0000889812-98-000057 Sample Contracts

OF
Limited Partnership Agreement • January 14th, 1998 • Philips International Realty Corp • Land subdividers & developers (no cemeteries) • Delaware
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FOR SHEILA LEVINE
Employment Agreement • January 14th, 1998 • Philips International Realty Corp • Land subdividers & developers (no cemeteries) • New York
FOR
Employment Agreement • January 14th, 1998 • Philips International Realty Corp • Land subdividers & developers (no cemeteries) • New York
NON-RECOURSE SECURED PROMISSORY NOTE ------------------------------------
Promissory Note • January 14th, 1998 • Philips International Realty Corp • Land subdividers & developers (no cemeteries)

FOR VALUE RECEIVED, the undersigned maker, NATIONAL PROPERTIES INVESTMENT TRUST, a Massachusetts business trust (the "Borrower"), hereby unconditionally promises to pay to order of PHILIPS INTERNATIONAL REALTY CORP., a Maryland corporation (the "Lender") at its office located at c/o Philips International, 417 Fifth Avenue, New York, New York, 10016, or at such other place as the Lender may specify from time to time, in lawful money of the United States of America and in immediately available funds, the principal amount of One Hundred Four Thousand Eight Hundred Twenty United States Dollars and Fifty Five cents (US $104,820.55) in a single installment on December 31, 1998, (the "Maturity Date"); provided, however, that if the Lender fails to complete a public or private equity offering of its securities aggregating in excess of $25 million (an "Offering") by the Maturity Date, the Borrower may, at its option, extend the Maturity Date to June 30, 1999; provided, further, however, that, i

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