EXHIBIT 10.2
As of June 14, 2002
General Growth Properties, Inc.
GGP Limited Partnership
GGP Acquisition, L.L.C.
GGP Acquisition II, L.L.C.
000 Xxxxx Xxxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Attention: Xxxxxxx Xxxxxxxx
Re: JP REALTY, INC. AND PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP
Gentlemen:
Reference is made to the letter agreement, dated March 3, 2002 (the
"Voting Agreement"), a copy of which is attached hereto as Schedule A, among Mr.
Xxxx Xxxxx and the entities set forth on Schedule I thereto, General Growth
Properties, Inc., a Delaware corporation ("General Growth"), GGP Limited
Partnership, a Delaware limited partnership ("GGP"), GGP Acquisition, L.L.C., a
Delaware limited liability company ("Acquisition"), and GGP Acquisition II,
L.L.C., a Maryland limited liability company ("Partnership Acquisition").
Capitalized terms used herein without definition shall have the meanings
specified in the Voting Agreement. This letter agreement (the "Agreement") shall
serve to confirm the parties' understanding and agreement with respect to the
transfer, in the aggregate, of 1,084,508 common units of limited partnership
interest in JP Partnership (the "Transferred Partnership Interests") by Boise
Mall Investment Company, Ltd., Cache Valley Mall Partnership, Ltd., Pine Ridge
Development Company, Ltd., Price Commerce, Ltd., Price East Bay, Ltd., Price
Xxxxxx Xxxxxx Company, Ltd., Price Fremont Company, Ltd., Price Glendale
Company, Ltd., Price Plaza 800 Company, Ltd., Price Riverside Company, Ltd.,
Price Rock Springs Company, Ltd., Red Cliffs Mall Investment Company, Ltd. and
Tech Park II Company, Ltd. to the undersigned (collectively, the "New Holders").
Each New Holder acknowledges that: (a) such New Holder is the Beneficial Owner
of the number of Transferred Partnership Interests set forth opposite such New
Holder's name on Schedule B hereto, and (b) General Growth, GGP, Acquisition and
Partnership Acquisition are relying upon the representations, warranties,
covenants and other agreements of the New Holders made (or deemed made) herein.
1. Agreement to be Bound. Each New Holder hereby agrees to be bound
by each and every term and provision of the Voting Agreement with respect to its
Transferred Partnership Interests, and acknowledges, therefore, that such New
Holder, among other things, will be deemed: (a) a Holder, (b) to have made the
representations and warranties set forth in the Voting Agreement, (c) to have
granted the proxy set forth in Section 1(b) of the Voting Agreement with respect
to all of its Transferred Partnership Interests and (d) to have appointed an
agent for service of process as set forth in Section 4(e) of the Voting
Agreement.
2. Confirmation of Obligations. To the extent a New Holder is
already a party to the Voting Agreement, such New Holder's obligations as a
Holder shall not be reduced in any way as a result of this Agreement and such
obligations shall be deemed to have been ratified and confirmed by virtue of
such New Holder's execution and delivery of this Agreement.
3. Miscellaneous.
(a) Notices. All notices, requests, claims, demands and other
communications under this Agreement shall be in writing and shall be deemed
given if delivered personally, sent by overnight courier (providing proof of
delivery) or sent by telecopy (providing confirmation of transmission to the
parties), postage prepaid to the parties at the following addresses or telecopy
numbers (or at such other addresses or telecopy number as shall be specified by
like notice):
(i) If to General Growth, GGP, Acquisition
or Partnership Acquisition:
000 Xxxxx Xxxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Telecopy No. (000) 000-0000
Attention: Xx. Xxxxxxx Xxxxxxxx
with a copy to:
Xxxx, Xxxxxx & Xxxxxxxxx
0 Xxxxx XxXxxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Telecopy No. (000) 000-0000
Attention: Xxxxxxxx X. Xxxxxxxxx, Esq.
(ii) If to a New Holder, to the address noted on Schedule B
hereto.
(b) Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall, as to each New Holder, become effective when one or more counterparts
have been signed by GGP, General Growth and such New Holder.
2
Please indicate your agreement with the foregoing by signing a copy of
this Agreement in the space indicated below.
Very truly yours,
/s/ Xxxx Xxxxx
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Xxxx Xxxxx
FAIRFAX HOLDING, L.L.C.
