The Forward Funding Agreement is utilized in Danish property development projects where an investor seeks to fund a development from its inception rather than purchasing a completed asset. This document is essential when institutional investors or funds wish to secure prime property assets early in their development cycle while developers require upfront funding for construction. The agreement, structured under Danish law, comprehensively addresses funding mechanics, development obligations, risk allocation, and completion requirements. It includes specific provisions for compliance with Danish construction regulations, planning laws, and property transfer requirements. The document is particularly relevant for large-scale commercial or residential developments where traditional funding approaches may not be suitable, and where early investor involvement is beneficial for project viability.
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Key Requirements PROMPT example:
Forward Funding Agreement
I need a Forward Funding Agreement for a 鈧50M commercial development project in Copenhagen, where our pension fund will provide staged payments to the developer, with completion scheduled for March 2025 and specific sustainability requirements for BREEAM Excellent certification.
1. Parties: Identification of the funder and developer/seller, including company details and registration numbers
2. Background: Context of the agreement, including description of the development project and parties' intentions
3. Definitions and Interpretation: Detailed definitions of terms used throughout the agreement and interpretation rules
4. Land Acquisition: Terms regarding the acquisition of the development site, including conditions precedent
5. Development Obligations: Developer's obligations regarding the construction and completion of the project
6. Funding Provisions: Structure and timing of funding payments, including conditions for drawdown
7. Construction Program: Timeline, milestones, and completion requirements for the development
8. Variations and Changes: Process for managing and approving changes to the development specifications
9. Monitoring and Reporting: Funder's rights to monitor progress and developer's reporting obligations
10. Title and Risk: Transfer of title, risk allocation, and insurance requirements
11. Warranties and Representations: Parties' warranties regarding capacity, title, and project deliverability
12. Payment Mechanics: Detailed procedures for payment applications, certifications, and transfers
13. Practical Completion: Requirements and process for achieving practical completion
14. Defects Liability: Developer's obligations regarding defects and remediation post-completion
15. Default and Termination: Events of default, remedies, and termination provisions
16. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction
1. Pre-letting Conditions: Required when the funding is conditional on securing pre-let agreements
2. Environmental Provisions: Specific environmental obligations and warranties when site has environmental concerns
3. Planning Conditions: Detailed planning-related obligations when planning permission is not yet secured
4. Third Party Rights: Provisions regarding third party rights when relevant to the development
5. Step-in Rights: Funder's rights to step in and complete the development in case of developer default
6. Value Added Tax: Specific VAT provisions when the transaction structure requires detailed VAT treatment
7. Forward Sale Provisions: When the agreement includes a pre-arranged forward sale to an end purchaser
8. Multi-phase Development: Additional provisions for projects delivered in multiple phases
1. Property Description: Detailed description and plans of the development site
2. Development Specification: Detailed technical specifications for the development
3. Forms of Collateral Warranties: Template warranties from contractors and consultants
4. Payment Schedule: Detailed breakdown of funding payments and milestones
5. Construction Program: Detailed construction timeline and milestone dates
6. Professional Team: Details of appointed contractors, architects, and other consultants
7. Form of Payment Application: Template for developer's funding drawdown requests
8. Planning Permissions: Copies or details of relevant planning permissions
9. Title Documents: Land registry extracts and title documentation
10. Insurance Requirements: Detailed specification of required insurance coverage
11. Environmental Reports: Environmental surveys and assessments
12. Form of Practical Completion Certificate: Template for certification of practical completion
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Investment Management
Banking & Finance
Infrastructure
Commercial Property
Residential Property
Urban Development
Asset Management
Relevant Teams
Legal
Real Estate
Development
Construction
Investment
Finance
Risk Management
Project Management
Technical Services
Property Management
Asset Management
Acquisitions
Relevant Roles
Real Estate Director
Development Manager
Investment Manager
Fund Manager
Construction Manager
Legal Counsel
Property Lawyer
Project Manager
Financial Controller
Risk Manager
Asset Manager
Acquisition Manager
Development Director
Chief Investment Officer
Property Finance Manager
Construction Director
Planning Manager
Technical Director
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