MEMORANDUM OF UNDERSTANDINGMemorandum of Understanding • October 23rd, 2000 • Whwel Real Estate Lp • Real estate investment trusts
This Memorandum of Understanding (“MOU”) is entered into among Wellsford Real Properties, Inc. (“WRP”), Wellsford Commercial Properties Trust (“WCPT”), WHWEL Real Estate Limited Partnership (“WHWEL”), WXI/WWG Realty, L.L.C. (“Whitehall XI”) and W/W Group Holdings, L.L.C. (“Holding Co.”) this 23rd day of October 2000 for the purpose of setting forth the understanding of the parties hereto with respect to (i) certain modifications to be made to the Limited Liability Company Operating Agreement (the “Operating Agreement”) of Wellsford/Whitehall Group, L.L.C. (the “Company”) and (ii) certain additional agreements to be entered into among the parties relating to the Company, its assets and its business and to WCPT and its personnel. All capitalized terms used but not defined herein have the meanings set forth in the Operating Agreement.
