Commercial Property Leasing – Pain Points to Lease Negotiation

When leasing commercial or retail premises there are certain points of negotiation that always create pain for the parties concerned. Here are a few of the big and most common ones:

  1. The landlord wants a high starting rent
  2. The tenant wants a big incentive
  3. The tenant wants a huge option term for further potential occupancy
  4. The landlord wants a tenant but is not prepared to provide an incentive to attract them to the property
  5. The last tenant left the premises in a mess and the landlord will not fix it up until a new tenant is found
  6. The landlord will not refurbish the premises before they have a tenant on a signed lease
  7. The tenant does not want to give any form of guarantee as security in the case of any default of lease

These are the most common problems for the average lease negotiation. Most landlords also think that their property is better than anything else around and on that basis will not negotiate down on any rent to get the premises let. So often you hear that the landlord is prepared to wait it out and see what the next tenant will offer.

In this market there are limited numbers of active tenants looking to relocate to new premises. In some cases there can be 5 properties available for every tenant to choose from. Urgency in the lease deal is not high from the tenant’s perspective; landlords need to know this. They may only get one tenant to make an offer for the premises.

When it comes to leasing premises it is not where you start your lease and rent, but it is more important to know where you are headed and where you will finish. Rent reviews during the lease term can take care of rent escalation to improve the lease, providing the real estate agent negotiates the lease well.

So what can you do with this list of common leasing problems? The best way is to use the pain of the vacancy (in the case of the landlord), or the pain of the need for new premises (in the case of a tenant) to move the deal forward. You should work with the offer that you have and not hope that another will come again soon to replace a low offer today.

Take today’s lease offer and turn it into a valuable lease over the term. Show the landlord the real value of the lease by doing an analysis of the deal using a net present value approach on the lease cash flow over the lease term. It is remarkable how the landlord will soften their negotiation position when long term lease value is explained in numbers.

Tips for Securing Commercial Lawn Mowers for Commercial Landscaping Properties

A lawn care or landscaping company with the knowledge and experience needed to handle the care for large commercial properties needs the right tools at their disposal in order to handle these commercial landscaping properties. That means only the best commercial lawn mowers designed specifically for large-scale properties. You want your handiwork to speak for itself whenever you drive off from a freshly-manicured commercial property, so here’s how to not just secure new commercial property owners as clients but how to keep them by providing the best service you can.

Don’t Be Afraid to Scout While On the Job

The life of a professional landscaper entails a lot of driving from job to job, and this represents an excellent opportunity to scout out new possible properties to approach to see if their owners are looking for landscaping services. Commercial properties with large, neglected lots are always ripe for the plucking, especially as sometimes the companies that occupy properties, such as law offices and similar professional services, are responsible for their own landscaping and do not have a property management company to rely on. Once you’ve gotten a good list of what might very well end up being new clients, you’ll have to track down who it is you’ll have to talk to in particular about landscaping services. Whether it is a grounds manager or a business owner, you will need to do some Googling – or better yet just knock on doors and strike up conversations with receptionists or other staff at the front desk.

Be Yourself with Prospective New Clients

It’s important to be genuine when you’re looking to forge new connections with potential clients. Business owners are inclined to be friendly with a fellow business owner, especially when they present themselves honestly and professionally. Being open and honest can help show prospective clients that it will be easy to work with you, even if it just means that you’re proficient at making small talk. However, when it comes time to get down to brass tacks, you’ll need to be straightforward and simple about what you can provide to a company, what types of commercial lawn mowers and other equipment you use on a regular basis, and how much all of these services will cost.

Don’t Lose Hope

Finally, don’t get discouraged if you keep asking around and all you’re getting is rejection after rejection. Not every business out there cares or even thinks about the landscaping on their property. Moreover, those who do reject your offer will sometimes give you feedback as to why you were passed over, providing you an opportunity to hone your sales pitch and strengthen your positions for future endeavors.

Of course, it doesn’t matter how well you can smooth-talk a client unless you have the equipment to back it up in your trailer. Make sure to use only the most safe and efficient commercial mowers that can stand up to the strain of large, robust commercial.

Negotiating Tips for Commercial Real Estate Transactions

Life’s Experiences, Lessons learned, Classes taken, Books and Articles read, and then summarized for your viewing pleasure in the following article on Commercial Real Estate Negotiating tips

  1. Don’t let contract negotiations go back and forth more than twice – the more back and forth, the harder it is to get a deal done. Round 1 and both are focused on the sale. Round 2 and the focus changes to money. When you get past Round 2 parties can begin to nitpick, start to resent each other and lose focus. Issues can then become personal.
  2. Focus on completing the sale. Don’t get sidetracked by emotions, unimportant details, unforeseen challenges or difficult situations that arise.
  3. Endeavor to put all contract offers and subsequent pertinent details in writing. This avoids the misunderstandings, misrepresentations and omissions that typically accompany verbal communications and lead to a breakdown in the process.
  4. When you give a concession, ask for something in return. You might not always get it but the fact that you’ve given in on an issue ought to give you the standing to ask for and often times receive something in return. Just by asking and not receiving you avoid the other side continuing to ask concessions of you and your Client.
  5. It’s best to not take the first offer too quickly or too easily. Wait at least a few hours. When talking about it with the other Agent don’t talk about the ease of getting the property under contract. The other side will immediately think they made a bad deal and from that point forward the closing process can become more difficult than it should be.
  6. If you get to an impasse, change the focus and resolve less complicated issues. Then go back to the difficult ones. The process will go smoother and once you have worked through the easy ones, momentum will help get things finished.
  7. If you aren’t sure how to reply to a request or if you know the answer but want to soften the blow, use the “limited authority” approach. “I’m not sure, let me check with my Partner”, or “Let me take a look at such and such data” so that you can better provide a more meaningful reply.
  8. In order to support your position, rely on precedent. Suggest that this is the way that issues like these are typically addressed or that you’ve done such and such before with great success.
  9. Ask the other side for something that isn’t critical to making the deal so that perhaps you can trade this item away for something more important to you.
  10. Negotiations are a process. It doesn’t matter how quickly you want things to move, the process will move based upon the comfort level of your Client. Maintain focus, but keep in mind that the process will most likely not move as fast as you want it to.
  11. Stay away from high pressure tactics including ultimatums, demands or anything that sounds final and/or threatening. Most of the time it doesn’t help and it can lead directly to emotional responses that then creates animosity.
  12. Work towards a win / win. In order to have a successful negotiation, both sides need to win on some points. Give and take. Strive to achieve most of your goals understanding that the other party is trying to do the same.
  13. Present all of the facts to your Client. It’s your fiduciary duty as a Realtor to apprise the Client of all related facts to the negotiations – good and bad. Don’t push for the higher dollar offer if other terms of the offer put the Client at undue risk.
  14. Remember who you are negotiating with. Sooner or later you’ll be back at the table again with the same Agent. Don’t burn any bridges by transacting in a less than professional manner.

Commercial Property Law Specialist

Buying or leasing a commercial property today can become hassle free only when the buyer knows their property law well. Even they are not familiar with the latest news they need correct legal advice. Our commercial property department is experienced in dealing with commercial property transactions including sales, purchases, assignment of leases, purchases of businesses of going concern and sales and lease back transactions. We provide commercial property solicitors for various different sales. One can get expert advice only with a specialized property lawyer. For property transfer we provide a Conveyancing Solicitor too. At Duncun & Lewis we have been assisting landlords and their clients to run business in harmony without any litigation.

