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the Joint Venture Agreement) located
on the Subject Property including
specifically, the existing house and
servants' quarters, and;
(2) Five percent (5%) of the
approved "hard costs" of construction
of the Additional Improvements, as
defined in the Joint Venture, and;
(3) Twenty percent (20%) of the
"net profit" derived by the Venture
from the sale or other disposition of
the six units constituting the
Additional Improvements.
B. The remaining "net profit" from the
operation, sale, or other disposition of both
the Existing Improvements and the Additional
Improvements, shall be distributed equally to
Dondi and Lemons, pro rata, according to their
equity percentages in the Venture and no portions
thereof, except for those items specifically set
forth in Section 3.09, A, immediately above,
shall inure to or be distributed to Value Plus.
C. Advances against the payments to be
received by Value Plus as Development Manager
pursuant to this Section 3.09 shall constitute
the entire compensation due Value Plus from the
Venture by reason of services rendered to the
Venture or by reason of the contribution to the
Venture of capital or by reason of Value Plus's
equity interest in the Venture. Upon full and
final payment to Value Plus of said Development
Manager's compensation as aforesaid, Value Plus
shall have no further right, title or interest
in and to the Subject Property, the Existing
Improvements or the Additional Improvements."
On June 1, 1984, the joint venture borrowed $4,700,000
from Anchor Savings of Shawnee Mission, Kansas (hereinafter
referred to as Anchor), for the purpose of acquiring and
developing the Moonlight Beach Property. Repayment of the
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Last modified: May 25, 2011