Document:

REGISTRATION RIGHTS AGREEMENT

     This  REGISTRATION  RIGHTS AGREEMENT is made and entered into as of May 28,
1999 by and between  Wellsford  Real  Properties,  Inc., a Maryland  corporation
(together with its successors and permitted  assigns,  the  "Company"),  and W/W
Group  Holdings,  L.L.C.,  a Delaware  limited  liability  company (the "Initial
Holder").

                                 R E C I T A L S
                                 ---------------

     WHEREAS,  the  Company  and  United  States  Trust  Company of New York are
parties  to that  certain  Warrant  Agreement  dated as of August 28,  1997,  as
amended by Amendment No. 1 to Warrant  Agreement  dated as of July 16, 1998, and
as further  amended by Amendment No. 2 to Warrant  Agreement dated as of May 28,
1999 (as so amended, the "Warrant Agreement"), pursuant to which the Company has
issued to five million (5,000,000)  warrants to purchase shares of the Company's
common stock currently held by the Initial Holder;

     WHEREAS,  the  Company and the  Warrant  Agent are parties to that  certain
Warrant  Agreement  dated as of May 28,  1999  (the  "New  Warrant  Agreement"),
pursuant to which the Company has issued to the Initial Holder one hundred fifty
thousand (150,000) warrants to purchase shares of the Company's common stock;

     WHEREAS,  the Company and the Initial  Holder desire that the  registration
rights and procedures set forth in this Agreement  supercede those granted under
the Warrant  Agreement and to set forth their respective  rights and obligations
regarding the  registration of the Company's shares that are issuable in respect
of  warrants  exercised  by the  Initial  Holder  pursuant  to the  New  Warrant
Agreement.

     NOW,  THEREFORE,  in consideration of the foregoing premises and the mutual
agreements  herein  set forth and other  good and  valuable  consideration,  the
receipt and  sufficiency  of which are hereby  acknowledged,  the parties hereto
agree as follows:
                                    ARTICLE 1

                                   DEFINITIONS

     Section 1.1.  Definitions.  For purposes of this  Agreement,  the following
terms shall have the following respective meanings:

     "Affiliate"  of  any  Person  shall  mean  any  other  Person  directly  or
indirectly  controlling  or  controlled  by or under  direct or indirect  common
control with such Person.  For purposes of this definition,  "control" when used
with respect to any Person means the power to direct

                              Exhibit 4.43 Page 1
<PAGE>

the  management  and policies of such Person,  directly or  indirectly,  whether
through the ownership of voting  securities,  by contract or otherwise,  and the
terms "controlling" and "controlled" have meanings correlative to the foregoing.

     "Agreement"  shall mean this Registration  Rights  Agreement,  as it may be
amended or modified from time to time.

     "Articles of Incorporation"  shall mean the Company's Articles of Amendment
and Restatement, as amended from time to time.

     "Business  Day"  shall mean any day other  than a  Saturday,  Sunday or any
other day on which banks in New York are authorized or required to close.

     "Closing  Price" shall mean the last reported sale price regular way on the
day in question or, in case no such sale takes place on such day, the average of
the reported  closing bid and asked prices  regular way of the Common Stock,  in
each case on the American  Stock Exchange  ("AMEX"),  or, if the Common Stock is
not  listed or  admitted  to  trading  on the AMEX,  on the  principal  national
securities  exchange or quotation  system on which the Common Stock is listed or
admitted  to  trading or quoted,  or, if not  listed or  admitted  to trading or
quoted on any national  securities  exchange or quotation system, the average of
the closing  bid and asked  prices of the Common  Stock in the  over-the-counter
market on the day in  question  as reported  by the  National  Quotation  Bureau
Incorporated, or a similarly generally accepted reporting service, or, if not so
available in such manner,  as  furnished by any AMEX member firm  selected  from
time to time by the board of directors  of the Company for the  purpose.  In the
case of a closing  price of Common Stock on the AMEX,  such price shall mean the
closing price reported in the AMEX composite  transactions  reporting system (as
reported in the New York City  edition of The Wall Street  Journal or, if not so
reported, another authoritative source).

     "Common  Stock" shall mean the common stock,  par value $.01 per share,  of
the Company and any other stock of the Company  into which such common stock may
be  converted  or  reclassified  (other  than  stock of the  Company  into which
unissued  Common Stock has been  reclassified)  or that may be issued in respect
of, in exchange for, or in  substitution  of, such common stock by reason of any
stock  splits,   stock  dividends,   distributions,   mergers,   consolidations,
recapitalizations or other like events.

     "Company"  shall have the meaning set forth in the first  paragraph of this
Agreement.

     "Company Shares" shall have the meaning set forth in Section 2.1(g).

     "Demand  Registration"  shall mean a  registration  of Eligible  Securities
pursuant to Section 2.1 hereof.

     "Eligible  Common Stock" shall mean all shares of  Underlying  Common Stock
that are Eligible Securities.

                              Exhibit 4.43 Page 2
<PAGE>

     "Eligible  Securities" shall mean (x) all shares of Underlying Common Stock
and unless  otherwise  provided  herein,  any related Warrants and (y) any other
securities of the Company or any other entity issued or issuable with respect to
the Underlying  Common Stock or Warrants by way of stock dividend or stock split
or in  connection  with  a  combination  of  shares,  recapitalization,  merger,
consolidation or other  reorganization  or otherwise;  provided,  however,  that
particular shares of Underlying Common Stock or particular  Warrants shall cease
to be Eligible Securities when (i) such shares or Warrants,  as the case may be,
shall  have  been  disposed  of in  accordance  with an  effective  registration
statement  covering  the sale of such  shares or  Warrants;  (ii) such shares or
Warrants,  as the case may be, have been  distributed to the public  pursuant to
Rule 144 (or any successor  provision) under the Securities Act; or (iii) in the
case of a Warrant only, such Warrant has been  transferred by the Initial Holder
to another Person (other than an Affiliate of the Initial Holder).

     "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

     "Favorable Term" shall have the meaning set forth in Section 2.5.

     "Holder" shall mean the holder of any Eligible Security.

     "Initial Holder" shall have the meaning set forth in the first paragraph of
this Agreement.

     "New  Warrant  Agreement"  shall  have the  meaning  set forth in the third
paragraph of this Agreement.

     "New Warrants"  shall mean the warrants  issued by the Company  pursuant to
the New Warrant Agreement, and any additional warrants issued in accordance with
the New Warrant Agreement.

     "Old Warrants"  shall mean the warrants  issued by the Company  pursuant to
the Warrant Agreement, and any additional warrants issued in accordance with the
Warrant Agreement.

     "Original Term" shall have the meaning set forth in Section 2.5.

     "Person"  shall  mean any  individual,  corporation,  partnership,  limited
liability  company,  joint venture,  association,  joint-stock  company,  trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     "Piggyback  Registration"  shall  have the  meaning  set  forth in  Section
2.2(a).

     "Prospectus"  shall  mean  the  prospectus  included  in  any  Registration
Statement,  as amended or supplemented by any prospectus supplement with respect
to the terms of the offering of any of the Eligible  Securities  covered by such
Registration  Statement  and by all  other  amendments  and  supplements  to the
prospectus, including post-effective amendments and all material incorporated by
reference in such prospectus.

     "Registration Demand" shall have the meaning set forth in Section 2.1(a).

                              Exhibit 4.43 Page 3
<PAGE>

     "Registration  Rights"  shall  mean the  rights  of  Holders  set  forth in
Sections 2.1 and 2.2 to have Eligible Securities registered under the Securities
Act for sale under one or more effective Registration Statements.

     "Registration Statement" shall mean any registration statement filed by the
Company  under the  Securities  Act that covers any of the Eligible  Securities,
including the Prospectus,  any amendments and  supplements to such  Registration
Statement,  including  post-effective  amendments,  and  all  exhibits  and  all
material incorporated by reference in such registration statement.

     "Representative"  shall have the meaning set forth in Section  3.6(a),  and
"Representative(s)" shall mean one or more Representatives.

     "Saracen   Members"   shall   have   the   meaning   set   forth   in   the
Wellsford/Whitehall Group LLC Agreement.

     "Saracen   Registration   Rights   Agreement"   shall  mean  that   certain
Registration  Rights Agreement dated as of July 16, 1998, by and among Wellsford
Commercial  Properties  Trust, a Maryland real estate  investment trust, and the
Saracen Members,  as amended by that certain Amendment No. 1 to the Registration
Rights Agreement dated as of May ___, 1999, and as such agreement may be further
amended or modified from time to time.

     "SEC" shall mean the Securities and Exchange Commission.

     "SEC  Reports"  shall  mean  the  annual  and  quarterly  reports  and  the
information,  documents,  and other reports that the Company is required to file
with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act.

     "Securities Act" shall mean the Securities Act of 1933, as amended.

