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Year Zeus
1980 $127,372
1981 105,764
1982 538,781
1983 110,125
Total 882,042
1984 103,500
1985 128,763
Total 232,263
The second letter agreement was from Frey to Kanter as
president of Holding Co. and specifically excluded developers'
fees from projects involving Prudential properties (covered in
the Zeus agreement) but included other amounts related to
projects involving Prudential. The letter agreement referred to
"Participation in Condominium Conversions" and provided:
As requested, we are writing to confirm our prior
agreement regarding the participation by us and our
affiliates in capital contributions, profits and losses
and Developers' Fees (excluding Developers' Fees in
condominium conversions of properties of or for The
Prudential Insurance Company of America and excluding
legal, management or any other fees, which shall be
retained by the recipients) in condominium conversions
of properties.
The provisions of this letter agreement shall
apply in the case of condominium conversions of those
properties listed below and any other condominium
conversions in which we agree to participate. Each of
us may terminate this agreement at any time on forty-
five (45) days or more prior written notice. The
termination, however, shall be effective only with
respect to new condominium conversions (i.e.
conversions of properties not under discussion between
us or otherwise in process on the last day of the
forty-five (45) day period).
The participation in capital contributions and
profits and losses shall be as follows:
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