The public records and other sources will provide a great deal of
crucial information about the property. Investor or its counsel may
want to investigate and review at least the following items.

· Certificate of Occupancy. Certificates of occupancy covering the
entire building, or an explanation. Status and expiration dates for any
temporary certificates of occupancy.

· Designated Areas. Status of property regarding "flood plain,"
"wetlands," other designated areas.

· Miscellaneous. Liens, judgments, bankruptcies -- both for seller and
for any major tenants.

· Municipals. Searches of municipal departments for violations, fines,
licensing problems, unpaid utility charges, and similar matters.

· Survey. New survey or update of existing survey, and certification to
all necessary parties. Compliance with lender's survey criteria.
Comparison of the survey against the appraisal or the larger
transaction, if any uncertainty or difficulty exists regarding the
scope of the property (such as future development parcels or a vertical
subdivision).

· Title. Opening of title insurance orders, including strategic
placement of title work. Title search, including obtaining and
reviewing copies of all underlying documents and assessing how each
will affect future use and development of the property.

· UCC. Uniform Commercial Code and similar filings against seller and
potentially other parties.