Normally, real estate agents in areas recommend commercial property solicitors who they know. They know the area and are knowledgeable about the laws concerning related properties. Many businesspersons try to reduce the hassles by trying to circumvent legal hassles by only relying on the brokers’ advice. The title of the lease or plot has to be clear. But the right option is to engage commercial property solicitors for it. When you approach a commercial property solicitor at our firm they will take into account the compete details before any sale or purchase or any other transaction is made.

Too much emphasis is being given on the protection of the tenants now. A new code was introduced for leasing business premises in UK in March 2007. Sometimes lack of knowledge and not giving due importance to property lawyers can land businesses in trouble. For every negotiation, we make sure that property conveyancing is done easily, with able assistance from a conveyancing solicitor. A conveyance is a deed (legal document) that conveys a house from the vendor (seller) to the buyer, thereby transferring ownership. For transferring the property in the name of one person to another especially in business premises requires legal assistance. We take it to our credit that we have handled successfully, many such cases.

Consider a commercial property solicitor from our firm as an insurance policy against bad decisions. Property owners today do not want long-term tenants and this could mean that some tenants will protest. Tenants whose business depends on the volatile markets tend to take shorter legal routes. The lease term is important and we are aware of the technical issues faced by our clients. We charge reasonable fees but make sure you remain in business. This is our priority. If are looking for knowledgeable commercial property solicitors or conveyancing solicitors, log on to duncanlewis.co.uk. Find a wealth of information here apart from the best solicitors.

Commercial Property Management – Tenancy Schedule Tips Tools and Tactics

The tenancy schedule is the tool of choice for a property manager or leasing manager in a commercial or retail property investment. It is the tenancy schedule that will keep the property manager up to task on forthcoming events and dates.

Often you find that the tenancy schedule is not up to date, so if anyone gives you such a document, treat it with the caution it deserves, and check it out completely before you act on the information contained therein.

So let’s say that you have a great tenancy schedule that you know is totally accurate. I get many questions about what I would want to see in a tenancy schedule. Here are my main priorities:

  • Details of the tenant name, lease, and full contact detail for emergencies
  • Tenancy identifier or suite reference that comes from the plan for the property
  • The area of the tenancy in m2 or ft2 (depending on your unit of measurement)
  • The % of the tenant area to the building net lettable area
  • The rent $’s per annum, per month, and per unit of measurement (m2 or ft2)
  • Lease start date
  • Rent start date
  • Lease end date
  • Term of lease
  • Option term of lease
  • Anniversary dates and reminders for rent reviews, options, expires, renewals, renovations, and make good obligations
  • Outgoings charges for each tenant on the basis of area and monthly charge
  • Outgoings budget for the building
  • Total outgoings recoveries for the property on a currency and % basis
  • Types of outgoings to be charged to the tenants
  • Insurance obligations of the tenant
  • Rental guarantee details or bonds held
  • Provision for critical dates relating to any important lease term or condition
  • Maintenance obligation details of the tenants

This list is not finite and you can add your own extra priorities, I would however make sure that it is totally correct and maintain it to the highest level of accuracy. When you do this you can stay on top of important upcoming events that will impact the occupancy or rental of the property.

Whilst you can buy ‘off the shelf’ software programs that display this above information, that can be quite expensive for those commercial and retail property managers that are first entering this type of property. The alternative is to create some simple spread sheet that contains the data; in saying that, it is essential that great care is taken to maintain the spread sheet that you create. Any errors in the tenancy schedule can destroy your landlord, your business, your tenant, your reputation, and the property. Accuracy is paramount.

Due Diligence Checklists – For Commercial Real Estate Transactions

Planning to purchase or finance Commercial or Industrial Real Estate? Shopping Center? Office Building? Restaurant/Banquet property? Parking Lot? Storefront? Gas Station? Manufacturing facility? Warehouse? Logistics Terminal? Medical Building? Nursing Home? Hotel/Motel? Pharmacy? Bank facility? Sports and Entertainment Arena? Other?

A KEY to investing in commercial real estate is performing an adequate Due Diligence Investigation to assure you know all material facts to make a wise investment decision and to calculate your expected investment yield.

The following checklists are designed to help you conduct a focused and meaningful Due Diligence Investigation.

Basic Due Diligence Concepts:

Commercial Real Estate transactions are NOT similar to large home purchases.

Caveat Emptor: Let the Buyer beware.

Consumer protection laws applicable to home purchases seldom apply to commercial real estate transactions. The rule that a Buyer must examine, judge, and test for himself, applies to the purchase of commercial real estate.

Due Diligence: “Such a measure of prudence, activity, or assiduity, as is proper to be expected from, and ordinarily exercised by, a reasonable and prudent [person] under the particular circumstances; not measured by any absolute standard, but depending upon the relative facts of the special case.” Black’s Law Dictionary; West Publishing Company.

Contractual representations and warranties are NOT a substitute for Due Diligence.

Breach of representations and warranties = Litigation, time and money.

WHAT DILIGENCE IS DUE?

The scope, intensity and focus of any due diligence investigation of commercial or industrial real estate depends upon the objectives of the party for whom the investigation is conducted. These objectives may vary depending upon whether the investigation is conducted for the benefit of (i) a Strategic Buyer (or long-term lessee); (ii) a Financial Buyer; (iii) a Developer; or (iv) a Lender.

If you are a Seller, understand that to close the transaction your Buyer (and its Lender) must address all issues material to its objective – some of which require information only you, as Owner, can adequately provide.

GENERAL OBJECTIVES:

(i) A “Strategic Buyer” (or long-term lessee) is acquiring the property for its own use and must verify that the property is suitable for that intended use.

(ii) A “Financial Buyer” is acquiring the property for the expected return on investment generated by the property’s income stream, and must determine the amount, velocity and durability of the revenue stream. A sophisticated Financial Buyer will likely calculate its yield based upon discounted cash-flows rather than the must less precise capitalization rate (“cap rate”), and will need adequate financial information to do so.

(iii) A “Developer” is seeking to add value by changing the character or use of the property – usually with a short-term to intermediate-term exit strategy to dispose of the property; although, a Developer might plan to hold the property long term as Financial Buyer after development or redevelopment. The Developer must focus on whether the planned change is character or use can be accomplished in a cost-effective manner. A developer conducting due diligence will focus on issues involving market demand, access, use and finances.

(iv) A “Lender” is seeking to establish two basic lending criteria:

1. “Ability to Repay” – The ability of the property to generate sufficient revenue to repay the loan on a timely basis; and

2. “Sufficiency of Collateral” – The objective disposal value of the collateral in the event of a loan default, to assure adequate funds to repay the loan, carrying costs and costs of collection in the event forced collection becomes necessary.

The amount of diligent inquiry due to be expended (i.e. “Due Diligence”) to investigate any particular commercial or industrial real estate project is the amount of inquiry required to answer each of the following questions to the extent relevant to the objectives of the party conducting the investigation:

I. THE PROPERTY:

1. Exactly what PROPERTY does Purchaser believe it is acquiring?

(a) Land?

(b) Building?

(c) Fixtures?

(d) Other Improvements?

(e) Other Rights?

(f) The entire fee title interest including all air rights and subterranean rights?

(g) All development rights?

2. What is Purchaser’s planned use of the Property?

3. Does the physical condition of the Property permit use as planned?

(a) Commercially adequate access to public streets and ways?

(b) Sufficient parking?

(c) Structural condition of improvements?

(d) Environmental contamination?

