Additional Consideration for Projects Under Development Clause Samples

Additional Consideration for Projects Under Development. For any Project that is identified on Schedule 6 attached hereto as a "Project Under Development," if within twelve (12) months following the Closing with respect to such Project any new Lease with respect to space in the Project (i) in excess of five percent (5%) of the gross leasable area of all space in the Project that (ii) was vacant as of the Closing, is procured, regardless of whether the Partnership or Transferor is the procuring cause for such new Lease, then the consideration payable by the Partnership for the Project shall be subject to adjustment as set forth in this Section 1.14. 1.14.1 On the first anniversary of the Closing for any such Project that was not at least 95% leased on the Closing, the Transferor's Equity in the Project shall be recomputed in the manner specified in Section 1.12, above. 1.14.2 Any increase in the Transferor's Equity as computed on the first anniversary of the Closing, as compared to the Transferor's Equity computed as of the Closing, shall, at the Partnership's option, either (a) be paid to the Transferor in cash within thirty (30) days, or (b) be paid by the Partnership's issuance to the Transferor within thirty (30) days of Units of the Partnership. If the Partnership elects so to issue Units, then the number of Units shall be determined by allocating the increase in the Transferor's Equity among the general partner and the limited partners of the Transferor, in proportion to their respective ownership interests in the Transferor as of the Closing. The portion of the increase in the Transferor's Equity allocated to the general partner shall be paid by the issuance of Units valued at $20.70 per Unit. The portion