Document:

FIRST AMENDMENT TO MEZZANINE
                              LOAN AGREEMENT

     THIS FIRST AMENDMENT TO MEZZANINE LOAN AGREEMENT (this "Amendment") made as
of this 28th day of May, 1999, by and among  WELLSFORD/WHITEHALL  PROPERTIES II,
L.L.C.,  a  Delaware  limited  partnership  ("Borrower"),  WELLSFORD  COMMERCIAL
PROPERTIES TRUST, a Maryland real estate  investment trust ("WCPT"),  WHWEL REAL
ESTATE LIMITED PARTNERSHIP ("WHWEL"),  WELLSFORD REAL PROPERTIES, INC. ("WRPI"),
WHITEHALL  STREET REAL ESTATE  LIMITED  PARTNERSHIP V ("Whitehall  V"),WHITEHALL
STREET REAL ESTATE LIMITED  PARTNERSHIP VI ("Whitehall  VI"),  WHITEHALL  STREET
REAL ESTATE LIMITED  PARTNERSHIP VII ("Whitehall  VII"),  WHITEHALL  STREET REAL
ESTATE LIMITED PARTNERSHIP VIII ("Whitehall VIII"; WCPT, WHWEL, WRPI,  Whitehall
V,  Whitehall VI,  Whitehall VII and  Whitehall  VIII are sometimes  hereinafter
referred to  collectively as  "Guarantors"),  WELLS AVENUE  HOLDINGS  L.L.C.,  a
Delaware limited liability company  ("Member"),  WASH MANAGER L.L.C., a Delaware
limited liability company ("Manager"),  BANKBOSTON,  N.A., individually ("BKB"),
GOLDMAN SACHS MORTGAGE COMPANY ("Goldman"), BHF-BANK AKTIENGESELLSCHAFT ("BHF"),
MORGAN STANLEY SENIOR FUNDING INC., ("Morgan Stanley"),  and PAM CAPITAL FUNDING
LP ("PAM") (BKB, Goldman, BHF, Morgan Stanley and PAM are hereinafter,  referred
to  collectively as the "Banks"),  and BANKBOSTON,  N.A., as Agent for the Banks
(the "Agent").

                            W I T N E S E T H:

     WHEREAS,  Borrower,  Agent and the banks a party thereto  entered into that
certain Mezzanine Loan Agreement dated July 16, 1998 (the "Loan Agreement"); and

     WHEREAS,  Member,  Manager,  WCPT and WHWEL executed the Loan Agreement for
the purpose of being bound by Section 32 of the Loan Agreement; and

     WHEREAS,  Guarantors have executed and delivered to the Agent and the Banks
that certain Conditional Guaranty of Payment and Performance dated July 16, 1998
(the "Conditional Guaranty"); and

     WHEREAS,  WCPT and WHWEL have  executed and  delivered to the Agent and the
Banks that certain  Indemnity  and Guaranty  Agreement  dated July 16, 1998 (the
"Indemnity and Guaranty"); and

     WHEREAS,  WRPI, Whitehall V, Whitehall VI, Whitehall VII and Whitehall VIII
have  executed and  delivered to the Agent and the Banks that certain  Indemnity
Agreement dated July 16, 1998 (the "Indemnity";  the Conditional  Guaranty,  the
Indemnity and Guaranty and the Indemnity are sometimes  hereinafter  referred to
collectively as the "Guaranty"); and

     WHEREAS,  Borrower has requested  that Agent and the Banks modify and amend
certain terms and provisions of the Loan Agreement; and

                             Exhibit 10.461 Page 1
<PAGE>

     WHEREAS,  as a  condition  to such  modification,  Agent and the Banks have
required  that  Borrower,   Member  and  Manager  and  Guarantors  execute  this
Amendment;

     NOW,  THEREFORE,  for and in  consideration  of the  sum of TEN and  NO/100
DOLLARS  ($10.00),  and other good and valuable  consideration,  the receipt and
sufficiency  of which is  hereby  acknowledged,  the  parties  hereto  do hereby
covenant and agree as follows:

     1.  Definitions.  All terms used  herein  which are not  otherwise  defined
herein shall have the meanings set forth in the Loan Agreement.

     2.  Modification  of the Loan Agreement.  Borrower,  the Banks and Agent do
hereby modify and amend the Loan Agreement as follows:

     (a) By deleting the entity name "The Goldman Sachs Group,  L.P."  appearing
in the definition of "Goldman Group," appearing on page 13 of Section 1.1 of the
Loan  Agreement,  and  inserting in lieu  thereof the words "The  Goldman  Sachs
Group, Inc.";

     (b) By deleting in its entirety the third (3rd)  sentence of Section 2.1 of
the Loan Agreement,  appearing on page 23 thereof, and inserting in lieu thereof
the following:

          "Notwithstanding  anything  herein to the contrary,  in no event shall
     the  amount  of the  Loans  advanced  for  purposes  permitted  under  this
     Agreement,  other than the purposes  contemplated  by Section  5.6,  exceed
     $67,890,482.00,  and in no event shall the Borrower be permitted to request
     Loans  after the  Revolving  Credit  Termination  Date  except for  amounts
     requested pursuant to Section 5.6.";

     (c) By inserting  the following  paragraphs  as Section  5.6(i) of the Loan
Agreement as follows:

          "(i)  Notwithstanding  anything in the  definition of the term 'Tenant
     Improvement Projects' or Section 5.6 to the contrary,  Borrower may request
     funds for  disbursement  from the Tenant  Improvement  Reserve for a Tenant
     Improvement  Project  without  the  requirement  that  there  be any  Lease
     requiring  such Tenant  Improvement  Project upon the  following  terms and
     conditions:

               (i) Such Tenant  Improvement  Project  shall be for base building
          and/or generic tenant  improvements  to facilitate the leasing of such
          Mortgaged Property;

               (ii)   Borrower  may  request   disbursements   from  the  Tenant
          Improvement Reserve for

                             Exhibit 10.461 Page 2
<PAGE>

          Tenant  Improvement  Projects for the  Mortgaged  Properties  commonly
          known  as  the  Polaroid  Buildings  and  Mountain  Heights  upon  the
          satisfaction of the terms of Section 5.6 (including without limitation
          the  approval  of the  Building  Capital  Project  Budget);  provided,
          however,  that the approval by the Majority  Banks of a proposed Lease
          which requires such Tenant  Improvement  Project shall not be required
          nor  shall  there be  required  a Lease  which  requires  such  Tenant
          Improvement Project;

               (iii) With respect to the Mortgaged  Property  commonly  known as
          Morris  Technology   Center,   upon  the  satisfaction  of  all  other
          conditions  in this  Section 5.6  (including  without  limitation  the
          approval of the Building  Capital Project  Budget),  Borrower shall be
          entitled to request  disbursements from the Tenant Improvement Reserve
          for Tenant  Improvement  Projects up to in the aggregate  $100,000.00;
          provided  that the  approval  by the  Majority  Banks of a Lease which
          requires  such Tenant  Improvement  Project  shall not be required nor
          shall there be required a Lease which requires such Tenant Improvement
          Project,  and prior to the initial  disbursement  with  respect to any
          such Tenant  Improvement  Project,  the Borrower  shall provide to the
          Agent evidence  satisfactory  to the Agent that Borrower has paid from
          equity fifty percent  (50%) of the amounts  identified in the Building
          Capital  Project  Budget  for such  Tenant  Improvement  Project;  and
          provided  further that for the purposes of determining  the Designated
          Collateral Value of such Tenant Improvement Project, the historic cost
          thereof shall be  multiplied by 0.10 (in lieu of 0.15 as  contemplated
          by the definition of the term 'Designated  Collateral Value'). At such
          time as the  Agent  receives  evidence  satisfactory  to Agent  that a
          tenant or tenants have executed  Leases,  approved by the Agent or the
          Majority Banks to the extent required by this Agreement,  for not less
          than forty percent  (40%) of the net rentable  area of such  Mortgaged
          Property,  the  Borrower  thereafter  shall  be  entitled  to  request
          disbursements for Tenant Improvement Projects upon satisfaction of the
          requirements of the terms of Section 5.6 (including without limitation
          the approval of the Building  Capital Project Budget) upon delivery to
          Agent of evidence  satisfactory  to Agent that  Borrower has paid from
          equity  twenty-five  percent  (25%) of the

                             Exhibit 10.461 Page 3
<PAGE>

          amounts  identified in the Building  Capital  Project  Budget for such
          Tenant Improvement Project; provided that the approval by the Majority
          Banks of a Lease requiring such Tenant  Improvement  Project shall not
          be required  nor shall there be required a Lease which  requires  such
          Tenant Improvement  Project.  Thereafter Borrower shall be entitled to
          request disbursement of funds from the Tenant Improvement Reserve with
          respect to any Tenant  Improvement  Projects  previously  performed at
          Morris Technology Center,  subject to the terms and conditions of this
          Agreement  and the  availability  of funds in the  Tenant  Improvement
          Reserve,  as if Borrower  had only been  required  to pay  twenty-five
          percent (25%) of such costs from equity, and the Designated Collateral
          Value of such Tenant Improvement Projects shall be as set forth in the
          definition of such term; and

               (iv) With respect to the  Mortgaged  Property  commonly  known as
          Point View, upon the  satisfaction of all other  conditions in Section
          5.6 (including without limitation the approval of the Building Capital
          Project Budget),  Borrower shall be entitled to request  disbursements
          from the Tenant Improvement Reserve for Tenant Improvement Projects up
          to in the  aggregate  $490,000.00;  provided  that the approval by the
          Majority Banks of a Lease  requiring such Tenant  Improvement  Project
          shall  not be  required  nor shall  there be  required  a Lease  which
          requires  such Tenant  Improvement  Project,  and prior to the initial
          disbursement with respect to any such Tenant Improvement  Project, the
          Borrower shall provide to the Agent evidence satisfactory to the Agent
          that Borrower has paid from equity thirty percent (30%) of the amounts
          identified  in the  Building  Capital  Project  Budget for such Tenant
          Improvement  Project;  and  provided  further that for the purposes of
          determining the Designated Collateral Value of such Tenant Improvement
          Project,  the historic  cost thereof  shall be  multiplied by 0.14 (in
          lieu of 0.15 as contemplated by the definition of the term 'Designated
          Collateral  Value').  At such  time  as the  Agent  receives  evidence
          satisfactory  to Agent that a tenant or tenants have executed  Leases,
          approved by the Agent or the Majority Banks to the extent  required by
          this  Agreement,  for not less  than  forty  percent  (40%) of the net
          rentable  area of such  Mortgaged  Property,  the Borrower

                             Exhibit 10.461 Page 4
<PAGE>

          thereafter  shall be  entitled  to  request  disbursements  for Tenant
          Improvement  Projects upon  satisfaction  of the  requirements  of the
          terms of Section 5.6 (including without limitation the approval of the
          Building  Capital  Project  Budget) upon delivery to Agent of evidence
          satisfactory  to Agent that Borrower has paid from equity  twenty-five
          percent  (25%)  of the  amounts  identified  in the  Building  Capital
          Project Budget for such Tenant Improvement Project;  provided that the
          approval  by the  Majority  Banks  of a Lease  requiring  such  Tenant
          Improvement  Project shall not be required nor shall there be required
          a Lease which  requires such Tenant  Improvement  Project.  Thereafter
          Borrower shall be entitled to request  disbursement  of funds from the
          Tenant  Improvement  Reserve  with  respect to any Tenant  Improvement
          Projects previously  performed at Point View. subject to the terms and
          conditions  of this  Agreement  and the  availability  of funds in the
          Tenant Improvement  Reserve,  as if Borrower had only been required to
          pay  twenty-five  percent  (25%) of such  costs from  equity,  and the
          Designated  Collateral Value of such Tenant Improvement Projects shall
          be as set forth in the definition of such term.";

     (d)  By  deleting  the  semicolon  following  the  words  "Majority  Banks"
appearing in the last line of Section 8.1 (f) of the Loan  Agreement,  appearing
on page 74 thereof, and inserting in lieu thereof the following:

          ".  Notwithstanding  the  foregoing   requirement  that  any  recourse
     Indebtedness  be subordinate  to the  Obligations,  in connection  with the
     acquisition  by  Borrower  of an  approximately  98,000  square foot office
     building in Howard County, Maryland, Borrower shall be permitted to execute
     (a) a limited guaranty of non-recourse  carve-outs (generally relating to a
     misapplication  of  casualty  or  condemnation  awards,  misapplication  of
     security deposits and rents, fraud,  environmental  pollution,  real estate
     taxes,  insurance  premiums and claims made by tenants against the mortgage
     lender  arising out of a matter  occurring  prior to such lender  obtaining
     title to the collateral) and an environmental  indemnity in connection with
     the assumption of a $5,200,000.00 non-recourse first mortgage loan in favor
     of IDS Life Insurance  Company  ('IDS'),  and (b) a limited guaranty to the
     sellers of such property (the  'Sellers')  pursuant to which  Borrower will
     assume liability for amounts owed with respect to a purchase money loan not
     to exceed $3,000,000.00 in connection with the acquisition of such property
     in the event that (i) One Mall LLC ('One Mall'),  Wellsford One Mall LLC ('
     Wellsford One Mall') or Borrower  files for  protection  under any relevant
     chapter of the

                             Exhibit 10.461 Page 5
<PAGE>

     Bankruptcy  Code,  acquiesces in any  involuntary  filing made by creditors
     other than the Sellers  against  such  parties  seeking  reorganization  or
     liquidation of such party,  or if any transfer of control of their property
     to the  Sellers  as  described  in  clause  (iii)  below is set  aside as a
     preference in any such  proceeding,  (ii) One Mall defaults under the first
     deed of trust to IDS and does not thereafter  cooperate in a timely fashion
     with the Sellers to  facilitate  the  exercise by Sellers of their right to
     cure such  default on behalf of One Mall,  and/or  (iii)  after an event of
     default under the purchase money loan documents and the  application of all
     applicable notice and cure periods,  any of One Mall, Wellsford One Mall or
     the  Borrower  fails to  cooperate  with  Sellers to allow  Sellers to seek
     control of the property  through  'friendly'  foreclosure,  deed in lieu of
     foreclosure,   receivership  or  other  legally   permissible  means  (such
     obligations  described  in (a) and (b) above are  hereinafter  referred  to
     collectively as the 'Recourse Obligations'). Borrower shall submit to Agent
     the agreements evidencing such Recourse Obligations.";

     (e) By  inserting  the word "or" at the end of Section 12.1 (v) of the Loan
Agreement,  appearing on page 93 thereof, and inserting the following additional
paragraph as Section 12.1 (w) thereof:

          "(w) The  occurrence  of any event which may give rise to any claim or
               liability under any of the Recourse Obligations";

     (f) By adding  the  language  "unless  waived by both  Borrower  and Agent"
immediately  after (i) the figure  $500,000,000  in Section 18.1 (e) of the Loan
Agreement  and  (ii) the  figure  $10,000,000  in  Section  18.1(f)  of the Loan
Agreement; and

     (g) By adding the language  "unless  waived by Agent,  WWP Members,  WHWEL,
Whitehall Street Real Estate Limited Partnership V, Whitehall Street Real Estate
Limited Partnership VI, Whitehall Street Real Estate Limited Partnership VII and
Whitehall Street Real Estate Limited  Partnership  VIII"  immediately  after the
figure $10,000,000 in Section 18.8(b) of the Loan Agreement.

     3.  References to Loan  Agreement.  All references in the Loan Documents to
the Loan Agreement shall be deemed a reference to the Loan Agreement as modified
and amended herein.

     4.  Consent  of  Member,  Manager  and  Guarantors.  By  execution  of this
Amendment,  Member,  Manager  and  Guarantors  hereby  expressly  consent to the
modifications and amendments relating to the Loan Agreement as set forth herein,
and Guarantors, Member and Manager hereby acknowledge,  represent and agree that
the  Guaranty  and the other Loan  Documents  to which each is a party remain in
full force and effect and constitute the valid and legally binding obligation of
Guarantors,  Member and Manager,  enforceable against such Persons in accordance
with its terms,  that the Guaranty and the other Loan Documents to which each is
a

                             Exhibit 10.461 Page 6
<PAGE>

party extend to and apply to the Loan  Agreement as modified and amended,  and
that the execution and delivery of this Amendment does not constitute, and shall
not be deemed to constitute,  a release,  waiver or satisfaction of Guarantors',
Member's  or  Manager's  obligations  under  the  Guaranty  or  the  other  Loan
Documents;  provided, however, that except as provided above in this Paragraph 4
nothing  herein is intended to nor shall  anything  herein be deemed to increase
the amounts or nature of the items for which any Guarantor is liable pursuant to
any such Guaranty.