(i) Innocent Purchaser defense vs. exemption from liability

(ii) All Appropriate Inquiry

4. Is there any legal restriction to Purchaser’s use of the Property as planned?

(a) Zoning?

(b) Private land use controls?

(c) Americans with Disabilities Act?

(d) Availability of licenses?

(i) Liquor license?

(ii) Entertainment license?

(iii) Outdoor dining license?

(iv) Drive through windows permitted?

(e) Other impediments?

5. How much does Purchaser expect to pay for the property?

6. Is there any condition on or within the Property that is likely to increase Purchaser’s effective cost to acquire or use the Property?

(a) Property owner’s assessments?

(b) Real estate tax in line with value?

(c) Special Assessment?

(d) Required user fees for necessary amenities?

(i) Drainage?

(ii) Access?

(iii) Parking?

(iv) Other?

7. Any encroachments onto the Property, or from the Property onto other lands?

8. Are there any encumbrances on the Property that will not be cleared at Closing?

(a) Easements?

(b) Covenants Running with the Land?

(c) Liens or other financial servitudes?

(d) Leases?

9. Leases?

(a) Security Deposits?

(b) Options to Extend Term?

(c) Options to Purchase?

(d) Rights of First Refusal?

(e) Rights of First Offer?

(f) Maintenance Obligations?

(g) Duty on Landlord to provide utilities?

(h) Real estate tax or CAM escrows?

(i) Delinquent rent?

(j) Pre-Paid rent?

(k) Tenant mix/use controls?

(l) Tenant exclusives?

(m) Tenant parking requirements?

(n) Automatic subordination of Lease to future mortgages?

(o) Other material Lease terms?

10. New Construction?

(a) Availability of construction permits?

(b) Utilities?

(c) NPDES (National Pollutant Discharge Elimination System) Permit?

(i) Phase 2 effective March 2003 – Permit required if earth is disturbed on one acre or more of land.

(ii) If applicable, Storm Water Pollution Prevention Plan (SWPPP) is required.

II. THE SELLER:

1. Who is the Seller?

(a) Individual?

(b) Trust?

(c) Partnership?

(d) Corporation?

(e) Limited Liability Company?

(f) Other legally existing entity?

2. If other than natural person, does Seller validly exist and is Seller in good standing?

3. Does the Seller own the Property?

4. Does Seller have authority to convey the Property?

(a) Board of Director Approvals?

(b) Shareholder or Member approval?

(c) Other consents?

(d) If foreign individual or entity, are any special requirements applicable?

(i) Qualification to do business in jurisdiction of Property?

(ii) Federal Tax Withholding?

(iii) US Patriot Act compliance?

5. Who has authority to bind Seller?

6. Are sale proceeds sufficient to pay off all liens?

III. THE PURCHASER:

1. Who is the Purchaser?

2. What is the Purchaser/Grantee’s exact legal name?

3. If Purchaser/Grantee is an entity, has it been validly created and is it in good standing?

(a) Articles or Incorporation – Articles of Organization

(b) Certificate of Good Standing

4. Is Purchaser/Grantee authorized to own and operate the Property and, if applicable, finance acquisition of the Property?

(a) Board of Director Approvals?

(b) Shareholder or Member approval?

(c) If foreign individual or entity, are any special requirements applicable?

(i) Qualification to do business in jurisdiction of the Property?

(ii) US Patriot Act compliance?

(iii) Bank Secrecy Act/Anti-Money Laundering compliance?

5. Who is authorized to bind the Purchaser/Grantee?

IV. PURCHASER FINANCING:

A. BUSINESS TERMS OF THE LOAN:

What loan terms have the Purchaser, as Borrower, and its Lender agreed to?

(a) What is the amount of the loan?

(b) What is the interest rate?

(c) What are the repayment terms?

(d) What is the collateral?

(i) Commercial real estate only?

(ii) Real estate and personal property together?

(e) First lien? A junior lien?

(f) Is it a single advance loan?

(g) A multiple advance loan?

(h) A construction loan?

(i) If it is a multiple advance loan, can the principal be re-borrowed once repaid prior to maturity of the loan; making it, in effect, a revolving line of credit?

(j) Are there reserve requirements?

(i) Interest reserves?

(ii) Repair reserves?

(iii) Real estate tax reserves?

(iv) Insurance reserves?

(v) Environmental remediation reserves?

(vi) Other reserves?

(k) Are there requirements for Borrower to open business operating accounts with the Lender? If so, is the Borrower obligated to maintain minimum compensating balances?

(l) Is the Borrower required to pledge business accounts as additional collateral?

(m) Are there early repayment fees or yield maintenance requirements (each sometimes referred to as “pre-payment penalties”)?

(n) Are there repayment blackout periods during which Borrower is not permitted to repay the loan?

(o) Is there a Loan Commitment fee or “good faith deposit” due upon Borrower’s acceptance of the Loan Commitment?

(p) Is there a loan funding fee or loan brokerage fee or other loan fee due Lender or a loan broker at closing?

(q) What are the Borrower’s expense reimbursement obligations to Lender? When are they due? What is the Borrower’s obligation to pay Lender’s expenses if the loan does not close?

B. DOCUMENTING THE COMMERCIAL REAL ESTATE LOAN

Does Purchaser have all information necessary to comply with the Lender’s loan closing requirements?

Not all loan documentation requirements may be known at the outset of a transaction, although most commercial real estate loan documentation requirements are fairly typical. Some required information can be obtained only from the Seller. Production of that information to Purchaser for delivery to its lender must be required in the purchase contract.

As guidance to what a commercial real estate lender may require, the following sets forth a typical Closing Checklist for a loan secured by commercial real estate.

Commercial Real Estate Loan Closing Checklist

1. Promissory Note

2. Personal Guaranties (which may be full, partial, secured, unsecured, payment guaranties, collection guaranties or a variety of other types of guarantees as may be required by Lender).

3. Loan Agreement (often incorporated into the Promissory Note and/or Mortgage in lieu of being a separate document)

4. Mortgage [sometimes expanded to be a Mortgage, Security Agreement and Fixture Filing]

5. Assignment of Rents and Leases

6. Security Agreement

7. Financing Statement (sometimes referred to as a “UCC-1”, or “Initial Filing”)

8. Evidence of Borrower’s Existence In Good Standing; including

(a) Certified copy of organizational documents of borrowing entity (including Articles of Incorporation, if Borrower is a corporation; Articles of Organization and written Operating Agreement, if Borrower is a limited liability company; Certified copy of trust agreement with all amendments, if Borrower is a land trust or other trust; etc.)

(b) Certificate of Good Standing (if a corporation or LLC) or Certificate of Existence (if a limited partnership) or Certificate of Qualification to Transact Business (if Borrower is an entity doing business in a State other than its State of formation)

9. Evidence of Borrower’s Authority to Borrow; including

(a) a Borrower’s Certificate;

(b) Certified Resolutions

(c) Incumbency Certificate

10. Satisfactory Commitment for Title Insurance (which will typically require, for analysis by the Lender, copies of all documents of record appearing on Schedule B of the title commitment which are to remain after closing), with required commercial title insurance endorsements, often including:

(a) When available, Affirmative Creditors Rights Endorsement (extending coverage over policy exclusion 7 and policy exclusions 3(a) and 3(d) as they relate to creditor’s rights matters)

(b) ALTA 3.1 Zoning Endorsement modified to include parking

(c) ALTA Comprehensive Endorsement 1

(d) Location Endorsement (street address)

(e) Access Endorsement (vehicular access to public streets and ways)

(f) Contiguity Endorsement (the insured land comprises a single parcel with no gaps or gores)

(g) PIN Endorsement (insuring that the identified real estate tax permanent index numbers are the only applicable PIN numbers affecting the collateral and that they relate solely to the real property comprising the collateral)

(h) Usury Endorsement (insuring that the loan does not violate any prohibitions against excessive interest charges)

(i) other title insurance endorsements applicable to protect the intended use and value of the collateral, as may be determined upon review of the Commitment for Title Insurance and Survey or arising from the existence of special issues pertaining to the transaction or the Borrower.

