Sample Real Estate Investment Management Agreement Page 2
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Establish tax-exempt investment vehicles
Reporting (frequency and content as set forth in exhibit)
Investor Meetings
Financial statements (include audit frequency)
Communication with custodian, investor consultant, etc.
Requirement/Process for Investor Approval
Designated reps for Investor
Form of Requests, minimum approval period
Investor response timeframe
Determination based on lack of response (automatic approval or disapproval)
Interim governance if disapproval (e.g. for budgets)
Circumstances for Board or other levels of Investor approval
Investor Oversight
Audit rights
Review process for affiliate activities, etc.
Prohibited Actions
IV.
Compensation of Investment Manager
Fee Schedule established as exhibit
Use of affiliates for additional services, including compensation structure (cost vs. market),
investor approval provisions, exclusions if applicable
Reimbursables and included/excluded costs
Restrictions, if any, on outsourcing duties and/or treatment of costs
V.
Standard of Care and Indemnification
Fidelity bond, errors & omissions insurance requirements
Compliance with laws
Prudent person standard
Act solely in the interests of Investor
Responsibility limited to account assets
Investment Manager liability – gross or simple negligence, misconduct, etc.
Limitation on liability for contractor/consultant/appraiser/auditor acts or omissions unless,
not engaged with reasonable care, situation not remediated, etc.
Investment Manager indemnification of Investor
Investor indemnification of Investment Manager and other parties (employees, directors, etc.)
VI.
Effective Date, Term, Termination & Renewal
Effective Date
Initial term of contract
Automatic renewal provisions (not valid in some circumstances)
NCREIF Portfolio Management Committee
Page 2
February 19,2004
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