     "selling holder" shall have the meaning set forth in Section 3.1.

     "Shelf Registration" shall have the meaning set forth in Section 2.1(c).

     "Shelf Registration  Statement" shall have the meaning set forth in Section
2.1(c).

     "Takedown" shall have the meaning set forth in Section 2.1(c)(ii).

     "Underlying  Common  Stock"  shall mean all shares of Common  Stock  either
issuable upon the exercise of the Warrants or  previously  issued upon the prior
exercise of the Warrants.

     "underwriter" shall have the meaning set forth in Section 3.1.

     "underwriting  or agency  agreement"  shall have the  meaning  set forth in
Section 3.1.

     "Warrant  Agreement"  shall  have  the  meaning  set  forth  in the  second
paragraph of this Agreement.

                              Exhibit 4.43 Page 4
<PAGE>

     "Warrants"  shall mean any Old  Warrants  and any New Warrants and the term
"Warrant" shall mean any Old Warrant or any New Warrant.

     "WCPT" shall have the meaning set forth in the Recitals to this Agreement.

     Certain  terms used  principally  in  Articles 2 and 3 are defined in those
Sections.

                                    ARTICLE 2

                               REGISTRATION RIGHTS

     Section 2.1. Demand Registration.
                  -------------------

     (a) At any time,  each  Holder  shall have the right to request  (each such
request, a "Registration Demand") that the Company file a registration statement
under the  Securities  Act in  respect of all or any  portion  of such  Holder's
Eligible  Securities;  provided that if any Holder shall request that a portion,
but not all, of its Eligible  Securities be  registered in accordance  with this
Section 2.1  (including  a requested  Takedown  pursuant to  subsection  (c)(ii)
below),  such portion shall include not less than two hundred and fifty thousand
(250,000)  shares of Eligible Common Stock (or such lesser number of such shares
having a market valuation of at least $5,000,000 as of the date the Registration
Demand is made, based on the Closing Price on such date). A Registration  Demand
shall specify the number of shares of Eligible Common Stock (and, in the case of
a Registration  Demand by the Initial Holder,  the number of Warrants) that each
such Holder proposes to sell in the offering. If no Shelf Registration Statement
shall be  effective as of the date of the  Registration  Demand,  the  demanding
Holders may elect to register such Eligible Securities in accordance with either
Section 2.1(c)(i) or Section 2.1(d). If a Shelf Registration  Statement shall be
effective as of the date of the Registration  Demand, then all demanding Holders
shall be deemed to have elected to register their Eligible  Securities  pursuant
to  Section  2.1(c)(ii).   The  Holders  may  make  in  the  aggregate  two  (2)
Registration  Demands  pursuant  to Sections  2.1(c)(i)  and 2.1(d) and four (4)
Registration  Demands  per  year  pursuant  to an  existing  Shelf  Registration
Statement pursuant to Section 2.1(c)(ii) for which the Company will pay and bear
all costs and expenses in accordance with Section 3.3 and thereafter the Holders
may make an unlimited  number of Registration  Demands for which such requesting
Holders shall pay and bear all costs and expenses.

     (b) Upon receipt of a  Registration  Demand  (other than a  Takedown),  the
Company shall give written  notice  thereof to all of the other Holders at least
thirty  (30)  days  prior to the  initial  filing  of a  Registration  Statement
relating to such Registration  Demand.  Each of the other Holders shall have the
right,  within  twenty (20) days after the delivery of such  notice,  to request
that the Company include all or a portion of such Holder's  Eligible  Securities
in such Registration Statement.  Upon receipt of a Registration Demand that is a
Takedown,  a  representative  of the selling  holders shall give written  notice
thereof to all of the other  Holders at least three (3)  Business  Days prior to
the initial filing of a prospectus relating to such Registration Demand. Each of
the other  Holders  shall have the right,  within one (1) Business Day after the
delivery of such notice, to request that the Company include all or a portion of
such Holder's Eligible Securities in such Registration Statement.

                              Exhibit 4.43 Page 5
<PAGE>

     (c) (i) As  promptly as  practicable  and in no event later than sixty (60)
days after the  Company  receives a  Registration  Demand  electing  to register
Eligible Securities pursuant to this paragraph (c), the Company shall file under
the Securities  Act a "shelf"  registration  statement (the "Shelf  Registration
Statement")  providing  for the  registration  and the sale on a  continuous  or
delayed  basis of all the  Eligible  Securities,  pursuant to Rule 415 under the
Securities  Act  and/or  any  similar  rule that may be  adopted by the SEC (the
"Shelf Registration").  The Company agrees to use its reasonable best efforts to
cause such Shelf  Registration  Statement to become or be declared  effective as
soon as practicable but no later than 75 calendar days after the filing (the "75
Day Effective Date") and to keep such Shelf Registration  continuously effective
for a  period  ending  on the  occurrence  of the  earlier  of:  (x)  the  third
anniversary  of such  Registration  Demand  and (y)  notification  by all of the
requesting  Holders that such  Holders have sold all of the Eligible  Securities
owned by them. The Company  further  agrees to supplement or make  amendments to
the Shelf Registration  Statement and the prospectus included therein (x) as may
be necessary to effect and maintain the effectiveness of such Shelf Registration
Statement  for the period set forth in the  previous  sentence and (y) as may be
required  by  the  rules,   regulations  or   instructions   applicable  to  the
registration  form used by the  Company  for such Shelf  Registration  or by the
Securities Act or rules and regulations  thereunder for shelf registration.  The
Company  agrees to furnish to the Holders of the securities  registered  thereby
copies of any such  supplement or amendment (but excluding any periodic  reports
required  to be filed with the SEC under the  Exchange  Act of 1934) so that the
Initial  Holder,  or if the Initial  Holder is no longer a Holder,  the Holders,
through the Representative(s),  have a reasonable opportunity to comment thereon
prior to its being used and/or filed with the SEC.

     (ii) As promptly as practicable  after the Company  receives a Registration
Demand  from a Holder or  Holders  pursuant  to which a Holder is deemed to have
elected  to  register  Eligible   Securities   pursuant  to  an  existing  Shelf
Registration  Statement  (a  "Takedown"),  the  Company  shall,  subject  to the
Takedown  Blackout Period  described  below,  file a Prospectus with the SEC and
otherwise  comply  with  the  Securities  Act and  all  rules,  regulations  and
instructions  thereunder  applicable  to such  Takedown.  In the  event  that no
Prospectus  or other filing is required nor any other action  necessitating  the
Company's  participation  is required  to effect a sale of  Eligible  Securities
pursuant to an effective Shelf Registration  Statement filed pursuant to Section
2.1(c)(i), each selling Holder agrees to provide the Company with at least three
(3) Business Days' notice of the proposed sale (which may or may not include the
amount of Eligible Securities to be registered)  pursuant to the effective Shelf
Registration  Statement;  provided,  however, that the Company shall, subject to
Section 2.3(g), have the right to postpone any such sale whether before or after
the filing of the applicable  Prospectus or Shelf  Registration  Statement for a
reasonable  period of time not to exceed ninety (90) days (a "Takedown  Blackout
Period")  if: (i) the  Company  determines  in its good faith  judgment  that it
would,   in  connection  with  such  sale,  be  required  to  disclose  in  such
Registration  Statement (or any  prospectus  supplement to be used in connection
therewith)  information  not  otherwise  then  required  by law  to be  publicly
disclosed  and  (ii)  either  (x) in the good  faith  judgment  of the  Board of
Directors of the Company,  such disclosure  would adversely  affect any material
corporate development or business transaction contemplated by the Company or (y)
the  Company  has a bona  fide  purpose  for  preserving  as  confidential  such
information;  provided  further that the Takedown  Blackout Period shall earlier
terminate  upon  the  completion  or  abandonment  of  the  relevant   corporate
development or business  transaction or upon public disclosure by the Company or
public

                              Exhibit 4.43 Page 6
<PAGE>

disclosure by the Company or public admission by the Company of such information
specified in (i) above.

     (d) As promptly as  practicable  and in no event later than sixty (60) days
after the Company receives a Registration  Demand electing to register  Eligible
Securities  pursuant to this Section 2.1(d), the Company shall file with the SEC
a Registration  Statement,  on any form that shall be available and  appropriate
for the sale of the Eligible  Securities in accordance  with the intended method
of  distribution  thereof.  The  Company  shall  include  in  such  Registration
Statement all of the Eligible  Securities of such  requesting  Holders that such
Holders have requested to be included  therein  pursuant to Sections  2.1(a) and
2.1(b);  provided,  however,  that,  if the requested  registration  involves an
underwritten  offering,  the Eligible Securities to be registered may be reduced
if the managing  underwriter  delivers a notice (a "Cutback Notice") pursuant to
Section 2.1(g).  The Company shall use its reasonable best efforts to cause each
such Registration Statement to be declared effective (and to obtain acceleration
of such  effectiveness)  as soon as practicable  but no later than 75 days after
filing  such  Registration  Statement  and to keep such  Registration  Statement
continuously effective and usable for resale of such Eligible Securities,  for a
period of one hundred  eighty (180) days from the date on which the SEC declares
such Registration  Statement effective or such shorter period as is necessary to
complete the distribution of the securities registered thereunder.