11. Current ALTA Survey (3 sets), [typically prepared in accordance with 2011 Minimum Standard Detail for ALTA/ACSM Land Title Surveys, certified to the lender, Buyer and the title insurer.

12. Current Rent Roll

13. Certified copy of all Leases (3 sets)

14. Lessee Estoppel Certificates

15. Lessee Subordination, Non-Disturbance and Attornment Agreements [sometimes referred to simply as “SNDAs”].

16. UCC, Judgment, Pending Litigation, Bankruptcy and Tax Lien Search Report

17. Appraisal (must comply with Title XI of FIRREA (Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended)

18. Environmental Site Assessment Report (sometimes referred to as Environmental Phase I and/or Phase 2 Audit Reports)

19. Environmental Indemnity Agreement (signed by Borrower and guarantors)

20. Site Improvements Inspection Report

21. Evidence of Hazard Insurance naming Lender as the Mortgagee/Lender Loss Payee; and Liability Insurance naming Lender as an “additional insured” (sometimes listed as simply “Acord 27 and Acord 25, respectively)

22. Legal Opinion of Borrower’s Attorney

23. Credit Underwriting documents, such as signed tax returns, property operating statements, etc. as may be specified by Lender

24. Compliance Agreement (sometimes also called an Errors and Omissions Agreement), whereby the Borrower agrees to correct, after closing, errors or omissions in loan documentation.

It is useful to become familiar with the Lender’s loan documentation requirements as early in the transaction as practical. The requirements will likely be set forth with some detail in the lender’s Loan Commitment – which is typically much more detailed than most loan commitments issued in residential transactions.

Conducting the Due Diligence Investigation in a commercial real estate transaction can be time consuming and expensive in all events.

If the loan requirements cannot be satisfied, it is better to make that determination during the contractual “due diligence period” – which typically provides for a so-called “free out” – rather than at a later date when the earnest money may be at risk of forfeiture or when other liability for failure to close may attach.

CONCLUSION

Conducting an effective due diligence investigation in a commercial real estate transaction to discover all material facts and conditions affecting the Property and the transaction is of critical importance.

Unlike owner occupied residential real estate, when a house can nearly always be occupied as the purchaser’s home, commercial real estate acquired for business use or for investment is impacted by numerous factors that may affect its use and value.

The existence of these factors and their affect on a Purchaser’s ability to use the Property for its intended use and on the Purchaser’s projected investment yield can only be discovered through diligent investigation and attention to detail.

The circumstances of each transaction will determine what degree of diligence is required. The level of diligence required under the circumstances is the diligence that is due.

Exercise Due Diligence.

Multi-Family and Commercial Property Buyers: What Is the Expected Useful Life of the Systems?

Buyers often ask the real estate building inspector: “How long will the roof, electrical system, plumbing, etc. last?” The answer to these questions is not just based on the inspector’s experience.

There are agreed upon life expectancy tables. After reviewing many of them, the one table that seems to be the most relevant for commercial properties is the Form 4327 Physical Needs Assessment. It can be found on the Fanny Mae web site. It covers many items such as roofing, heating and AC units, as well as mail boxes, signs, clothes dryers, etc. This is one key standard we use when assessing the condition of a commercial or multi-family property.

Where the tricky part comes in is determining how much longer a system will last. For the most part that has to do with how well the building and its systems have been maintained. For example, we recently inspected an apartment building that was 50 years old and if it continues to be maintained at the level it has been it will last at least another 50 years. We also inspected a building that was only 20 years old and in need of such extensive repairs and maintenance that it was questionable whether or not it should be torn down.

A good real estate inspection should go over the five basic systems and the site – namely the plumbing, electrical, heating and cooling, roofing and structure. Some inspectors will be able to give you an estimate of the remaining expected useful life left in each. This is partially done from experience and partially from the above mentioned table. The experience shows us what shape it is in now and how well it has been maintained as well as the original quality of the materials used and the quality of the installation. All are factors that you don’t get from a table.

An example of assessing primarily from experience was many years ago when the customer asked me how much longer the roof would last. I told him that if it had some repairs and maintenance done now it would last another 5-10 years before it needed replacement. He was greatly relieved. In this instance, I was assessing this primarily from my experience of nearly 40 years in the trades.

The problem with relying only on experience is the wide variation in experience from person to person. When I first wanted to know how long the systems typically last, I asked an HVAC (that’s heating, venting and air-conditioning) specialist how long a typical roof mounted unit lasts. He told me 20 years or so. When I asked another one he told me 12 – 15 years. When I asked another he told me 15 – 20 years but that what really was important was how well it was maintained. He had seen some over 30 years old and doing fine. At that point I realized I needed to get some industry recognized expected useful life tables and discovered the 4327 Physical Needs Assessment.

This question continues to require ongoing research every day. I keep asking professionals when I see them. New products come out all the time. Some of the new ones don’t last nearly as long as the older ones – like the wall gas heaters you see in apartments. The new ones last maybe 10 – 15 years if they are used often. The old ones lasted 20 – 30 years or more because they were made with thicker materials.

Nothing beats a good thorough general visual building inspection by a seasoned professional to get the basic understanding of what you have and how much longer it should last if properly maintained.

The Golden Rules in Managing Commercial Property

Managing commercial property with multiple tenants can be very demanding. Ultimately it is the skills of the property manager in controlling their day and the property that is critical to success.

The landlord of a property needs stability of rent, tenant mix, and outgoings. That is why a good and experienced property manager is required to keep things on track. Any property manager will not do when it comes to commercial or retail property; inexperience in that regard can impact the property performance very quickly.

Here are some of the golden rules of property management in commercial and retail premises:

  • Lease occupancy should be monitored. A good lease document is the key here. Generic leases are a waste of time as they do not fully cover most of the unique property issues that can come from a special property. Landlords are better protected in a solicitor prepared lease.
  • Terms of tenancy usage should always be watched so the tenant does not step outside the terms of the lease. When the tenant bends the rules or does something wrong it pays to handle it quickly and always using the terms of the lease as a backstop.
  • Payment of rental should be in accordance with the lease documentation at all times. When late payment occurs then steps are taken quickly to serve the appropriate notices and demands under the lease. Collection of arrears is always important. Left unchecked it is very easy for arrears to get well out of control. Time is critical when it comes to arrears follow-up. When in doubt always look at the lease first to see what responses are required when rent default occurs.
  • Control of building maintenance is both a budgetary issue and also a safety issue. When maintenance threatens the safety of the tenants or members of the public, it has to be responded to immediately. Liability and negligence claims are most common in property management.
  • Payment of accounts should be undertaken in accordance with the approved accounts in the property budget. It is wise to get the landlord to approve a budget prior to the beginning of each financial year. In that way the property expenses can be planned.
  • Budget performance has to be monitored so the expenditure does not get beyond control and outside of industry averages. Any property with high outgoings will be hard to lease.
  • Landlord reporting and communication is a key to property management success. Regular accurate reports are essential to keep the building momentum pointing in the right direction. When the landlord gets the right reports they can give accurate decisions.