     5. Representations.  Borrower, Guarantors, Member and Manager represent and
warrant to Agent and the Banks as follows:

     (a)  Authorization.   The  execution,  delivery  and  performance  of  this
Amendment and the transactions  contemplated hereby (i) are within the authority
of Borrower,  Guarantors,  Member and Manager, (ii) have been duly authorized by
all necessary proceedings on the part of such Persons, (iii) do not and will not
conflict with or result in any breach or  contravention of any provision of law,
statute,  rule or  regulation  to which any of such  Persons  is  subject or any
judgment, order, writ, injunction, license or permit applicable to such Persons,
(iv) do not and will not conflict with or constitute a default (whether with the
passage of time or the giving of notice,  or both)  under any  provision  of the
operating  agreement,  articles  of  incorporation,   bylaws  or  other  charter
documents or any agreement or other instrument binding upon, any of such Persons
or any of its  properties,  and (v) do not and will not result in or require the
imposition of any lien or other encumbrance on any of the properties,  assets or
rights of any such Persons  (other than those in favor of Agent  pursuant to the
terms of the Loan Documents).

     (b) Enforceability.  The execution and delivery of this Amendment are valid
and legally  binding  obligations  of Borrower,  Guarantors,  Member and Manager
enforceable  in accordance  with the  respective  terms and  provisions  hereof,
except as enforceability is limited by bankruptcy,  insolvency,  reorganization,
moratorium or other laws relating to or affecting  generally the  enforcement of
creditors' rights and the effect of general principles of equity.

     (c) Approvals.  The execution,  delivery and  performance of this Amendment
and the transactions  contemplated hereby do not require the approval or consent
of or filing with, any governmental agency or authority other than those already
obtained and the filing of the Security  Documents  in the  appropriate  records
office with respect thereto.

     (d) Merger. As of the date hereof, The Goldman Sachs Group, L.P. has merged
with and into Goldman Sachs Group,  Inc.  substantially in the manner previously
disclosed to Agent.

     6. No Default.  By  execution  hereof,  each of the  Borrower,  Guarantors,
Member and Manager  certify that it is and will be in compliance with all of its
respective  covenants  under the Loan Documents after the execution and delivery
of this  Amendment,  and

                             Exhibit 10.461 Page 7
<PAGE>

that it is not in Default and no Event of Default has occurred and is continuing
with respect to its respective representations,  warranties, covenants and other
obligations.

     7. Waiver of Claims. Borrower,  Guarantors, Member and Manager acknowledge,
represent and agree that Borrower, Guarantors, Member and Manager currently have
no defenses,  setoffs, claims,  counterclaims or causes of action of any kind or
nature  whatsoever with respect to the Loan  Documents,  the  administration  or
funding of the Loans or with respect to any acts or omissions of Agent or any of
the Banks, or any past or present officers,  agents or employees of Agent or any
of the Banks, and each of Borrower,  Guarantors,  Member and Manager does hereby
expressly  waive,  release and relinquish  any and all such  defenses,  setoffs,
claims, counterclaims and causes of action, if any, as of the date hereof.

     8. Ratification. Except as specifically hereinabove modified in writing and
set forth,  all terms,  covenants and  provisions of the Loan  Agreement  remain
unaltered and in full force and effect,  and the parties  hereto that are also a
party to the Loan  Agreement  do hereby  expressly  ratify and  confirm the Loan
Agreement as modified and amended  herein.  Nothing in this  Amendment  shall be
deemed or construed  to  constitute,  and there has not  otherwise  occurred,  a
novation, cancellation, satisfaction. release, extinguishment or substitution of
the  indebtedness  evidenced by the Notes or the other  obligations of Borrower,
Guarantors, Member and Manager under the Loan Documents.

     9.  Counterparts.   This  Amendment  may  be  executed  in  any  number  of
counterparts which shall together constitute but one and the same agreement.

     10.  Miscellaneous.  This  Amendment  shall be  construed  and  enforced in
accordance  with the laws of the  State of New  York.  This  Amendment  shall be
effective upon the execution hereof by Borrower,  Guarantors,  Member,  Manager,
Agent and the  Majority  Banks and shall be binding  upon and shall inure to the
benefit  of the  parties  hereto  and  their  respective  permitted  successors,
successors-in-title and assigns as provided in the Loan Agreement.

                             Exhibit 10.461 Page 8
<PAGE>

     IN WITNESS  WHEREOF,  the  parties  hereto  have hereto set their hands and
affixed their seals as of the day and year first above written.

                                  WELLSFORD/WHITEHALL PROPERTIES II,
                                  L.L.C., a Delaware limited,
                                  liability company

                                  By:  Wellsford Commercial
                                       Properties Trust, a Maryland
                                       real estate investment trust,
                                       its manager

                                    By:   /s/ Ed Lowenthal
                                       -----------------------------
                                    Print/Type Name: Ed Lowenthal
                                    Title:

                                  WELLSFORD COMMERCIAL PROPERTIES
                                  TRUST, a Maryland real estate
                                  investment trust

                                  By:  /s/ Ed Lowenthal
                                  ----------------------------------
                                  Print/Type Name:  Ed Lowenthal
                                  Title:  President

                                              [SEAL]

                  [Signatures Continue on Following Page]

                             Exhibit 10.461 Page 9
<PAGE>

                                  WELLSFORD REAL PROPERTIES, INC., a
                                  Maryland corporation

                                  By:   /s/ Ed Lowenthal
                                  ----------------------------------
                                  Print/Type Name:  Ed Lowenthal
                                  Title:  President

                  [Signatures Continue on Following Page]

                             Exhibit 10.461 Page 10
<PAGE>

                                  WHWEL REAL ESTATE LIMITED
                                  PARTNERSHIP

                                  By:  WHATR Gen-Par, Inc., General
                                  Partner

                                    By: Elizabeth Burbon
                                       -----------------------------
                                    Print/Type Name: Elizabeth Burbon
                                    --------------------------------
                                    Title: Vice President
                                    --------------------------------

                                    Attest: /s/ Elizabeth Burbon
                                    --------------------------------
                                    Print/Type Name: Elizabeth Burbon
                                    --------------------------------
                                    Title:Vice President
                                    --------------------------------

                                  WHITEHALL STREET REAL ESTATE
                                  LIMITED PARTNERSHIP

                                  By:  WH Advisors. L.P. V

                                    By:   WH Advisors, Inc. V

                                       By: /s/ Elizabeth Burdon
                                       -----------------------------
                                       Print/Type Name: Elizabeth Burdon
                                       Title: Vice President

                  (Signatures Continue on Following Page)

                             Exhibit 10.461 Page 11
<PAGE>

                                  WHITEHALL STREET REAL ESTATE
                                  LIMITED PARTNERSHIP VI

                                  By:  WH Advisors, L.P. VI

                                    By:   WH Advisors Inc. VI

                                       By:  /s/ Elizabeth Burdon
                                       -----------------------------
                                       Print/Type Name: Elizabeth Burdon
                                       -----------------------------
                                       Title: Vice President
                                       -----------------------------

                                  WHITEHALL STREET REAL ESTATE
                                  LIMITED PARTNERSHIP VII

                                  By:  WH Advisors, L.P. VII

                                    By:   WH Advisors, Inc. VII

                                       By:/s/ Elizabeth Burdon
                                       -----------------------------
                                       Print/Type Name: Elizabeth Burdon
                                       -----------------------------
                                       Title: Vice President

                                  WHITEHALL STREET REAL ESTATE
                                  LIMITED PARTNERSHIP VIII

                                  By:  WH Advisors, L.P. VIII

                                    By: WH Advisors, Inc. VIII

                                       By: /s/ Elizabeth Burdon
                                       -----------------------------
                                       Print/Type Name: Elizabeth Burdon
                                       -----------------------------
                                       Title: Vice President
                                       -----------------------------

                  (Signatures Continue on Following Page)

                             Exhibit 10.461 Page 12
<PAGE>

                                  WELLS AVENUE HOLDINGS L.L.C., a
                                  Delaware limited liability company

                                  By:  Wellsford/Whitehall Holdings,
                                       L.L.C., a Delaware limited
                                       liability company, its sole
                                       member

                                    By:   Wellsford/Whitehall
                                          Properties II, L.L.C., a
                                          Delaware limited liability
                                          company, its managing
                                          member

                                       By:    Wellsford Commercial
                                              Properties Trust,
                                              Maryland real estate
                                              Investment trust, its
                                              manager

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

                  [Signatures Continue on Following Page]

                             Exhibit 10.461 Page 13
<PAGE>

                            WASH MANAGER L.L.C., a Delaware limited
                            liability company

                            By:   Wells Avenue Holdings L.L.C., a
                                  Delaware limited liability company,
                                  its sole member

                                  By:  Wellsford/Whitehall Holdings,
                                       L.L.C., a Delaware limited
                                       liability company, its sole
                                       member

                                    By:   Wellsford/Whitehall
                                          Properties II, L.L.C., a
                                          Delaware limited liability
                                          company, its managing
                                          member

                                    By:   Wellsford Commercial
                                          Properties Trust, a
                                          Maryland  real estate
                                          investment trust, its
                                          manager

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

                  [Signatures Continue on Following Page]

                             Exhibit 10.461 Page 14
<PAGE>

                                  BANKBOSTON, N.A., a national
                                  banking association, individually
                                  and as Agent

                                  By:  /s/ Jay Johns
                                    --------------------------------
                                  Name:  Jay Johns
                                  Title: Vice President

                                       [BANK SEAL]

                  [Signatures Continue on Following Page]

                             Exhibit 10.461 Page 15
<PAGE>

                                  GOLDMAN  SACHS  MORTGAGE  COMPANY,  a New York
                                  limited   partnership,   individually  and  as
                                  Co-Arranger and Co-Syndication Agent

                                  By:  Goldman Sachs Real Estate
                                       Funding Corp.,general partner

                                    By:   /s/ Robert R. Foley
                                       ------------------------------
                                    Print/Type Name: Robert R. Foley
                                    Title: Authorized Signatory

                                       [Corporate Seal]

                  [Signatures Continue on Following Page]

                             Exhibit 10.461 Page 16
<PAGE>

                                  BHF-BANK AKTIENGESELLSCHAFT

                                  By:
                                  Title:

                                  By:  /s/ Douglas S. Marron
                                    --------------------------------
                                  Title: Assistant Treasurer

                  [Signatures Continue on Following Page]

                             Exhibit 10.461 Page 17
<PAGE>

                                  MORGAN STANLEY SENIOR FUNDING INC.

                                  By:
                                  Title:

                  [Signatures Continue on Following Page]

                             Exhibit 10.461 Page 18
<PAGE>

                                  PAM CAPITAL FUNDING LP

                                  By:  Highland Capital Funding, L.P.
                                    As collateral manager

                                  By:  /s/ James Dondero, CFA, CPA
                                    --------------------------------
                                  Title: President

                             Exhibit 10.461 Page 19
<PAGE>EXECUTION VERSION
--------------------------------------------------------------------------------
                            LIMITED LIABILITY COMPANY
                               OPERATING AGREEMENT

                                       OF

                        WELLSFORD/WHITEHALL GROUP, L.L.C.

                            Dated as of May 28, 1999
--------------------------------------------------------------------------------

                              Exhibit 10.50 Page 1
<PAGE>

                                TABLE OF CONTENTS
                                                                            Page

                                   ARTICLE I.

                                   DEFINITIONS
                                   -----------

1.1.    Definitions ...........................................................2
1.2.    Terms Generally ......................................................24

                                   ARTICLE II.

                          THE COMPANY AND ITS BUSINESS
                          ----------------------------

2.1.    Company Name..........................................................24
2.2.    Term..................................................................24
2.3.    Filing of Certificate and Amendments..................................24
2.4.    Purpose and Business; Powers; Scope of Members' Authority.............25
2.5.    Principal Office; Registered Agent....................................25
2.6.    Names and Addresses of Members........................................25
2.7.    Representations and Warranties by the Company.........................25
2.8.    Representations and Warranties by each Member.........................26
2.9.    Indemnification.......................................................27
2.10.   Post-Closing Adjustments..............................................28

                                  ARTICLE III.

                         MANAGEMENT OF COMPANY BUSINESS;
                         -------------------------------
                            POWERS AND DUTIES OF THE
                            ------------------------
                            MANAGER; MAJOR DECISIONS
                            ------------------------

3.1.    Management and Control................................................28
3.2.    Enumeration of Specific Duties........................................29
3.3.    No Authority to Hire Employees........................................32
3.4.    Decisions Requiring Approval of the Management Committee..............32
3.5.    Management Committee..................................................37
3.6.    Limited Authorization.................................................41
3.7.    Members Shall Not Have Power to Bind Company..........................41
3.8.    Status as "Operating Company"; Participation in Management
        by Members ...........................................................42

                                   ARTICLE IV.

                          RIGHTS AND DUTIES OF MEMBERS
                          ----------------------------

                              Exhibit 10.50 Page 2
<PAGE>

4.1.    Use of Company Property...............................................42
4.2.    Exclusivity; Other Activities of the Members..........................42
4.3.    Indemnification with Respect to the Manager...........................47
4.4.    Compensation of Members and Affiliates................................48
4.5.    Investment Representations............................................48
4.6.    Dealing with Members..................................................49
4.7.    Designation of Tax Matters Member.....................................50

                                   ARTICLE V.

                          CAPITAL CONTRIBUTIONS, LOANS
                          ----------------------------
                                 AND LIABILITIES
                                 ---------------

5.1.    Capital Contributions and Capital Accounts of the Members.............51
5.2.    Additional Capital Contributions......................................51
5.3.    Failure to Fund Capital Contributions.................................52
5.4.    Dilution for Failure to Fund Capital Calls............................53
5.5.    Capital of the Company................................................54
5.6.    Liability of Members..................................................54
5.7.    Return of Capital Contribution........................................54
5.8.    Calculation of Members' Percentage Interest, Series A Preferred
        Percentage Interest ..................................................55
5.9.    Issuance of Additional Membership Units...............................55
5.10.   Arbitration...........................................................56

                                   ARTICLE VI.

                            CAPITAL ACCOUNTS, PROFITS
                            -------------------------
                           AND LOSSES AND ALLOCATIONS
                           --------------------------

6.1.    Capital Accounts......................................................56
6.2.    Profits and Losses....................................................57

                                  ARTICLE VII.

                         APPLICATIONS AND DISTRIBUTIONS
                         ------------------------------
                                OF AVAILABLE CASH
                                -----------------

7.1.    Applications and Distributions........................................64
7.2.    Restoration of Excess Distributions...................................71
7.3.    Liquidation...........................................................71
7.4.    Repayment of Member Loans.............................................71
7.5.    Revisions to Reflect Issuance of Additional Membership Interests......71
7.6.    Initial Public Offering; Sale of Units................................71

                                  ARTICLE VIII.

                              Exhibit 10.50 Page 3
<PAGE>

                          TRANSFER OF COMPANY INTERESTS
                          -----------------------------

8.1.    Limitations on Assignments of Interests by Members....................73
8.2.    Sale of Properties, the Company or its Subsidiaries...................74
8.2A    Indemnification of Saracen............................................76
8.3.    Conversion Right......................................................81
8.4.    Certain Transfer Provisions...........................................83
8.5.    Assignment Binding on Company.........................................84
8.6.    Bankruptcy of a Member................................................84
8.7.    Substituted Members...................................................85
8.8.    Acceptance of Prior Acts..............................................85
8.9.    Additional Limitations................................................85
8.10.   Tag Along Rights......................................................85

                                   ARTICLE IX.

                                     MANAGER
                                     -------

9.1.    Removal of Manager....................................................86
9.2.    Fees..................................................................87

                                   ARTICLE X.

                             TERMINATION OF COMPANY;
                             -----------------------
                     LIQUIDATION AND DISTRIBUTION OF ASSETS
                     --------------------------------------

10.1.   Dissolution and Termination...........................................87
10.2.   Distribution Upon Liquidation.........................................88
10.3.   Sale of Company Assets................................................89

                                   ARTICLE XI.

                       BOOKS, RECORDS, BUDGETS AND REPORTS
                       -----------------------------------

11.1.   Books of Account......................................................89
11.2.   Availability of Books of Account......................................89
11.3.   Financial Reports and Statements; Annual Budgets......................89
11.4.   Accounting Expenses...................................................91
11.5.   Bank Account..........................................................91
11.6.   Fidelity Bonds and Insurance..........................................91
11.7.   REPSYS Database.......................................................92

                                  ARTICLE XII.

                                   AMENDMENTS
                                   ----------

                              Exhibit 10.50 Page 4
<PAGE>

12.1.  Amendments.............................................................92

                                  ARTICLE XIII.

