Common use of Expansion Lease Clause in Contracts

Expansion Lease. With respect to the execution of each Expansion Lease, the amount of OP Units issued to each Earnout Participant shall equal the product obtained by multiplying (x) its Percentage Interest by (y) the quotient obtained by dividing (A) the positive difference, if any, between the Capitalized Base Rent for such Expansion Lease and fifty percent (50%) of the Hard Costs incurred by the owner of the Foothills Mall in connection with the development of the premises demised under such Expansion Lease by (B) the IPO Price; provided that (I) that such Expansion Lease has been determined by the Board of Directors of FMP (including a majority of the Independent Directors) to be on commercially reasonable terms; (II) such Expansion Lease is executed on or prior to December 31, 2009; and (III) the Lease-Up Condition with respect to such Expansion Lease has been satisfied.

Expansion Lease. With respect to the execution of each Expansion Lease, the amount of OP Units issued to each the Earnout Participant shall equal the product obtained by multiplying (x) its Percentage Interest by (y) the quotient obtained by dividing (A) the positive difference, if any, between the Capitalized Base Rent for such Expansion Lease and fifty percent (50%) of the Hard Costs incurred by the owner of the Foothills Mall in connection with the development of the premises demised under such Expansion Lease by (B) the IPO Price; provided that (I) that such Expansion Lease has been determined by the Board of Directors of FMP (including a majority of the Independent Directors) to be on commercially reasonable terms; (II) such Expansion Lease is executed on or prior to December 31, 2009; and (III) the Lease-Up Condition with respect to such Expansion Lease has been satisfied.