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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
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