                                  MISCELLANEOUS
                                  -------------

13.1.   Further Assurances....................................................93
13.2.   Notices...............................................................93
13.3.   Headings and Captions.................................................94
13.4.   Variance of Pronouns..................................................94
13.5.   Counterparts..........................................................94
13.6.   GOVERNING LAW.........................................................94
13.7.   Partition.............................................................94
13.8.   Invalidity............................................................94
13.9.   Successors and Assigns................................................94
13.10.  Entire Agreement......................................................94
13.11.  No Brokers............................................................95
13.12.  Maintenance as a Separate Entity......................................95
13.13.  Confidentiality.......................................................95
13.14.  Power of Attorney.....................................................95
13.15.  Time of the Essence...................................................96
13.16.  No Third Party Beneficiaries..........................................96
13.17.  Exculpation...........................................................96
13.18.  Consent of Saracen....................................................97

                              Exhibit 10.50 Page 5
<PAGE>

                                    EXHIBITS

EXHIBIT A             Terms of Series A Preferred Membership Units
EXHIBIT B             Form of Registration Rights Agreement

                                    SCHEDULES
                                    ---------

SCHEDULE 1            Additional Members
SCHEDULE 2.6          Names and Addresses of Members
SCHEDULE 2.4A         List of Properties
SCHEDULE 2.4B         List of Subsidiaries
SCHEDULE 2.7A         Representations and Warranties by the Company with respect
                      to the Properties
SCHEDULE 2.7B         Representations and Warranties by the Company with respect
                      to the Subsidiaries
SCHEDULE 3.2(a)(vi)   Approved Leases and Lease Documentation
SCHEDULE 5.1          Capital  Contributions, Capital Accounts, Membership Units
                      and Series A Preferred Membership Units
SCHEDULE 7.1          Calculations of the Preferred Distribution Amount

                              Exhibit 10.50 Page 6
<PAGE>

                  LIMITED LIABILITY COMPANY OPERATING AGREEMENT
                                       OF
                        WELLSFORD/WHITEHALL GROUP, L.L.C.

     This LIMITED LIABILITY COMPANY OPERATING AGREEMENT is made and entered into
as of May 28,  1999 by and  among  WHWEL  Real  Estate  Limited  Partnership,  a
Delaware limited partnership ("WHWEL"), Wellsford Commercial Properties Trust, a
Maryland real estate  investment  trust  ("WCPT"),  WXI/WWG  Realty,  L.L.C.,  a
Delaware  limited  liability  company (the "Whitehall  XI"), W/W Group Holdings,
L.L.C., a Delaware limited  liability company ("Holding Co.") and the additional
Members set forth on Schedule 1 annexed  hereto.  Collectively,  the  additional
Members  set forth on Schedule 1 annexed  hereto  shall be referred to herein as
"Saracen" or the "Saracen Members".

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

     WHEREAS, WHWEL and WCPT entered into that certain Limited Liability Company
Operating  Agreement  of  Wellsford/Whitehall  Properties,  L.L.C.,  a  Delaware
limited  liability  company ("WWP"),  dated as of August 28, 1997, as amended by
Amendment No. 1 to the Limited  Liability  Company  Operating  Agreement of WWP,
dated as of December 31, 1997, and as further amended to reflect the addition of
Saracen as members of WWP by the Amended and Restated Limited  Liability Company
Operating Agreement of WWP, dated as of May 15, 1998 (the "WWP Agreement");

     WHEREAS, on July 16, 1998, the following transactions took place: (1) WCPT,
WHWEL and each of the Saracen Members  contributed their undivided  Interests in
WWP to  Wellsford/Whitehall  Properties  II,  L.L.C.  ("WWP II") in exchange for
equivalent Interests in WWP II (the "WWP Contribution"), and (2) WWP merged with
and into  Wellsford/Whitehall  Holdings,  L.L.C., a Delaware  limited  liability
company ("Holdings") and wholly owned subsidiary of WWP, with Holdings being the
surviving entity;

     WHEREAS,  contemporaneously  with  the  execution  of this  Agreement,  the
following  transactions  took  place:  (1) WCPT,  WHWEL and each of the  Saracen
Members contributed their undivided Interests in WWP II to the Company (the "WWG
Contribution")  as  shown in  Schedule  5.1 in  exchange  for  Interests  in the
Company,  and each became a Member of the Company, (2) Whitehall XI was admitted
as a Member of the Company and (3) Holding Co.  contributed  its 100% membership
interest in WXI/Mt.  Bethel Road L.L.C.,  subject to the Assumed  Financing,  in
exchange  for  Interests  in the Company as shown in  Schedule  5.1 and became a
Member of the Company; and

     WHEREAS,  after giving  effect to the  transactions  described  above,  the
Company will be the sole member of WWPII,  which will continue to own,  directly
or indirectly, all of the Properties set forth in Schedule 2.4A, and the Company
intends to  continue  the  business  and  purpose of WWP II and  acquire,  hold,
develop, redevelop and operate real estate assets directly or indirectly through
one or more Subsidiaries.

                              Exhibit 10.50 Page 7
<PAGE>

     NOW,  THEREFORE,  in order to carry out their intent as expressed above and
in consideration of the mutual agreements hereinafter contained,  and other good
and  valuable  consideration,  the receipt and  sufficiency  of which are hereby
acknowledged, the parties hereby covenant and agree as follows:

                                   ARTICLE I.

                                   DEFINITIONS
                                   -----------

     1.1. Definitions. As used in this Agreement and the Exhibits, Schedules and
Annexes hereto, the following terms shall have the meanings set forth below:

     "Act"  shall  mean  the  Delaware  Limited  Liability  Company  Act (6 Del.
C.ss.18-101 et seq.), as amended from time to time.

     "Additional  Information  Request"  shall  have the  meaning  set  forth in
Section 4.2(c).

     "Administration  Fee" shall mean the  administration  fee,  effective as of
January 1, 1999,  in the amount of $600,000 per annum  payable in four  $150,000
installments  quarterly in arrears to WRP for so long as WRP (or an Affiliate of
WRP) shall provide the services in  connection  with the  administration  of the
Company as described in Section 9.2.

     "Affiliate" shall mean with respect to any Person (i) any other Person that
directly  or  indirectly  through  one or  more  intermediaries  controls  or is
controlled by or is under common control with such Person, (ii) any other Person
owning or controlling  10% or more of the outstanding  voting  securities of, or
other ownership interests in, such Person, (iii) any officer, director or member
of such Person and (iv) if such Person is an officer,  director or member of any
company,  the  company  for which such  Person  acts in any such  capacity.  For
purposes  of this  definition  and  Section  8.1(c),  "control,"  when used with
respect to any Person,  means the power to direct 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.

     "agreed net fair market  value" shall have the meaning set forth in Section
6.1(b).

     "Agreement" shall mean this Limited Liability Company Operating  Agreement,
as it may hereafter be amended or modified from time to time.

     "Annual  Capital  Budget"  shall  have the  meaning  set  forth in  Section
11.3(c).

     "Annual  Operating  Budget"  shall  have the  meaning  set forth in Section
11.3(c).

     "Appointing Member" shall have the meaning set forth in Section 3.5(c).

     "Approved  Budget" shall mean,  with respect to each  Property,  the Annual
Capital Budget and Annual Operating Budget for such Property for the Budget Year
in question, in each case which has been approved by the Management Committee.

                              Exhibit 10.50 Page 8
<PAGE>

     "Arbitration" shall have the meaning set forth in Section 5.10.

     "Asserted   Deficiency"  shall  have  the  meaning  set  forth  in  Section
8.2A(a)(xiii).

     "Asset  Management  Agreement"  shall mean that  certain  Asset  Management
Agreement dated as of May 15, 1998 between WWP and Saracen Partners, LLC.

     "Assumed  Financing"  shall mean the loan made by (using the  proceeds of a
loan in like amount from  Goldman  Sachs Group to  Whitehall  Street Real Estate
Limited  Partnership XI), Whitehall Street Real Estate Limited Partnership XI to
WXI/Mt. Bethel Road L.L.C. pursuant to the Promissory Note dated as of March 18,
1999 of WXI/Mt.  Bethel  Road L.L.C.  to  Whitehall  Street Real Estate  Limited
Partnership XI.

     "Available Cash" shall mean, for any fiscal period,  the excess, if any, of
(A) the sum of (i) the amount of all cash  receipts of the  Company  during such
period from  whatever  source,  other than Capital  Proceeds,  and (ii) any cash
reserves  of the  Company  existing  at the  start of such  period  (other  than
reserves funded with Capital  Proceeds) over (B) the sum of (i) all cash amounts
paid or payable (without  duplication) in such period on account of expenses and
capital  expenditures   incurred  in  connection  with  the  Company's  business
(including,   without  limitation,   general  operating   expenses,   taxes  and
amortization or interest on any debt of the Company) and (ii) such cash reserves
which may be required for the working capital and future needs of the Company in
an amount approved by the Management Committee or, failing such approval,  in an
amount equal to the cash  reserves of the Company  existing at the start of such
period.  Notwithstanding  the foregoing,  "Available Cash" for any fiscal period
shall be  increased  by the amount of any cash  payment or reserve  described in
clause (B) above that was made by the Company  during such fiscal  period to the
extent the Company had obtained  Capital Proceeds for the payment of the related
expenditure.

     "Back-to-Back  Debt"  shall mean any  Indebtedness  incurred by the Company
that (i) is issued exclusively to WCPT, (ii) is issued  simultaneously  with the
issuance by WCPT of Funding Debt that has identical terms  (including  principal
amount,  interest rate, payment amounts and frequency,  maturity date, covenants
and defaults) to the Back-to-Back Debt issued by the Company and (iii) is funded
by WCPT exclusively through the issuance of such Funding Debt.

     "Bankruptcy"  shall  mean,  with  respect to the  affected  party,  (i) the
adjudication  that such party is bankrupt or insolvent,  or the entry of a final
and  nonappealable  order for relief under Title 11 of the United States Code or
any other  applicable  federal or state  bankruptcy or insolvency  law, (ii) the
admission by such party of its inability to pay its debts as they mature,  (iii)
the making by it of an assignment for the benefit of creditors,  (iv) the filing
by it of a petition in bankruptcy or a petition for relief under Title 11 of the
United  States  Code or any other  applicable  federal  or state  bankruptcy  or
insolvency  law,  (v) the  expiration  of sixty (60) days after the filing of an
involuntary  petition  under Title 11 of the United States Code, an  application
for  the  appointment  of a  receiver  for  the  assets  of  such  party,  or an
involuntary  petition  seeking  liquidation,   reorganization,   arrangement  or
readjustment  of its debts  under any other  federal  or state  insolvency  law,
PROVIDED that the same shall not have been  vacated,  set aside or stayed within
such sixty (60)-day period,  (vi) the imposition of a judicial or statutory lien
on all or a  substantial  part of its assets  unless such lien is  discharged or
vacated or the enforcement thereof

                              Exhibit 10.50 Page 9
<PAGE>

stayed within sixty (60) days after its effective date, (vii) the filing by such
party of an answer  or other  pleading  admitting  or  failing  to  contest  the
material  allegations  of a petition  filed against it in any  proceeding of the
nature  described in clause (iv) above,  and (viii) the expiration of sixty (60)
days after the  commencement of any stay referred to in clause (v) or (vi) above
provided  that the subject of such stay shall not have been vacated or set aside
within such sixty (60)-day period.

     "Book Value" with  respect to any asset shall mean its  adjusted  basis for
federal  income tax  purposes,  except that the initial  Book Value of any asset
contributed  by a Member to the  Company  shall be an  amount  equal to the fair
market value of such asset,  as determined by the Managing  Members (which shall
be $141,850,000,  with respect to the Saracen  Contributed Assets and $2,332,143
with respect to the Holding Co.  Contributed  Asset),  and such Book Value shall
thereafter be adjusted in a manner consistent with Treasury  Regulations Section
1.704-l(b)(2)(iv)(g)  for  revaluations  pursuant to Section  6.1(b) and for the
Depreciation taken into account with respect to such asset.

     "Budget Year" shall mean the period beginning on January 1, 1999 and ending
on December 31, 1999; and beginning January 1, 2000,  "Budget Year" shall mean a
period  beginning  on January 1, 2000 and ending on  December  31,  2000 and any
successive yearly period thereafter.

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

     "Business  Plan"  shall  mean,  with  respect to any  Property,  the master
business plan (which shall include the Annual Capital Budget,  Annual  Operating
Budget, the Leasing Plan and Marketing Plan) for such Property prepared annually
by the  Manager and  approved by the  Management  Committee,  setting  forth the
operating  strategy  and  estimated  receipts  and  expenditures  for the period
covered by the Business Plan. The Business Plans may be amended or replaced from
time to time with the approval of the Management Committee.

     "Capital Account" when used in respect of any Member shall mean the Capital
Account  maintained  for such Member in  accordance  with  Section  6.1, as said
Capital  Account may be increased or decreased from time to time pursuant to the
terms of Section 6.1.  The Capital  Account of each Member as of the date hereof
is set forth in Schedule 5.1.

     "Capital Call" shall mean any written notice to one or more of the Managing
Members   delivered  in  accordance   with  Section  5.2  hereof   requesting  a
contribution  in cash to the Company,  which notice shall state the total amount
of the  required  contributions  by each  such  Managing  Member  and each  such
Managing Member's pro rata share of such total.

                             Exhibit 10.50 Page 10
<PAGE>

     "Capital  Commitment"  shall mean, with respect to each Managing Member and
Holding Co., the amount set forth  opposite  such  Managing  Member's name below
less the cumulative amounts actually funded, from time to time, by such Managing
Member after the date hereof:

                  Holding Co.:      $   9,372,183
                  WHWEL:            $   7,860,958
                  Whitehall XI:     $  78,172,930
                  WCPT:             $  20,047,458
                                    -------------
                  Total:            $ 115,453,529

To the extent any  Interim  Capital  Contribution  made by a Managing  Member is
subsequently  returned to such  Managing  Member  pursuant to Section  7.1(b)(i)
within five (5) months of the date such Interim  Capital  Contribution  was made
and in any event prior to December  31,  2000,  the amount so returned  shall be
added back to such Managing Member's  outstanding Capital Commitment on the date
returned as if it had not been funded.  It is  understood  and agreed  that,  in
connection  with  the  potential   acquisition  of  properties  commonly  known,
respectively,  as 24 Federal Street,  Boston,  Massachusetts and 79 Milk Street,
Boston,  Massachusetts,  (i) WHWEL and WCPT have funded $2,700,000 and $300,000,
respectively,  (ii) that Holding Co. will fund its entire Capital  Commitment in
connection  with the  capital  call for the amount to be paid by the  Company in
connection with such acquisition and will,  after such funding,  have no further
Capital  Commitment and that, for purposes of calculating the Funding Percentage
of each  Managing  Member,  the total  Capital  Commitment  noted above shall be
reduced by  $9,372,183,  and (iii) that WHWEL,  Whitehall XI and WCPT shall fund
the remaining balance disproportionately so that the entire acquisition cost for
such properties is funded in accordance with their respective Funding Percentage
(with all amounts funded by Holding Co. being added,  solely for purpose of this
clause (iii), to the amounts  actually funded by Whitehall XI in determining the
amount to be funded by Whitehall XI in accordance with its Funding Percentage).

     "Capital  Contribution" when used with respect to any Member shall mean the
aggregate amount of capital  contributed or deemed contributed by such Member to
the  Company in  accordance  with  Article V,  including  any  "Interim  Capital
Contribution"  contributed  (but not yet  returned  to the  applicable  Managing
Member pursuant to Section 7.1(b)(i)) by any Managing Member.

     "Capital  Event" means any of the  following:  (A) Shares or other  capital
stock  of WCPT  are  issued  or sold in a  public  offering  and are  thereafter
publicly traded or (B) WCPT or the Company engages in (i) a merger  (including a
triangular  merger),  consolidation  or other  combination  with or into another
Person (or such Person's  subsidiary) whose equity interests are publicly traded
or (ii) the direct or indirect sale, lease, exchange or other transfer of all or
substantially  all of its  assets  in one  transaction  or a series  of  related
transactions  with another  Person (or such  Person's  subsidiary)  whose equity
interests are publicly traded.

     "Capital  Proceeds"  shall  mean the net  amount  of cash  proceeds  of the
Company  (including the net amount of cash proceeds  received from an Affiliate)
from  the  occurrence  of one or  more of the  following  events:  (i) a  merger
(including a triangular merger), consolidation or other combination with or into
another  Person,  (ii) the direct or  indirect  sale,  lease,  exchange or other
disposition  or transfer  of any  Property  or Company  Asset,  (iii) an eminent
domain taking, insurance

                             Exhibit 10.50 Page 11
<PAGE>

recovery or condemnation award, (iv) any refinancing or borrowing by the Company
or its Affiliates,  (v) any issuance of equity  securities of the Company or its
Affiliates; and (vi) Capital Contributions.

     "Capital Proceeds  Distribution Amount" shall have the meaning set forth in
Section 7.1(k).

     "Cause" shall mean (a) fraud, criminal felony indictment,  gross negligence
or  willful  misconduct  by  WCPT,  WRP or any of  Jeffrey  H.  Lynford,  Edward
Lowenthal,  Gregory Hughes or Richard Previdi (or any successor occupying one or
more of the officer positions  currently occupied by any of them in WCPT or WRP)
if  such  fraud,  criminal  felony  indictment,   gross  negligence  or  willful
misconduct  relates to any action or omission in connection with the business of
the Company or any of its Subsidiaries,  (b) fraud or willful  misconduct by any
Executive  Officer of WCPT in connection with the business of the Company or any
Subsidiary  that  damages  the  Company  or any  Subsidiary  or the value of any
Property  or other  asset of the  Company  or any  Subsidiary  in an  amount  of
$5,000,000 or more which has not been cured within  forty-five  (45) days of the
date WCPT has been given  notice of such event,  (c) failure of WCPT to fund any
Capital Call in accordance with Section 5.2(b) (but not Section  5.2(a)),  (d) a
breach of Section  4.2 by WCPT or its  Affiliate  or (d) the  occurrence  of any
Bankruptcy with respect to WCPT or WRP.