     (e) The Initial Holder or, if the Initial  Holder is not a selling  holder,
the  Representative(s)  shall  determine the method of  distribution of Eligible
Securities pursuant to a Registration Demand.

     (f)  If a  Registration  Demand  involves  an  underwritten  offering,  the
investment  banker or  investment  bankers  and  manager or  managers  that will
administer  such  offering  will be selected  by the  Initial  Holder or, if the
Initial Holder is not a selling holder, the Representative(s); provided that the
Persons so selected shall be reasonably satisfactory to the Company.

     (g) In the event that the proposed offering is an underwritten offering and
includes  securities  to be offered for the account of the Company (the "Company
Shares"),  the  provisions  of this Section  2.1(g) shall be  applicable  if the
managing underwriter delivers a Cutback Notice stating that, in its opinion, the
aggregate  number of shares of Eligible  Common Stock,  plus the Company  Shares
proposed to be sold therein,  exceeds the maximum number of shares  specified by
the managing  underwriter in such Cutback Notice that may be distributed without
adversely  affecting the price, timing or distribution of the Common Stock being
distributed.  If the managing  underwriter  delivers  such Cutback  Notice,  the
number of shares of Eligible Common Stock requested to be registered and Company
Shares shall be reduced in the following  order until the number of shares to be
offered  has been  reduced  to the  maximum  number of shares  specified  by the
managing  underwriter  in the Cutback  Notice:  first,  the  Company  Shares and
second,  the Eligible  Common Stock in  proportion to the  respective  number of
shares of Eligible Common Stock that each Holder has requested to be registered.

     (h) The Company will pay all Registration Expenses (as set forth in Section
3.3) in connection with a registration under this Section 2.1.

                              Exhibit 4.43 Page 7
<PAGE>

     (i) No  Registration  Demand  (other than a Takedown) may be made until the
expiration of six (6) months following the completion of the distribution of the
securities  registered under any Registration  Statement that has been filed and
has become effective pursuant to a prior Registration Demand.

     (j) A Registration  Demand will not be deemed satisfied (and will not count
for purposes of the  limitations  in Section  2.1(a)) (i) unless a  registration
statement  with  respect  thereto  has  become   effective  and  has  been  kept
continuously effective for a period of at least 180 days (or such shorter period
which shall terminate when all Eligible  Securities covered by such registration
statement  have  been  sold),  (ii) if,  after  it has  become  effective,  such
registration is interfered with by any stop order,  injunction or other order or
requirement of the SEC or other governmental  agency or court for any reason not
attributable to the selling holders  participating in such  registration and has
not thereafter become effective, or (iii) if the conditions to closing specified
in the relevant underwriting or agency agreement entered into in connection with
such offering are not  satisfied or waived,  other than by reason of a breach of
such agreement by the selling holders  participating  in such offering or wilful
failure on the part of the selling holders participating in such offering.

     Section 2.2. Piggyback Registration Rights.
                  -----------------------------

     (a) If, at any time, the Company proposes to file a Registration  Statement
with the SEC respecting an offering,  whether primary, secondary or combined, of
any equity  securities of the Company,  the Company shall give written notice to
all  Holders  at least  thirty  (30)  days  prior to the  initial  filing of the
Registration  Statement  relating  to each  such  offering.  Such  notice  shall
specify, at a minimum,  the number and the type of equity securities so proposed
to be registered,  the proposed date of filing of such  registration  statement,
any proposed means of distribution  of such  securities,  any proposed  managing
underwriter or  underwriters of such securities and a good faith estimate by the
Company  of the  proposed  maximum  offering  price  thereof,  as such  price is
proposed  to appear on the  facing  page of such  registration  statement.  Each
Holder  shall have the right,  within  twenty  (20) days after  delivery of such
notice,  to request in writing  that the  Company  include  not less than 50,000
shares of Eligible  Common Stock (or such lesser amount as is then owned by such
Holder) in such Registration Statement (a "Piggyback Registration").

     (b) In the event that the  proposed  offering is an  underwritten  offering
covering  Company  Shares,  the  provisions  of  this  paragraph  (b)  shall  be
applicable if the managing  underwriter  delivers a Cutback Notice stating that,
in its opinion,  the aggregate number of shares of Eligible Common Stock and the
Company  Shares that the Holders have  requested to be  registered,  exceeds the
maximum number of shares  specified by the managing  underwriter in such Cutback
Notice that may be distributed  without adversely affecting the price, timing or
distribution of the Common Stock being distributed.  If the managing underwriter
delivers such Cutback Notice,  the number of shares of Eligible Common Stock and
Company Shares requested to be included in such offering shall be reduced in the
following order until the number of shares to be offered has been reduced to the
maximum  number of shares  specified by the managing  underwriter in the Cutback
Notice:  first, the Eligible Common Stock in proportion to the respective number
of shares  of  Eligible  Common  Stock  that each  Holder  has  requested  to be
registered and second, the Company Shares.

                              Exhibit 4.43 Page 8
<PAGE>

     (c) No  Piggy-Back  Registration  effected  under this Section 2.2 shall be
deemed to have been effected pursuant to Section 2.1 hereof or shall release the
Company of its  obligations  to effect any Demand  Registration  upon request as
provided in Section 2.1.

     (d) The Company will pay all Registration Expenses (as set forth in Section
3.3) in connection with a registration under this Section 2.2.

     (e)  The  provisions  of  this  Section  2.2  shall  not be  applicable  in
connection with a transaction in which a registration  statement is filed by the
Company on Form S-4 or S-8 or any  successor or similar  form or a  registration
statement is filed by the Company that registers securities issued pursuant to a
DRIP.

     Section   2.3.   Company's Ability to Postpone Registration Rights.
                      --------------------------------------------------

     (a) The  Company  shall  have  the  right to  postpone  the  filing  of any
Registration Statement relating to a Demand Registration for a reasonable period
of time not to exceed  ninety  (90) days (the  "Blackout  Period")  if:  (i) the
Company  determines  in its good faith  judgment  that it would be  required  to
disclose in such Registration  Statement information not otherwise then required
by law to be publicly  disclosed and (ii) either (x) in the good faith  judgment
of the Board of Directors of the Company, such disclosure would adversely affect
any material corporate  development or business transaction  contemplated by the
Company  or  otherwise  would  be  materially  harmful  to the  Company  and its
stockholders  or (y) the  Company  has a bona fide  purpose  for  preserving  as
confidential  such information or; provided,  however,  that the Blackout Period
shall  earlier  terminate  upon the  completion or  abandonment  of the relevant
corporate  development or business  transaction or upon public disclosure by the
Company or public admission by the Company of such information  specified in (i)
above.

     (b) If at any time after the Company  notifies the Holders of its intention
to file a  Registration  Statement  that would  trigger  Piggyback  Registration
Rights,  the Board of Directors of the Company in good faith shall determine for
any reason not to effect such registration or to postpone such registration, the
Company  shall  (i)  in  the  case  of  a  determination   not  to  effect  such
registration,  be relieved of its obligation to register any Eligible Securities
of Holders requesting inclusion in such registration,  and (ii) in the case of a
determination   to  postpone  such   registration,   be  permitted  to  postpone
registering  the Eligible  Securities  of Holders  requesting  inclusion in such
registration.

     (c) After the expiration of any Blackout Period and without further request
from any Holder,  the Company  shall  effect the filing of the  relevant  Demand
Registration  and shall use its reasonable best efforts to cause any such Demand
Registration  to be declared  effective  as promptly as  practicable  unless the
requesting  Holder or Holders shall have,  prior to the  effective  date of such
Demand  Registration  withdrawn in writing its initial  request,  in which case,
such withdrawn request shall not constitute a Registration  Demand or reduce the
number of Registration Demands available under Section 2.1(a).

     (d) Any request by a Holder for a Demand Registration which is subsequently
withdrawn  prior  to such  Demand  Registration  becoming  effective  shall  not
constitute a Registration  Demand or reduce the number of  Registration  Demands
available under Section 2.1(a); provided,

                              Exhibit 4.43 Page 9
<PAGE>

however,  that other than with respect to a withdrawal which is made as a result
of or after the expiration of any Blackout Period as specified in subsection (c)
above,  the Holder or Holders,  as appropriate,  shall reimburse the Company for
all expenses relating to the preparation of such withdrawn Demand Registration.

     (e) The Company shall as promptly as practicable  notify the Holders of any
postponement pursuant to this Section 2.3 or Section 2.1(c)(ii),  specifying the
reasons therefor.

