0000891836-99-000405 Sample Contracts

R E C I T A L S
Warrant Agreement • June 7th, 1999 • Whwel Real Estate Lp • Real estate investment trusts • New York
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ARTICLE 1 DEFINITIONS
Registration Rights Agreement • June 7th, 1999 • Whwel Real Estate Lp • Real estate investment trusts • New York
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ARTICLE 1 DEFINITIONS
Warrant Agreement • June 7th, 1999 • Whwel Real Estate Lp • Real estate investment trusts • New York
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WHWEL REAL ESTATE LIMITED PARTNERSHIP 85 BROAD STREET NEW YORK, NEW YORK 10004
Limited Liability Company Operating Agreement • June 7th, 1999 • Whwel Real Estate Lp • 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.

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OF
Operating Agreement • June 7th, 1999 • Whwel Real Estate Lp • Real estate investment trusts • Delaware
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