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with the Fund, in the case of the Trinity Complex Condominium
Juristic Persons breach of the agreement permitting the use of
streets and walkways or in case such agreement is terminated for
any reason, causing the Funds annual net income to fall below its
average net rental income for the previous three accounting periods
within three years of such breach (where such average income for
the previous three accounting periods shall not be lower than the net
income for the previous accounting period plus the progressive net
income rate of five percent), the Seller agrees to compensate the
Fund for the difference in the annual rental income within 30 days of
the Funds written notification to the Seller. For this purpose, the
compensation shall be calculated from the difference in the Funds
average net rental income for the previous three accounting periods,
where such average income for the previous three accounting
periods shall not be lower than the net income for the previous
accounting period plus the progressive net income rate of five
percent plus the Funds net rental income after the Trinity Complex
Condominium Juristic Persons breach of the agreement permitting
the use of streets and walkways or the termination of such agreement
for any reason
In the case of a breach of the agreement permitting the use of
walkways prior to the third anniversary of the lease agreement for the
land of Glow Trinity Silom Building and furnitures, fixtures, and
equipments, the average net rental income shall be the average
rental income for the number of years of the breach, provided that
such amount shall not be lower than the net income for the previous
accounting period plus the progressive net income rate of five
percent. Furthermore, should the Fund deem that Glow Trinity Silom
Building after the Sellers modifications remains unfit for business or
should the Seller fail to fulfill the conditions for the modification of
Glow Trinity Silom Building within the period of time specified in the
agreement, the Seller agrees to repurchase the land of the Glow
Trinity Silom Building and furnitures, fixtures, and equipments and
Glow Trinity Silom Arcade from the Fund at the appraised value of
such property but not lower than the Funds initial investment amount
less amortization at the annual rate of one percent from the year of
the Funds investment to the year of the repurchase of the land of
Glow Trinity Silom Building and furnitures, fixtures, and equipments
and Glow Trinity Silom Arcade according to the following formula:
Information Memorandum of Trinity Property Fund 13