Common Contracts
2 similar null contracts by Wellsford Real Properties Inc, Whwel Real Estate Lp
WHWEL REAL ESTATE LIMITED PARTNERSHIP 85 BROAD STREET NEW YORK, NEW YORK 10004Whwel Real Estate Lp • June 7th, 1999 • Real estate investment trusts • New York
We refer to the Limited Liability Company Operating Agreement (the "LLC Agreement") of Wellsford/Whitehall Properties Group, L.L.C. ("Group") dated as of the date hereof, among Wellsford Commercial Properties Trust ("WCPT"), WHWEL Real Estate Limited Partnership ("WHWEL") and the other Members. Capitalized terms used and not defined herein shall have the meanings set forth in the LLC Agreement.
WHWEL REAL ESTATE LIMITED PARTNERSHIP 85 Broad Street New York, New York 10004Wellsford Real Properties Inc • March 31st, 1999 • Real estate investment trusts • New York
This letter agreement will confirm the agreement of Wellsford Real Properties, Inc. ("WRP") and Whitehall regarding warrants issued to Whitehall by WRP. It is hereby agreed by WRP that, within twenty (20) Business Days after Whitehall has delivered a written request to WRP, WRP will exchange shares of WRP Common Stock for Excess Membership Units (as defined below) then held by Whitehall or, at WRP's election, all or part of such Excess Membership Units shall be exchanged for cash at the fair market value of the applicable number of shares of WRP Common Stock as determined below. "Excess Membership Units" shall mean the Membership Units received by Whitehall in exchange for Capital Contributions made to Wellsford/Whitehall II by Whitehall in excess of $50,000,000 up to $75,000,000. The number of shares of WRP Common Stock issued to Whitehall in exchange for each Excess Membership Unit shall be equal to the quotient of (i) the Membership Unit Purchase Price (as defined below) divided by