     "Certificate  of Formation"  shall mean the Certificate of Formation of the
Company  filed  with the  State of  Delaware  on May 18,  1999,  as the same may
hereafter be amended and/or restated from time to time.

     "Closing" shall mean the  transactions  whereby the WWG  Contribution,  the
contribution  of the Holding Co.  Contributed  Asset and the  admission of WCPT,
WHWEL,  Whitehall  XI,  Holding  Co. and each  Saracen  Member to the Company as
Members is completed.

     "Closing Date" shall mean the date hereof.

     "Closing Date Proration" shall have the meaning set forth in Section 2.10.

     "Code" shall mean the Internal  Revenue  Code of 1986,  as amended,  or any
corres ponding provision(s) of succeeding law.

     "Combined  Whitehall/WCPT  Percentage Interest" shall mean the sum total of
the  Percentage  Interest  of each  Member  of the  Whitehall  Group and of WCPT
collectively.

     "Committee  Representative"  shall mean each individual appointed from time
to time by any Managing  Member or any other Member  pursuant to Section 3.5 or,
if applicable,  pursuant to the Series A Terms, and "Committee  Representatives"
shall mean all of such individuals, collectively.

     "Common  Distribution  Amount" shall mean,  for any calendar  quarter,  the
Distribution Amount plus the Capital Proceeds  Distribution  Amount, if any, for
and  including  such  calendar  quarter  less all  amounts  paid  under  Section
7.1(b)(ii) for and including such calendar quarter.

                             Exhibit 10.50 Page 12
<PAGE>

     "Company" shall mean Wellsford/Whitehall  Group, L.L.C., a Delaware limited
liability  company,  as  said  Company  may  from  time  to  time  be  hereafter
constituted.

     "Company Assets" shall mean all right, title and interest of the Company in
and to all or any portion of the assets of the Company and any property (real or
personal) or estate acquired in exchange therefor or in connection therewith.

     "Company Loss" shall have the meaning set forth in Section 2.9.

     "Company  Nonrecourse  Debt"  shall have the  meaning set forth in Treasury
Regulation Section 1.704-2(i)(2).

     "Confidential  Information"  shall  have the  meaning  set forth in Section
4.2(g).

     "Contributing Member" shall have the meaning set forth in Section 5.3.

     "Contribution  Agreement" shall mean the Contribution Agreement dated as of
February 12, 1998, as amended by Amendment No. 1 to the  Contribution  Agreement
dated as of May 15, 1998,  among WWP and the Saracen  Current Owners  (including
certain Affiliates of the Saracen Current Owners).

     "Conversion  Factor" shall mean 1.0; PROVIDED that, if WCPT (i) declares or
pays a dividend on its  outstanding  Shares in Shares or makes a distribution to
all  holders  of its  outstanding  Shares  in  Shares,  or (ii)  subdivides  its
outstanding  Shares,  or (iii)  combines its  outstanding  Shares into a smaller
number of Shares,  the Conversion  Factor shall be adjusted by  multiplying  the
Conversion  Factor by a fraction,  the numerator of which shall be the number of
Shares  issued  and   outstanding   on  the  record  date  for  such   dividend,
distribution,  subdivision,  combination,  or other  action  (assuming  for such
purposes that such  dividend,  distribution,  subdivision,  combination or other
action has occurred as of such time) and the  denominator  of which shall be the
actual number of Shares  (determined  without the above  assumption)  issued and
outstanding  on the record date for such  dividend,  distribution,  subdivision,
combination  or  other  action.  WHWEL's,  Whitehall  XI's,  Holding  Co.'s  and
Saracen's agreement to the foregoing definition of "Conversion Factor" contained
herein is based upon the  agreement of WCPT and WRP not to take any action which
would have a dilutive effect on the value of the Shares as compared to the value
of the  Membership  Units (so that the value of one Share would be less than the
value of one Membership Unit). In the event that any such action is nevertheless
taken by or on behalf of WCPT or its  shareholders,  the  Conversion  Factor set
forth in the first sentence of this  definition  shall be adjusted in the manner
set  forth in the  proviso  in the  first  sentence  of this  definition  or, if
otherwise  applicable,  in the same manner and in the same instances provided in
Article 6 of the Warrant Agreement (except that no such adjustment shall be made
if and to the extent that WCPT distributes to its shareholders  amounts received
from the Company on account of its Interest or the Promote).  Any  adjustment to
the Conversion  Factor shall become  effective  immediately  after the effective
date of the event  retroactive  to the record date, if any, for the event giving
rise thereto,  it being intended that (x)  adjustments to the Conversion  Factor
are to be made to avoid  unintended  dilution  or  anti-dilution  as a result of
transactions  in which  Shares  are  issued,  redeemed  or  exchanged  without a
corresponding issuance,  redemption or exchange of Membership Units and (y) if a
specified  redemption  date shall fall between the record date

                             Exhibit 10.50 Page 13
<PAGE>

and the  effective  date of any  event of the  type  described  above,  that the
Conversion  Factor  applicable to such redemption shall be adjusted to take into
account such event.

     "Conversion Right" shall have the meaning set forth in Section 8.3.

     "Converted  Units"  shall mean the number of Series A Preferred  Membership
Units outstanding times 1.34.

     "Cumulative  Distribution Amount" shall mean, for any calendar quarter, the
cumulative  quarterly  Distribution  Amounts theretofore  distributed during the
then current  calendar year,  plus the  Distribution  Amount for the quarter for
which the Cumulative Distribution Amount is being determined.

     "Debtor Member" shall have the meaning set forth in Section 7.4.

     "Declaration  of Trust" shall mean the amended and restated  declaration of
trust of WCPT filed with the State  Department of Assessment and Taxation of the
State of Maryland on August 25,  1997,  as the same may be restated  and amended
from time to time.

     "Deemed Value Per Membership  Unit" shall mean $15.85 (fifteen  dollars and
eighty-five cents); PROVIDED, HOWEVER, that the Deemed Value Per Membership Unit
may be changed at any time with the prior consent of the  Management  Committee,
provided  that it may only be reduced  below $15.85 if prior to giving effect to
such  reduction  the Company  receives a fairness  opinion  with  respect to the
fairness of the revised Deemed Value Per  Membership  Unit from any of Valuation
Research Corporation,  Arthur Andersen LLP,  PricewaterhouseCoopers LLP or other
independent,  disinterested  appraiser  reasonably  acceptable  to  the  Saracen
Members; PROVIDED,  FURTHER, that if a New Member acquires Membership Units, the
Deemed  Value Per  Membership  Unit shall equal the (x) the sum of the cash plus
the agreed net fair market value of property  contributed  to the Company by the
Person who most recently  became a New Member  (including  on such date),  which
amount was solely attributable to the Membership Units issued and referred to in
clause (y) below,  divided by (y) the total number of Membership Units issued to
such New Member in respect of such  contributions.  The  parties  intend for the
Deemed Value Per Membership  Unit to be equal to $15.85 until the earlier of (i)
May 15,  2000 or (ii) the date on which  any New  Member  unaffiliated  with any
Members as of the date hereof acquires Membership Units.

     "Default  Rate" shall mean an interest  rate equal to the lesser of (i) 15%
per annum and (ii) the maximum rate permitted by law.

     "Depreciation"  shall mean, with respect to any Fiscal Year, all deductions
attributable  to depreciation or cost recovery with respect to Company Assets or
any assets of the Subsidiaries,  including any improvements made thereto and any
tangible personal  property located therein,  or amortization of the cost of any
intangible property or other assets acquired by the Company, which have a useful
life  exceeding one year,  PROVIDED,  however,  that with respect to any Company
Asset or asset of the  Subsidiaries  whose tax basis differs from its Book Value
at the beginning of such Fiscal Year or other period,  Depreciation  shall be an
amount  which  bears  the  same  ratio  to  such  beginning  Book  Value  as the
depreciation, amortization or other cost recovery deduction for such period with
respect to such asset for federal  income tax purposes bears to its adjusted tax
basis as of the beginning of such Fiscal Year;

                             Exhibit 10.50 Page 14
<PAGE>

PROVIDED, however, that if the federal income tax depreciation,  amortization or
other cost recovery  deduction for such Fiscal Year is zero,  Depreciation shall
be determined using any reasonable method selected by the Management Committee.

     "Determination Date" shall have the meaning set forth in Section 7.6(b).

     "Disclosure   Materials"  shall  mean  all  written  materials   heretofore
delivered by WRP, WCPT, the Company, WWP, WWP II, Holdings, Rand or any of their
respective  Affiliates,  employees  or  agents  or any  other  source  to WHWEL,
Goldman,  Sachs & Co or any of their respective  employees,  including,  but not
limited to, Ronald L. Bernstein, Steven M. Feldman, Alan S. Kava, Angie Madison,
Todd A. Williams and Frederick Yee.

     "Distribution Amount" shall have the meaning set forth in Section 7.1(a).

     "End Date" shall have the meaning set forth in Section 8.2A(a)(i).

     "ERISA" shall mean the Employee  Retirement Income Security Act of 1974, as
amended.

     "Executive Officer" shall mean, with respect to WCPT, any individual now or
hereafter occupying one or more of the following offices:  Chairman,  President,
Chief Financial  Officer,  Chief Operating  Officer,  Chief Executive Officer or
General  Counsel,  or any other  individual  employed  by WCPT who has an annual
compensation of $100,000 or more.

     "Extraordinary  Transaction"  shall mean,  with respect to any Person,  the
occurrence of one or more of the  following  events:  (i) a merger  (including a
triangular  merger),  consolidation  or other  combination  with or into another
Person;  (ii) the direct or indirect sale, lease,  exchange or other transfer of
all or substantially all of its assets in one transaction or a series of related
transactions;  (iii)  any  reclassification,  recapitalization  or change of its
outstanding  equity  interests  (other  than a change in par value,  or from par
value  to  no  par  value,  or as a  result  of a  split,  dividend  or  similar
subdivision);  (iv) any issuance of equity securities of such Person in exchange
for assets  (other  than an issuance  of  securities  for cash or an issuance of
securities  pursuant to an employee benefit plan); (v) any change of control (as
defined below) of such Person or (vi) the adoption of any plan of liquidation or
dissolution of such Person. For purposes of this definition, "change of control"
with respect to any Person means (a) the  acquisition  by another Person of more
than 20% of the voting stock in such Person or (b) the change in membership of a
majority of such Person's board of directors.

     "Failed Contribution" shall have the meaning set forth in Section 5.3.

     "Fiscal Year" shall mean the fiscal year of the Company, which shall be the
calendar year; but upon termination of the Company, "Fiscal Year" shall mean the
period  from  the end of the  last  preceding  Fiscal  Year to the  date of such
termination.

     "Funded Portion" shall have the meaning set forth in Section 5.3.

                             Exhibit 10.50 Page 15
<PAGE>

     "Funding Debt" shall mean any  Indebtedness  incurred by WCPT in compliance
with the terms and provisions of Section 4.2(e).

                             Exhibit 10.50 Page 16
<PAGE>

     "Funding Percentage" shall mean, with respect to each Managing Member, such
Managing  Member's  pro rata share of the  capital  contribution  required  by a
Mandatory  Capital Call or a Capital  Call,  as the case may be,  determined  by
dividing (x) the amount remaining for such Managing Member's Capital  Commitment
by (y) the sum of the amounts  remaining for the Capital  Commitments  of all of
the Managing  Members  ($106,081,275).  The initial Funding  Percentage for each
Managing Member as of the date hereof is as follows:

                  WHWEL:               7.41031%
                  Whitehall XI:       73.69150%
                  WCPT:               18.89819%
                                    ----------
                  Total:            100.00000%

     "Goldman Sachs Group" shall mean The Goldman Sachs Group,  Inc., a Delaware
corporation, and any successors and assigns to or of all or substantially all of
its business.

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

     "Holding Co. Contributed Asset" shall mean the 100% membership  interest in
WXI/Mt. Bethel Road L.L.C.

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

     "Hub Target Market" shall mean the  Commonwealth of  Massachusetts  and the
States of Maine, New Hampshire, Rhode Island and Vermont.

     "Income" shall have the meaning set forth in Section 2.10.

     "Indebtedness" shall mean, with respect to any Person, (i) all indebtedness
and  obligations  of or  assumed by such  Person in  respect  of money  borrowed
(including any  indebtedness  which is non-recourse to the credit of such Person
but which is secured by a Lien on any asset of such  Person) or  evidenced  by a
promissory note, bond,  debenture,  letter of credit reimbursement  agreement or
other written obligations to pay money for borrowed money; (ii) any indebtedness
or obligation of others  secured by a Lien on any asset of such Person,  whether
or not such  indebtedness  or  obligation  is assumed by such Person;  (iii) any
guaranty,  endorsement,  suretyship or other undertaking  pursuant to which such
Person may be liable on account of any  obligation of any third party other than
a Subsidiary;  (iv)  indebtedness for the deferred purchase price of property or
services;  (v)  obligations of such Person  incurred in connection with entering
into a Lease which, in accordance with generally accepted accounting principles,
should be capitalized; and (vi) the indebtedness or obligations of a partnership
or joint venture in which such Person is a general partner or joint venturer.

     "Indemnified Parties" shall have the meaning set forth in Section 4.3(a).

     "Institutional Lender" shall mean an Affiliate of any Member and/or any one
or more of the following other entities, PROVIDED that for any such other entity
to qualify as an Institutional  Lender  hereunder,  such other entity,  together
with its  Affiliates,  must have  total  assets of at least  $5,000,000,000  and
stockholders'  equity or net worth of at least $250,000,000 (or, in either case,
the equivalent thereof

                             Exhibit 10.50 Page 17
<PAGE>

in a  foreign  currency)  as of the date the loan is made:  a  savings  bank,  a
savings and loan association,  a commercial bank or trust company,  an insurance
company  subject to  regulation  by any  governmental  authority or body, a real
estate  investment trust, a union,  governmental or secular  employees  welfare,
benefit, pension or retirement fund, a pension fund property unit trust (whether
authorized  or  unauthorized),  an  investment  company or trust,  a merchant or
investment bank or any other entity generally viewed as an institutional lender.
In each of the foregoing cases,  such Affiliate or other entity shall constitute
an Institutional  Lender whether (i) acting for itself or (ii) as trustee,  in a
fiduciary,  management or advisory  capacity or, in the case of a bank, as agent
bank,  for any  number of  lenders,  so long as in the case of  clause  (ii) the
day-to-day  management decisions relating to the loan are either exercised by or
recommended by such Institutional  Lender and, during the life of the loan, such
Institutional  Lender shall only be removed from its clause (ii)  capacity if it
is replaced by another Institutional Lender also so acting under clause (ii).

     "Insurance Program" shall have the meaning set forth in Section 3.4.

     "Interest" shall mean the entire interest of a Member in the Company at any
particular  time,  including  the  Percentage  Interest  and Series A  Preferred
Percentage  Interest of such Member,  together  with the right of such Member to
any and all  benefits  to which a Member may be  entitled  as  provided  in this
Agreement,  together with the  obligations of such Member to comply with all the
terms and  provisions  of this  Agreement.  The  Interest  of any  Member may be
expressed  as a number  of  Membership  Units or Series A  Preferred  Membership
Units, or a combination thereof.

     "Interim  Capital  Contribution"  shall  mean  the  portion  of  a  Capital
Contribution  made by any Managing  Member that (x) is designated by the Manager
as an  "Interim  Capital  Contribution"  in the  Capital  Call for such  Capital
Contribution  and (y) is returned to such  Managing  Member  pursuant to Section
7.1(b)(i)  not later than the  earlier to occur of (i) the date that is five (5)
months of the date such Capital Contribution is made and (ii) December 31, 2000;
PROVIDED,  however,  that  (A)  a  portion  of a  Capital  Contribution  may  be
designated as an Interim Capital  Contribution  only if proceeds of such Capital
Contribution  are  used  in  connection  with  the  acquisition  of one or  more
Properties  by the Company or one or more  Subsidiaries  of the Company,  (B) no
amount in excess of eighty percent (80%) of any particular Capital  Contribution
may be  designated  as an Interim  Capital  Contribution  and (C) the  fraction,
expressed as a percentage, obtained by dividing (1) the sum of (x) the amount of
any Capital  Contribution  made in connection with the acquisition of a Property
that is designated as an Interim Capital  Contribution and the proceeds of which
are used to acquire a specific Property and (y) the amount of mortgage financing
incurred in connection  with the  acquisition  by the Company or a Subsidiary of
such  Property and secured by such Property by (2) the gross  acquisition  costs
paid for such Property may not exceed 80%. For the avoidance of doubt,  unless a
Capital  Contribution  satisfies  the  foregoing  parameters  it  shall  not  be
designated  as an "Interim  Capital  Contribution"  and shall not be  returnable
pursuant  to Section  7.1(b)(i)  (and shall  instead be  returnable  pursuant to
Section  7.1(b)(iii)),  and  unless  a  Capital  Contribution  that is  properly
designated as an Interim Capital  Contribution  is returned  pursuant to Section
7.1(b)(i)  prior to the date  specified  in clause (y) of the first  sentence of
this definition,  such Capital  Contribution  shall cease to be designated as an
"Interim  Capital  Contribution"  and shall cease to be  returnable  pursuant to
Section   7.1(b)(i)  and  shall  instead  be  returnable   pursuant  to  Section
7.1(b)(iii).

