Contract
Exhibit 99
X. X. XXXX REAL ESTATE
0000 XXXXXXXXX XXXXXX, XXXXX 0000X, XXXXXXXX, XXXXXXXX 00000
(301) 986-6000
November 6, 2015
Xxxx Holdings Limited Partnership
0000 Xxxxxxxxx Xxxxxx, Xxxxx 0000X
Xxxxxxxx, Xxxxxxxx 00000
Attn: Xxxxx X. Xxxxxxxxx, Senior Vice President and Chief Financial Officer
RE: | Letter Agreement (“Original Letter Agreement”) regarding Shared Third Party Pre-Development Costs for Twinbrook area properties dated October 16, 2014 by and between X. X. Xxxx Real Estate Investment Trust (“Trust”) and Xxxx Holdings Limited Partnership (“Holdings”) |
Xx. Xxxxxxxxx:
Capitalized terms in this letter have the meanings set forth in the Original Letter Agreement.
This letter confirms that the provisions of the Original Letter Agreement shall be extended through December 31, 2016 (the “First Extension”). As required by paragraph 4 of the Original Letter Agreement, this letter memorializes the parties’ joint approval of the 2016 Budget for Pre-Development Services. Further, the parties hereto acknowledge and agree that the allocation method set forth in paragraph 2 of the Letter Agreement shall remain unchanged through the period of the First Extension.
All future extensions of the Original Letter Agreement shall remain subject to the requirements of paragraph 4 of the Original Letter Agreement, as modified hereby:
“4) Prior to the end of the following calendar year, the Trust and Holdings will discuss extending the terms of this letter agreement for the following calendar year. Such extension will be subject to the joint approval of a budget for Pre-Development Services for the following calendar year, and may include changing the allocation method set forth in paragraph 2 if the Trust and Holdings agree that a different allocation method would be more appropriate for the following year.”
Please indicate your agreement and acceptance of the terms of this letter by signing where indicated below and immediately returning one executed copy of this letter to me. Upon execution of both parties, this First Extension will be effective. The Original Letter Agreement, as amended by this First Extension, is hereby ratified and affirmed by Trust and Holdings, and shall remain in full force and effect pursuant to its terms as amended hereby. Thank you for your assistance with this matter.
X. X. XXXX REAL ESTATE INVESTMENT TRUST
Sincerely yours,
/s/ Xxxxxxx X. Connors______________
Xxxxxxx X. Xxxxxxx
Vice President
AGREED AND APPROVED:
XXXX HOLDINGS LIMITED PARTNERSHIP
By: Xxxx Centers, Inc., General Partner
By: /s/ Xxxxx X. Xxxxxxxxx
Xxxxx X. Xxxxxxxxx, Senior Vice President
and Chief Financial Officer
