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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55709
Experience:  29 years of experience as a tax, real estate, and business attorney.
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Question for Legal Beacon - There was a part two regarding

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Question for Legal Beacon - There was a part two regarding my last question, not sure what should be changed, deleted, etc - thanks! (im going to take a little break now!)

(b) Construction Loan. The Members hereby agree that the Class A Members, on behalf of the Company shall be permitted to obtain financing (the "Construction Loan") from an institutional lender selected by the Class A Members ("Lender") in connection with the acquisition of the __________ and its development, provided that such financing shall be non-recourse to the Class B Members. In furtherance thereof, the Members further authorize the Class A Members to grant, as security for such financing, liens upon the Property, and to execute and deliver, on behalf of the Company, all loan documents and other instruments required by Lender that are reasonable or necessary, in the good faith discretion of the Class A Members, for the consummation of such financing. The Class A Members shall be solely responsible for undertaking any recourse liability that may be required by Lender in connection with the Construction Loan.
You can delete this unless you intend to borrow some money in conjunction with the drilling. If so, we will have to modify this provision.
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