     (f) If the  Company  exercises  its  right to  postpone  the  filing of any
Registration  Statement  pursuant to Section 2.3 or if the Company exercises its
right to postpone any Takedown  pursuant to Section  2.1(c)(ii)  and the Company
notifies  any Holder of such  postponement  or if the  Company  gives the notice
described  in  Section  3.7(a),  such  Holder  agrees to keep  confidential  the
exercise by the Company of its  postponement  right and any information  related
thereto which is given to such Holder by the Company.

     (g)   Notwithstanding  the  provisions  of  this  Section  2.3  or  Section
2.1(c)(ii),  the aggregate  number of days (whether or not  consecutive)  during
which the Company may delay the  effectiveness of the Registration  Statement or
prevent  offerings,  sales or  distributions  by the  Holders  pursuant  to this
Section 2.3 or Section  2.1(c)(ii)  shall in no event exceed 120 days during any
12-month  period.  In  addition,  no such delay shall exceed such number of days
that the Company determines in good faith to be reasonably necessary.

     Section 2.4.  Holder  Withdrawal  Rights.  The Company shall  withdraw from
registration any Eligible  Securities on request of a Holder.  The Company shall
not be obligated to maintain the effectiveness of any Registration Statement if,
after any withdrawal of Eligible  Securities by a Holder, the number of Eligible
Securities remaining subject to such Registration Statement represents less than
5% of the shares of Eligible Common Stock deemed outstanding, unless the Company
is also  registering  securities  on  such  Registration  Statement  for its own
account.

     Section 2.5. Other  Registration  Rights.  In the event WCPT shall grant to
any of the Saracen  Members the right to request  that WCPT  register any common
share of beneficial interest, par value $0.01, of WCPT pursuant to the terms and
provisions of the Saracen  Registration  Rights Agreement,  and any registration
right  granted  therein  (the  "Favorable  Term") is more  advantageous  to such
Saracen  Member  than  the  analogous  term  contained  in this  Agreement  (the
"Original Term"),  then any Holder of Eligible  Securities  entitled to exercise
any or all of the Registration Rights may elect, upon exercise thereof, that the
Favorable Term be applicable to such exercise in place of the Original Term.

                                    ARTICLE 3

                             REGISTRATION PROCEDURES

     Section  3.1.  Covenants  of the  Company  Applicable  to All  Registration
Statements. This Section 3.1 applies to all Registration Statements filed by the
Company and referred to in Section 2.1 and 2.2. The  securities  covered by each
such Registration Statement are referred to

                              Exhibit 4.43 Page 10
<PAGE>

as the  "Registered  Securities".  Each  underwriter  (including  any  qualified
independent  underwriter),  agent,  selling  broker,  dealer  manager or similar
securities industry professional participating in any offering of the Registered
Securities  is referred  to as an  "underwriter"  or "agent"  and any  agreement
entered into with an underwriter or agent is referred to as an  "underwriting or
agency  agreement".  In  connection  with each such  registration,  the  Company
covenants  with each Holder  participating  in such offering  (each,  a "selling
holder") and each underwriter or agent participating therein as follows:

     (a)  The  Company  will  notify  the  selling   holders  and  the  managing
underwriter or agent,  immediately,  and confirm the notice in writing, (i) when
the  Registration  Statement  or  any  pre-effective  amendment,  post-effective
amendment, prospectus or prospectus supplement is filed or when the Registration
Statement, or any post-effective amendment to the Registration Statement,  shall
have become  effective,  (ii) of the receipt of any comments from the SEC, (iii)
of any  request  by the SEC or any state  securities  authority  for  additional
information  or to amend the  Registration  Statement or amend or supplement the
Prospectus or any notification of an intention to proceed for that purpose, (iv)
of the issuance by the SEC of any stop order suspending the effectiveness of the
Registration  Statement or of any order  preventing or suspending the use of any
preliminary  prospectus,  or of  the  suspension  of  the  qualification  of the
Registered  Securities  for  offering  or  sale in any  jurisdiction,  or of the
institution or threatening of any proceedings  for any of such purposes,  (v) if
at any time when a prospectus is required by the  Securities Act to be delivered
in connection with sales of the Registered  Securities the  representations  and
warranties of the Company  contemplated  by Section  3.1(i) cease to be true and
correct and (vi) of the  existence of any fact that results or may result in the
Registration  Statement,  the Prospectus or any document incorporated therein by
reference containing an untrue statement of a material fact or omitting to state
a material fact required to be stated therein or necessary to make any statement
therein not misleading in light of the circumstances then existing.

     (b) The Company  will use its best  efforts to prevent the  issuance of any
stop order suspending the effectiveness of the Registration  Statement or of any
order preventing or suspending the use of any preliminary prospectus and, if any
such order is issued,  to obtain the lifting  thereof at the  earliest  possible
moment.

     (c)  The  Company  will  afford  the  Representative(s)  and  the  managing
underwriters a reasonable opportunity, prior to its being filed with the SEC, to
comment on any Registration  Statement,  any amendment thereto, or any amendment
of or supplement to the Prospectus.

     (d) The Company  will  furnish to each  selling  holder and to the managing
underwriter or agent,  without charge, as many signed copies of the Registration
Statement (as  originally  filed) and of all amendments  thereto,  whether filed
before or after the  Registration  Statement  becomes  effective,  copies of all
exhibits and documents  filed  therewith,  including  documents  incorporated by
reference  into  the   Prospectus,   and  signed  copies  of  all  consents  and
certificates of experts,  as such selling holder or the managing  underwriter or
agent may reasonably request, and will furnish to the managing underwriter,  for
each other underwriter  participating in an underwritten offering, one conformed
copy of the  Registration  Statement as originally  filed and of each  amendment
thereto (including  documents  incorporated by reference into the Prospectus but
without exhibits).

                              Exhibit 4.43 Page 11
<PAGE>

     (e) The Company will deliver to each selling holder and each underwriter or
agent  participating  in such offering,  without charge,  as many copies of each
preliminary  prospectus as such selling holder or such  underwriter or agent may
reasonably  request,  and the Company hereby  consents to the use of such copies
for purposes  permitted by the Securities  Act. The Company will deliver to each
selling  holder and each  underwriter or agent  participating  in such offering,
without  charge,  from time to time  during the period  when the  Prospectus  is
required to be delivered  under the Securities Act, such number of copies of the
Prospectus  (as  supplemented  or  amended)  as  such  selling  holder  or  such
underwriter or agent may reasonably request.

     (f) The  Company  will  comply  with the  Securities  Act and the rules and
regulations  of  the  SEC  thereunder,  the  Exchange  Act  and  the  rules  and
regulations of the SEC thereunder and any state  securities  laws or rules so as
to permit the completion of the  distribution  of the  Registered  Securities in
accordance with the intended  method or methods of distribution  contemplated in
the  Prospectus.  If at any time when a prospectus is required by the Securities
Act to be delivered in connection  with sales of the  Registered  Securities any
event shall occur or condition shall exist as a result of which it is necessary,
in the opinion of counsel for the selling holders,  counsel for the underwriters
or agents or counsel for the  Company,  to amend the  Registration  Statement or
amend or supplement the Prospectus in order that the Prospectus will not include
an  untrue  statement  of a  material  fact  or omit to  state a  material  fact
necessary in order to make the statements therein not misleading in the light of
the circumstances existing at the time it is delivered to a purchaser,  or if it
shall be  necessary,  in the  opinion of any such  counsel,  at any such time to
amend the Registration  Statement or amend or supplement the Prospectus in order
to  comply  with  the  requirements  of the  Securities  Act or  the  rules  and
regulations of the SEC  thereunder,  the Company will promptly  prepare and file
with the SEC, subject to Section 3.1(c),  such amendment or supplement as may be
necessary  to  correct  such  untrue  statement  or  omission  or  to  make  the
Registration  Statement or the Prospectus comply with such requirements and will
promptly  furnish each selling holder and underwriter or agent with a reasonable
number of copies of such amendment or supplement.

     (g) The Company will use its best efforts,  in cooperation with the selling
holders  or the  underwriters  or  agents,  as the case may be, to  register  or
qualify the  Registered  Securities  for offering and sale under the  applicable
securities laws of such states and other jurisdictions as the selling holders or
the managing  underwriter  or agents,  as the case may be, may  designate and to
keep  such  registration  or  qualification  in  effect  for  so  long  as  such
Registration  Statement remains effective;  provided,  however, that the Company
shall not be obligated  to file any general  consent to service of process or to
qualify  as  a  foreign  corporation  or  as  a  dealer  in  securities  in  any
jurisdiction in which it is not so qualified or to subject itself to taxation in
respect of doing  business in any  jurisdiction  in which it is not otherwise so
subject. The Company will file such statements and reports as may be required by
the laws of each  jurisdiction  in which  the  Registered  Securities  have been
qualified as above provided.