                             Exhibit 10.50 Page 18
<PAGE>

     "Internal Rate of Return" shall mean, with respect to any Member, that such
Member has  achieved an internal  rate of return of a specified  percentage  per
annum, which shall occur when the total Capital Contributions (including Interim
Capital  Contributions)  made from time to time by such  Member are  returned to
such Member  together with an annual return equal to such  specified  percentage
calculated commencing on the date such Capital Contributions  (including Interim
Capital  Contributions)  are or were made (or deemed to be made as  specified in
Schedule 5.1) and compounded annually to the extent not paid on a current basis,
taking into account the timing and amounts of all previous Capital Contributions
(including Interim Capital  Contributions) by such Member to the Company and all
previous  distributions  by the Company to such Member under this  Agreement (or
deemed to be made pursuant to this  Agreement).  For purposes of computing  such
internal rate of return,  (i) any Capital  Contribution  (including  any Interim
Capital Contribution) made by such Member and any distribution of funds received
by such Member at any time during a month shall be deemed to be made or received
on the first  day of such  month,  (ii) all  capital  contributions  made by any
Managing  Member and  Saracen  Member to either WWP or WWP II shall be deemed to
have been a Capital  Contribution  by such  Member  to the  Company  in the same
amount  and as of the  same  date  contributed  to  either  WWP  or WWP  II,  as
applicable,  all as shown in Schedule 5.1, (iii) the contribution by Holding Co.
of the Holding Co. Contributed Asset shall be deemed to have been made as of the
Closing  Date in an amount  equal to the all-in  acquisition  cost of such asset
(excluding  the amount of the Assumed  Financing),  as shown in Schedule 5.1 and
(iv) all distributions  received by any Member from either WWP or WWPII shall be
deemed to have been  received by such Member from the Company in the same amount
and as of the same date received from either WWP or WWP II, as  applicable,  all
as shown in Schedule  5.1.  Notwithstanding  anything to the contrary  contained
herein,  the WWP Contribution  and WWG Contribution  shall not be deemed to be a
Capital Contribution for purposes of computing such Internal Rate of Return.

     "Investment Notice" shall have the meaning set forth in Section 4.2(c).

     "IRS" shall mean the Internal Revenue Service.

     "Leasing  Plan"  shall  mean,  with  respect to any  Property,  the leasing
guidelines prepared by the Manager for each type of planned use of such Property
(E.G. commercial, industrial or retail) containing parameters for minimum rents,
tenant allowances, operating expense recaptures, financial condition of tenants,
free rent, lease assignments and assumptions,  overages and tenant  improvements
to the extent such information is available and pertinent.

     "Lender Member" shall have the meaning set forth in Section 7.4.

     "Lien" shall mean any lien, mortgage, charge, restriction, option, right of
first refusal or offer, contractual restriction on transfer,  security interest,
tax lien, pledge, encumbrance,  conditional sale or title retention arrangement,
or any other  claim of any kind or nature  against  any  Property  securing  any
Indebtedness, or any agreement to create or confer any of the foregoing, in each
case whether arising by agreement or under any statute or law or otherwise.

     "Losses" shall have the meaning set forth in Section 6.2(a).

     "Major Decisions" shall have the meaning set forth in Section 3.4.A.

                             Exhibit 10.50 Page 19
<PAGE>

     "Management  Committee"  shall have the  meaning  set forth in Section  3.5
hereof.

     "Manager" (i) shall mean WCPT upon the execution and delivery hereof,  (ii)
except as set forth in clause (iii)  below,  if for any reason WCPT ceases to be
the Manager,  shall  thereafter mean another Person  appointed by the Management
Committee  or (iii) if WCPT  ceases to be the Manager  pursuant to Section  9.1,
shall thereafter mean another Person appointed by WHWEL and Whitehall XI.

     "Managing Members" shall mean WCPT, WHWEL and Whitehall XI.

     "Mandatory  Capital  Call"  shall  mean a  Capital  Call  for  any  capital
contributions that would be required pursuant to Section 5.2(a).

     "Marketing Member" shall have the meaning set forth in Section 8.2(a).

     "Marketing Period" shall have the meaning set forth in Section 8.2(d).

     "Marketing  Plan" shall mean,  with respect to any Property or  appropriate
part thereof, the comprehensive plan for marketing and leasing the space in such
Property,  which plan shall be submitted by the Manager to, and approved by, the
Management Committee.

     "Member-Funded  Debt" shall mean any non-recourse debt of the Company which
is loaned or guaranteed  by any Member and/or is treated as Member  non-recourse
debt with respect to a Member under Treasury Regulations Section 1.704-2(b)(4).

     "Member  Loan"  shall  mean any loan  made by a Member  to  another  Member
pursuant to Section 5.3(b).

     "Members"  shall mean WHWEL,  WCPT,  Saracen,  Whitehall XI and Holding Co.
(for as long as such Persons are still members of the Company), their successors
and  permitted  assigns  and  any  other  members  admitted  to the  Company  in
accordance with Article VIII.

     "Membership  Capital  Accounts" shall have the meaning set forth in Section
6.1(e).

     "Membership Unit" shall mean a fractional,  undivided share of the Interest
of all Members issued  pursuant to Section 5.1 or Section 5.9 hereof,  but shall
not include  the Series A Preferred  Membership  Units.  As of the date  hereof,
there shall be considered to be 10,698,331  Membership  Units  outstanding.  The
Management  Committee may create and  authorize  the issuance of new  membership
interests and may designate one or more new classes of membership  interests and
establish the designations, preferences and relative, participating, optional or
other special rights,  powers and duties of each class of membership  interests.
The number of  Membership  Units  owned by any Member may be  expressed  as such
Member's  Percentage  Interest.  The  Membership  Units are not  intended  to be
characterized as "securities" for any purpose (including any securities laws).

     "Minimum  Gain" shall mean an amount  equal to the excess of the  principal
amount of debt, for which no Member is liable ("non-recourse  debt"), secured by
Company  Assets or any assets of its  Subsidiaries,  over the adjusted  basis of
such Company Assets or assets of its  Subsidiaries  which

                             Exhibit 10.50 Page 20
<PAGE>

represents the minimum  taxable gain which would be recognized by the Company if
the non-recourse  debt were foreclosed upon and the Company Assets or any assets
of its Subsidiaries  were  transferred to the creditor in satisfaction  thereof,
and which is  referred  to as "minimum  gain" in  Treasury  Regulations  Section
1.704-1(b)(4)(iv). A Member's share of Minimum Gain shall be determined pursuant
to the above-cited Treasury Regulations.

     "Necessary Expenditure" shall mean, (i) to the extent Available Cash is not
sufficient to pay for any expenditure  whether or not of a recurring  nature (x)
that is necessary,  in the reasonable discretion of either the Manager, WHWEL or
Whitehall  XI, to  preserve  or protect  the assets of the  Company,  including,
without limitation,  real estate taxes,  insurance payments,  costs of restoring
the assets of the Company after a casualty or condemnation thereof, costs of any
capital expenditure  necessary to protect the structural  integrity of any asset
of the Company or human health or safety,  utility  costs,  costs of  compliance
with law,  payments on or of contractual  obligations  and debts of the Company,
tenant  improvements  and  leasing  commissions,  or (y)  that  is  required  to
effectuate  or pay for any  cost,  expense  or  transaction  provided  for in an
Approved  Budget and (ii) any  obligation  to fund the purchase  price and other
costs of  acquiring  any  Office  Property,  the  acquisition  of which has been
approved by the Management Committee.

     "net equity" shall mean, with respect to an entity,  the book value (before
depreciation) of such entity's assets less the liabilities of such entity,  and,
with  respect to any  property,  the book value  (before  depreciation)  of such
property less the liabilities with respect to such property.

     "New Member" shall mean any Member other than one of the Managing  Members,
Saracen  or Holding  Co. Any New Member may be issued a new class of  membership
interests with such classifications and designations as the Management Committee
shall determine.

     "New Warrant  Agreement"  shall mean the Warrant  Agreement dated as of the
date hereof  between WRP and United States Trust Company of New York, as warrant
agent, as such agreement may be amended or restated from time to time.

     "New WRP  Warrants"  shall mean the warrants  that were  originally to have
been issued to WHWEL by WRP  pursuant to the New Warrant  Agreement  and, at the
direction  of WHWEL,  have been  instead  issued to  Holding  Co. as of the date
hereof.

     "Nomura Loan" shall mean that certain loan made by Nomura Asset Corporation
to Wells Senior Holdings LLC in the original  principal amount of $69,000,000.00
as  evidenced by the  documents  and  instruments  described in Exhibit C to the
Contribution Agreement.

     "Nomura  Properties" shall mean,  collectively,  (x) each of the parcels of
land described on Exhibits B-1 through  Exhibits B-5 annexed to the Contribution
Agreement and the  improvements  located on such land,  and (y) the Dedham Place
Condominium  Unit and all of the Appurtenant  Interests (as such term is defined
in the Condominium  Documents)  relating to the Dedham Place  Condominium  Unit;
each of the foregoing  being commonly  known,  respectively,  as 333 Elm Street,
Norfolk,  Massachusetts;  128 Technology Center,  Westwood,  Massachusetts;  201
University  Avenue,   Westwood,   Massachusetts;   7/57  Wells  Avenue,   Newton
Massachusetts;  75/85/95 Wells Avenue, Newton, Massachusetts;  and Dedham Place,
Dedham, Massachusetts.

                             Exhibit 10.50 Page 21
<PAGE>

     "Non-Contributing Member" shall have the meaning set forth in Section 5.3.

     "Non-Marketing Member" shall have the meaning set forth in Section 8.2(a).

     "Non-Nomura  Properties" shall mean,  collectively,  each of the parcels of
land described on Exhibits B-6 through Exhibits B-13 annexed to the Contribution
Agreement and the  improvements  located on such land,  and commonly known as 74
Turner Street, Waltham, Massachusetts; 60 Turner Street, Waltham, Massachusetts;
70 Wells Avenue, Newton, Massachusetts; 100 Wells Avenue, Newton, Massachusetts;
150  Wells   Avenue,   Newton,   Massachusetts;   160  Wells   Avenue,   Newton,
Massachusetts; and 2331 Congress Street, Portland, Maine.

     "Non-Triggering  Saracen  Transfer"  shall  have the  meaning  set forth in
Section 8.2A(a)(ii).

     "Notice of Conversion"  shall mean a Notice of Conversion  substantially in
the form of Exhibit D.

     "Notional Contribution" shall have the meaning set forth in Section 5.4(b).

     "Objection Notice" shall have the meaning set forth in Section 11.3(c).

     "Offer Notice" shall have the meaning set forth in Section 8.3.

     "Office  Property"  shall mean any  office  building  property,  including,
without limitation,  a research and development facility or a mixed-use complex,
not less than 40% of the  rentable  square  footage of which is used for offices
and/or research and development space.

     "150 Mt.  Bethel  Road" shall mean the parcel of land and the  improvements
located on such land,  and commonly  known as 150 Mt. Bethel Road,  Warren,  New
Jersey.

     "Operational Decisions" shall have the meaning set forth in Section 3.4.B.

     "Organizational  Document"  of a Person  shall  mean (i) with  respect to a
corporation,  such Person's  certificate of incorporation  and by-laws,  and any
shareholder agreement,  voting trust or similar arrangement applicable to any of
such  Person's  authorized  shares of  capital  stock,  (ii) with  respect  to a
partnership,  such  Person's  certificate  of limited  partnership,  partnership
agreement,  voting  trusts  or  similar  arrangements  applicable  to any of its
partnership interests or (iii) with respect to a limited liability company, such
Person's certificate of formation,  limited liability company agreement or other
document affecting the rights of holders of limited liability company interests.

     "Payments" shall have the meaning set forth in Section 8.2A(a)(xiii).

     "Percentage   Interest"  shall  mean,  with  respect  to  any  Member,  the
percentage  interest  listed for each Member in Schedule 5.1 with respect to its
Membership  Units,  as the same may be  adjusted  pursuant  to the terms of this
Agreement.

                             Exhibit 10.50 Page 22
<PAGE>

     "Permitted  Liens" shall mean (i) Liens for taxes and other similar charges
not yet due or Liens for taxes  being  contested  in good  faith by  appropriate
proceedings for which adequate  reserves have been  established (and as to which
the  property  subject to such Lien is not yet subject to  foreclosure,  sale or
loss on account  thereof);  (ii) Liens in  respect  of  property  imposed by law
arising in the ordinary  course of business such as  materialmen's,  mechanics',
warehousemen's  and other  like  Liens;  PROVIDED  that such Liens  secure  only
amounts  not yet due and  payable or amounts  being  contested  in good faith by
appropriate  proceedings for which adequate  reserves have been established (and
as to which the property subject to such lien is not yet subject to foreclosure,
sale or loss on account thereof); (iii) easements,  rights-of-way,  restrictions
(including  zoning  restrictions),  defects or irregularities in title and other
similar charges or encumbrances not, in any material  respect,  interfering with
the  ordinary  conduct of  business  at the  relevant  property;  (iv) leases or
subleases granted to others,  whether existing now or hereafter entered into, in
the ordinary course of business; (v) any attachment or judgment lien, unless the
judgment it secures shall not,  within thirty (30) days after the entry thereof,
have been discharged or execution  thereof stayed pending  appeal,  or shall not
have been  discharged  within thirty (30) days after the  expiration of any such
stay and (vi) any Lien set forth on Schedule B (or any  equivalent  schedule) as
an exception to the title insurance  policies  insuring the title of the Company
or any of its Subsidiaries in and to the Properties.

     "Person"  shall  mean any  individual,  partnership,  corporation,  limited
liability company, trust or other legal entity.

     "Plan  Asset  Regulation"  shall mean the  Department  of Labor  Regulation
ss.2510.3-101, as amended.

     "Pledgee" shall have the meaning set forth in Section 8.1(b).

     "Pledgor" shall have the meaning set forth in Section 8.1(b).

     "Profits" shall have the meaning set forth in Section 6.2(a).

     "Preferred  Distribution" shall mean an amount equal to 6% per annum of the
Preferred  Value,  calculated on a cumulative  basis for each  calendar  quarter
during a calendar year (i.e., from the first day of the year) through the end of
the calendar quarter for which the Preferred Distribution is being determined).

     "Preferred  Distribution  Amount" shall mean, for any calendar quarter,  an
amount equal to (A) the greater of (i) the  Preferred  Distribution  and (ii) an
amount equal to (x) the Preferred  Percentage times (y) the excess of Cumulative
Distribution   Amount   over  all   distributions   made   pursuant  to  Section
7.1(b)(ii)(A)  of this  Agreement  in the current  calendar  year,  less (B) all
distributions  theretofore  made  pursuant  to  Section  7.1(b)(ii)(B)  of  this
Agreement  with  respect to the then current  calendar  year.  For  illustrative
purposes, an example of the manner in which the Preferred Distribution Amount is
calculated under various hypothetical assumptions is set forth in Schedule 7.1.

     "Preferred Holders" shall have the meaning set forth in Section 3.5(c)(i).

                             Exhibit 10.50 Page 23
<PAGE>

     "Preferred  Limitation"  shall mean, with respect to any calendar year, the
sum of the Unpaid  Preferred  Distribution (as of the first day of such calendar
year) and the Preferred  Distribution Amount for such calendar year. The parties
agree that, for purposes of calculating the Preferred Limitation, the Cumulative
Distribution  Amount shall be calculated based only on actual cash distributions
made pursuant to Section 7.1.

     "Preferred  Percentage" shall mean a fraction  (expressed as a percentage),
the numerator of which is the number of Converted  Units and the  denominator of
which is the number of Total Units.

     "Preferred  Value" shall mean an amount equal to the product of $25 and the
number of Series A Preferred Membership Units outstanding.

     "Promote" shall mean the aggregate  distributions that would be made to the
Manager  pursuant to  Sections  7.1(c)(iii)(y),  7.1(c)(iv)(y),  7.1(d)(iii)(y),
7.1(d)(iv)(y),  7.1(e)(iii)(y),  7.1(e)(iv)(y),  7.1(f)(iii)(y),  7.1(f)(iv)(y),
7.1(g)(iii)(y), 7.1(g)(iv)(y), 7.1(h)(iii)(y) and 7.1(h)(iv)(y).

     "Promote  Payments" shall mean an amount,  as determined from time to time,
equal to: (i) with respect to WHWEL,  the sum of all amounts paid to the Manager
pursuant to Section 7.1(c)(iii)(y) or (iv)(y) and not returned to WHWEL pursuant
to Section 7.2;  (ii) with respect to Whitehall  XI, the sum of all amounts paid
to the Manager pursuant to Section 7.1(d)(iii)(y) or (iv)(y) and not returned to
Whitehall XI pursuant to Section 7.2; (iii) with respect to Holding Co., the sum
of all amounts paid to the Manager pursuant to Section 7.1(e)(iii)(y) or (iv)(y)
and not  returned to Holding Co.  pursuant to Section 7.2; and (iv) with respect
to WCPT,  the sum of all  amounts  paid to the  Manager  pursuant to (A) Section
7.1(f)(iii)(y)  or (iv)(y)  and (B)  Section  7.1(g)(iii)(y)  or (iv)(y) and not
returned to WCPT pursuant to Section 7.2.

