Common use of Consideration for Contribution Clause in Contracts

Consideration for Contribution. In consideration of the contribution by Contributing Partners to Home Properties of the RGII Interests, Home Properties agrees to transfer to Contributing Partners Units (the "Closing Units") having, in the aggregate, a Market Value (as hereinafter defined) as of the Closing Date (hereinafter defined) equal to $11,330,910 less the principal balance of the mortgage (the "First Union Mortgage") encumbering the RGII Real Property on the Closing Date (the "Net Real Property Value"). Notwithstanding the above, each of the Contributing Partners may elect, upon written notice to Home Properties given by the electing Contributing Partner on or before the end of the Due Diligence Period (hereinafter defined), to receive cash up to his or her percentage interest in RGII multiplied by the Net Real Property Value. Contributing Partners represent that (i) attached hereto as Exhibit B are true and complete copies of the First Union Mortgage and the promissory note secured thereby, and

Consideration for Contribution. In consideration of the contribution by Contributing Partners to Home Properties of the RGII RGI Interests, Home Properties agrees to transfer to Contributing Partners Units (the "Closing Units") having, in the aggregate, a Market Value (as hereinafter defined) as of the Closing Date (hereinafter defined) equal to $11,330,910 9,169,090, less the principal balance of the mortgage (the "First Union Mortgage") encumbering the RGII RGI Real Property on the Closing Date (the "Net Real Property Value"). Notwithstanding the above, each of the Contributing Partners may elect, upon written notice to Home Properties given by the electing Contributing Partner on or before the end of the Due Diligence Period (hereinafter defined), to receive cash up to his or her percentage interest in RGII RGI multiplied by the Net Real Property Value. Contributing Partners represent that (i) attached hereto as Exhibit B are true and complete copies of the First Union Mortgage and the promissory note secured thereby, and