Common use of Consideration for Contribution Clause in Contracts

Consideration for Contribution. The initial distribution payable with respect to the Units shall be made on the date on which the REIT pays the dividend to the holders of its common stock that relates to the earnings for the calendar quarter in which the Units were issued and shall be pro- rated such that the Contributing Partners receiving Units shall receive a pro-rata distribution for the period from the date on which the Units were issued to and including the last day of the calendar quarter in which the Units were issued. At the election of any Contributing Partner, to be given by Contributing Partners to Home Properties on or before the end of the Due Diligence Period, Home Properties shall execute such documents and take such actions as are reasonably required by such Contributing Partner, all such actions to be at no cost or expense to Home Properties, as shall permit such Contributing Partner to recast the transaction contemplated under this agreement as a tax free exchange under Section 1031 of the Internal Revenue Code of an interest in the RGI Real Property in whole or in part." 3. The following sentence shall be added at the end of Paragraph 24 of the Agreement: "For purposes of determining the number of Units to be placed in escrow, the "Market Value" of a Unit shall be $21.50." 4. Subparagraph (h) of Paragraph 25, clause (i) which begins on page 27, and carries over to page 28 is hereby deleted and the following is substituted therefor: (i) their aggregate built-in gain determined in accordance with the principles set forth in Section 704(c) of the Internal Revenue Code of 1986 ("Code") is $8,004,190 assuming the RGI Real Property has a fair market value of $8,721,818 as of the date of the contribution(s) to Home Properties;"

Consideration for Contribution. The initial distribution payable with respect to the Units shall be made on the date on which the REIT pays the dividend to the holders of its common stock that relates to the earnings for the calendar quarter in which the Units were issued and shall be pro- rated such that the Contributing Partners receiving Units shall receive a pro-rata distribution for the period from the date on which the Units were issued to and including the last day of the calendar quarter in which the Units were issued. At the election of any Contributing Partner, to be given by Contributing Partners to Home Properties on or before the end of the Due Diligence Period, Home Properties shall execute such documents and take such actions as are reasonably required by such Contributing Partner, all such actions to be at no cost or expense to Home Properties, as shall permit such Contributing Partner to recast the transaction contemplated under this agreement as a tax free exchange under Section 1031 of the Internal Revenue Code of an interest in the RGI RGII Real Property in whole or in part." 3. The following sentence shall be added at the end of Paragraph 24 of the Agreement: "For purposes of determining the number of Units to be placed in escrow, the "Market Value" of a Unit shall be $21.50." 4. Subparagraph (h) of Paragraph 25, clause (i) which begins on page 27, and carries over to page 28 is hereby deleted and the following is substituted therefor: (i) their aggregate built-in gain determined in accordance with the principles set forth in Section 704(c) of the Internal Revenue Code of 1986 ("Code") is $8,004,190 10,066,217 assuming the RGI RGII Real Property has a fair market value of $8,721,818 10,778,182 as of the date of the contribution(s) to Home Properties;"