According to the filing, Inland American Lewisville LP, LLC contributed approximately $10.2 million in equity to the venture and the Weber limited partners contributed approximately $1.1 million. The project, which is slated to be built on vacant land across Highway 121 from an existing Wal-Mart Superstore, is budgeted at $56.8 million. The loan covers both land acquisition and development costs and has a 7% interest rate. It matures on May 16, 2011, but may be extended for an additional two years. In the event development costs exceed the amount budgeted, Inland American may, but is not required to, contribute additional funds to the venture in the form of a loan bearing 20% interest.

Under the joint venture agreement, one of the Weber entities, Weber Lewisville GP Inc., will manage the acquisition and development process. In exchange, it and the two other Weber entities, Weber LTC LP and DB/EB LTC LP, will receive a development fee equal to 4.5% of the hard construction costs, not to exceed $1.2 million. Inland American will be entitled to a property management fee equal to 4.5% of gross revenues.

Additionally, DB/EB LTC is establishing a $2.2-million interest-bearing escrow account, from which Inland American will receive a preferred monthly return equivalent to 11% per year on its total capital contributions, as decreased by all distributions paid to it. Further parts of the agreement give Inland American the option to require an additional $1.1-million deposit from DB/EB LTC in 18 months if it determines the project will not be completed by April 3, 2010. The Weber partners will not receive any distributions until our capital contribution has been returned.