HomeMy WebLinkAboutLC20-15 NKF Valuation1 LCV Professional Services Final 5/14 AGREEMENT FOR PROFESSIONAL SERVICES BETWEEN LAKE CREEK VILLAGE LLC AND NEWMARK KNIGHT FRANK VALUATION & ADVISORY, LLC THIS AGREEMENT (“Agreement”) is effective as of __________________, by and between Newmark Knight Frank Valuation & Advisory, LLC a Delaware limited liability company (hereinafter “Consultant”) and Lake Creek Village LLC, a Colorado limited liability company (hereinafter “LCV”). RECITALS WHEREAS, Lake Creek Village desires a detailed report summarizing the market value of the property as both market-rate and income restricted located at (the “Project”) 4923 Lake Creek Village Drive, Edwards, CO 81632 (the “Property”); and WHEREAS, Consultant is authorized to do business in the State of Colorado and has the time, skill, expertise, and experience necessary to provide the Services as defined below in paragraph 1 hereof; and WHEREAS, this Agreement shall govern the relationship between Consultant and LCV in connection with the services. The report shall be prepared for the following purpose: Valuation of the property to be utilized during a refinance or sale. The intended users shall be LCV and Eagle County Housing Authority. AGREEMENT NOW, THEREFORE, in consideration of the foregoing and the following promises Consultant and LCV agree as follows: 1.Services. Consultant agrees to diligently provide all services, labor, personnel and materials necessary to perform and complete the services described in Exhibit A (“Services”) which is attached hereto and incorporated herein by reference. The Services shall be performed in accordance with the provisions and conditions of this Agreement. a.Consultant agrees to furnish the Services no later than November 30, 2020, and in accordance with the schedule established in Exhibit A. If no completion date is specified in Exhibit A, then Consultant agrees to furnish the Services in a timely and expeditious manner consistent with the applicable standard of care. By signing below Consultant represents that it has the expertise and personnel necessary to properly and timely perform the Services. b.In the event of any conflict or inconsistency between the terms and conditions set forth in Exhibit A and the terms and conditions set forth in this Agreement, the terms and conditions set forth in this Agreement shall prevail. c.Consultant agrees that it will not enter into any consulting or other arrangements with third parties that will conflict in any manner with the Services. 2.LCV’s Representative. The Portfolio Manager, Daniel Murray, the Housing Department’s designee shall be Consultant’s contact with respect to this Agreement and performance of the Services. 3.Term of the Agreement. This Agreement shall commence upon the date first written above, and subject to the provisions of paragraph 12 hereof, shall continue in full force and effect through the 30th of November 2020. 4.Extension or Modification. This Agreement may not be amended or supplemented, nor may any obligations hereunder be waived, except by agreement signed by both parties. No additional services or work performed by Consultant shall be the basis for additional compensation unless and until Consultant has obtained written authorization and acknowledgement by LCV for such additional services in accordance DocuSign Envelope ID: 57AE870C-FE4B-4566-A93E-B25235B8ADD9 9/30/2020 LC20-15 2 LCV Professional Services Final 5/14 with LCV’s internal policies. Accordingly, no course of conduct or dealings between the parties, nor verbal change orders, express or implied acceptance of alterations or additions to the Services, and no claim that LCV has been unjustly enriched by any additional services, whether or not there is in fact any such unjust enrichment, shall be the basis of any increase in the compensation payable hereunder. In the event that written authorization and acknowledgment by LCV for such additional services is not timely executed and issued in strict accordance with this Agreement, Consultant’s rights with respect to such additional services shall be deemed waived and such failure shall result in non-payment for such additional services or work performed. 