment Process
Term and Termination
Representations and Warranties
Environmental Matters
Insurance Requirements
Reporting Requirements
Tax Treatment
Relevant Industries
Relevant Teams
Relevant Roles
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