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Real Estate Operating Agreement
"I need a Real Estate Operating Agreement for a newly constructed mixed-use development in Amsterdam, with specific focus on sustainability requirements and multiple operator responsibilities for retail, office, and residential components, to be effective from March 1, 2025."
1. Parties: Identification of the property owner and the operator, including full legal names, registration numbers, and registered addresses
2. Background: Context of the agreement, including property details and purpose of the operating arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Term: Scope of operator's appointment, duration of the agreement, and renewal terms
5. Operator's Duties and Responsibilities: Comprehensive list of operational responsibilities including maintenance, letting, financial management, and reporting
6. Owner's Obligations: Property owner's responsibilities and obligations to enable effective operation
7. Financial Terms: Management fees, operating expenses, budgeting requirements, and financial reporting obligations
8. Operating Standards: Required quality standards, compliance requirements, and performance metrics
9. Insurance and Liability: Insurance requirements and allocation of liability between parties
10. Reporting and Oversight: Regular reporting requirements, meetings, and owner's inspection rights
11. Termination: Grounds for termination, notice requirements, and consequences of termination
12. Handover Provisions: Process and requirements for property handover upon termination
13. General Provisions: Standard clauses including governing law, notices, assignment, and entire agreement
1. Environmental Compliance: Specific environmental obligations and compliance requirements, included when the property has specific environmental considerations
2. Major Works and Improvements: Procedures for major renovations or improvements, included when significant works are anticipated
3. Marketing and Branding: Requirements for property marketing and brand standards, included for commercial properties requiring specific branding
4. Staff and Employment: Provisions regarding on-site staff and employment matters, included when the operator will employ staff directly
5. Emergency Procedures: Specific procedures for emergency situations, included for high-risk or complex properties
6. Retail Management: Specific provisions for retail tenant mix and management, included for retail properties
7. Energy Management: Specific provisions for energy efficiency and sustainability, included for properties with specific environmental targets
1. Property Description: Detailed description of the property including boundaries, facilities, and equipment
2. Operating Budget: Initial operating budget and budget preparation requirements
3. Service Levels: Detailed service level requirements and performance metrics
4. Fee Schedule: Detailed breakdown of management fees and payment terms
5. Reporting Templates: Required formats for various operational and financial reports
6. Insurance Requirements: Detailed insurance requirements including types and minimum coverage
7. Maintenance Schedule: Planned maintenance requirements and schedules
8. Key Performance Indicators: Specific performance metrics and measurement criteria
9. Emergency Contacts: List of emergency contacts and escalation procedures
10. Handover Checklist: Detailed requirements for property handover
Authors
Commercial Real Estate
Residential Real Estate
Retail Property
Industrial Property
Mixed-use Development
Office Space
Hospitality
Healthcare Facilities
Student Housing
Senior Living Facilities
Logistics and Warehousing
Shopping Centers
Legal
Operations
Asset Management
Property Management
Facilities Management
Finance
Compliance
Maintenance
Leasing
Risk Management
Real Estate
Investment
Property Manager
Asset Manager
Facility Manager
Real Estate Director
Operations Manager
Chief Operating Officer
Property Operations Director
Real Estate Investment Manager
Portfolio Manager
Building Manager
Real Estate Legal Counsel
Compliance Officer
Financial Controller
Property Accountant
Maintenance Manager
Leasing Manager
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