5. Compensation. LCV shall compensate Consultant for the performance of the Services in a sum computed and payable as set forth in Exhibit A. The performance of the Services under this Agreement shall not exceed $4,000. Consultant shall not be entitled to bill at overtime and/or double time rates for work done outside of normal business hours unless specifically authorized in writing by LCV. a. Payment will be made for Services satisfactorily performed within thirty (30) days of receipt of a proper and accurate invoice from Consultant. All invoices shall include detail regarding the hours spent, tasks performed, who performed each task and such other detail as LCV may request. b. Any out-of-pocket expenses to be incurred by Consultant and reimbursed by LCV shall be identified on Exhibit A. Out-of-pocket expenses will be reimbursed without any additional mark-up thereon and are included in the not to exceed contract amount set forth above. Out-of-pocket expenses shall not include any payment of salaries, bonuses or other compensation to personnel of Consultant. Consultant shall not be reimbursed for expenses that are not set forth on Exhibit A unless specifically approved in writing by LCV. c. If, at any time during the term or after termination or expiration of this Agreement, LCV reasonably determines that any payment made by LCV to Consultant was improper because the Services for which payment was made were not performed as set forth in this Agreement, then upon written notice of such determination and request for reimbursement from LCV, Consultant shall forthwith return such payment(s) to LCV. Upon termination or expiration of this Agreement, unexpended funds advanced by LCV, if any, shall forthwith be returned to LCV. d. LCV will not withhold any taxes from monies paid to Consultant hereunder and Consultant agrees to be solely responsible for the accurate reporting and payment of any taxes related to payments made pursuant to the terms of this Agreement. 6. Sub-consultants. Consultant acknowledges that LCV has entered into this Agreement in reliance upon the particular reputation and expertise of Consultant. Consultant shall not enter into any sub- consultant agreements for the performance of any of the Services or additional services without LCV’s prior written consent, which may be withheld in LCV’s sole discretion. LCV shall have the right in its reasonable discretion to approve all personnel assigned to the subject Project during the performance of this Agreement and no personnel to whom LCV has an objection, in its reasonable discretion, shall be assigned to the Project. Consultant shall require each sub-consultant, as approved by LCV and to the extent of the Services to be performed by the sub-consultant, to be bound to Consultant by the terms of this Agreement, and to assume toward Consultant all the obligations and responsibilities which Consultant, by this Agreement, assumes toward LCV. LCV shall have the right (but not the obligation) to enforce the provisions of this Agreement against any sub-consultant hired by Consultant and Consultant shall cooperate in such process. Consultant shall be responsible for the acts and omissions of its agents, employees and sub-consultants or sub-contractors. 7. Insurance. Consultant agrees to provide and maintain at Consultant’s sole cost and expense, the following insurance coverage with limits of liability not less than those stated below: a. Types of Insurance DocuSign Envelope ID: 57AE870C-FE4B-4566-A93E-B25235B8ADD9 3 LCV Professional Services Final 5/14 i. Workers’ Compensation insurance as required by law. ii. Auto coverage with limits of liability not less than $1,000,000 each accident combined bodily injury and property damage liability insurance, including coverage for owned, hired, and non-owned vehicles. iii. Commercial General Liability coverage to include premises and operations, personal/advertising injury, products/completed operations, broad form property damage with limits of liability not less than $1,000,000 per occurrence and $2,000,000 aggregate limits. iv. Professional liability insurance with prior acts coverage for all Services required hereunder, in a form and with an insurer or insurers reasonably satisfactory to LCV, with limits of liability of not less than $1,000,000 per claim and $2,000,000 in the aggregate. In the event the professional liability insurance is on a claims-made basis, Consultant warrants that any retroactive or effective date under the policy shall precede the effective date of this Agreement. Continuous coverage will be maintained during any applicable statute of limitations for the Services and Project. b. Other Requirements i. The automobile and commercial general liability coverage shall include LCV, its associated or affiliated entities, its successors and assigns, elected officials, employees, agents and volunteers as additional insureds solely with regard to claims arising out of this Agreement. ii. Consultant’s certificates of insurance shall include sub-consultants as additional insureds under its policies or Consultant shall furnish to LCV separate certificates and endorsements for each sub-consultant. All coverage(s) for sub-consultants shall be subject to the same minimum requirements identified above. Consultant and sub-consultants, if any, shall maintain the foregoing coverage in effect until the Services are completed. In addition, all such policies shall be kept in force by Consultant and its sub-consultants until the applicable statute of limitations for the Project and the Services has