Investor will typically retain outside engineers and other consultants
to examine the physical condition of the property, including the
following characteristics.

· Archeological. Prior uses or ownership that may create archeological
issues and interfere with or delay future development.

· Artwork. Existence of any murals or other built-in sculpture or
artwork, triggering possible artists’ rights restrictions under
applicable law. Scope of any artwork included in the transaction.
Ownership of that artwork.

· Code. Compliance with building, fire, zoning, and other codes
(including Americans with Disabilities Act). Particular focus on issues
of parking; the possibility of new environmental or energy conservation
requirements; life and fire safety systems; earthquake compliance and
seismic safety; and retrofitting requirements.

· Engineering. Engineering issues, particularly for the structure and
major systems of the building. Analysis of the age and condition of
building systems, façade, windows, and other components.

· Environmental. Environmental and asbestos analysis, including "Phase
I" report and, where indicated, "Phase II" report. Updating of any
existing reports as necessary. Identification and status of any
underground storage tanks. Investigation of any new environmental
concerns of the moment, such as "sick building," electromagnetic
fields, poisonous insulation, other "problem" building materials.
Notices or claims regarding environmental matters. Application of any
state-specific environmental review procedures (e.g., New York State
Environmental Quality Review Act).

· Geotechnical. Soils analysis and report.

· Local neighborhood. Compatibility with nearby uses, and likelihood of
objections to any future Operations at the property or potential change
of use.

· Measurement. Measurement of actual usable and rentable size of the
building.

· Operational Audit. Complete audit of building operations.

· Pending Construction. Identify and deal with any pending construction
work (capital or tenant related). Identify status of job and cost to
complete.

· Plans and Specifications. As-built plans and specifications.

· Power. Adequacy of electrical service and availability of more power
and/or competitive power. Availability of space for any new equipment
that may be needed.

· Telecommunications. Access to and availability of additional
telecommunications services, such as fiber optics and other data links.

· Tour. Building tour, including mechanical areas.

· Upgrades. Identify any necessary building system upgrades (more
telecommunications, generators, fuel tanks, rooftop facilities, etc.)
and their feasibility.

· Utilities. Adequacy of utilities, availability of any desired
upgrades, physical connection arrangements, and any necessary changes.