     (h) The  Company  will  effect  the  listing of the  Registered  Securities
covered by a  Registration  Statement on each  national  securities  exchange on
which  similar  securities  issued by the  Company  are then listed and make all
other necessary or appropriate filings with each such securities exchange.

                              Exhibit 4.43 Page 12
<PAGE>

     (i) The  Company  shall make such  representations  and  warranties  to the
selling holders and the underwriters or agents,  if any, in form,  substance and
scope as are customarily made by issuers to underwriters in underwritten  public
offerings.

     (j) On the effective date of the Registration  Statement or, in the case of
an underwritten  offering,  on the date of delivery of the Registered Securities
sold  pursuant  thereto,  the Company shall cause to be delivered to the selling
holders  and the  underwriters  or agents,  if any,  opinions of counsel for the
Company with  respect to, among other  things,  the due  incorporation  and good
standing of the Company;  the  qualification of the Company to transact business
as a foreign corporation; the due authorization,  execution and delivery of this
Agreement;  the due authorization,  execution,  authentication and issuance, and
the validity and enforce  ability,  of the Warrants  and/or the Eligible  Common
Stock,  as the  case may be;  the  absence  of  material  legal or  governmental
proceedings  involving  the  Company;  the  absence of a material  breach by the
Company of, or a material  default under,  agreements  binding the Company;  the
absence of governmental approvals required to be obtained in connection with the
registration, offering and sale of the Warrants and/or Eligible Common Stock, as
the case may be; the compliance as to form of the Registration Statement and any
documents  incorporated  by  reference  therein  with  the  requirements  of the
Securities  Act; the  effectiveness  of such  Registration  Statement  under the
Securities  Act; and a statement  that, as of the date of the opinion and of the
Registration  Statement or most recent post-effective  amendment thereto, as the
case may be, nothing has come to the attention of such counsel which causes them
to believe that either the  Registration  Statement or the  Prospectus  included
therein,  as then amended or  supplemented,  or the  documents  incorporated  by
reference  therein  (in  the  case  of  such  documents,  in  the  light  of the
circumstances  existing  at the time that such  documents  were  filed  with the
Commission under the Exchange Act),  contained an untrue statement of a material
fact or  omitted  to state a  material  fact  necessary  to make the  statements
therein not  misleading (it being  understood  that such counsel need express no
opinion as to the financial statements and other financial data included therein
or omitted therefrom).

     In the event that any broker-dealer registered under the Exchange Act shall
be an  "affiliate"  (as  defined  in Rule  2720(b)(1)  of the NASD Rules (or any
successor provision thereto)) of the Company or has a "conflict of interest" (as
defined  in Rule  2720(b)(7)  of the  NASD  Rules  (or any  successor  provision
thereto)) and such broker-dealer shall underwrite, participate as a member of an
underwriting  syndicate or selling  group or assist in the  distribution  of any
Registrable Securities covered by the Shelf Registration Statement, whether as a
holder of such Registrable Securities or as an underwriter, a placement or sales
agent or a broker or dealer in respect thereof, or otherwise,  the Company shall
assist such  broker-dealer in complying with the requirements of the NASD Rules,
including,   without  limitation,  by  (A)  engaging  a  "qualified  independent
underwriter" (as defined in Rule 2720(b)(15) of the NASD Rules (or any successor
provision  thereto))  to  participate  in the  preparation  of the  registration
statement relating to such Registrable  Securities,  to exercise usual standards
of due diligence in respect  thereto and to recommend the public  offering price
of such  Registrable  Securities,  (B) indemnifying  such qualified  independent
underwriter to the extent of the  indemnification  of  underwriters  provided in
Section 5 hereof,  and (C) providing such  information to such  broker-dealer as
may be required in order for such  broker-dealer to comply with the requirements
of the NASD Rules.

                              Exhibit 4.43 Page 13
<PAGE>

     (k) Immediately  prior to the  effectiveness of the Registration  Statement
or, in the case of an  underwritten  offering,  at the time of  delivery  of any
Registered  Securities  sold  pursuant  thereto,  the Company  shall cause to be
delivered to the selling holders and the underwriters or agents, if any, letters
from the Company's  independent public accountants stating that such accountants
are  independent  public  accountants  with  respect to the  Company  within the
meaning of the Securities Act and the applicable published rules and regulations
of the SEC  thereunder,  and  otherwise  in  customary  form and  covering  such
financial and accounting  matters as are  customarily  covered by letters of the
independent public accountants delivered in connection with primary underwritten
public offerings.

     (l) If the managing  underwriter or agent so requests,  the underwriting or
agency  agreement  shall set forth in full the  provisions  hereof  relating  to
covenants,  registration  expenses,  lock-up  agreements,   indemnification  and
contribution  contained in this  Article 8, with such changes  therein as may be
agreed to by the  managing  underwriter  or agent,  the  Company and the selling
holders.

     (m) The Company shall deliver such  documents  and  certificates  as may be
requested  by any  selling  holder or the  underwriters  or agents,  if any,  to
evidence  compliance  with  Section  3.1(i)  and with any  customary  conditions
contained in the underwriting or agency agreement, if any.

     (n) The Company will make  available for inspection by  representatives  of
the  selling  holders  and the  underwriters  or  agents  participating  in such
offering,  any  attorney  or  accountant  retained  by such  selling  holders or
underwriters or agents and, with respect to any private placement of Warrants or
Underlying Common Stock, upon notice to the Company, prospective purchasers, all
financial and other records, pertinent corporate documents and properties of the
Company, and cause the Company's officers, directors and employees to supply all
information  reasonably  requested by any such  representative,  underwriter  or
agent,  attorney  or  accountant  in  connection  with  the  preparation  of the
Registration  Statement;  provided,  however,  that any records,  information or
documents that are designated by the Company in writing as confidential shall be
kept  confidential by each such person (by, among other things,  if so requested
by the Company,  entering into a confidentiality agreement in form and substance
satisfactory  to the  Company)  unless such  records,  information  or documents
become  part of the  public  domain  through  no fault of such  person or unless
disclosure  thereof  is  required  by court or  administrative  order or the SEC
(including the federal securities law). Without limitation of the foregoing, the
Company will give the selling  holders,  their  underwriters or agents and their
respective  counsel,  accountants  and  other  representatives  and  agents  the
opportunity  to  participate  in the  preparation  of any prospectus or offering
circular  included therein or filed with the SEC, and, to review all information
reasonably  requested by each of them as shall be necessary or  appropriate,  in
the opinion of such  holders'  and such  underwriters'  respective  counsel,  to
conduct a reasonable investigation within the meaning of the Securities Act.

     (o) The Company will make  generally  available to its security  holders as
soon as practicable,  but not later than forty-five (45) days after the close of
the  period  covered  thereby  (or ninety  (90) days if such  period is a fiscal
year),  an  earnings  statement  of the  Company  (in  form  complying  with the
provisions  of Rule 158 under the  rules  and  regulations  of the SEC under the
Securities  Act),  covering a period of twelve (12) months  beginning  after the
effective date of the

                              Exhibit 4.43 Page 14
<PAGE>

Registration  Statement but not later than the first day of the Company's fiscal
quarter next following such effective date.

     (p) The  Company  will enter into such  customary  agreements,  including a
customary  underwriting or agency agreement with the underwriters or agents,  if
any, and take all other  reasonable  actions in connection  with the offering in
order to expedite or facilitate the disposition of the Registered Securities.

     (q) The Company will provide a transfer  agent and  registrar  for all such
Eligible  Securities  covered by such registration  statement not later than the
effective date of such registration statement.

     (r) The Company will  provide a CUSIP  number for all  Eligible  Securities
being offered, not later than the effective date of the registration statement.

     (s) The Company will take all such other commercially reasonable actions as
are necessary or advisable in order to expedite or facilitate the disposition of
such Eligible Securities.

     (t)  The  Company  shall   cooperate  with  the  selling  holders  and  the
underwriters or agents  participating  in such offering to facilitate the timely
preparation and delivery of certificates  representing such Registered Shares to
be sold,  which  certificates  shall not bear any restrictive  legends except as
required by law or the Articles of Incorporation or the Company's By-laws;  and,
in the case of an underwritten offering,  enable such Registered Shares to be in
such  denominations and registered in such names as the managing  underwriter or
underwriters may request in writing at least two business days prior to any sale
of the Registered  Shares to the  underwriters or agents  participating  in such
offering.