By: /s/ Xxxx Xxxxx
-----------------------------------
Xxxx Xxxxx
By: JPET II Company, Limited
Partnership, a Utah partnership
By: /s/ Xxxx Xxxxx
------------------------------
Xxxx Xxxxx, General Partner
/s/ Xxxxxx X. Xxxx
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Xxxxxx X. Xxxx
/s/ G. Xxx Xxxxxxx
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G. Xxx Xxxxxxx
/s/ Xxxx X. Xxxxxxxxxx
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Xxxx X. Xxxxxxxxxx
/s/ Xxx Xxxxxx
----------------------------------------
Xxx Xxxxxx
/s/ Xxxx Xxxxxx
----------------------------------------
Xxxx Xxxxxx
/s/ Xxxxxx Xxxxxxxx
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Xxxxxx Xxxxxxxx
3
/s/ Xxxxxxx Xxxx
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Xxxxxxx Xxxx
/s/ Xxxx Xxxxx
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Xxxx Xxxxx
/s/ Xxxxx Xxxxx
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Xxxxx Xxxxx
/s/ Xxxxx Xxxxx
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Xxxxx Xxxxx
/s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx
/s/ Xxxx Xxxxxx
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Xxxx Xxxxxx
/s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx
/s/ Xxxxxxxx Xxxxxx
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Xxxxxxxx Xxxxxx
HALL INVESTMENT COMPANY
By: /s/ Xxxxxxx X. Xxxx
-----------------------------------
Name: Xxxxxxx X. Xxxx
Title: General Partner
4
ACCEPTED AS OF THE DATE
FIRST ABOVE WRITTEN
(WITHOUT WAIVING ANY
RIGHTS UNDER THE VOTING AGREEMENT).
GENERAL GROWTH PROPERTIES, INC.
By: /s/ Xxxxxxx Xxxxxxxx
-----------------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Executive Vice President
GGP LIMITED PARTNERSHIP
By: GENERAL GROWTH PROPERTIES,
INC., General Partner
By: /s/ Xxxxxxx Xxxxxxxx
-----------------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Executive Vice President
GGP ACQUISITION, L.L.C.
By: GGPLP L.L.C., a Delaware limited liability
company, Member
By: GGP LIMITED PARTNERSHIP,
Managing Member
By: GENERAL GROWTH PROPERTIES,
INC., General Partner
By: /s/ Xxxxxxx Xxxxxxxx
-----------------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Executive Vice President
5
GGP ACQUISITION II, L.L.C.
By: GGP LIMITED PARTNERSHIP,
Member
By: GENERAL GROWTH PROPERTIES,
INC., General Partner
By: /s/ Xxxxxxx Xxxxxxxx
-----------------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Executive Vice President
6
SCHEDULE A
VOTING AGREEMENT
SCHEDULE B
HOLDERS'
SHARE AND UNIT OWNERSHIP
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Number of Units of
Transferred Partnership
Name Notice Address Type of Partner Interests Interest
---- -------------- ------------------------- --------
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Mr. Xxxx Xxxxx 35 Century Park-Way OP Units 1,268
Xxxx Xxxx Xxxx, XX 00000
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Fairfax Holding, LLC 35 Century Park-Way OP Xxxxx 000,000
Xxxx Xxxx Xxxx, XX 00000
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Xxxxxx X. Xxxx 35 Century Park-Way OP Xxxxx 000
Xxxx Xxxx Xxxx, XX 00000
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G. Xxx Xxxxxxx 35 Century Park-Way OP Units 28,076
Xxxx Xxxx Xxxx, XX 00000
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Xxxx X. Xxxxxxxxxx 35 Century Park-Way OP Units 6,973
Xxxx Xxxx Xxxx, XX 00000
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Xxx Xxxxxx 0000 X 0000 X OP Units 3,191
Xxxx Xxxx Xxxx, XX 00000
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Xxxx Xxxxxx 35 Century Park-Way OP Units 2,601
Xxxx Xxxx Xxxx, XX 00000
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Xxxxxx Xxxxxxxx 35 Century Park-Way OP Units 19,286
Xxxx Xxxx Xxxx, XX 00000
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Xxxxxxx Xxxx 0000 Xxxxxxxxx xxxxxx XX Xxxxx 0,000
Xxxx Xxxx Xxxx, XX 00000
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Xxxx Xxxxx 22 Lone Hallow OP Units 2,272
Xxxxx, XX 00000
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Hall Investment 0000 Xxxx Xxxxxx'x Xxx XX Xxxxx 00,000
Xxxx Xxxx Xxxx, XX 00000
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Xxxxx Xxxxx 35 Century Park-Way OP Units 2,422
Xxxx Xxxx Xxxx, XX 00000
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Xxxxx Xxxxx 0000 Xxxxxxxx Xxxxxxx XX Xxxxx 0,000
Xxxx Xxxx, XX 00000
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Xxxxx Xxxxxxxxx 0000 X 0000 X OP Units 1,300
Xxxx Xxxx Xxxx, XX 00000
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Xxxx Xxxxxx 000 X Xxxxx Xxxx Xx XX Xxxxx 0,000
Xxxxxxxxxxx, XX 00000
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Xxxxxx Xxxxx 0000 Xxxxxxx Xxx Xxxxx #0000 XX Xxxxx 000
Xxxxxxxx, XX 00000
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Xxxxxxxx Xxxxxx 000 Xxxxxxxx Xxxxx XX Xxxxx 000
Xxxx Xxxx Xxxx, XX 00000
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