Dear REIN JV experts,

I am working with a few Joint Venture partners, and I have been asked about the exit strategies.

--We all agree that if we decide to sell at exit time (5 years), the profit and loss will be shared based on the split.

--However, if decide to keep it and refinance the property, the equity take out will be shared between the parties based on the split, or do you pay out the investor's capital first, the extra will be split between parties?

--What if one party wants to be out earlier than the exit time, what is it penalty clause in the JV contract?

Another question is about the cash call? What if one party can not come up with the funds required at the time? Any penalty clauses as well?

Really appreciate for all your thoughts and suggestions,

Thank you.

Angela