expired. iii. Insurance shall be placed with insurers duly licensed or authorized to do business in the State of Colorado and with an “A.M. Best” rating of not less than A-VII. iv. Consultant’s insurance coverage shall be primary and non-contributory with respect to all other available sources. Consultant’s policy shall contain a waiver of subrogation against LCV. v. All policies must contain an endorsement affording an unqualified thirty (30) days’ notice of cancellation to Consultant in the event of cancellation of coverage, and Consultant shall promptly forward to LCV a copy of any such notice Consultant may receive. vi. Consultant shall provide LCV with a certificate of insurance evidencing all required coverage(s) within five (5) days after the full execution of this Agreement. Upon reasonable request, Consultant shall provide a copy of the actual insurance policy and/or required endorsements required under this Agreement within five (5) business days of a written request from LCV. vii. Consultant shall advise LCV in the event the general aggregate or other aggregate limits are reduced below the required per occurrence limit. Consultant, at its own expense, will reinstate the aggregate limits to comply with the minimum limits and shall furnish LCV a new certificate of insurance showing such coverage. viii. If Consultant fails to secure and maintain the insurance required by this Agreement and provide satisfactory evidence thereof to LCV, LCV shall be entitled to immediately terminate this Agreement. DocuSign Envelope ID: 57AE870C-FE4B-4566-A93E-B25235B8ADD9 4 LCV Professional Services Final 5/14 ix. The insurance provisions of this Agreement shall survive expiration or termination hereof. x. The parties hereto understand and agree that LCV is relying on, and does not waive or intend to waive by any provision of this Agreement, the monetary limitations or rights, immunities and protections provided by the Colorado Governmental Immunity Act, as from time to time amended, or otherwise available to LCV, its affiliated entities, successors or assigns, its elected officials, employees, agents and volunteers. xi. Consultant is not entitled to workers’ compensation benefits except as provided by Consultant, nor to unemployment insurance benefits unless unemployment compensation coverage is provided by Consultant or some other entity. Consultant is obligated to pay all federal and state income tax on any moneys paid pursuant to this Agreement. 8. Indemnification. Consultant shall indemnify and hold harmless LCV, and any of its officers, agents and employees against any losses, claims, damages or liabilities for which LCV may become subject to insofar as any such losses, claims, damages or liabilities arise out of, directly or indirectly, this Agreement, or are based upon any performance or nonperformance by Consultant or any of its sub- consultants hereunder; and Consultant shall reimburse LCV for reasonable attorney fees and costs, legal and other expenses incurred by LCV in connection with investigating or defending any such loss, claim, damage, liability or action. This indemnification shall not apply to claims by third parties against LCV to the extent that LCV is liable to such third party for such claims without regard to the involvement of Consultant. This paragraph shall survive expiration or termination hereof. 9. Ownership of Documents. All documents prepared by Consultant in connection with the Services shall become property of LCV. Consultant shall execute written assignments to LCV of all rights (including common law, statutory, and other rights, including copyrights) to the same as LCV shall from time to time request. For purposes of this paragraph, the term “documents” shall mean and include all reports, plans, studies, tape or other electronic recordings, drawings, sketches, estimates, data sheets, maps and work sheets produced, or prepared by or for Consultant (including any employee or subcontractor in connection with the performance of the Services and additional services under this Agreement). 10. Notice. Any notice required by this Agreement shall be deemed properly delivered when (i) personally delivered, or (ii) when mailed in the United States mail, first class postage prepaid, or (iii) when delivered by FedEx or other comparable courier service, charges prepaid, to the parties at their respective addresses listed below, or (iv) when sent via facsimile so long as the sending party can provide facsimile machine or other confirmation showing the date, time and receiving facsimile number for the transmission, or (v) when transmitted via e-mail with confirmation of receipt. Either party may change its address for purposes of this paragraph by giving five (5) days prior written notice of such change to the other party. LCV: Attention: Kim Williams 500 Broadway Post Office Box 850 Eagle, CO 81631 Telephone: 