The list can go on and the details are always broad and complex. A landlord should choose their property manager based on skills and experience. Low management fees or leasing fees are the wrong reasons to be changing property manager. Experience is the key every time. A good property manager will offset their fee cost many times over through appropriate building strategies in leasing and maintenance, good financial controls and reports, and excellent tenant relations.

Commercial Property Leasing Activity Report – Your Complete and Foolproof Guide

When you manage or lease a commercial, industrial, or retail building you have to track the leasing issues, not only for the landlord, but also for the tenant. The performance of an investment property is impacted by rental and lease documentation in a variety of ways; you do not normally want a vacant property.

The Property Manager or Leasing Manager for the property has to keep things under control and on track to the property strategy, business plan, and tenancy mix.

To solve the problem it is best to run a leasing activity reporting process and update it at least monthly. Within each month the report becomes a moving tool to support the property investment for the landlord. It is a document that tracks:

  • Current lease activity
  • Forward lease changes
  • Vacancies

What you are normally looking to avoid here with the report is disruption to cash flow or something that disturbs the function of the property outside of any plans you may have. Accuracy in the report is paramount as it is likely to be the main document that keeps you abreast of critical lease issues. If there is an error in the report then you will likely miss a critical date on a lease, and that can be significant in the function of the property over the longer term for the landlord.

The leasing activity report is a forward looking report usually covering the next 12 months and everything that can happen to leases and licences therein. Special attention has to be given to anchor tenants, and tenancy mix strategies that are already in place; these strategies are already active and should be continued.

In a multi-tenant occupancy, the number of leases in the building can become daunting and diverse. When the landlord owns and operates a number of properties at the same time, the matter of lease stability is also complex. The leasing activity report keeps you on track.

A leasing activity report should include the following issues:

  1. A tenancy schedule of current leases including upcoming predicted or known changes such as rent reviews by type and timing, options for a further term, and expiry dates.
  2. Status of any current negotiations with tenants both new and established.
  3. Signed leases report (that is for existing leases for occupying tenants)
  4. Submitted leases report for documents that are outstanding for any reason
  5. Proposals for new leases pending a decision by the landlord or tenant
  6. Vacancy report of areas that are soon to be or are already vacant
  7. Marketing strategy and inspection feedback for vacant areas currently
  8. Prospects currently looking at the property and status
  9. List of vacant areas in competing properties nearby
  10. Changes to tenancy mix recommended
  11. Schedule of rentals in the current surrounding market to which you compete
  12. Overview of the types and level of incentive that exists in the surrounding market
  13. Target rentals and target lease terms
  14. Summary of recent leasing decisions made by the landlord in the last month that impact the property or any vacancy.

When you use these topics for your leasing report, it is clear for you to see that most things are covered and under control. In addition to the items above it is best to provide a time line graph of events both current and foreseen to help track events before they happen.

Selecting Commercial Real Estate for a Potential Business

Congratulations! You have a great idea for a new venture. You’re ready now to turn this idea into a real brick-and-mortar company. The next step is to pick the location.

There are a number of things about your business that are determined by where it is. Competing businesses, workers, expansion room, zoning, and renovation all play an important part in your ability to turn a concept into a profitable enterprise.

Most owners try to choose commercial real estate in an area where there will be the most exposure to potential customers. While your ability to attract people to your store is important, there are other, less obvious factors that also need to be considered.

Competition

Situating your new venture within sight of a competing outlet is a risky move, one that most owners don’t wish to take. Customers tend to go with what they know, which, in this case, would be the more established business. You would have to work extra hard to win them over to your storefront. Instead, placing an outlet in an area where there aren’t as many ventures like yours is a great way to stand out and attract new, loyal customers.

Room for Expansion

Your initial idea might call for a small storefront, but it is always a good idea to have room for an upgrade down the road. The alternative-moving your business to another location-can potentially drive away customers and hurt sales. Having the ability to add storage, table space, or sales floor space quickly can bolster your business.

Zoning

Zoning can be a big hurdle for potential new companies. Zoning is the local government’s authority to control the use of the land within a certain area. Each city is different and has its own unique zoning laws. Potential bar and club owners should be the wariest of zoning laws because these industries have strict regulations in most cities.

Renovation

Few pieces of commercial real estate come “move-in ready.” There will be a fair amount of renovation involved with any building in order to fit it to the needs of your business. Even so, there are some buildings or spaces that are better adapted to the needs of your venture. Consider how much of your budget you can devote to making the space your own.

Government/Economic Incentives

In some areas, state or local governments offer different loan, tax, or other financial incentives to create a certain type of business. Location often determines whether you qualify for any of these programs. Government assistance can be a big boost to a fledgling company, providing needed backing without having to deal with private investors.

As you get into the final stages of selecting the perfect piece of commercial real estate, it could be to your advantage to contact a local commercial real estate company. This agency will have a clearer picture of what sort of financial support you can expect from the community, it can also give you more insight into the market, and it can be a useful ally in closing a deal once you’ve settled on a prime target.

After that, all you have to do is start construction!

Tips to Hire a Commercial Property Inspector

Hiring a commercial property inspector is an important part of buying, selling, or owning a building. Having relevant and accurate information regarding the state of a building can be helpful in each of these circumstances:

1. When an individual is preparing to purchase a building and wants to know the true state and value of their investment.

2. When an individual already owns a building, but wants to know the condition of their building, enabling them to take preventative care measures or reevaluate their investment.

3. When an individual is preparing to sell a building and wants to know the true state and value of their investment.

In each of these circumstances, the property-owning individual requires information that can only be provided by a commercial property inspector, making the process of hiring a commercial property inspector rather important. The tips included in this article are therefore intended to help commercial buyers, investors, and owners gain an accurate evaluation of their investment in order to protect and grow their investment portfolio.

Six Tips:

1. First and foremost, it is crucial to make sure that your commercial property inspector is licensed, whether by National Property Inspections, the International Code Council, the National Association of Certified Home Inspectors, the state, or another reputable and trusted standards association.

2. Do your research. Social media sites like Yelp and Google Reviews provide unfiltered reviews of commercial property inspection businesses. Though business owners can control the reviews that appear on their company website, they cannot control the reviews posted about their business on social media sites like the examples above. These are the best places to get a feel for the businesses you’re considering; however, don’t let one bad review rule out a company – look for a general consensus.

3. Do more research! Follow up on the company’s references. Of course the references that any business owner provides you with will have a positive review to share, but they may be able to answer specific questions that you have regarding work styles, principles, and other miscellaneous concerns.

4. Make sure that your commercial property inspector’s equipment is updated and conforms to current standards of practice. Advances in technology, such as thermal imaging systems, have bettered an inspector’s ability to identify water and air leaks, and should be on your list of requirements. Further, make sure that your commercial property inspector has adequate training to use advanced equipment – ask for credentials!

5. Discuss payment options. Some commercial and home inspectors are small, often family-owned, businesses and may not have the ability to take credit cards. If you plan on paying by credit card, make your intentions known early on so that you may decide to choose another company or another payment option.

6. Communicate effectively. Be clear about your expectations for the commercial property inspection and discuss obstacles. Inspectors are not expected to move potentially harmful objects, such as heavy machinery or hazardous materials.

If you are unsure of whether to hire a commercial property inspector or not, make the smart decision and move forward with an inspection. For property owners, preventative maintenance is always more cost effective than repairs, which may also stall productivity. Additionally, whether you are interested in buying or selling commercial property, an inspection will give you the information you need to accurately assess your investments.

