GENERAL PARTNER-SPONSOR

1. General Partner Experience: ______
(# yrs in this business)

a) 20 years or more             (5 pts)
b) 15 - 19 years                   (4 pts)
c) 10 - 14 years                    (3 pts)
d) 6 - 9 years                        (2 pts)
e) 2 - 5 years                        (1 pts)

2. Net Worth Consideration: ______
(Assumes 20% or more = liquid)

a) Greater than $15 million (5 pts)
b) $10 to $15 million           (4 pts)
C) $5 to $10 million        (3 pts)
b) $2.5 to $5 million        (2 pts)
b) $1 to $2.5 million        (1 pts)

3. Resale Activity: ______
(% of properties sold or refinanced)

a) More than 30%               (5 pts)
b) 20% to 29%                     (4 pts)
b) 10% to 19%                     (3 pts)
b) Less than 10%                (2 pts)
b) None                                 (1 pts)

OFFERING STRUCTURE

4. Compensation: ______
(mgmt fees/cash flow/RE comm/
sale profits)

a) Fees subordinated in all 4 areas              (5 pts)
b) Fees subordinated in 3 areas only          (4 pts)
b) Fees subordinated in 2 areas only          (3 pts)
b) Fees subordinated in 1 area only            (2 pts)
b) Fees not subordinated                              (1 pts)

5. Load Factors: (assumes 50% leverage) ______ 
(all cash offering - 20% less; 75% leverage
10% more)

a) Less than 20%            (5 pts)
b) 20% to 21.9%          (4 pts)
b) 22% to 23.4%          (3 pts)
b) 23.5% to 25%          (2 pts)
b) More than 25%         (1 pts)

6. Guarantees: ______

a) GP will advance funds to the
partnership without creating debt
to the partnership                             (5 pts)
b) GP will loan funds which are fully
subordinated                                   (4 pts)
c) GP provides a 3 yr or more
operational guarantee                   (3 pts)
d) GP will loan funds, but they are not
subordinated                                    (2 pts)
c) GP makes no representation about
funding                                               (1 pts)

7. Self-Dealing: ______
(buying properties owned by the GP w/mark-up; taking
loans points; liability insurance or leasing commissions:
unsubordinated real estate commissions)

a) "arms length" transactions or none
of the above                                              (5 pts)
b) GP pays himself using only 1 of the
above items                                               (4 pts)
c) GP pays himself using 2 of the
above items                                                (3 pts)
d) GP pays himself using 3 of the
above items                                                (2 pts)
e) GP compensates himself using
all 4 of the above                                       (1 pts)

8. Limited Partners Rights: ______
(replace GP; amend LP agreement; approve sale
or refinance; permit the GP to resign*)

a) Majority vote only required on
all key items                                                (5 Pts)

b) majority vote on 3 key items; more 
on 4th item                                                          (4 pts)
b) majority vote on 2 key items; more
on items 3-4                                                        (3 pts)
b) majority vote on 1 key item; more
on 2-4                                                                  (2 pts)
b) more than majority vote needed on
all key items                                                       (1 pts)

* Unanimous, if transition to successor GP not provided for

PROPERTY ACQUISITION

9. Leverage: _____
(consistent with the quality of the property, tenants and the objectives of the partnership, defined as purchase price-down pmt. divided by purchase price)

a) Less than 60%                         (5 pts)
b) 60% to 70%                             (4 pts)
c) 71% to 80%                              (3 pts)
b) 81% to 90%                              (2 pts)
b) 91% and above                        (1 pts)

10. Financing*: _____

a) Current pay loan due in 15 or more
years                                                                  (5 pts)
b) Current pay loan due in 11-15 years        (4 pts)
c) Deferred pay loan due in 6-10 years         (3 pts)
d) Deferred pay loan in 5-8 years                  (2 pts)
e) Deferred pay loan due in less
than 5 years                                                      (1 pts)

NOTE: Deferred pay = accrued interest
or zero coupon loan

* Notice to LP of GP's interest to incur secured or
unsecured debt

11. Valuation Ratio: _____
(MAI appraisal divided by the partnership consideration: p/c = debt + capital raised)

a) MAI is greater than 100% of p/c      (5 pts)
b) MAI is 96% to 100% of p/c          (4 pts)
c) MAI is 90% to 95% of p/c            (3 pts)
b) MAI is 85% to 89% of p/c            (2 pts)
b) MAI is less than 85% of p/c         (1 pts)

PROPERTY PERFORMANCE/COMPETITION

12. Assumptions: _____
(Forecasts/Projections)

a) "Big 5 Forecast: Rent/Inflation increases at or under 5%; 8.0%-8.5% loaded cap rates on acquisition sale (5 pts.)

b) Conservative forecast 5%-7% 
Rent/Inflation increases 7.5%-8.0%
ld. cap rates on acquisition and sale                     (4 pts)
c) Conservative projections 7%-8%
Rent/Inflation increases 7%-7.5%
ld. cap rates on acquisition and sale                      (3 pts)
d) Aggressive projections 8%-9%
Rent/Inflation increases 6.5%-7.0%
ld. cap rates on acquisition and sale                      (2 pts)
e) Aggressive projections 9% or more
Rent/Inflation increases 6.0%-6.5%
ld. cap rates on acquisition and sale                      (1 pts)

13. Percentage of Supply to Demand: _____

a) 90%                                                 (5 pts)
b) 95%                                               (4 pts)
c) 100%                                             (3 pts)
d) 110%                                             (2 pts)
e) 120%                                             (1 pts)

14. Partnership Consideration per sq. ft. _____
vs. Competition: (Loaded vs Unloaded)

a) 105%                                               (5 pts)
b) 110%                                               (4 pts)
c) 115% (                                             (3 pts)
d) 120%                                               (2 pts)
e) 125%                                                (1 pts)

15. Risk Factors (% of normal risk) _____

a) 80%                                                   (5 pts)
b) 90%                                                   (4 pts)
c) 100%                                                 (3 pts)
d) 110%                                                 (2 pts)
e) 120%                                                 (1 pts)

TOTAL POINTS ____

NOTE: A minimum of 55 points is required for consideration. Most approved programs fail between 58 and 64 points. However, a score of "1" in any one category may cause the offering to be rejected.

ScoreCards

Reproduction, photocopying or incorporation into any information retrieval system / or external or internal use is prohibited unless permission is obtained from the publisher.