     Section 3.2.  Covenants of the Selling Holders.
                   ---------------------------------

     (a) Each  selling  holder  shall use its best  efforts  to  furnish  to the
Company  such   information   regarding  the  distribution  of  such  Registered
Securities as is  customarily  requested  from selling  holders in  underwritten
public  offerings  to the extent  necessary to permit the Company to comply with
the  Securities  Act;  provided,  that  the  Company  will  not  include  in any
Registration   Statement,   Prospectus  or  prospectus  supplement   information
concerning  or relating to any Holder or selling  holder to which such Holder or
selling holder shall reasonably object (unless the inclusion of such information
is required by applicable law or the  regulation of any  securities  exchange to
which  the  Company  may  be  subject),  and  the  Company  will  not  file  any
Registration  Statement,  Prospectus or amendment or supplement thereto to which
such Holder or selling holder shall  reasonably  object;  provided that, if such
Holder or selling  holder  objected to a  registration  statement to be filed in
connection  with a Piggyback  Registration,  such  Holder or selling  holder may
withdraw any or all of its Eligible Securities from such registration  statement
and the Company may file such registration statement.

     (b) Each selling  holder  agrees that,  upon receipt of any notice from the
Company  of the  happening  of  any  event  of the  kind  described  in  Section
3.1(a)(vi),  such selling holder will forthwith  discontinue  the disposition of
its Registered Securities pursuant to the Registration

                              Exhibit 4.43 Page 15
<PAGE>

Statement until such selling holder's receipt of the copies of a supplemented or
amended  Prospectus  contemplated by Section  3.1(f),  or until it is advised in
writing by the Company that the use of such  Prospectus  may be resumed.  If the
Company shall give any such notice,  the Company shall extend the period of time
during  which  the  Company  is  required  to keep  the  Registration  Statement
effective  and usable by the number of days  during the period  from the date of
receipt  of such  notice  to the date  when each  selling  holder of  Registered
Securities covered by such Registration  Statement either receives the copies of
a  supplemented  or amended  Prospectus  contemplated  by  Section  3.1(f) or is
advised  in  writing  by the  Company  that  the use of such  Prospectus  may be
resumed.

     (c)  No  selling   holders,   as  such,  shall  be  required  to  make  any
representation   or  warranty  as  to  the  accuracy  or   completeness  of  the
Registration  Statement or otherwise  relating to the offering (except solely as
to written information furnished to the Company by such selling holder expressly
for use in the Registration Statement).

     Section 3.3.  Registration Expenses.
                   ----------------------

     (a) The Company  will pay and bear all costs and  expenses  incident to the
performance  of its  obligations  under  this  Agreement  with  respect  to each
registration pursuant to Section 2.1 or 2.2, including, without limitation:

     (i) the  preparation,  printing  and filing of the  Registration  Statement
(including  financial  statements  and  exhibits),  as  originally  filed and as
amended,  any preliminary  prospectuses and the Prospectus and any amendments or
supplements  thereto,  and the cost of furnishing  copies thereof to the selling
holders or the underwriters or agents, as the case may be;

     (ii) the  preparation,  printing and  distribution  of any  underwriting or
agency agreement, agreement among underwriters, selling agreements, certificates
representing the Registered Securities,  any Blue Sky or legal investment survey
and other  documents  relating to the  performance of and  compliance  with this
Agreement;

     (iii) the fees and disbursements of the Company's counsel,  accountants and
experts and the reasonable fees and disbursements of one counsel retained by the
selling holders pursuant to Section 3.3(b);

     (iv) except as provided in Section 3.3(c),  the fees and  disbursements  of
the underwriters or agents  customarily paid by issuers or sellers of securities
and the  reasonable  fees  and  expenses  of any  special  experts  retained  in
connection with the Registration Statement, but excluding underwriting discounts
and commissions and transfer taxes, if any;

     (v)  the  qualification  of  the  Registered  Securities  under  applicable
securities  laws in accordance  with Section 3.1(g) and any filing for review of
the  offering  with  the  National  Association  of  Securities  Dealers,  Inc.,
including  filing  fees and fees and  disbursements  of counsel  for the selling
holders  and the  underwriters  or  agents,  as the case may be,  in  connection
therewith,  in connection  with any Blue Sky or legal  investment  survey and in
connection with any reserve share program;

                              Exhibit 4.43 Page 16
<PAGE>

     (vi) all fees and expenses incurred in connection with the listing, if any,
of any of the  Registered  Securities  on any  securities  exchange  pursuant to
Section 3.1(h); and

     (vii)  up to a 5%  underwriting  discount  or  commission  payable  to  the
underwriters or agents in connection with the sale of the Registered Securities.

     (b) In  connection  with the  filing of each  Registration  Statement,  the
Company  will  reimburse  the  selling  holders  for  the  reasonable  fees  and
disbursements of one firm of legal counsel, which shall be chosen by the Initial
Holder,   or  if  the  Initial  Holder  is  not  then  a  selling  holder,   the
Representative(s) and shall be reasonably satisfactory to the Company.

     (c) Each selling  holder will pay and bear all costs and expenses  incident
to the delivery of the  Registered  Securities  to be sold by it,  including any
stock transfer taxes payable upon the sale of such Registered  Securities to the
purchaser  thereof and, to the extent not paid  pursuant to Section  3.3(a)(vii)
above,  any  underwriting  discounts or commissions  payable to  underwriters or
agents in connection therewith.

     Section 3.4.  Indemnification and Contribution.
                   ---------------------------------

     (a) In connection  with each  registration  pursuant to Section 2.1 or 2.2,
the Company  shall and hereby does  indemnify  and hold  harmless  each  selling
holder of Eligible  Securities,  each underwriter or agent participating in such
offering,  each person,  if any,  who  controls  any selling  holder or any such
underwriter or agent within the meaning of Section 15 of the Securities Act, and
each officer, director, employee, agent, stockholder,  member, partner or direct
or indirect owner of any of the foregoing  (all of the foregoing  being referred
to collectively as "Seller Parties" and  individually as a "Seller  Party"),  as
follows:

     (i)  against  any  and all  loss,  liability,  claim,  damage  and  expense
whatsoever,  as  incurred,  arising out of or based upon an untrue  statement or
alleged  untrue  statement  of a material  fact  contained  in the  Registration
Statement  (or any  amendment  thereto),  or the  omission  or alleged  omission
therefrom of a material fact required to be stated  therein or necessary to make
the statements therein not misleading or arising out of an untrue statement of a
material  fact  included  in  any  preliminary  or  summary  prospectus  or  the
Prospectus (or any amendment or supplement thereto or any document  incorporated
therein by  reference)  or the  omission  or  alleged  omission  therefrom  of a
material fact required to be stated  therein or necessary to make the statements
therein,  in the light of the  circumstances  under  which they were  made,  not
misleading;

     (ii)  against  any and all  loss,  liability,  claim,  damage  and  expense
whatsoever,  as  incurred,  to  the  extent  of the  aggregate  amount  paid  in
settlement of any litigation, or investigation or proceeding by any governmental
agency or body, commenced or threatened,  or of any claim whatsoever arising out
of or based upon any such untrue  statement  or  omission,  or any such  alleged
untrue  statement or alleged  omission,  if such settlement is effected with the
written  consent of the  Company,  which shall not be  unreasonably  withheld or
delayed; and

                              Exhibit 4.43 Page 17
<PAGE>

     (iii) against any and all expense  whatsoever,  as incurred (including fees
and disbursements of counsel chosen by the Seller Parties),  reasonably incurred
in investigating,  preparing,  defending against or appealing any litigation, or
investigation  or proceeding by any  governmental  agency or body,  commenced or
threatened,  or any claim  whatsoever  based upon any such untrue  statement  or
omission,  or any such alleged untrue statement or omission,  to the extent that
any such  expense is not paid under  subparagraph  (i) or (ii) above;

provided,  however,  that, with respect to any Seller Party, this indemnity does
not apply to any loss, liability, claim, damage or expense to the extent arising
out of an untrue  statement or omission or alleged untrue  statement or omission
made in reliance upon and in conformity  with written  information  furnished to
the  Company  by  such  Seller  Party,  expressly  for  use in the  Registration
Statement (or any amendment  thereto),  or any preliminary or summary prospectus
or the Prospectus (or any amendment or supplement thereto).

     (b) Each selling  holder agrees  severally,  and not jointly or jointly and
severally,  to indemnify and hold harmless the Company,  its directors,  each of
its officers who signed a  Registration  Statement,  each  underwriter  or agent
participating in such offering and the other selling  holders,  and each person,
if any, who controls the Company,  any such  underwriter  or agent and any other
selling  holder within the meaning of Section 15 of the  Securities Act and each
officer,  director,  employee, agent, stockholder,  member, partner or direct or
indirect  owner of any of the  foregoing,  against any and all loss,  liability,
claim,  damage and  expense  described  in the  indemnity  contained  in Section
3.4(a), as incurred, but only with respect to untrue statements or omissions, or
alleged untrue statements or omissions,  made in the Registration  Statement (or
any  amendment  thereto),  or  any  preliminary  or  summary  prospectus  or the
Prospectus  (or any  amendment or  supplement  thereto) in reliance  upon and in
conformity  with  written  information  furnished to the Company by such selling
holder  expressly  for  use in the  Registration  Statement  (or  any  amendment
thereto),  or any  preliminary  or summary  prospectus or the Prospectus (or any
amendment or supplement thereto);  provided,  however, that the liability of any
selling  holder under this Section  3.4(b) shall be limited to the amount of net
proceeds  received by such selling  holder in the  offering  giving rise to such
liability.