Your Guide to the Ins and Outs of Commercial Real Estate

Commercial real estate is any property that is not residential and is used for making a profit. Restaurants, stores, offices, and warehouses are all examples. Whether you need an office or a warehouse, finding the right commercial space is essential. The success of your business depends on the correct commercial real estate choice.

How Do I Buy the Space?

If you have enough capital to actually buy a place, that’s great! If you are just starting off your business and can’t afford to buy space, you may need to rent or lease. This can be a little trickier. Lease contracts are complicated, and it is wise to have a lawyer take a look at the contract before you sign. Many inexperienced tenants accept a landlord’s contract without making any changes, and this can be dangerous. You could end up agreeing to a contract that gives the owner of the building too much power over you and your business, or you might even overpay for an inferior space. If you decide to buy, have the building inspected for structural problems so you do not get saddled with any unexpected maintenance costs. You want to be sure you know what you are getting into before you sign.

When Should I Buy/Lease?

If you have, or know you are about to have, products to store or employees who need a workspace, then it is time for you to get a place. You also want to make sure you can afford the property. Capital, from your business or investors, will need to be saved in advance for this purchase. You should also be sure that once you have the space, your business will be making enough money to continue renting. Timing is very important.

Where Should I Buy/Lease?

Location is key. If you are opening a store, restaurant, or any establishment that needs human traffic to make money, you want to be somewhere that gets a lot of pedestrian activity. Downtown city areas are good examples. You should also do some research to make sure there is not another established business similar to yours nearby that will produce competition. Do more research to make sure that your business is in demand wherever you decide to open up shop.

Being informed allows you to make better decisions in your commercial real estate transactions. Knowing what to do and expect is key to being successful in your ventures.

Commercial Real Estate For Business Owners

With interest rates now at historically low levels and the United States economy growing at a strong pace, many business owners have been considering the purchase of commercial real estate for their business locations. The benefits and drawbacks to commercial real estate ownership vary from business owner to business owner but potential buyers should educate themselves about the obvious and sometimes hidden benefits to the ownership of a commercial property. Below are some of the major benefits to ownership as opposed to leasing a commercial space.

Tax Deductions

For many business owners one of the primary benefits of commercial real estate ownership are the tax deductions that can be taken on the interest portion of the monthly commercial loan payment. These deductions can be substantial and each business owner should consult a qualified tax specialist about their unique situation.

Equity Appreciation

On average, commercial real estate properties will appreciate about two to three percent above inflation over the long term. This equity appreciation can result in significant financial gains over a period of decades.

A Retirement Fund

Many small business owners will not receive a pension when they decide to retire. The equity appreciation on commercial property can be significant. An owner can decide either to sell their property at retirement, cashing in on equity appreciation or lease it to another business for a continuous retirement income stream. In fact, in many situations, a business owner may be able to lease out an unused portion of his property, such as a spare office, before retirement for additional income.

Added Value To Business

As opposed to residential loans, many commercial loans are assumable. This makes the business and real estate much easier for a buyer to acquire and enhances the value of the business tremendously.

No Taxes To Pay On Your Rent

When a business leases their real estate they must pay sales tax on the rent paid to the landlord. When you own the real estate there is no tax to pay on the rent. The savings can be significant.

Easy Access To Financing

Great fixed rate loans for terms up to 30 years are now available for owner occupied commercial properties. In fact, in some instances, with strong financials, a business owner may qualify for loan financing up to 100% of the purchase price for his commercial real estate. Business owners should consult an experienced commercial mortgage adviser before making an offer on a commercial property.

In addition to the easily tangible benefits outlined above the business owner who purchases a property to house his business location will be able to have the satisfaction that only comes with ownership and he won’t be making his landlord rich.

Commercial Property – What to Do If the Lease Is Unsigned

In commercial property management and leasing you frequently come across the problem of the tenant delaying the signing of the lease. It can be for a number of reasons such as:

  • The complete terms of the lease are still being negotiated
  • The tenant is still finalizing their fitout design
  • The various partnership members are not all available for signature
  • The documentation is still with the tenants solicitor
  • The business or government department is taking time to process the document
  • The decision makers are away
  • Approvals for permitted use are delayed at local council

So the list goes on and you will see many variations of the problem. Tenants will give you so many different reasons why the lease is still outstanding. Frequently the delay process is not as it seems and there are other alternatives that the tenant is adopting for their own reasons. Tenants will not tell you the whole truth; that is a fact.

The signature on a lease is then a critical element of making the tenancy available for occupancy. In almost all lease situations, you would want the tenant to satisfy the following criteria before the keys to the tenancy are handed over:

  1. The lease is totally and correctly signed
  2. The plans and drawings associated with the tenants fitout have been submitted to the landlord and are approved
  3. The plans and drawings associated with the tenants fitout have been submitted to the building control board or local council and are approved
  4. The first months rental is paid in advance in accordance with the lease documentation
  5. The appropriate personal or bank guarantees are provided to the landlord in accordance with the agreement to lease
  6. All associated documentation and disclosures tied to the lease implementation are correctly served and satisfied
  7. The deposit required under the lease agreement or lease arrangement is paid

The golden rule in the leasing a property to a tenant is that all lease requirements are satisfied in accordance with the property managers instructions and the landlord’s requirements before any keys and tenancy access are given.

It should also be said that any incentive to be made available to the tenant as part of the new lease structure should not be released or made available until all the six points above are satisfied.

In most instances with commercial property, the tenants you work with are very experienced in business and negotiation. They are likely to be more experienced than the property manager or the landlord. The tenants will set up the leasing situation to their own advantage during the lease negotiation.

So the clear message here is that the premises should not be handed over to the tenant until all lease documentation requirements have been satisfied correctly and legally.

Principles of a Sales Pitch to a Commercial Property Tenant

When you are leasing commercial property to a tenant, there are a few good principles to follow in the sales pitch about the premises and in the process of negotiating leasing. These principles apply with both office and industrial premises.

At the outset remember that the inspection and the pitch is all about the tenant and the premises; it has nothing to do with you. You are only the facilitator to the deal. All comments and questions should focus on the tenant and their needs.

Remove your ideas of more commission and closing another deal immediately. Start to focus on the tenant and the benefits they can get from the property. You should know the property and the location better than the tenant so you can do something with that knowledge.

Here are some ideas to introduce to the inspection and negotiations:

  1. How would the tenant and the business operate from the new location?
  2. What will the property and tenancy do for the tenant in their business?
  3. How will it impact productivity in costs and time?
  4. What will the staff do with more space and fresh new premises?
  5. How can the fitout design improve their business function for staff and the departments of the business?
  6. What are the possibilities of expansion from the premises into adjoining tenancies?
  7. Will the premises improve their customer access and service capability?
  8. Proximity to other businesses in the precinct may be beneficial
  9. What image and prestige will the new premises give the tenants and their business?
  10. Transport facilities and car parking may be offering better business functionality for the tenant.
  11. Will the new premises help with storage, access to raw materials, or ports?

All of these points will help the tenant look at and see the advantages of the new property. When you add your local knowledge to the process of inspection and discussion, the tenant will give you further ideas to drill down on.

One other strategy factor to use in the tenant pitch process is the best way you can inspect the property. When the property was first listed you should have worked out with the landlord the best way to take tenants into and around the property. This helps you with the interest factor and the close when it needs to be done.

The process of inspection and sales pitch about the leasing property is really easy when you think about it from the tenant’s perspective. Put yourself in their shoes, talk about the premises from their angle; the lease negotiation will be much easier.