     "Property"  and  "Properties"  shall have the meanings set forth in Section
2.4(a).

     "Property Loan" shall mean any bridge,  permanent or construction financing
obtained  by the  Company  or any of its  Subsidiaries  in  accordance  with the
provisions  hereof relating to one or more Properties  which may be secured by a
mortgage,  or similar security in the nature of a mortgage,  on such Properties,
and which is to be entered into for the purpose of financing or refinancing  the
acquisition, construction, development, and/or operation of such Properties.

     "publicly traded" means listed or admitted to trading on the New York Stock
Exchange, the American Stock Exchange or another national securities exchange or
designated for quotation on the NASDAQ National Market,  or any successor to any
of the foregoing.

     "Rand" shall have the meaning set forth in Section 3.5(c)(ii).

     "recapture  income"  shall have the  meaning  set forth in the Code and the
applicable Treasury Regulations.

     "Required  Amortization"  shall  have the  meaning  set  forth  in  Section
8.2A(a)(ii).

                             Exhibit 10.50 Page 24
<PAGE>

     "Required  Committee  Approval"  shall  mean,  with  respect  to any  Major
Decision, the affirmative approval of no fewer than one Committee Representative
appointed by each of WHWEL and  Whitehall XI and two  Committee  Representatives
appointed by WCPT, and with respect to any Operational Decision, the affirmative
approval of no fewer than one Committee Representative appointed by either WHWEL
or Whitehall XI and one  Committee  Representative  appointed by WCPT.  During a
Preferential  Distribution  Non-Payment  (as  defined  in the  Series A  Terms),
"Required  Committee Approval" shall mean, with respect to any Major Decision or
Operational  Decision,  the  affirmative  approval  of a majority  of  Committee
Representatives then having voting, consent, approval or determination rights on
the  Management  Committee,   PROVIDED,  however,  that  during  a  Preferential
Distribution  Non-Payment (as defined in the Series A Terms), any Major Decision
or  Operational  Decision  which  would  require  any  Managing  Member  to make
additional Capital  Contributions  (other than pursuant to Section 5.2(a) below)
shall require the  applicable  Required  Committee  Approval  referred to in the
immediately preceding sentence.

     "Requisite  Promote" shall mean an amount, as determined from time to time,
equal to:

     (i) with respect to WHWEL, the sum of (a) 17.5% of the total  distributions
distributed  to WHWEL  pursuant to Section  7.1(b) in excess of a 17.5% Internal
Rate of Return  (but only with  respect to any such  distributions  that,  after
deducting the amount of the Promote  Payments made by WHWEL,  provide WHWEL with
an  Internal  Rate of  Return  of up to  22.5%),  plus (b)  22.5%  of the  total
distributions  distributed  to WHWEL  pursuant  to Section  7.1(b)  that,  after
deducting the amount of the Promote  Payments made by WHWEL,  provide WHWEL with
an Internal Rate of Return in excess of 22.5%;

     (ii)  with  respect  to  Whitehall  XI,  the  sum of (a)  20% of the  total
distributions  distributed  to Whitehall XI pursuant to Section 7.1(b) in excess
of  a  15%  Internal  Rate  of  Return  (but  only  with  respect  to  any  such
distributions  that,  after deducting the amount of the Promote Payments made by
Whitehall  XI,  provide  Whitehall  XI with an Internal  Rate of Return of up to
25%),  plus (b) 25% of the  total  distributions  distributed  to  Whitehall  XI
pursuant  to Section  7.1(b)  that,  after  deducting  the amount of the Promote
Payments  made by Whitehall  XI,  provide  Whitehall XI with an Internal Rate of
Return in excess in excess of 25%;

     (iii)  with  respect  to  Holding  Co.,  the  sum of (a)  20% of the  total
distributions distributed to Holding Co. pursuant to Section 7.1(b) in excess of
a 15% Internal  Rate of Return (but only with respect to any such  distributions
that,  after  deducting the amount of the Promote  Payments made by Holding Co.,
provide  Holding Co. with an Internal Rate of Return of up to 25%), plus (b) 25%
of the total distributions distributed to Holding Co. pursuant to Section 7.1(b)
that,  after  deducting the amount of the Promote  Payments made by Holding Co.,
provide Holding Co. with an Internal Rate of Return in excess in excess of 25%;

     (iv) with respect to WCPT on account of the WCPT I  Distributions,  the sum
of (a) 17.5% of the total distributions  distributed to WCPT pursuant to Section
7.1(b) in excess of a 17.5%  Internal  Rate of Return  with  respect to the WCPT
Phase I Capital  Contributions  (but only with respect to any such distributions
that, after deducting the amount of the Promote  Payments made by WCPT,  provide
WCPT with an  Internal  Rate of Return of up to 22.5%  with  respect to the WCPT
Phase I  Capital  Contributions),  plus  (b)  22.5% of the  total  distributions
distributed to

                             Exhibit 10.50 Page 25
<PAGE>

WCPT pursuant to Section 7.1(b) that,  after deducting the amount of the Promote
Payments made by WCPT, provide WCPT with an Internal Rate of Return in excess of
22.5% with respect to the WCPT Phase I Capital Contributions; and

     (v) with respect to WCPT on account of its WCPT II  Distributions,  the sum
of (a) 20% of the total  distributions  distributed  to WCPT pursuant to Section
7.1(b) in excess of a 15% Internal Rate of Return with respect to the WCPT Phase
II Capital  Contributions (but only with respect to any such distributions that,
after  deducting the amount of the Promote  Payments made by WCPT,  provide WCPT
with an Internal  Rate of Return of up to 25% with  respect to the WCPT Phase II
Capital Contributions),  plus (b) 25% of the total distributions  distributed to
WCPT pursuant to Section 7.1(b) that,  after deducting the amount of the Promote
Payments made by WCPT, provide WCPT with an Internal Rate of Return in excess in
excess of 25%.

     "Rights"  shall  mean any  rights,  options,  warrants  or  convertible  or
exchangeable securities (or instruments  exchangeable or convertible into any of
the foregoing)  that in any case entitle the holder to subscribe for or purchase
or otherwise  receive one or more Shares or any other  securities or property of
WCPT.

     "Rules" shall have the meaning set forth in Section 5.10.

     "Sales Notice" shall have the meaning set forth in Section 8.2(a).

     "Saracen" or "Saracen Members" shall mean the Members set forth on Schedule
1 annexed  hereto,  provided,  however  that,  solely for  purposes  of Sections
4.2(f),  8.3, 8.10 and 12.1 hereof,  Rand shall not be deemed a Saracen  Member,
but shall have the rights set forth in said Sections.

     "Saracen Closing" shall mean the transactions  whereby WWP acquired certain
assets in exchange for cash, the assumption of certain liabilities,  "Membership
Units" of WWP, "Series A Preferred  Membership  Units" of WWP and other good and
valuable  consideration in accordance with the terms WWP Agreement and the terms
of the Contribution Agreement.

     "Saracen  Current  Owners" shall mean Wells Avenue Senior Holdings LLC, 150
Wells Avenue  Realty Trust,  River Park Realty Trust,  Seventy Wells Avenue LLC,
Newton  Acquisition  LLC I,  Saracen  Portland  L.L.C.,  KSA Newton  Acquisition
Limited  Partnership  II,  KSA  Newton  Limited  Partnership  I and  Dominic  J.
Saraceno.

     "Saracen Debt Reduction  Event" shall have the meaning set forth in Section
8.2A(a)(iv).

     "Saracen Gain" shall have the meaning set forth in Section 8.2A(a)(iii).

     "Saracen  Gain  Recognition"  shall have the  meaning  set forth in Section
8.2A(a)(iii).

     "Saracen  Indemnitee  Member"  shall have the  meaning set forth in Section
8.2A(a)(iii).

     "Section  8.2(c)  Termination  Date"  shall have the  meaning  set forth in
Section 8.2(d).

                             Exhibit 10.50 Page 26
<PAGE>

     "Series A Capital  Accounts"  shall have the  meaning  set forth in Section
6.1(e).

     "Series A Preferred  Membership Units" shall mean the Company's Series A 6%
Convertible  Preferred  Membership Units with a liquidation  preference per unit
equal to $25,  which shall have the rights,  preferences  and  privileges as set
forth in the Series A Terms.

     "Series A Preferred Percentage Interest" shall mean the percentage interest
listed for each Member in Schedule 5.1(h) with respect to its Series A Preferred
Membership  Units,  as the same may be  adjusted  pursuant  to the terms of this
Agreement.

     "Series  A  Terms"  shall  mean  the  terms  of the  Company's  Series A 6%
Convertible Preferred Membership Units as set forth in Exhibit A annexed hereto.

     "72 River Park Property" shall mean the parcel of land and the improvements
located  on  such  land,  and  commonly   known  as  72  River  Park,   Needham,
Massachusetts.

     "Share"  shall mean a share of  beneficial  interest  (or other  comparable
equity  interest) of WCPT.  If there is more than one class or series of Shares,
the term  "Shares"  shall,  as the context  requires,  be deemed to refer to the
class or series of Shares that  correspond  to the class or series of Membership
Interests for which the reference to Shares is made.

     "Shares  Amount"  shall mean a number of Shares equal to the product of the
number of Membership Units offered for conversion  times the Conversion  Factor;
PROVIDED that, if WCPT, at any time, issues any Rights to the holders of Shares,
then the Shares  Amount  shall also  include  such  Rights that a holder of that
number of Shares would have been entitled to receive.

     "Specified Conversion Date" shall mean the tenth Business Day after receipt
by WCPT of a Notice of Conversion.

     "Subject Asset" shall have the meaning set forth in Section 8.2(a).

     "Subsidiary"  shall  mean any  Person  more  than 50%  owned,  directly  or
indirectly, by the Company and over which the Company has management control. No
Subsidiary may be a corporation without the consent of the Management Committee.

     "Substituted  Member"  shall mean any Person  admitted  to the Company as a
Member pursuant to the provisions of Section 8.7.

     "Tag Along  Election  Notice"  shall have the  meaning set forth in Section
8.10.

     "Tag Along Notice" shall have the meaning set forth in Section 8.10.

     "Tag Along Transaction" shall have the meaning set forth in Section 8.10.

     "Target  Territory"  shall  mean the  Commonwealths  of  Massachusetts  and
Virginia  and  the  States  of  Connecticut,   Delaware,  Maine,  Maryland,  New
Hampshire,  New Jersey, New York,

                             Exhibit 10.50 Page 27
<PAGE>

Pennsylvania,   Rhode  Island  and  Vermont,  the  greater  metropolitan  region
(including  central business district and suburban markets) of Washington,  D.C.
and each other greater  metropolitan region (including central business district
and suburban  markets) in which the Company and/or its  Subsidiaries  own one or
more  Office  Properties  having a total  purchase  price of $15  million in the
aggregate.

     "Tax Matters Member" shall mean Whitehall XI.

     "Tax Liability Reserve Account" shall have the meaning set forth in Section
8.2A(c).

     "Tax Returns" shall have the meaning set forth in Section 8.2A(a)(xi).

                             Exhibit 10.50 Page 28
<PAGE>

     "Total Units" shall mean the number of Membership  Units  outstanding  plus
the number of Converted Units.

     "Transfer" shall have the meaning set forth in Section 8.1(a).

     "Treasury  Regulations"  shall mean the regulations  promulgated  under the
Code, as such regulations are in effect on the date hereof.

     "Unpaid Preferred  Distribution" means, for any calendar quarter, an amount
determined as of the close of the  preceding  calendar year equal to (A) the sum
of the Preferred  Distribution  Amounts for such preceding calendar year and all
prior  years,  less (B) the sum of all  distributions  made  pursuant to Section
7.1(b)(ii) of this Agreement  with respect to such  preceding  calendar year and
all prior years, less (C) all distributions theretofore made pursuant to Section
7.1(b)(ii)(A) of this Agreement with respect to the then current year. As of the
date hereof, but subject to that certain letter agreement,  dated as of the date
hereof,  executed by the Company in favor of the Saracen Members,  the amount of
the Unpaid Preferred Distribution is equal to zero ($0).

     "Warrant Agreement" shall mean the Warrant Agreement dated as of August 28,
1997 between WRP and United States Trust Company of New York, as warrant  agent,
as such agreement may be amended or restated from time to time.

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

     "WCPT Amount" shall have the meaning set forth in Section 7.1(i).

     "WCPT I  Distributions"  shall mean, as of any date, an amount equal to the
product of (x) the distributions  made to WCPT, WHWEL,  Whitehall XI and Holding
Co. pursuant to Section 7.1(b)(iii)(B) multiplied by (y) the quotient (expressed
as a percentage  rounded up to the nearest one ten- thousandth  (0.0001)) of the
WCPT I Percentage  Interest  divided by the Combined  Whitehall/WCPT  Percentage
Interest.

     "WCPT II Distributions"  shall mean, as of any date, an amount equal to the
product of (x) the distributions  made to WCPT, WHWEL,  Whitehall XI and Holding
Co. pursuant to Section 7.1(b)(iii)(B) multiplied by (y) the quotient (expressed
as a percentage  rounded up to the nearest one ten-

                             Exhibit 10.50 Page 29
<PAGE>

thousandth  (0.0001)) of the WCPT II Percentage Interest divided by the Combined
Whitehall/WCPT Percentage Interest.

     "WCPT I Percentage Interest" shall mean the percentage obtained by dividing
(A) the number of  Membership  Units issued to WCPT as of the date hereof,  plus
the number of  Membership  Units issued to WCPT after the date hereof in respect
of the WCPT Phase I Capital Contribution as of such date by (B) the total number
of Membership Units issued to WCPT as of such date.

     "WCPT II  Percentage  Interest"  shall  mean  the  percentage  obtained  by
dividing (A) the number of Membership Units issued to WCPT after the date hereof
in respect of the WCPT Phase II Capital  Contribution as of such date by (B) the
total number of Membership Units issued to WCPT as of such date.

     "WCPT IPO" shall have the meaning set forth in Section 8.3(e).

     "WCPT Phase I Capital Contributions" shall mean, as of any date, the sum of
$64,652,543,  plus the product of (x) WCPT's total Capital  Contributions funded
as of such  date  (excluding  Capital  Contributions  funded  prior  to the date
hereof) multiplied by (y) 0.51615.

     "WCPT Phase II Capital  Contributions"  shall mean, as of any date, the sum
of $300,000,  plus the product of (x) WCPT's total Capital  Contributions funded
as of such date multiplied by (y) 0.48385.

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

     "Whitehall Group" shall mean, collectively, WHWEL, Whitehall XI and Holding
Co.,  together  with  any  assignees  or  transferees  to the  extent  permitted
hereunder.

     "Whitehall  Registration  Statement"  shall have the  meaning  set forth in
Section 8.3(e).

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

     "WRP" shall mean Wellsford Real Properties, Inc., a Maryland corporation.

     "WRP  At-Market  Shares"  shall  mean the  shares  of WRP  issued  to WHWEL
pursuant to the WRP Letter  Agreement in exchange for Membership  Units owned by
WHWEL.

     "WRP Letter  Agreement"  shall mean the letter  agreement,  dated as of the
date  hereof,  between  WHWEL  and WRP  concerning  the  conversion  of  WHWEL's
Membership Units into WRP At- Market Shares.

     "WRP Shares" shall mean shares of common  stock,  $.01 par value per share,
of WRP.

     "WRP Warrants" shall mean the warrants that were originally issued to WHWEL
by WRP pursuant to the Warrant  Agreement,  which have been  assigned to Holding
Co. as of the date hereof.

                             Exhibit 10.50 Page 30
<PAGE>

     "WWG Contribution" shall have the meaning set forth in the fourth paragraph
of this Agreement.

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

     "WWP II" shall have the  meaning set forth in the third  paragraph  of this
Agreement.

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

     "WWP Contribution"  shall have the meaning set forth in the third paragraph
of this Agreement.

     1.2.  Terms  Generally.  For all  purposes  of this  Agreement,  except  as
otherwise expressly provided or unless the context otherwise requires:

     (a) the terms defined in this Article have the meanings assigned to them in
this Article and include both the plural and the singular;

     (b) the words "herein," "hereof" and "hereunder" and other words of similar
import  refer to this  Agreement as a whole and not to any  particular  Article,
Section or other subdivision; and

     (c) the words  "including"  and "include" and other words of similar import
shall be deemed to be followed by the phrase "without limitation."

                                   ARTICLE II.

                          THE COMPANY AND ITS BUSINESS
                          ----------------------------

     2.1. Company Name. The business of the Company shall be conducted under the
name of  "Wellsford/Whitehall  Group, L.L.C." in the State of Delaware and under
such name or such assumed names as the Management  Committee  deems necessary or
appropriate to comply with the  requirements of any other  jurisdiction in which
the Company may be required to qualify.