     (c) Each  indemnified  party shall give prompt notice to each  indemnifying
party of any action  commenced  against it in respect of which  indemnity may be
sought  hereunder,  but  failure to so notify an  indemnifying  party  shall not
relieve  the  indemnifying  party  from any  liability  it may have  under  this
Agreement,  except  to the  extent  that the  indemnifying  party is  materially
prejudiced  thereby  and shall  not  relieve  the  indemnifying  party  from any
liability it may have had to any  indemnified  party  otherwise  than under this
Section 3.4. In case any action or proceeding is brought against the indemnified
party and it shall notify the indemnifying  party of the  commencement  thereof,
the  indemnifying  party shall be entitled to participate in, and, unless in the
reasonable  judgment of the  indemnified  party a conflict may exist between the
indemnifying  party  and the  indemnified  party  in  respect  of such  claim or
proceeding,  to assume the defense thereof,  jointly with any other indemnifying
party so notified, with counsel reasonably satisfactory to the indemnified party
and, after notice from the indemnifying  party to the indemnified  party that it
so chooses,  the  indemnifying  party shall not be liable for any legal or other
expenses  subsequently  incurred by the indemnified party in connection with the
defense thereof other than reasonable costs of investigation; provided, however,
that

                              Exhibit 4.43 Page 18
<PAGE>

     (i) if the  indemnifying  party fails to take reasonable steps necessary to
defend  diligently the claim within twenty (20) days after receiving notice from
the indemnified  party that the  indemnified  party believes it has failed to do
so; or

     (ii)  if  the  indemnified  party  who is a  defendant  in  any  action  or
proceeding which is also brought against the indemnifying party reasonably shall
have  concluded  that there may be one or more legal  defenses  available to the
indemnified party which are not available to the indemnifying party; or

     (iii) if  representation  of both  parties by the same counsel is otherwise
inappropriate   under  applicable   standards  of  professional   conduct,   the
indemnified  party shall have the right to assume or continue its own defense as
set forth above (but with no more than one firm of counsel  for all  indemnified
parties in each  jurisdiction,  except to the extent  any  indemnified  party or
parties  reasonably  shall  have  concluded  that  there  may be legal  defenses
available  to such  party  or  parties  which  are not  available  to the  other
indemnified  parties or to the extent  representation of all indemnified parties
by the same counsel is otherwise  inappropriate  under  applicable  standards of
professional  conduct)  and the  indemnifying  party  shall  be  liable  for any
reasonable expenses therefor.  No indemnifying party shall,  without the written
consent of the  indemnified  party,  effect the  settlement or compromise of, or
consent to the entry of any judgment  with respect to, any pending or threatened
action or in  respect of which  indemnification  or  contribution  may be sought
hereunder  (whether or not the indemnified party is an actual or potential party
to such action or claim)  unless such  settlement,  compromise  or judgment  (A)
includes an  unconditional  release of the indemnified  party from all liability
arising out of such  action or claim and (B) does not include a statement  as to
or an  admission of fault,  culpability  or a failure to act, by or on behalf of
any indemnified party.

     (d)  If for  any  reason  the  forgoing  indemnity  is  unavailable,  or is
insufficient  to hold harmless,  an indemnified  party,  then each  indemnifying
party shall contribute to the amount paid or payable by such  indemnified  party
as a result of any loss, liability,  claim, damage or expense in such proportion
as is appropriate to reflect the relative  benefits received by the indemnifying
party on the one hand and the indemnified  party on the other from such offering
of securities. If, however, the allocation provided in the immediately preceding
sentence is not permitted by applicable law, or if the indemnified  party failed
to give the notice required by subparagraph (c) above and the indemnifying party
is materially  prejudiced thereby, then each indemnifying party shall contribute
to the amount paid or payable by such indemnified party in such proportion as is
appropriate  to reflect not only such  relative  benefits  but also the relative
fault of the indemnifying  party and the indemnified  party as well as any other
relevant  equitable  considerations.  The relative  fault shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged  omission to state a material fact
relates to information  supplied by the  indemnifying  party or the  indemnified
party and the parties'  relative  intent,  knowledge,  access to information and
opportunity to correct or prevent such untrue statement or omission. The parties
hereto agree that it would not be just and equitable if  contributions  pursuant
to this  subparagraph (d) were to be determined by pro rata allocation or by any
other  method  of  allocation  which  does not  take  account  of the  equitable
considerations  referred to in the preceding sentences of this subparagraph (d).
The

                              Exhibit 4.43 Page 19
<PAGE>

amount  paid or payable in respect of any claim  shall be deemed to include  any
legal or other expenses  incurred by such  indemnified  party in connection with
investigation  or  defending  any such  claim.  No person  guilty of  fraudulent
misrepresentation  (within the meaning of Section 11(f) of the Securities Act or
the  equivalent   thereof  under  any  applicable  law)  shall  be  entitled  to
contribution  from any person who was not guilty of such fraudulent  misrepresen
tation.  Notwithstanding  anything in this subparagraph (d) to the contrary,  no
indemnifying  party (other than the Company) shall be required  pursuant to this
subparagraph (d) to contribute any amount in excess of the net proceeds received
by such indemnifying  party from the sale of securities in the offering to which
the losses,  claims,  damages or liabilities of the indemnified  parties relate,
less  the  amount  of  any   indemnification   payment  made  pursuant  to  this
subparagraph (d).

     (e) Any indemnity and reimbursement agreements contained herein shall be in
addition  to any  other  rights to  indemnification  or  contribution  which any
indemnified  party may have  pursuant  to law or  contract.  The  indemnity  and
contribution  agreements  contained in this Section 3.4 and the  representations
and  warranties  of the  Company  referred  to in Section  3.1(i)  shall  remain
operative and in full force and effect  regardless of (i) any termination of any
underwriting or agency agreement, (ii) any investigation made by or on behalf of
the selling  holders,  the Company or any  underwriter  or agent or  controlling
person  or (iii)  the  consummation  of the sale or  successive  resales  of the
Registered Securities.

     (f) The indemnification  and contribution  required herein shall be made by
periodic  payments of the amount thereof during the course of the  investigation
or defense, as and when bills are received or expense, loss, damage or liability
is incurred.

     Section 3.5. Rule 144. The Company  covenants that it will continue to file
on a timely  basis the reports  required to be filed by it under the  Securities
Act and the rules and regulations of the SEC thereunder and the Exchange Act and
the rules and  regulations  of the SEC  thereunder and it will take such further
action as any Holder of Eligible Securities may reasonably  request,  all to the
extent  required  from  time to time to  enable  such  Holder  to sell  Eligible
Securities  without  registration under the Securities Act within the limitation
of the exemptions  provided by Rule 144 under the  Securities  Act, as such Rule
may be amended  from time to time.  Upon the  request of any Holder of  Eligible
Securities,  the Company will  deliver to such Holder a written  statement as to
whether it has complied with such requirements.

     Section  3.6.  Participation  in  Underwritten  Offerings.  No  Holder  may
participate in any underwritten offering hereunder unless:

     (a)  Such  Holder  (other  than the  Initial  Holder)  executes  a power of
attorney   appointing  one  or  more  (up  to  three  (3))  attorneys  (each,  a
"Representative") designated by the selling holders proposing to sell a majority
of the Eligible Securities proposed to be sold by all selling holders. Each such
Representative  shall  be  authorized,   on  customary  terms,  to  execute  the
underwriting agreement on behalf of each selling holder and to otherwise act for
the selling holders in connection with the offering.

     (b) Such  Holder  (other  than the  Initial  Holder)  directly  through its
Representative,  enters into an  underwriting  agreement  with the Company,  the
other selling

                              Exhibit 4.43 Page 20
<PAGE>

holders,  any selling  stockholders  and the  underwriters,  which  underwriting
agreement shall comply with the provisions of this Article 8.

     (c) Such Holder executes all questionnaires and other documents required by
theunderwriting agreement to be executed by such Holder.