Commercial Property Managers – Tenant Retention Plans Are Beneficial for the Long Term

As part of a comprehensive commercial property management service, you should be providing a quality tenant retention program and service. In simple terms, the good tenants in a property should be part of a retention strategy, whilst the other weaker tenants should be part of a replacement strategy.

Here are some issues to help you establish a professional tenant retention plan in a managed commercial or retail property.

  1. Review all the competing properties in the local area to understand their vacancy factors, and tenant mix profiles. Look for any strengths and weaknesses in each of those properties. Understand how those properties can relate to the function of your property. Could those properties be attracting your tenants to move? Make sure you understand this fact.
  2. Check out the local municipal council regards upcoming future property developments. Understand if any of those property developments could have impact on the supply and demand ratio for occupied space. If you do have new local property developments coming up, check out the timing of the property release, and the potential rentals that could apply to attract new tenants. Expect that those properties will also offer large incentives as part of the property release strategy. Those properties could soften the effective market rental due to incentives offered.
  3. Review your existing property as to tenancy mix and lease profiles. Identify those leases that will soon to expire. That will normally be leases to expire inside the next two years. Those leases will be of immediate concern given that you will need a strategy to handle the expiry and or tenancy replacement. Planning and preparation is everything.
  4. Split your tenancies in your managed property into desirable and undesirable tenants. It is the desirable tenants that you will be encouraging to remain in occupancy. You will need a standard set of rentals and lease conditions to apply as part of negotiating with existing tenants. You will need to set market rentals that apply to existing tenants. The market rentals that you choose should be carefully considered with regard to recoverable outgoings and property expenses. You may choose gross or net market rentals but in each case the recovery of outgoings needs to be optimized for the landlord.
  5. The undesirable tenants should be identified and monitored as they get closer to the end of their lease. When the expiry of the lease is less than 12 months away, you will need a replacement tenant strategy. That will include target market rental, incentive allowance, landlord works, and permitted use.
  6. If your property contains one or more anchor tenants, pay special attention to the existence of the anchor tenant and how they are interacting with the specialty tenants across the property. A productive and proactive anchor tenant will encourage customers to the property and underpin the rental overall. A good anchor tenant helps the property to be successful.

So these are some of the issues to consider as part of preparing for your tenant retention strategy and tenancy mix plan. The property ownership requirements of the landlord should also be considered in balance to the decisions that you make with regard to leases. The rental for the property will also be set with relevance to the prevailing property market conditions through the local area.

EPC Belfast: “What Do The Energy Performance Certificates Show And Do You Really Need Them”

The Energy Performance Certificate used to be a 7-page pdf document containing the energy efficiency report of your building. However, as of September 2020, the EPC is a web page that is publicly available. It shows again the Energy Rating of a property from a scale of 0 to 100 and a list of potential improvements. The Energy Performance Certificates are produced by qualified Energy Assessors.

To find an DEA in Belfast search online for “energy efficiency tests Belfast

Who’s responsibility is the EPC?

According to the UK government website, it is either your or your estate agent’s responsibility to get an EPC before selling or renting the property. You can get a copy of this certificate from the accredited energy assessors. Moreover, they’ll lodge the EPC onto the Northern Ireland EPC Register, so you can get a copy of it whenever you want using your address or the 20 digit code present on the certificate. This certificate shows your property’s energy performance, how much energy it’ll cost, and how you can improve it. This certificate shows a rating from A-G, where A means very efficient, and G is meant for being in-efficient.

Even if it is a sale by owner, the EPC is still required.

Who enforces the requirement for EPCs?

Energy Performance Certificates became a legal requirement in Northern Ireland in 2008. District Councils enforce the requirement for EPCs. They can ask for it up to 6 months from the time you should have displayed one. More often, you have to provide them with a copy of the EPC within seven days after they’ve requested one. And if your property owner or the builder doesn’t provide you with an EPC, you must contact enforcement authorities (District Council) to help you in that regard.

If you fail to provide an EPC, there are various penalties that you can face. The penalty charge depends upon the complexity of the issue, and it varies from a minimum of 500 pounds to a maximum of 5,000 pounds. To avoid the penalty charges or any kind of delay in your building’s sale or rent, you must provide the district council or the enforcement authority with an EPC. 

How do I get an EPC?

It is your builder’s responsibility to provide you with an EPC for your newly built building. You can also get an EPC yourself or with the help of your estate agent. It is your legal responsibility to get an EPC for your property. So, if you are selling or renting your property through an estate agent, they’ll get you an EPC for the property.  

Either way, you can commission it through an accredited energy assessor. In that case, you have to make sure that the energy assessor is accredited by Northern Ireland Energy Performance Certificate Register. To get a price for an EPC visit check EPC Belfast.

These energy assessors can be self-employed, or they can be employees of relevant energy companies. An energy assessor will produce an EPC along with the recommendation report based on the design and other information regarding your property. This necessary information includes:

  • How and when your property was built
  • The type of property
  • Number of floors
  • Amount of the area underuse
  • Dimensions
  • Fuel and heating systems

After that, they enter this information into the government-approved software program to produce an EPC along with the recommendation report.  This Energy Performance Certificate is then stored in the Northern Ireland Register, and you get a copy of it.

Real Estate Investing Opportunity: How to Locate a Property to Buy

Are you looking for a profitable commercial real estate investing opportunity? Below are some helpful tips for locating a commercial property to buy.

Before you start your search, you need to decide on your desired property type. Determine the size, type and the location of the commercial property you are looking to purchase. It is possible that you may be looking for a multi-tenant office building instead of a small single-user office building. In such cases, make sure you are clear on these distinctions before you start your search.

Once you have the type of property clearly in mind, there are a number of sources you can use to locate that property:

Internet

The internet is a great platform to use to locate a real estate investing opportunity. There are several commercial real estate industry sites that give you detailed descriptions of properties offered for sale, as well as videos and other statistics that can be a helpful complement to your search. In addition, there are websites that are hosted by professional commercial real estate agents that will show listings of commercial properties for sale.

Another good source to use on the internet is to connect with user groups and real estate forums that can help you in your hunt.

The only downside to the internet is that it can be restrictive, especially if you are looking for a local commercial property. Most local areas do not have a multiple commercial listing service for commercial properties like the MLS (Multiple Listing Service) for residential properties so listed properties are not readily available to research.

Networks

Networking is another good technique used for finding properties. All you have to do is to visit your local real estate investment group and discuss your needs, clearly indicating the specifics of the type of property you are looking for as well as the financial requirements.

The same approach is valid at Chamber of Commerce meetings. You can also join groups of apartment owners, building owners, and associations of shopping center owners.

Professional Commercial Realtors

Last but not least, you can seek the assistance of professional commercial realtors. Good commercial realtors can be a great helping hand in your hunt for commercial properties. Not only will they provide you assistance but they will also help you in locating the most suitable property for your specific investment plans.

Sellers typically are represented by brokers and it is in your best interest as the buyer to have your own professional representation in any transactions you enter into. If you are worried about the realtor fee – it is usually paid by the seller and, therefore, you do not have to bear any expense.

In summary, homework is important if you wish to find a commercial property that suits your requirements. So do your homework and get the professional advice of a commercial real estate broker who will look after your best interests.

There are a lot of financially lucrative real estate investing opportunities in the marketplace. Good luck with your hunt!

