Like any other business transaction, any real estate transaction may
require consideration of a wide range of taxes, affecting both the
asset and the structuring and closing of the transaction. Those taxes
and related issues may include the following.

· Local Variations. Tax issues are particularly likely to vary from
place to place. Investor may require local advisors even at the
earliest stages of the transaction.

· Mortgage Recording Tax Savings. Availability of existing mortgages
(including from any other property) for assignment to new lender to
save mortgage recording tax in any jurisdiction with such a tax.

· Real Estate Taxes, Generally. Status of real estate tax protests and
any likely or built-in increases in real estate taxes during the coming
years. Copies of actual real estate tax bills for the entire property
for the last three years. Agreements with attorneys hired to prosecute
any real estate tax protests.

· Real Estate Tax Assessments. Likelihood of upcoming reassessments.

· Subsidized Financing. Existence and terms of any tax-exempt or other
government subsidized financing affecting the property; any
restrictions on the proposed transaction.

· Tax Abatements. Availability (or continued availability) of any tax
abatement or incentive programs, and requirements to qualify, including
timing.

· Tax Lots. Alignment of tax lot lines with property lines.

· Tax Planning. Tax planning, both for acquisition and initial
structuring to facilitate favorable future operation and disposition.

· Transfer Taxes. Calculate, minimize, and allocate, taking into account
local law and practice.