     2.2.  Term.  The  term of the  Company  will  commence  on the date of this
Agreement and shall  continue in full force and effect until  December 31, 2045,
unless sooner terminated or dissolved as hereinafter provided.

     2.3.  Filing of Certificate  and  Amendments.  The Manager shall (and shall
have the power and authority to) execute and file the  Certificate  of Formation
and any  required  amendments  thereto and do all other acts  requisite  for the
constitution of the Company as a limited  liability company pursuant to the laws
of the  State of  Delaware  or any other  applicable  law and for  enabling  the
Company or its Subsidiaries to conduct business in each  jurisdiction  where the
Properties are located.

                             Exhibit 10.50 Page 31
<PAGE>

     2.4. Purpose and Business;  Powers;  Scope of Members'  Authority.  (a) The
Company is  organized  primarily  for the  purpose  of  directly  or  indirectly
acquiring,  owning,  financing,  managing,  maintaining,  operating,  improving,
developing and selling real property (each real property owned by the Company or
one of its  Subsidiaries,  together with all  improvements  thereon and personal
property owned by the Company or its Subsidiary  related thereto,  a "Property",
and all properties  collectively,  the "Properties").  As of the date of hereof,
the Properties are those listed in Schedule 2.4A and the  Subsidiaries are those
listed in  Schedule  2.4B.  Subject to the other  terms and  conditions  of this
Agreement, the Company is empowered to do any and all acts and things necessary,
appropriate,  proper, advisable, incidental to or convenient for the furtherance
and  accomplishment  of the purposes and business  described  herein and for the
protection and benefit of the Company and its Subsidiaries,  including,  without
limitation, full power and authority,  directly or through its Subsidiaries,  to
enter into,  perform and carry out contracts of any kind, borrow money and issue
evidences of  indebtedness  whether or not secured by  mortgage,  deed of trust,
pledge or other lien,  acquire,  own, manage,  improve and develop any Property,
and lease, sell,  transfer and dispose of any Property.  The Company will at all
times  operate  in a  manner  so as to be  exempt  from  the  provisions  of the
Investment Company Act of 1940, as amended.

     (b)  Except  as  otherwise  expressly  and  specifically  provided  in this
Agreement,  no Member shall have any authority to bind or act for, or assume any
obligations  or  responsibility  on behalf of,  any other  Member.  Neither  the
Company  nor any  Member  shall,  by virtue of  executing  this Agree  ment,  be
responsible or liable for any indebtedness or obligation of the other Members or
otherwise  relating to any Property  incurred or arising  either before or after
the  execution  of this  Agreement,  except as to those joint  responsibilities,
liabilities, indebtedness, or obligations expressly assumed by the Company as of
the date of this Agreement or incurred  thereafter pursuant to and as limited by
the terms of this Agreement.

     2.5.  Principal  Office;  Registered  Agent.  The  principal  office of the
Company shall be 535 Madison Avenue,  26th Floor,  New York, New York 10022. The
Company may change its place of business to such location or locations as may at
any time or from time to time be determined  by the  Management  Committee.  The
mailing  address of the Company  shall be c/o  Wellsford  Commercial  Properties
Trust,  535 Madison Avenue,  26th Floor, New York, New York 10022, or such other
address as may be selected from time to time by the  Management  Committee.  The
Company shall  maintain a registered  office at The  Corporation  Trust Company,
Corporation  Trust Center,  1209 Orange Street,  Wilmington,  New Castle County,
Delaware 19801.  The name and address of the Company's  registered  agent is The
Corporation  Trust  Company,  Corporation  Trust  Center,  1209  Orange  Street,
Wilmington, New Castle County, Delaware 19801.

     2.6. Names and Addresses of Members. The names and addresses of the Members
are as set forth on Schedule 2.6 hereto.

     2.7.  Representations  and  Warranties  by  the  Company.  To  support  the
valuation as of the date hereof of each Membership  Unit at $15.85,  the Company
hereby:

     (a)  represents  and  warrants to each of Whitehall XI and Holding Co. that
the  representations and warranties in Schedule 2.7A are true and correct, as of
the dates set forth therein,

                             Exhibit 10.50 Page 32
<PAGE>

with  respect  to  each of the  Properties  listed  in  Schedule  2.4A,  each as
described in the Disclosure Materials;

     (b)  represents  and  warrants to each of Whitehall XI and Holding Co. that
the  representations and warranties in Schedule 2.7B are true and correct, as of
the date hereof, with respect to the Company and each of the Subsidiaries listed
in Schedule 2.4B; and

     (c) understands and acknowledges  that each of Whitehall XI and Holding Co.
is relying on such  representations  and  warranties  in making its  decision to
become a Member of the Company and contribute capital thereto.

     The  representations  and warranties in this Section 2.7, Schedule 2.7A and
Schedule 2.7B shall survive until May 15, 2000.

     2.8. Representations and Warranties by each Member.

     (a) Each Member  (other than each Saracen  Member)  hereby  represents  and
warrants to the other  Members,  as of the date  hereof,  that,  with respect to
itself only, the following representations and warranties are true and correct:

     (i) Such Member has been duly organized and is validly existing and in good
standing  in the  jurisdiction  of its  organization  and is  duly  licensed  or
qualified to transact  business in each  jurisdiction in which the nature of its
business  activities or assets  requires such licensing or  qualification.  Such
Member has the  requisite  power and authority to carry on its business as it is
now being, and is proposed to be, conducted.

     (ii) This  Agreement  has been duly  authorized,  executed and delivered by
such  Member and  constitutes  a legal,  valid and  binding  obligation  of such
Member,  enforceable against such Member in accordance with its terms, except as
limited by  bankruptcy,  insolvency,  receivership  and similar  laws  affecting
creditors' rights from time to time in effect.

     (iii) No order,  permission,  consent,  approval,  license,  authorization,
registration or filing by or with any government agency having jurisdiction over
such  Member or any other  Person is  required  for the  execution,  delivery or
performance by such Member of this Agreement or any other document or instrument
to be executed and delivered by such Member (in its individual  capacity or as a
partner,  member or other equity holder of any other Person) in connection  with
the Closing, except for such orders, permissions, consents, approvals, licenses,
authorizations,  registrations and filings as have already been obtained,  given
or made.

     (b) Each Saracen Member, with respect to itself only, hereby represents and
warrants to the other  Members,  as of the date hereof,  that this Agreement has
been duly executed and delivered by such Saracen Member and constitutes a legal,
valid and binding  obligation of such Saracen Member,  enforceable  against such
Saracen  Member in accordance  with its terms,  except as limited by bankruptcy,
insolvency,  receivership and similar laws affecting creditors' rights from time
to time in effect.

                             Exhibit 10.50 Page 33
<PAGE>

     (c) Holding Co. hereby represents and warrants to the other Members,  as of
the date hereof, that the following  representations and warranties are true and
correct:

     (i)  Holding  Co.  owns 100% of the legal and  beneficial  interest  in the
Holding  Co.  Contributed  Asset,  free and clear of all Liens  (other  than the
Assumed Financing) and, after giving effect to the Closing, the Company will own
100% of the assets of the Holding Co. Contributed Asset.

     (ii)  Except  for the  Assumed  Financing  and  liabilities  arising in the
ordinary  course of  business,  Holding Co. has not created any  liabilities  of
WXI/Mt. Bethel Road, L.L.C. of any nature,  whether matured or unmatured,  fixed
or contingent, accrued or unaccrued, liquidated or unliquidated,  whether due or
to be become due,  regardless of whether the disclosure  thereof otherwise would
be required by GAAP.

     2.9. Indemnification.

     (a) The  Company  shall  indemnify  each of  Whitehall  XI and  Holding Co.
against, and hold each of Whitehall XI or Holding Co. harmless from, its ratable
share  of any  loss,  liability,  expense  or  damage  incurred  by the  Company
including,  without  limitation,  reasonable  counsel fees and disbursements and
court costs (any such amount,  a "Company  Loss")  accruing from or resulting by
reason of any breach or inaccuracy of the representations and warranties made by
the Company in Section 2.7, Schedule 2.7A and Schedule 2.7B; PROVIDED,  however,
that the Company  shall have no liability  hereunder for any Company Loss unless
and until all Company Losses,  taken together,  exceed $500,000 in the aggregate
and then the Company shall have liability hereunder only for the amount by which
all Company Losses,  taken together,  exceed $500,000.  For the purposes hereof,
the ratable  share of Whitehall  XI's or Holding  Co.'s Company Loss shall be an
amount equal to the product of (x) the amount of such Company Loss times (y) the
Percentage  Interest of Whitehall XI or Holding Co.,  respectively,  on the date
that  the  claim is  asserted.  In lieu of a cash  payment  on  account  of such
indemnity,  Whitehall  XI and  Holding  Co.  shall  each  be  issued  additional
Membership  Units based on a value per  Membership  Unit to be determined by the
Management  Committee  (taking  into  account the Company  Loss) so that,  after
giving effect to such issuance of additional Membership Units, the value (taking
into account the Company Loss) of Membership Units owned by each of Whitehall XI
and Holding Co. is equal to the  product of (i) the number of  Membership  Units
owned by Whitehall XI or Holding Co. (as applicable)  immediately preceding such
issuance,  multiplied  by (ii) the Deemed  Value Per  Membership  Unit in effect
immediately preceding such issuance. Whitehall XI or Holding Co. will notify the
Company of any claim  hereunder,  and the Company  will notify  Whitehall XI and
Holding  Co.,  promptly  after  learning of an alleged  Company  Loss that could
entitle  Whitehall  XI  or  Holding  Co.  to   indemnification   hereunder.   No
indemnification  is given as to the fair market  value of the "total  assets" of
the Company on the date hereof or any time thereafter.  For purposes hereof,  in
the event any  Subsidiary of the Company  incurs a loss of the type described in
the  definition  of Company  Loss  above,  the  Company  shall be deemed to have
incurred a Company  Loss in an amount  equal to the product of (i) the amount of
such  loss so  incurred  by such  Subsidiary  and (ii) the  Company's  ownership
percentage  in such  Subsidiary  on the  date  such  loss is  incurred.  Neither
Whitehall XI nor Holding Co. may commence any action or  proceeding or otherwise
make  a  claim  for  damages   based  upon  a  breach  or   inaccuracy   of  the
representations and warranties made by the Company after May 15, 2000; provided,
that  this  sentence  shall  not  restrict  Whitehall  XI or  Holding  Co.  from
prosecuting or otherwise pursuing a claim

                             Exhibit 10.50 Page 34
<PAGE>

for indemnification hereunder after such date with respect to any claim made (by
written notice to the Company setting forth, with reasonable  specificity,  such
claim and the grounds therefor) or proceeding or action commenced on or prior to
May 15, 2000.

     2.10. Post-Closing  Adjustments.  The Company shall be entitled to receive,
and Holding Co shall pay to the Company if received by Holding Co. or any of its
Affiliates,  all rents,  receivables  and other  items of income  (collectively,
"Income")  with respect to 150 Mt. Bethel Road that is received  prior to, on or
after the  Closing  Date that  relates  to any  event or period  after  Closing,
PROVIDED  that Holding Co. shall be entitled to receive,  and the Company  shall
pay to Holding Co., if received by the  Company,  all Income with respect to 150
Mt.  Bethel Road owing by tenants or other  Persons at 150 Mt. Bethel Road which
accrued prior to the Closing Date, unless and to the extent any amounts are then
due and  payable  by the payor of such  income to the  Company on account of any
period after the Closing and such payment is not  specifically  designated to be
applied to amounts owing which relate to events or periods prior to the Closing.
No later than  thirty (30) days after the  Closing,  the Company and Holding Co.
shall collectively and jointly determine and calculate,  with respect to 150 Mt.
Bethel Road,  the  apportionment,  as of midnight of the Closing  Date,  of real
estate taxes,  utilities and other expense items (but not items of Income, which
are to be allocated as provided in the preceding  sentence) that are customarily
apportioned  between  buyers  and  sellers  of real  estate  (collectively,  the
"Closing Date  Proration").  If the Closing Date Proration  shall be a credit to
Holding  Co.,  the Company  shall  remit to Holding  Co. an amount  equal to the
Closing Date  Proration.  If the Closing Date Proration shall be a credit to the
Company,  Holding Co.  shall remit to the Company an amount equal to the Closing
Date Proration.

                                  ARTICLE III.

                         MANAGEMENT OF COMPANY BUSINESS;
                            POWERS AND DUTIES OF THE
                            MANAGER; MAJOR DECISIONS
                            ------------------------

                  3.1.  Management and Control.

     (a)  Except  as  otherwise   specifically  set  forth  in  this  Agreement,
including, without limitation,  Sections 3.1(c), 3.2, 3.3, 3.4, 3.5 and 3.6, the
Manager  shall have the right,  power and  authority to conduct the business and
affairs of the Company  (whether for the Company  itself or where the Company is
acting in its capacity as a direct or indirect  member,  partner or owner of any
Subsidiary)  and to do all  things  necessary  to carry on the  business  of the
Company,  and is  hereby  authorized  to take any  action  of any kind and to do
anything and everything the Manager deems necessary or appropriate in accordance
with the provisions of this Agreement and applicable law. The Manager shall have
the  authority  to  carry  out the  Business  Plan  approved  by the  Management
Committee  for each  Property  subject  to the  limitations  therein  and in the
Approved Budget.

     (b) As long as WCPT shall be the Manager,  WCPT agrees to cause experienced
and  qualified  personnel  of WRP (or an  Affiliate  of WRP)  to  supervise  the
business of the  Company and to devote such time to the  business of the Company
and its  Subsidiaries  as may be necessary to carry out the business and purpose
of the Company and its Subsidiaries in a prudent and efficient manner.  Prior to
hiring or  terminating  any  Executive  Officer of WCPT,  WCPT must first obtain
written consent of each of

                             Exhibit 10.50 Page 35
<PAGE>

WHWEL and Whitehall XI (or their respective  Committee  Representatives),  which
consent shall not be unreasonably withheld or delayed;  provided,  however, that
the  consent  of  WHWEL  and  Whitehall  XI  (or  their   respective   Committee
Representatives)  shall  not be  required  in  connection  with  terminating  an
Executive Officer of WCPT who is also an Executive Officer of WRP.

     (c) The Manager  shall not,  without the prior  approval of the  Management
Committee,  take any action on behalf of or in the name of the Company  (whether
for the  Company  itself or where the  Company  is acting in its  capacity  as a
direct or indirect member,  partner or owner of any  Subsidiary),  or enter into
any  commitment or obligation  binding upon the Company,  except for (i) actions
authorized  under this  Agreement and (ii) actions  authorized by the Members or
the  Management  Committee  in the manner set forth  herein.  The Manager  shall
indemnify and hold harmless the Company,  its  Subsidiaries  and the Members and
their Affiliates from and against any and all claims, demands,  losses, damages,
liabilities, lawsuits and other proceedings, judgments and awards, and costs and
expenses  (including  but not limited to reasonable  attorneys'  fees)  arising,
directly or indirectly, in whole or in part, out of any breach of the provisions
of this Section 3.1(c) by the Manager or its Affiliates.

     (d) The Management Committee shall have the full and exclusive right, power
and authority to act on behalf of the Company  (whether the Company is acting in
its own behalf or in its  capacity  as a direct or indirect  member,  partner or
owner of any  Subsidiary)  to the extent  provided  herein,  including,  without
limitation, Sections 3.4, 3.5 and 3.7.