970-328-8773 Facsimile: 970-328-8787 E-mail: With a copy to: DocuSign Envelope ID: 57AE870C-FE4B-4566-A93E-B25235B8ADD9 5 LCV Professional Services Final 5/14 Eagle County Attorney 500 Broadway Post Office Box 850 Eagle, Co 81631 Telephone: 970-328-8685 Facsimile: 970-328-8699 E-mail: atty@eaglecounty.us CONSULTANT: Newmark Knight Frank Valuation & Advisory, LLC Attn: Laurel C. Barsa 4100 E Mississippi Avenue, Suite 950 Denver, CO 80246 Telephone: 3030-300-1207 E-mail: laurel.barsa@ngkf.com With a copy to: Newmark Knight Frank 19700 Fairchild Road, Suite 300 Irvine, California 92612 Attn: Legal Department Email: legaldept@ngkf.com 11. Coordination. Consultant acknowledges that the development and processing of the Services for the Project may require close coordination between various consultants and contractors. Consultant shall coordinate the Services required hereunder with the other consultants and contractors that are identified by LCV to Consultant from time to time, and Consultant shall immediately notify such other consultants or contractors, in writing, of any changes or revisions to Consultant’s work product that might affect the work of others providing services for the Project and concurrently provide LCV with a copy of such notification. Consultant shall not knowingly cause other consultants or contractors extra work without obtaining prior written approval from LCV. If such prior approval is not obtained, Consultant shall be subject to any offset for the costs of such extra work. 12. Termination. LCV may terminate this Agreement, in whole or in part, at any time and for any reason, with or without cause, and without penalty therefor with seven (7) calendar days’ prior written notice to Consultant. Upon termination of this Agreement, Consultant shall immediately provide LCV with all documents as defined in paragraph 9 hereof, in such format as LCV shall direct and shall return all LCV owned materials and documents. LCV shall pay Consultant for Services satisfactorily performed to the date of termination. Consultant shall have no obligation to return LCV owned materials and documents automatically saved to Recipient’s electronic archives pursuant to its standard data retention practices. The appraisal and/or that portion of the said materials and documents relied upon in forming the valuation opinion or the work product is required to be retained in Consultant’s files by the Appraisal Institute’s Standards of Professional Appraisal Practice and the Uniform Standards of Professional Appraisal Practice (USPAP) of The Appraisal Standards Board of the Appraisal Foundation. 13. Venue, Jurisdiction and Applicable Law. Any and all claims, disputes or controversies related to this Agreement, or breach thereof, shall be litigated in the District Court for Eagle County, Colorado, which shall be the sole and exclusive forum for such litigation. This Agreement shall be construed and interpreted under and shall be governed by the laws of the State of Colorado. 14. Execution by Counterparts; Electronic Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same DocuSign Envelope ID: 57AE870C-FE4B-4566-A93E-B25235B8ADD9 6 LCV Professional Services Final 5/14 instrument. The parties approve the use of electronic signatures for execution of this Agreement. Only the following two forms of electronic signatures shall be permitted to bind the parties to this Agreement: (i) Electronic or facsimile delivery of a fully executed copy of the signature page; (ii) the image of the signature of an authorized signer inserted onto PDF format documents. All documents must be properly notarized, if applicable. All use of electronic signatures shall be governed by the Uniform Electronic Transactions Act, C.R.S. 24-71.3-101 to 121. 15. Other Contract Requirements a. Consultant shall be responsible for the completeness and accuracy of the Services, including all supporting data or other documents prepared or compiled in performance of the Services, and shall correct, at its sole expense, all significant errors and omissions therein. The fact that LCV has accepted or approved the Services shall not relieve Consultant of any of its responsibilities. Consultant shall perform the Services in a skillful, professional and competent manner and in accordance with the standard of care, skill and diligence applicable to Consultants performing similar services. Consultant represents and warrants that it has the expertise and personnel necessary to properly perform the Services and covenants that its professional personnel are duly licensed to perform the Services within Colorado. This paragraph shall survive termination of this Agreement. b. Consultant agrees to work in an expeditious manner, within the sound exercise of its judgment and professional standards, in the performance of this Agreement. Time is of the essence with respect to this Agreement. c. This Agreement constitutes an agreement for performance of the Services by Consultant as an independent contractor and not as an employee of LCV. Nothing contained in this Agreement shall be deemed to create a relationship of employer-employee, master-servant, partnership, joint venture or any other relationship between LCV and Consultant except that of independent contractor. Consultant shall have no authority to bind LCV. d. Consultant represents and warrants that at all times in the performance of the Services, Consultant shall comply with any and all applicable laws, codes, rules and regulations. e. