Should one or more of these risks or uncertainties materialize, actual results may differ materially from those expressed or implied by the forward-looking statements. Related Party Transactions. Special Partnership Units. We have, and intend to continue to incur secured indebtedness and other borrowings, chicago dating which could hinder our ability to make distributions to our beneficiaries.
No Partner shall be entitled to interest on its Capital Contribution. In addition, we may face certain difficulties selling our properties. Moore are independent in accordance with the requirements of the Liquidating Trust Agreement.
Environmental laws in the U. We may delay or reduce our estimated liquidating distributions. Investments in real estate. The General Partner may at any time change the location of such office, provided the General Partner gives notice to the Partners of any such change.
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- Accrued Liquidation Costs The Trust accrues for certain estimated liquidation costs to the extent they are reasonably determinable.
- All property that is determined to be a part of the Trust Assets shall continue to be collected by the Trustees and held as a part of the Trust.
- Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations.
- In addition, we are obligated to fund the defense costs incurred by these persons in some cases.
The Trust has acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous material. The market for the leasing of industrial real estate is very competitive. We currently operate as one reportable segment comprised of industrial real estate. We will be dependent on customers for revenue, and our inability to collect rent from our customers could delay or reduce the liquidating distributions to our beneficiaries.
We expect that our lease terms typically will range from one to ten years, and will often include renewal options. Actual amounts realized for assets and settlement of liabilities may differ materially from the amounts estimated. Under our plan of liquidation, we will not acquire any new properties, and are focused on liquidating all of our assets.
Pending the appointment of a successor Trustee, the remaining Trustee or Trustees then serving may continue to take all actions that may be taken by the Trustees hereunder. No Limited Partner may deliver more than two Notices of Redemption during each calendar year. As of the date of this Annual Report on Form K, none of our properties are subject to a binding sales agreement providing for its disposition. Trustee and Officer Indemnification Agreements.
This Agreement may be executed in any number of counterparts, each of which shall be an original, scottish but such counterparts shall together constitute one and the same instrument. None of the Limited Partners nor any other. Admission of Substitute Limited Partner. The Trust is intended to be treated as a grantor trust for federal income tax purposes. The occupied rate reflects the square footage with a paying customer in place.
DC Industrial Liquidating Trust - FORM 10-K - March 4 2016
In such case, the Trust could be taxable as a corporation, which could mean that any income generated by the Trust would be subject to double taxation i. In keeping with our plan of liquidation, we do not expect to adopt any equity compensation plans. In accordance with these agreements, the Trust must also indemnify and advance all expenses incurred by such Trustee or officer seeking to enforce his rights under the indemnification agreements.
DC Industrial Liquidating Trust Investor Update
- As of the date hereof, there are no material pending legal proceedings to which we are a party or with respect to which any of our properties are subject.
- Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule of the Securities Act.
- Changes in the cost or availability of insurance could expose us to uninsured casualty losses.
The consolidated financial statements include the accounts of the Trust and its consolidated subsidiaries. Moreover, the Trust Advisor has considerable discretion with respect to the terms and timing of disposition transactions. Accrued Liquidation Costs. Net assets in liquidation.
Exact name of registrant as specified in its charter. Notwithstanding the foregoing, the trustees may continue the existence of the Trust beyond the three-year term if the trustees reasonably determine that an extension is necessary to fulfill the. In addition, changes in these laws and governmental regulations, or their interpretation by agencies or the courts, could occur. This Agreement shall be filed or recorded in such office or offices as the Trustees may determine to be necessary or desirable.
Its principal place of business is the same as that of the Partnership. We may give full or partial guarantees to lenders of debt secured by our properties. Therefore, dating our units of beneficial interest are illiquid and our beneficiaries will have no ability to dispose of them other than in limited circumstances.
Concentration of Credit Risk. We have not yet selected a transition date nor have we determined the effect this guidance will have on our consolidated financial statements. There can be no assurance that funding will be available to us for repair or reconstruction of damaged property in the future or for liability payments to accident victims. Indemnification and Exculpation of Indemnitees.
DC Industrial Liquidating Trust Investor Alert
Reductions in the amounts that we receive when we sell our remaining assets could decrease or delay the payment of liquidating distributions to our beneficiaries. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person. The measurement of real estate held for sale is based on current contracts, estimates and other indications of sales value net of estimated selling costs. Our ability to make a balloon payment at maturity is uncertain and may depend upon our ability to obtain additional financing or our ability to sell our properties.
The accompanying consolidated financial statements have been prepared in accordance with U. We may be required to obtain licenses and permits with different governmental authorities in order to manage and liquidate our assets. As of the date of this report, we had not sold any properties nor did we have any commitments to purchase any of our properties. In addition, our leases provide for fixed base rent increases or indexed increases. Filing of Certificate and Perfection of Limited Partnership.
If any of the parties to our future sale agreements default thereunder, or if these sales do not otherwise close, our liquidating distributions to our beneficiaries may be delayed or reduced. There could be delays in leasing up our properties or our properties could be difficult to sell, which could delay or reduce the liquidating distributions to our beneficiaries. There can be no assurance regarding the amount of cash that ultimately will be distributed to the beneficiaries in connection with the Trust or the timing of the liquidation of the Trust. Such trustee shall be answerable to the Trustees herein appointed for all monies, assets and other property which may be received by it in connection with the administration of such property. Under the Liquidating Trust Agreement, a majority of our trustees are required to be independent trustees except when there is an unfilled vacancy on the board of trustees.
Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership. Indemnification Agreement. As of the date of this report, of all the properties we own, six of our properties are in the lease-up stage. The units are not and will not be listed on any exchange, quoted by a securities broker or dealer, nor admitted for trading in any market, name your price online including the over-the counter market.