I am a commercial real estate funding broker and syndicator or sponsor in large development and multifamily projects. I have a client whose proposal to fund and build 300 homes was rendered inert by a stipulation imposed by the previous city planner. The stipulation blocked financing opportunities by withholding the deed until a certificate of occupancy was granted vs upon successful bid for the parcels, which would allow lenders to have their usual security instruments against the loan.
I would like a contract draw up between me and the Builder/Developer that simply offers that upon my achieving an elimination of this restriction imposed by the previous city planner, thus restoring access to the deed to the successful bidder. the builder /developer shall re-submit his former proposal or construct a new proposal with me as syndicator and common equity holder in the deal.
For example, a promise to deliver clear marketable title in exchange for a promise to deliver a certain sum of cash [common equity position] is a valid binding exchange of consideration (an equitable exchange of promises).