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all other agreements or understanding between the parties with respect thereto. f. Consultant shall not assign any portion of this Agreement without the prior written consent of LCV. Any attempt to assign this Agreement without such consent shall be void. g. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted assigns and successors in interest. Enforcement of this Agreement and all rights and obligations hereunder are reserved solely for the parties, and not to any third party. h. No failure or delay by either party in the exercise of any right hereunder shall constitute a waiver thereof. No waiver of any breach shall be deemed a waiver of any preceding or succeeding breach. i. The invalidity, illegality or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision hereof. j. The signatories to this Agreement aver to their knowledge, no employee of LCV has any personal or beneficial interest whatsoever in the Services or Property described in this Agreement. Consultant has no beneficial interest, direct or indirect, that would conflict in any manner or degree with the performance of the Services and Consultant shall not employ any person having such known interests. DocuSign Envelope ID: 57AE870C-FE4B-4566-A93E-B25235B8ADD9 7 LCV Professional Services Final 5/14 16. Prohibitions on Contracts a. As used in this Section 16, the term undocumented individual will refer to those individuals from foreign countries not legally in the United States as set forth in C.R.S. 8-17.5-101, et. seq. If Consultant has any employees or subcontractors, Consultant shall not: i. Knowingly employ or contract with an undocumented individual to perform Services under this Agreement; or ii. Enter into a subcontract that fails to certify to Consultant that the subcontractor shall not knowingly employ or contract with an undocumented individual to perform work under the contract for services. b. If Consultant obtains actual knowledge that a subcontractor performing work under the contract for services knowingly employs or contracts with an undocumented individual, Consultant shall be required to: i. Notify the subcontractor and LCV within three (3) days that Consultant has actual knowledge that the subcontractor is employing or contracting with an undocumented individual; and ii. Terminate the subcontract with the subcontractor if within three (3) days of receiving the notice required pursuant to subparagraph (i) of the paragraph 14(b) the subcontractor does not stop employing or contracting with the undocumented individual; except that Consultant shall not terminate the contract with the subcontractor if during such three (3) days the subcontractor provides information to establish that the subcontractor has not knowingly employed or contracted with an undocumented individual. c. If Consultant violates these prohibitions, LCV may terminate the Agreement for breach of contract. If the Agreement is so terminated specifically for breach of this provision of this Agreement, Consultant shall be liable for actual and consequential damages to LCV. d. LCV may notify the Colorado Secretary of State if Consultant violates this provision of this Agreement and LCV terminates the Agreement for such breach. IN WITNESS WHEREOF, the parties have executed this Agreement the day and year first set forth above. Lake Creek Village LLC By and through Eagle County Housing and Development Authority, its sole member By: Kimberly Bell Williams Executive Director Newmark Knight Frank Valuation & Advisory, LLC, a Delaware limited liability company By: Laurel Barsa Title: DocuSign Envelope ID: 57AE870C-FE4B-4566-A93E-B25235B8ADD9 Executive Vice President 8 LCV Professional Services Final 5/14 EXHIBIT A SCOPE OF SERVICES, SCHEDULE, FEES DocuSign Envelope ID: 57AE870C-FE4B-4566-A93E-B25235B8ADD9 8/27/2020 Eagle County Government Mail - Proposal for Restricted Appraisal of Lake Creek Village https://mail.google.com/mail/u/0?ik=ac3eb3614d&view=pt&search=all&permmsgid=msg-f%3A1674036131280622251&simpl=msg-f%3A16740361312…1/2 Daniel Murray <daniel.murray@eaglecounty.us> Proposal for Restricted Appraisal of Lake Creek Village Barsa, Laurel <Laurel.Barsa@ngkf.com>Mon, Aug 3, 2020 at 2:07 PM To: Kim Bell Williams <kim.williams@eaglecounty.us> Cc: Daniel Murray <daniel.murray@eaglecounty.us> Good afternoon Kim and Daniel, It was a pleasure talking to you this afternoon. Our fee to complete a restricted appraisal of Lake Creek Village is $4,000 with delivery within 6 weeks. The project would constitute a restricted analysis with the scope of work initially defined below. Summary multifamily market analysis Summary property description Two Income Capitalization approaches to value 1. Market value as a market-rate property 2. Market value as an income restricted property with rents established at 80% of AMI Survey of comparable market-rate properties to assist in determining market rent. Analysis of income and expenses to include subject financials and comparables. The report will not contain a land value, cost approach, or complete sales comparison approach (though relevant sales will be analyzed to assist in determination of appropriate capitalization rates). Please let me know if there is anything else. Laurel Laurel C. Barsa, MAI Executive Vice President | Valuation & Advisory Newmark Knight Frank 4100 E. Mississippi Ave., Suite 950 Denver, CO 80246 T 303.300.1207 laurel.barsa@ngkf.com DocuSign Envelope ID: 57AE870C-FE4B-4566-A93E-B25235B8ADD9 8/27/2020 Eagle County Government Mail - Proposal for Restricted Appraisal of Lake Creek Village https://mail.google.com/mail/u/0?ik=ac3eb3614d&view=pt&search=all&permmsgid=msg-f%3A1674036131280622251&simpl=msg-f%3A16740361312…2/2 NOTICE: This e-mail message and any attachments are intended solely for the use of the intended recipient, and may contain information that is confidential, privileged and exempt from disclosure under applicable law. If you are not the intended recipient, you are not permitted to read, disclose, reproduce, distribute, use or take any action in reliance upon this message and any attachments, and we request that you promptly notify the sender and immediately delete this message and any attachments as well as any copies thereof. Delivery of this message to an unintended recipient is not intended to waive any right or privilege. Newmark Knight Frank is neither qualified nor authorized to give legal or tax advice, and any such advice should be obtained from an appropriate, qualified professional advisor of your own choosing. DocuSign Envelope ID: 57AE870C-FE4B-4566-A93E-B25235B8ADD9 SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. INSURER(S) AFFORDING COVERAGE INSURER F : INSURER E : INSURER D : INSURER C : INSURER B : INSURER A : NAIC # NAME:CONTACT (A/C, No):FAX E-MAILADDRESS: PRODUCER (A/C, No, Ext):PHONE INSURED REVISION NUMBER:CERTIFICATE NUMBER:COVERAGES IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. OTHER: (Per accident) (Ea accident) $ $ N / A SUBR WVD ADDL INSD THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. $ $ $ $PROPERTY DAMAGE BODILY INJURY (Per accident) BODILY INJURY (Per person) COMBINED SINGLE LIMIT AUTOS ONLY AUTOSAUTOS ONLY NON-OWNED SCHEDULEDOWNED ANY AUTO AUTOMOBILE LIABILITY Y / N WORKERS COMPENSATION AND EMPLOYERS' LIABILITY OFFICER/MEMBER EXCLUDED? (Mandatory in NH) DESCRIPTION OF OPERATIONS below If yes, describe under ANY PROPRIETOR/PARTNER/EXECUTIVE $ $ $ E.L. DISEASE - POLICY LIMIT E.L. DISEASE - EA EMPLOYEE E.L. EACH ACCIDENT EROTH-STATUTEPER LIMITS(MM/DD/YYYY)POLICY EXP(MM/DD/YYYY)POLICY EFFPOLICY NUMBERTYPE OF INSURANCELTRINSR DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) EXCESS LIAB UMBRELLA LIAB $EACH OCCURRENCE $AGGREGATE $ OCCUR CLAIMS-MADE DED RETENTION $ $PRODUCTS - COMP/OP AGG $GENERAL AGGREGATE $PERSONAL & ADV INJURY $MED EXP (Any one person) $EACH OCCURRENCE DAMAGE TO RENTED $PREMISES (Ea occurrence) COMMERCIAL GENERAL LIABILITY CLAIMS-MADE OCCUR GEN'L AGGREGATE LIMIT APPLIES PER: POLICY PRO-JECT LOC CERTIFICATE OF LIABILITY INSURANCE DATE (MM/DD/YYYY) CANCELLATION AUTHORIZED REPRESENTATIVE ACORD 25 (2016/03) © 1988-2015 ACORD CORPORATION. All rights reserved. CERTIFICATE HOLDER The ACORD name and logo are registered marks of ACORD HIRED AUTOS ONLY 7/15/2020 Woodbury,NY -Retail-Hub International Northeast 100 Sunnyside Boulevard Woodbury NY 11797 516-677-4700 516-496-4040 Great American Alliance Insurance Company 26832 G&EREAL-04 Newmark Group,Inc. 125 Park Avenue New York NY 10017 1868795182 A Professional Liability TER2860975 7/15/2020 7/15/2021 Each Claim Aggregate SIR 15,000,000 15,000,000 See Below Evidence of Insurance.Policy is not location specific. Self Insured Retention:$250,000 Each Claim except;$250,000 Each Claim/$750,000 Aggregate for Construction Management Services. TOTAL LIMIT:$100,000,000 INSURERS AFFORDING COVERAGE:Great American;Ironshore Indemnity;QBE;Markel;Everest National Ins.Co.;Aspen American;Atlantic Specialty Ins. Co.;Westchester Fire;XL Specialty Ins.Co. Named Insured:Newmark Knight Frank Valuation &Advisory,LLC Evidence of Insurance DocuSign Envelope ID: 57AE870C-FE4B-4566-A93E-B25235B8ADD9