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

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.

If the appraisal came in lower then what was being using originally that could effect the rate/terms.

There are valid reasons for having complex corporate structures, but unfortunately, some lawyers and professionals push unnecessarily complex setups on clients.

Avoidable and more cost effective if using a broker you like. 

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

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

Unless otherwise stated in this Agreement, Tenant shall establish their own utility accounts, effective no later than the lease start date, pay all utility charges, and maintain accounts in good standing.

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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.