- 64 -
of Zeus), referred to Zeus' "Participation in Proceeds on
Prudential Conversions" and provided:
As requested, we are writing to confirm our prior
agreement regarding the participation in the amounts
realized or to be realized on the condominium
conversion of properties of or for The Prudential
Insurance Company of America ("Prudential").
The terms of this letter agreement shall apply
with respect to all conversions of Prudential
properties heretofore and hereafter.
As used in this letter agreement, the term
"amounts realized" includes all amounts to be received
by the converter as Developers' Fees and shares of
assigned profits but excluding any management or other
fees (which shall be retained by the Manager). * * *
* * * * * * *
Of the amounts received as a Developers' Fee on
Prudential conversions, BJF (or its counterpart in any
future conversion) shall retain 75% of the amount
received in reimbursement for any costs and expenses
paid or incurred by it. BJF shall retain this 75%
amount without regard to the actual amount of its costs
and expenses and without any need to account for the
same. Of the remaining 25%, BJF SHALL RETAIN 80% and
shall distribute the remaining 20% to you.
Of the amounts received as shares of assigned
profits, BJF shall distribute 20% to you and retain the
balance. BJF shall retain amounts under this letter
agreement for itself and for distribution to its
affiliates in such percentages as they have agreed.
BJF shall make all distributions to you not later
than 30 days after the date of this letter or receipt
from Prudential of the Developers' Fees and assigned
profits (as the case may be).
Pursuant to this letter agreement, the BJF corporation paid
the following amounts to Zeus during the years 1980 through 1985:
Page: Previous 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 NextLast modified: May 25, 2011