[LETTERHEAD]
May 12, 1976
Vancouver Associates
Post Office Box 40
Long Beach, California 90801
Attention: Xxxxx Xxxxxx, Xx.
Re: Vancouver Mall
Vancouver, Washington
Gentlemen:
This letter, when signed and returned by you will serve to amend in the
manner set forth below, as of May 11, 1976, that certain Joint Venture
Agreement for Vancouver Mall dated September 28, 1975 by and between May
Centers, Inc. and Vancouver Mall Associates:
Section 11.5 (B) (1) is hereby deleted and a new Section 11.5 (B) (1)
is added as follows:
"If Operating Cash Flow, as hereinafter defined in Section 11.9, is in
excess of Four Hundred Thousand Dollars ($400,000), eighty percent (80%)
of such Operating Cash Flow up to and including Four Hundred Thousand
Dollars ($400,000) plus sixty percent (60%) of such Operating Cash Flow
in excess of Four Hundred Thousand Dollars ($400,000) shall be so paid
to Managing Partner and the balance of the Operating Cash Flow shall be
distributed to the Partners in accordance with the percentages set forth
in Section 11.3 hereof; and"
Except as modified herein the Joint Venture Agreement shall continue in full
force and effect in accordance with its terms.
MAY CENTERS, INC.
ATTEST:
/s/ Authorized Officer By /s/ Authorized Officer
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Secretary Vice President
VANCOUVER ASSOCIATES,
a limited partnership
By /s/ Xxxxx Xxxxxx, Xx.
-------------------------------
Xxxxx Xxxxxx, Xx.
and
/s/ Xxxxx Xxxxxxx
-----------------------------------
Xxxxx Xxxxxxx
Its General Partners