Commercial Property Terms – Rectangular Building, Column Spacing and Bay Depth

If you currently invest or are considering investing in commercial real estate, here are a few commercial property terms that you should be familiar with.

Rectangular Building

When deciding whether to build a rectangular or a square building, you have several factors to consider. For one thing, it may be important to know that the square building usually has a smaller footprint. For instance, a 40,000 square foot building constructed as a square, would be 200 feet x 200 feet. However, that same building as a rectangle could be 100 feet x 400 feet and still have 40,000 square feet.

Although it’s the same square footage, if you’re going to build:

• 200 x 200, you have walls that are exactly the same.

So, you have only 800 lineal feet of wall to build.

• 400 x 100, you have 400 for both sides or 800 feet, plus 100 on each end, or another 200 feet.

So, you have 1,000 lineal feet of wall.

Although the amount of lineal feet involved is smaller with a square building, lessening the expense of construction, far more rectangular buildings are being built. Why? One big factor that shapes this outcome is that it’s easier to put the roof on a rectangle building. The maximum truss length from the standpoint of practical economical efficiency is 50 feet. As soon as you have more than that, you’re into incredibly larger engineering requirements to build that truss, because of the additional length in the roof that it has to support.

Column Spacing and Bay Depth

These are important commercial property terms to understand, because if you have a building that’s 400 feet x 100 feet, you must have one column in the middle of this building. That means your trusses have a one-column distance. This becomes important, when your tenant requires more usable interior space. If your tenant is using big trucks, tow motors, and similar equipment in your warehouse and is trying to navigate a column with a 200-foot truss, they would have trouble.

So, more buildings are being built like this, due to required elements such as column spacing and bay depth. Normally your columns are going to be 20 feet apart. So, if you’ve got a 100-foot building, it’s 50 feet to the column. You have a total of 50 feet of what is called clear span area. You can actually run a tow motor in that area without worrying about any kind of column spacing or impediments. The utility of the space becomes greater, even though it costs more to build.

Also, the cost of trusses is less and makes up for the extra cost in the lineal footage of wall space. Most of your tenant companies in this kind of property are going to be doing a lot of storage. If they want your warehouse facilities for storage, either long-term or short-term, there must be access to that storage.

Tip: The more efficient the access to storage, the more efficient the space becomes for the user.

Stay tuned for upcoming articles with more commercial property terms you’ll want to know.

What You Should Know About Property Management of Commercial Properties

Now that you have made an offer to acquire a commercial property and are waiting to close escrow, you may want to start looking for a property manager to professionally manage the property. Your real estate investment advisor should present you with 2 or 3 local companies, each with its own proposal. Your job is to decide which company you will hire. The property manager will be the main point of contact between you, as the landlord, and the tenants. Her main job is to:

  1. Receive and collect the rents and other payments from your tenants. This is typically simple until a tenant does not send the rent check. A good property manager will somehow get the tenant to pay the rent while a lousy one will throw a monkey on your back!
  2. Hire, pay, and supervise personnel to maintain, repair and operate the property, e.g. trash removal, window cleaning, and landscaping. Otherwise, the property loses its appeal, and customers may not patronize your tenants’ businesses. The tenants then may not renew their lease. As a consequence, you may not realize the expected cash flow.
  3. Lease any vacant space.
  4. Keep an accurate record of income and expenses, and provide you with a monthly report.

A good property manager is critical in keeping your property fully occupied at the highest market rent, the tenants happy and in turn helps you achieve your investment objectives. Before choosing a property management company, you may want to:

  1. Interview the company with focus on how the company handles and resolves problems, e.g. late payment.
  2. Talk to the person who will manage the property day to day as this may be a different person from the one who signs the property management contract. You want someone with strong interpersonal skills to effectively deal with tenants.

The property managing company normally wants a contract for at least one year. The contract should spell out the duties of the property manager, compensation, and what will require the landlord’s approval.

Agent’s Compensation: you will have to pay someone to manage and lease the property. You may have one company to manage the property and a different company to lease the property. However, it’s best to work with one company that handles both managing and leasing to save time and money.

  1. Management fee: the fee varies between 3-6% of the base monthly rent for a retail center, depending on the amount of work needed to manage the property. For example, it takes much less time to manage a $2M retail center with just a single tenant than a $2M retail strip with 12 tenants. So, for the center with 12 tenants, you may have to pay a higher percentage to motivate the property manager. You should negotiate the fee as a percentage of the base rent instead of the gross rent. Base rent does not include NNN charges. Ideally, you want a lease in which the tenants pay for their share of property management fee.
  2. Late fee: when a tenant pays late, he is often required by the lease to pay late fee. The property manager is allowed to keep this fee as an incentive to collect the rent.
  3. Leasing fee: this fee compensates the property manager to lease any vacant space. In a typical lease contract, the leasing company wants 4-7% of the gross rent over the life of the lease. It also wants the leasing fee to be paid when the new tenant moves in. In addition, the leasing company wants around 2% of gross rent when the lease is renewed. The tenant may also ask for Tenant Improvement (TI) credit, typically between $10-20 per square foot to pay for construction expenses. So if a new tenant with a 10-year lease goes under after one year then you may lose money. As the landlord you should:
  • Approve a long term lease (10 years or longer) only when the tenant’s financial strength is solid. Otherwise, it may be better to reduce the lease to 3-5 years.
  • Make sure the new lease has a provision for some kind of rent escalation, preferably based on Consumer Price Index (CPI), i.e. inflation which is 3-4% a year instead of lower fixed 1-2% annual increase.
  • Consider TI request from the tenant as one of the factors to approve a lease. The TI credit depends on whether you need the tenant more or the tenant needs you more.
  • Negotiate for a flat rate renewal fee, e.g. $500 instead of paying a percentage of the rent for the life of the lease. The negotiation is easier with one company that handles both leasing and management.
  • Negotiate to pay the leasing agent a lower percentage, e.g. 4% when no outside leasing broker is involved.

You can see that it’s very important to minimize tenants’ turnover rate as it has a direct impact on the cash flow of your commercial property. A good property manager will help you achieve this goal.

Monthly Report: each month the property manager should send you a report on income received, expenses incurred, and property status. You should Review the report to see if the numbers make sense. You should:

  1. Request a report showing both rent and CAM fees received.
  2. Request a separate bank account for your property and have a monthly bank statement sent to you. Without this, the property manager will deposit and commingle all the rents from all properties that she manages into her company’s bank account.

If you instruct the property manager to send you the excess cash flow then you will also get a check.

Landlord’s Approval: the management contract should specify the dollar limit for exceptional maintenance expense above which would require your approval. This amount varies from landlord to landlord as well as the type of property. However, it’s typically somewhere between $500 to $2,000 dollars.

Communication with property manager: in the first few months, you and the new property manager should communicate often to make sure things go smoothly. You should give instructions in writing, e.g. email, to your property manager and keep records of all your correspondence. If the property manager does not do what you instructed, you may refer to your records and minimize disputes.

If you want to work hard for your money, you may want to manage your own property. However, if you want to work smart, your partner should be a good property manager.

https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.akiledinem.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.abronca.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.cute624.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.eaves-klinger-genealogy.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.electronics-control.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.1worldvillage.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.annaunivresults.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.bridgethegulfproject.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.car2satei.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.daugiapolis.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.businesscredithelp.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.baixarfilmestorrents.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.binegelimen.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.artkids.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.asianlegend.info https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.sourceofnavigation.xyz https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.emerald-eyes.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.islamstory.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.eurofrigo.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.kazokuegao.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.lugatipograf.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info https://www.macammacam.info