Property excluded from exchange treatment under IRC §1031(a)(2), such as inventory or property held primarily for sale; beneficial interests in or an ownership in a trust; interests in a partnership; and securities or evidences of indebtedness.

This agreement is required when there are direct transfers of qualifying Relinquished Property and /or Replacement Property. Mere delivery is all that is required to all parties to the applicable agreement, including non-exchanging Buyers and Sellers of Relinquished Property or Replacement Property.