Pentagon Development Rights Sale Sample Clauses

Pentagon Development Rights Sale. Immediately prior to Closing, PL Pentagon LLC conveyed to Kimco Realty Corporation, a Maryland corporation (“Kimco Parent”), all right, title and interest in any and all development rights at Pentagon Centre pursuant to that certain Assignment of Development Rights attached hereto as Exhibit L, in consideration of which Kimco Parent paid PL Pentagon LLC the purchase price of Twenty Million Dollars ($20,000,000). In connection with such sale, Kimco Parent received payment in the amount of One Million Two Hundred Ninety-Six Thousand Eight Hundred Thirty-Two Dollars ($1,296,832) in accordance with the terms of paragraph three of that certain letter agreement entitled “Pentagon Office Development Term Sheet” dated October __, 2006, by and between Kimco Parent and the Venture (the purchase price, after such payment to Kimco Parent, referred to as the “Net Pentagon Proceeds”). Prior to Closing, PL Pentagon LLC distributed the Net Pentagon Proceeds to Price Legacy, and Price Legacy in turn, distributed the Net Pentagon Proceeds to the Venture. The Venture in turn, prior to Closing, distributed the Net Pentagon Proceeds to Entity Seller, Purchaser and TRS in accordance with the terms of the Venture Agreement, pro rata in proportion to their 85%, 9.8% and 5.2% interests in the Venture, respectively (the distribution to Entity Seller hereinafter referred to as the “DRA Pentagon Distribution”, and together with the DRA Kimco Loan Distribution, the “DRA Distribution”).