     Section 3.7.  Lock-Up Agreements.
                   ------------------

     (a) Provided that the Company,  within 10 Business  Days after  receiving a
Registration Demand, has not given notice to the Holder making such Registration
Demand to the effect that it is unable to provide a "lock-up"  as  described  in
this Section 8.7(a) because it intends to issue securities  within the following
90 days,  the Company  agrees that it will not,  directly or  indirectly,  sell,
offer to sell,  grant any option for the sale of, or  otherwise  dispose of, any
share  of  Common  Stock  or  securities  convertible  into or  exchangeable  or
exercisable  for any  share of  Common  Stock,  other  than any (i) such sale or
distribution  of Common  Stock  upon  exercise  of  Warrants  in the case of any
registration  pursuant to Section 7.l and (ii) Excluded  Securities  (as defined
below), for a period of ninety (90) days (or such shorter period as the managing
underwriter of such registration shall determine) from the effective date of any
Registration  Statement  pertaining  to  such  Eligible  Common  Stock."Excluded
Securities"  shall mean (1) options or other  securities  issued to employees or
directors of the Company,  (2)  securities  issued in exchange for  interests in
real  property,  (3) shares issued in connection  with the Company's  DRIP,  (4)
securities  issued  upon  conversion  of  convertible  securities  issued by the
Company   and  (5)   non-convertible   preferred   stock  of  the   Company  and
non-convertible debt securities of the Company.

     (b) Each Holder of Eligible  Common  Stock whose  Eligible  Common Stock is
covered by a Registration Statement filed pursuant to Sections 2.1 or 2.2 agrees
that it will not, directly or indirectly,  sell, offer to sell, grant any option
for the sale of, or otherwise dispose of, any shares of Common Stock (other than
the  Eligible  Common  Stock  covered  by such  Registration  Statement)  or any
Warrants or other securities convertible into or exchangeable or exercisable for
Common  Stock,  for a period of ninety (90) days (or such shorter  period as the
managing  underwriter  of such  registration  shall  determine)  days  from  the
effective date of the Registration  Statement pertaining to such Eligible Common
Stock.

     (c) The lock-up agreements set forth in Sections 8.7(a) and 8.7(b) shall be
subject  to  customary  exceptions  that  may be  contained  in an  underwriting
agreement if any such registration involves an underwritten offering.

                                    ARTICLE 4

                                  MISCELLANEOUS

     Section 4.1. Notices. (a) Any notice, demand or delivery authorized by this
Agreement  shall be in  writing  and  shall be  sufficiently  given or made when
delivered or on the third

                              Exhibit 4.43 Page 21
<PAGE>

Business Day  following  the date sent by  first-class  mail,  postage  prepaid,
addressed to the Company or the Initial Holder as follows:

If to the Company:         Wellsford Real Properties, Inc.
                           535 Madison Avenue
                           26th Floor
                           New York, New York 10022
                           Attention: President

If to the Initial Holder:  W/W Group Holdings, L.L.C.
                           85 Broad Street
                           New York, New York 10036
                           Attention: Chief Financial Officer

or (iii) such other address as shall have been  furnished to the party giving or
making such notice, demand or delivery.

     Section  4.2.  APPLICABLE  LAW.  THIS  AGREEMENT  AND  ALL  RIGHTS  ARISING
HEREUNDER SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK.

     Section 4.3. Persons Benefitting.  This Agreement shall be binding upon and
inure to the  benefit of any Holders  (each of whom is an  intended  third party
beneficiary),   the   Company   and  their   respective   successors,   assigns,
beneficiaries,  executors  and  administrators.  Nothing  in this  Agreement  is
intended or shall be construed to confer upon any Person, other than the Company
and the Holders (and such  successors,  assigns,  beneficiaries,  executors  and
administrators), any right, remedy or claim under or by reason of this Agreement
or any part hereof.

     Section 4.4. Counterparts.  This Agreement may be executed in any number of
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together constitute one and the same instrument.

     Section 4.5. Headings.  The descriptive headings of the several Sections of
this Agreement are inserted for  convenience and shall not control or affect the
meaning or construction of any of the provisions hereof.

     Section  4.6.  Remedies.  In the event of a breach by the  Company  or by a
holder of Eligible Securities, of any of their obligations under this Agreement,
each  holder  of  Eligible  Securities  or the  Company,  as the case may be, in
addition  to being  entitled to exercise  all rights  granted by law,  including
recovery of damages,  will be  entitled  to specific  performance  of its rights
under this Agreement.  The Company and each holder of Eligible  Securities agree
that monetary  damages would not be adequate  compensation for any loss incurred
by reason  of a breach  by it of any of the  provisions  of this  Agreement  and
hereby further agrees that, in the event of any action for specific  performance
in respect of such breach, it shall waive the defense that a remedy at law would
be adequate.

                              Exhibit 4.43 Page 22
<PAGE>

     IN WITNESS  WHEREOF,  the parties  hereto have caused this  Agreement to be
duly executed, as of the day and year first above written.

                                            WELLSFORD REAL PROPERTIES, INC.

                                            By:   /s/ Edward Lowenthal
                                                  --------------------
                                                  Name: Edward Lowenthal
                                                  Title:   President

                                            W/W GROUP HOLDINGS, L.L.C

                                            By:   /s/ Alan S. Kava
                                                  ----------------
                                                  Name: Alan S. Kava
                                                  Title: Vice President

                              Exhibit 4.43 Page 23
<PAGE>WHWEL REAL ESTATE LIMITED PARTNERSHIP
                                 85 BROAD STREET
                            NEW YORK, NEW YORK 10004

                                                                    May 28, 1999

Wellsford Real Properties, Inc.
535 Madison Avenue
16th Floor
New York, New York 10022

Ladies and Gentlemen:

     We refer to the Limited  Liability  Company  Operating  Agreement (the "LLC
Agreement") of  Wellsford/Whitehall  Properties Group, L.L.C. ("Group") dated as
of the date hereof, among Wellsford Commercial Properties Trust ("WCPT"),  WHWEL
Real Estate Limited  Partnership  ("WHWEL") and the other  Members.  Capitalized
terms used and not defined  herein  shall have the meanings set forth in the LLC
Agreement.

     It is hereby  agreed by WRP that,  within  twenty (20)  Business Days after
WHWEL has delivered a written  request to WRP, WRP will  exchange  shares of WRP
Common Stock for Excess  Membership  Units (as defined below) then held by WHWEL
or, at WRP's  election,  all or part of such  Excess  Membership  Units shall be
exchanged for cash at the fair market value of the  applicable  number of shares
of WRP Common Stock as determined below.

     For purposes of this letter agreement, "Excess Membership Units" shall mean
the  Membership  Units  received by WHWEL in exchange for Capital  Contributions
made to Group by WHWEL in excess of $50,000,000 up to $75,000,000,  but not with
respect  to any  Membership  Unit  issued  to  WHWEL  in  exchange  for  Capital
Contributions made to Group by WHWEL in excess of $75,000,000.  It is understood
and agreed that, as of the date hereof,  WHWEL has funded Capital  Contributions
to Group in amount  equal to  $67,139,043.  The  number of shares of WRP  Common
Stock issued to WHWEL in exchange for each Excess Membership Unit shall be equal
to the quotient of (i) the  Membership  Unit Purchase  Price (as defined  below)
divided by (ii) the Closing  Price (as defined in the Warrant  Agreement)  as of
the Trading Day (as defined in the Warrant  Agreement)  immediately prior to the
date the written request described above is delivered to WRP.

                              Exhibit 4.44 Page 1
<PAGE>

     For  purposes of this letter  agreement  "WRP Common  Stock" shall mean the
common stock,  par value $.01 per share,  of WRP and any other stock of WRP into
which such common stock may be converted  or  reclassified  (other than stock of
the Company into which unissued Common Stock has been  reclassified) or that may
be issued in respect of, in exchange  for,  or in  substitution  of, such common
stock by reason of any stock splits,  stock dividends,  distributions,  mergers,
consolidations, recapitalizations or other like events.

     For purposes of this letter  agreement,  "Membership  Unit Purchase  Price"
shall mean the aggregate  purchase  price paid for all Excess  Membership  Units
held by WHWEL on the date of  determination  divided  by the  number  of  Excess
Membership Units held by WHWEL on such date.

     This letter agreement and all rights arising hereunder shall be governed by
the internal laws of the State of New York.

     This letter agreement may be executed in any number of  counterparts,  each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

                              Exhibit 4.44 Page 2
<PAGE>

     If the foregoing correctly reflects our understanding,  please confirm your
acceptance by executing the enclosed  counterpart  of this letter  agreement and
return it to the  undersigned,  whereupon  it will  become a  binding  agreement
between the parties hereto in accordance with its terms.

                      Very truly yours.

                      WHWEL REAL ESTATE LIMITED
                      PARTNERSHIP

                               By:      WHATR Gen-Par, Inc.

                                        By:  /s/ Alan S. Kava
                                             ----------------
                                             Name: Alan S. Kava
                                             Title:   Vice President

ACKNOWLEDGED AND AGREED
AS OF THE DATE FIRST ABOVE WRITTEN:

WELLSFORD REAL PROPERTIES, INC.

By:  /s/ Edward Lowenthal
     --------------------
     Name:  Edward Lowenthal
     Title:    President.

                              Exhibit 4.44 Page 3
<PAGE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}]]