Check with your lawyer that such a penalty is permissible in your state though.

You can reach out to me via email, this is something a lawyer can review your loan documents and lease, prior to execution.

It’s a good idea to review local real estate development compensation norms or even consult with a lawyer to ensure the deal is fair.In your uncle’s case, the terms seem fairly favorable to the engineer if he is only handling the development and not contributing any capital.

I will confirm with my lawyer and accountant when it comes time, but I thought I should hear what other investors suggest.  

However it is typical to allow the lawyer representing the lienholder (lender) to make an unofficial bid referred to as the "upset price".

Disclaimer: I am not a lawyer, financial advisor or Realtor.

I'm talking to the seller's broker, but I would like to find my own people to assist with the due diligence period, such as an SBA loan broker, an accountant with experience doing QoE for this kind of transaction, and a lawyer.

Their role is purely administrative, so if you file incorrectly or choose the wrong entity type, you’re on your own.3.Hiring a Lawyer or CPA (White-Glove Service):This is the most comprehensive option, with costs ranging from $1,000 to $3,000.

I hired a lawyer to handle it, and she was given proper notice. 

I’m in the same boat with lawyer, everything is on hold.