-101-
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:
THC 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. [Exh. 222.]
In sum, the Frey/THC agreement provided that, as to condominium
conversion projects involving Prudential properties, and any
future condominium conversion projects not involving Prudential,
properties, THC and Frey would participate in capital
contributions and profits and losses as 33-percent and 67-percent
partners, respectively. In addition, after October 1, 1981, THC
would receive 5 percent of any development fees derived from any
condominium conversion projects not involving Prudential properties.
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