Investment Research Associates - Page 573




                                       - 66 -                                         
                    The Holding Company, a Delaware corporation,                      
                    its nominees and/or affiliates - ("THC")  33%                     
                    Bruce J. Frey and his nominee and/or                              
                    affiliates - ("BJF")                    67%                       
               The participation in Developers' Fees shall commence                   
               with respect to fees received after October 1, 1981,                   
               and shall be as follows:                                               
                    Holding Co.                             5%                        
                    BJF                                       95%                     
                                                            100%                      
               As used herein, the terms capital contributions,                       
               profits and losses and Developers' Fees refer to those                 
               items allocated or allocable to us and our affiliates.                 
                    The properties presently subject to this letter                   
               agreement are those properties which we are converting                 
               as consultant to the Prudential Insurance Company of                   
               America.  As you know, we are, of course, also                         
               participating as partners in various other condominium                 
               conversions (e.g. 535 N. Michigan Ave. Condominium,                    
               Lake Howell Condominium, etc.), but our agreements in                  
               those instances are subject to the terms of various                    
               limited partnership agreements.                                        
               Pursuant to this second letter agreement, the Frey                     
          corporation paid to Holding Co. $80,616 as a distribution in 1981           
          and $16,200 from participation in fees in 1983.  Payments made in           
          1982 are not in the record.                                                 
               On June 15, 1984, BJF Development, Ltd. (the Frey                      
          partnership), an Illinois limited partnership, was formed.  Frey,           
          Wold, and the Frey corporation were the general partners of the             
          Frey partnership.  The limited partners were TSG Holdings, Inc.,            
          FWID, Ltd., and Holding Co.  Under the partnership agreement                
          Holding Co. was entitled to distributions of 13.125 percent of              






Page:  Previous  56  57  58  59  60  61  62  63  64  65  66  67  68  69  70  71  72  73  74  75  Next

Last modified: May 25, 2011