     3.2. Enumeration of Specific Duties. (a) Subject to the other provisions of
this Article III, the Manager shall have the right, power, authority and (to the
extent there are available funds from the Company or the appropriate Subsidiary)
duty, all at the Company's  expense,  to manage the day- to-day  business of the
Company and the Subsidiaries and to implement the decisions made and the actions
authorized  for  and on  behalf  of the  Company  by the  Management  Committee,
including, without limitation, all of the following:

     (i) applying for and using diligent efforts to obtain any and all necessary
consents, approvals and permits required for the occupancy and operation of each
Property;

     (ii) supervising and managing the performance of all contractors performing
work  (including  construction)  including  direct  observation,  inspection and
supervision  during  the  progress  thereof;  making  final  inspection  of  the
completed  work  and  approving  bills  for  payment;  obtaining  the  necessary
receipts,  releases,  waivers,  discharges  and assurances to keep each Property
free from mechanics' and materialmen's liens and other claims;

     (iii) paying,  before  delinquency and prior to the addition of interest or
penalties,  all taxes,  assessments  and other  impositions  applicable  to each
Property  and  other  assets  owned by the  Company  and its  Subsidiaries,  and
undertaking any action or proceeding  seeking to reduce such taxes,  assessments
or other impositions;

     (iv)  procuring  all  necessary   insurance  to  the  extent  available  at
commercially reasonable rates for the Company and its Subsidiaries in accordance
with the Insurance  Program adopted by the Company from time to time pursuant to
clause (b) of the  definition  of

                             Exhibit 10.50 Page 36
<PAGE>

"Operational  Decision" set forth in Section  3.4.B.  below  (provided  that the
Manager  shall  increase any insurance  coverage  carried by the Company and its
Subsidiaries  or procure  any  additional  insurance  coverage  (whether  or not
provided  for in the  Insurance  Program)  if  required  under  the terms of any
Property Loan or if requested to do so by the Management Committee to the extent
it is  commercially  reasonable  to do so);  causing  the Members to be named as
additional  insureds on all liability policies maintained by the Company and its
Subsidiaries;  delivering to the members of the Management  Committee  copies of
all insurance policies  maintained by the Company and its Subsidiaries from time
to time,  including  renewals or replacements of any expiring  policies prior to
the expiration thereof;

     (v) verifying  that  appropriate  insurance  (including any required by the
terms of any Property Loan) is maintained by each contractor  performing work on
a Property;

     (vi) executing and delivering leases and other legal documents necessary to
carry  out the  business  of the  Company  and  its  Subsidiaries  (which  legal
documents  shall have first been  approved by the  Management  Committee  if its
approval is required pursuant to this Agreement,  including, without limitation,
Section 3.4 below)  PROVIDED that, the Management  Committee  shall be deemed to
have approved the legal documents and tenants in respect of the leases described
on Schedule 3.2(a)(vi);

     (vii) demanding, receiving,  acknowledging and instituting legal action for
recovery of any and all revenues, receipts and considerations due and payable to
the Company or its Subsidiaries, in accordance with prudent business practices;

     (viii)  keeping all books of account  and other  records of the Company and
its Subsidiaries and delivering all reports in the manner provided in Article XI
below and maintaining  (or causing to be maintained)  books of account and other
records of the Subsidiaries  separate and distinct from the books and records of
the Company;

     (ix)  maintaining all funds of the Company in a Company bank account in the
manner  provided in Article XI below,  which funds shall not be commingled  with
the  funds of the  Subsidiaries  or any  other  Person,  conducting  any and all
banking  transactions  on behalf  of the  Company  and  adjusting  and  settling
checking,  savings,  and other accounts with such institutions as the Management
Committee shall deem appropriate;

     (x)  delivering to the Management  Committee  members copies of any notices
received  from  lenders,   or  other  persons  with  whom  the  Company  or  its
Subsidiaries  have  material  contractual  obligations,  alleging  any  material
deficiencies  or  defaults  by the  Company or its  Subsidiaries  under the said
contractual arrangements;

     (xi)  protecting and preserving the title and interests of the Company (and
its  Subsidiaries)  in the  Properties  and all  other  assets  of the  Company,
including  keeping  each  Property  and all other  assets of the Company and its
Subsidiaries free from mechanics' and materialmen's liens;

                             Exhibit 10.50 Page 37
<PAGE>

     (xii)  coordinating  the  defense of any  claims,  demands,  suits or legal
proceedings made or instituted  against the Company (or its Subsidiaries) or the
Members (as members of the Company) by other parties,  through legal counsel for
the Company engaged in accordance  with the terms of this Agreement;  giving the
members of the Management Committee prompt notice of the receipt of any material
claim or demand or the  commencement  of any suit or legal  proceeding and, upon
request,  promptly  providing  the  members  of  the  Management  Committee  all
information relevant or necessary thereto;

     (xiii)  monitoring  and complying  with (A) the terms and provisions of any
restrictive  covenants  or easement  agreements  affecting  any  Property or any
portion  thereof,  and any and all  contracts  entered  into or  assumed  by the
Company (or its Subsidiaries),  including,  without  limitation,  the exceptions
noted in any title policy and (B) the terms and provisions of any note, mortgage
and other loan documents  assumed or executed by the Company or any  Subsidiary,
including any Property Loan documents;

     (xiv) coordinating the marketing and leasing of each Property;

     (xv) paying (or causing to be paid),  prior to  delinquency,  all insurance
premiums,  debts and other  obligations  of the  Company  and its  Subsidiaries,
including  amounts  due under any loans to the Company or its  Subsidiaries  and
costs of construction, operation and maintenance of each Property;

     (xvi) at Company expense (except as otherwise  provided herein) and subject
to the  provisions  of this  Agreement,  operating,  maintaining  and  otherwise
managing each Property in an efficient  manner and at all times  maintaining  an
organization sufficient to enable it to carry out all of its duties, obligations
and functions as Manager under this Agreement,  and rendering advice  concerning
sales and rental values in the manner set forth in this Agreement;

     (xvii) during the term of this  Agreement,  complying  with all present and
future laws,  ordinances,  orders,  rules,  regulations and  requirements of all
federal,  state and municipal  governments,  courts,  departments,  commissions,
boards and officers,  the  requirements of any insurance  policy (or any insurer
thereunder)  covering  any  Property,  any  national  or  local  Board  of  Fire
Underwriters,  or any other body exercising functions similar to those of any of
the  foregoing,  which may be  applicable  to any Property and the operation and
management  thereof,  and, when appropriate and prudent to do so, contesting the
validity or application of any such law, ordinance,  order, rule,  regulation or
requirement;

     (xviii) performing all other services reasonably  necessary or required for
the ownership, development,  maintenance, marketing and operation by the Company
or its  Subsidiaries  of each Property or otherwise  required to be performed by
the Manager pursuant to this Agreement and not otherwise prohibited hereunder;

     (xix) requesting the Management Committee's consent to any matter which the
Company (or any  Subsidiary) has the right to consent to, waive or approve under
or with respect to the partnership  agreement or other  governing  instrument of
any  Subsidiary  to the extent such matter would require the approval or consent
of the Management Committee hereunder;

                             Exhibit 10.50 Page 38
<PAGE>

     (xx)  delivering to each member of the Management  Committee  promptly upon
its receipt,  copies of all (1) material  summonses and complaints served on the
Company  or any  Subsidiary,  (2)  notices  of  default  on any  loan  or  other
indebtedness of the Company or any of its Subsidiaries or any material  contract
to which  the  Company  or any  Subsidiary  is a party  and (3)  notices  of the
incurrence  of or  discovery  by the Manager of any Lien  against  any  Property
(other than a Permitted Lien);

     (xxi)  executing  on behalf of the  Company and filing the  certificate  of
formation,  certificate of limited  partnership or certificate of  incorporation
for any  Subsidiary of the Company (the  formation of which has been approved by
the Management  Committee) and any required amendments thereto and executing the
operating company agreement or limited partnership agreement or adopting by-laws
of any such  Subsidiary  and any required  amendments  thereto to the extent the
operative provisions of such agreement or by-laws or amendment has been approved
by the  Management  Committee;  and  doing  all  other  acts  requisite  for the
constitution of such Subsidiary pursuant to the laws of the State of Delaware or
any other  applicable  law and for  enabling  such  Subsidiary  to  conduct  its
business in each jurisdiction where the Properties are located; and

     (xxii) taking any action directed by the Management Committee (as evidenced
by a written consent thereof).

     (b) The Manager shall devote such time to the Company, its Subsidiaries and
their  respective  businesses  as shall be  reasonably  necessary to conduct the
business of the Company and its Subsidiaries in an efficient manner and to carry
out the  Manager's  responsibilities  set forth in this  Agreement.  The Manager
shall act and carry out its duties hereunder with reasonable  diligence and in a
prompt  and  businesslike  manner,  exercising  such care and skill as a prudent
property manager with  sophistication  and experience in managing and developing
real estate assets like the  Properties  would  exercise in dealing with its own
property.  Provided that the Manager  satisfies the standard of care,  skill and
performance  set forth in this paragraph (b), the Manager shall not be deemed to
be in default of its duties  under this  Section 3.2 with respect to its acts or
omissions in carrying out such duties.

     3.3. No Authority to Hire Employees. The Company and its Subsidiaries shall
have no employees  and the Manager shall have no authority to hire any employees
of the  Company or its  Subsidiaries.  The  Manager  and/or WRP shall at its own
expense  (subject to reimbursement  as otherwise  specifically  provided in this
Agreement) maintain an organization  sufficient to enable the Manager and/or WRP
to carry  out all its  duties,  obligations  and  functions  hereunder.  Without
limiting the generality of the foregoing, the Manager and/or WRP shall maintain,
at the Company's (or the applicable Subsidiary's) expense, workers' compensation
insurance,  employer's  liability  insurance,  fidelity bonds for employees with
authority to sign checks or make withdrawals from Company and/or Subsidiary bank
accounts,  and  other  appropriate  insurance  insuring  the  Company  (and each
Subsidiary)  against any loss due to  embezzlement  or other  dishonest  acts or
errors or omissions of any employees of the Company,  the Manager  and/or WRP or
any of its Affiliates.

     3.4.   Decisions   Requiring   Approval   of  the   Management   Committee.
Notwithstanding  anything  to the  contrary in this  Agreement,  no act shall be
taken, sum expended, decision made or obligation incurred by the Company (in its
own behalf or in its capacity as a member, partner or other

                             Exhibit 10.50 Page 39
<PAGE>

equity holder of any  Subsidiary) or the Manager with respect to a matter within
the scope of any of the Major  Decisions or  Operational  Decisions,  unless and
until the Required  Committee  Approval shall have been obtained pursuant to and
in  accordance  with this Section 3.4 and Section 3.5.  The  provisions  of this
Agreement  relating to the management and control of the business and affairs of
the Company shall also be construed to be fully applicable to the management and
control of each  Subsidiary  and any and all  matters  listed in part A below in
this Section 3.4 shall  constitute  Major  Decisions for purposes hereof whether
such matter  relates to the Company or any Subsidiary of the Company and any and
all  matters  listed  in  part B below  in this  Section  3.4  shall  constitute
Operational  Decisions for purposes  hereof  whether such matter  relates to the
Company or any  Subsidiary of the Company.  In the event of any need for consent
of the Management Committee to any Major Decision or Operational  Decision,  the
Manager shall make such request of the Management Committee in writing and shall
provide each member of the Management Committee with any information  reasonably
necessary for the Management Committee to make an informed decision. The Manager
shall use its reasonable  efforts to keep the Management  Committee  informed of
the status of any matter  regarding  which the  Manager  intends to request  the
Management Committee's consent under this Section 3.4.

     A. The "Major Decisions" are:

     (a) altering the nature of the business of the Company or its  Subsidiaries
from the businesses permitted by Section 2.4(a);

     (b) taking any action in contravention of, amending,  modifying or waiving,
the provisions of this Agreement or the Certificate of Formation,  or taking any
action in contravention of, amending, modifying or waiving the provisions of any
Organizational Documents for any Subsidiary;

     (c) making a Capital Call except as permitted by Section 5.2;

     (d)  instituting  proceedings to adjudicate the Company or any Subsidiary a
bankrupt,  or consent  to the  filing of a  bankruptcy  proceeding  against  the
Company  or any  Subsidiary,  or file a petition  or answer or  consent  seeking
reorganization of the Company or any Subsidiary under the Federal Bankruptcy Act
or any other similar  applicable  federal or state law, or consent to the filing
of any such petition  against the Company or any  Subsidiary,  or consent to the
appointment  of a receiver or liquidator or trustee or assignee in bankruptcy or
insolvency  of the  Company or any  Subsidiary  or of its  property,  or make an
assignment  for the benefit of  creditors of the Company or any  Subsidiary,  or
admit the Company's or any Subsidiary's  inability to pay its debts generally as
they become due;

     (e)  extending  the term of the Company or any of its  Subsidiaries  beyond
December 31, 2045;

     (f)  approving  any  Annual  Capital  Budget,  Annual  Operating  Budget or
Business Plan or modifying (or  deviating  from) any of the foregoing  except to
the extent the Manager is so permitted by this Section 3.4);

                             Exhibit 10.50 Page 40
<PAGE>

     (g)  establishing any reserve for the Company in excess of $1 million (less
any  reserves  held by the  Company's  Subsidiaries  other  than  Property-level
reserves) or establishing any  Property-level  reserves in excess of 0.5% of the
book value of the applicable Property (before depreciation);

     (h) selecting or varying  depreciation  and accounting  methods which would
have a material effect on the income,  loss, gain or deduction of the Company or
any of its Subsidiaries and making any other decisions or elections with respect
to federal, state, local or foreign tax matters or other financial purposes;

     (i) except as the  Managing  Members  are each  permitted  by  Section  8.2
hereof, directly or indirectly selling, transferring,  assigning, hypothecating,
pledging or  otherwise  disposing  of all or any portion of any  Property or any
Subsidiary or any interest in any of the foregoing;

     (j)  extending  credit,  making  loans or  becoming  or acting as a surety,
guarantor,  endorser or  accommodation  endorser (or  materially  modifying  any
obligations  relating to the foregoing),  except in connection with  negotiating
checks or other  instruments  received by the Company  (or any  Subsidiary)  and
except for immaterial amounts in the ordinary course of business;

     (k) selecting the Company's or any Subsidiary's accountants and independent
auditors (unless such accountants or auditors are Ernst & Young);  and approving
financial statements prepared by the Company's or any Subsidiary's auditors;

     (l)  making  or  agreeing  to any  material  changes  to the  zoning of any
Property;  and  approving  the  material  terms and  provisions  of any material
restrictive  covenants or easement  agreements  (other than utility easements or
other  non-material  easements  necessary for the operation or  development of a
Property) or any material documents  establishing a cooperative,  condominium or
similar  association  or related  entity  affecting  any Property or any portion
thereof;

     (m)  obtaining  financing or  refinancing  for, or otherwise  incurring any
Indebtedness or issuing any debt or equity  securities  (including  Back-to-Back
Debt) of, the Company (or any  Subsidiary)  or any assets of the Company (or any
Subsidiary) including,  without limitation,  any Property Loan and any financing
of the operations of the Company (or any Subsidiary), except for unsecured loans
for working capital  specifically  set forth in an Approved  Budget;  placing or
suffering of any other Lien or encumbrance  (other than leases  permitted  under
paragraph (a) of the definition of  "Operational  Decision" in this Section 3.4)
on or  affecting  any  Property  or any  portion  thereof or any other  material
property or asset owned by the Company (or any  Subsidiary)  or selling any debt
securities of the Company or any  Subsidiary in a public or private  offering or
otherwise  (or taking  any action  which has  substantially  the same  effect or
commits the Company or any  Subsidiary to any of the  foregoing);  approving any
document (including any amendment,  supplement or other modification) containing
or  evidencing  any  material  modification  of any term of any such  financing,
refinancing  or  encumbrance  which was

                             Exhibit 10.50 Page 41
<PAGE>

previously  approved by the Management  Committee;  and approving the terms of a
workout of any such financing or refinancing with the lender thereof;

     (n)  approving  the admission to the Company of a successor or a New Member
or removing any Member,  designating or approving the  classification of any new
class  of  Membership  Units  issued  to a  New  Member  (and  establishing  the
designations, preferences and relative, participating, optional or other special
rights,  powers and duties of each class of  Membership  Units) or approving the
admission to any Subsidiary of a successor or an additional partner or member or
other equity owner;

     (o) terminating and dissolving the Company (or causing or consenting to any
such action relating to a Subsidiary) except in accordance with Article X below;

     (p) acquiring any land or other real property or any interest therein;

     (q)  making  or  approving  any  material  change  or  modification  to the
Marketing Plan applicable to any Property,  it being agreed that it shall not be
deemed  to be  material  if the  proposed  change  (i) was  necessitated  by the
occurrence of an event which was not in the control of the Manager, (ii) relates
to a  non-discretionary  expenditure  (e. g., taxes,  utilities or insurance) or
(iii)  would not cause  either (1) more than a 5% increase  in  expenditures  or
decrease in revenues  from the line item in question  set forth in the  Approved
Budget  (taking into account all other changes  affecting  such line item during
the same  Budget Year not  previously  approved  by the  Management  Committee);
provided that, the amount of such increase or decrease  (together with all prior
increases in  expenditures  and decreases in revenues in such  Approved  Budget)
shall not exceed 2% of the total  expenditures or revenues,  as the case may be,
in the Approved Budget or (2) any Property Loan to be in default;

     (r) modifying the material terms of (i) any loan  documentation or (ii) any
other material  agreement after the same has been approved by the Members or the
Management  Committee (but only in the case of clause (ii) if the consent of the
Management  Committee  shall have been  required as a condition to the Manager's
executing such other material agreement);

     (s) except as each of the  Managing  Members is  permitted  by Section 8.2,
approving  or entering  into an  Extraordinary  Transaction  with respect to the
Company or any  Subsidiary  or causing the Company (or any  Subsidiary)  to sell
ownership  interests  or other  securities  in a public or private  offering  or
otherwise  (or taking  any action  which has  substantially  the same  effect or
commits the Company or any Subsidiary to do any of the foregoing);

     (t) taking  any  action or giving or  withholding  any  consent,  waiver or
approval or exercising any right that is  specifically  delegated to or requires
the  approval  of the  Management  Committee  pursuant  to  the  terms  of  this
Agreement; or

     (u)  forming any  subsidiary  of the  Company  (other than those  listed in
Schedule 2.4B).

                             Exhibit 10.50 Page 42
<PAGE>

     Notwithstanding  anything  herein to the  contrary,  the  assumption of the
Assumed  Financing by the Company and the  execution and delivery by the Company
of the  documentation  related  thereto shall be deemed to have been approved by
the Management Committee.

     B. The "Operational Decisions" are:

     (a) executing,  modifying,  accepting the surrender of or  terminating  any
lease or  other  arrangement  involving  the  rental,  use or  occupancy  of any
Property or any part thereof,  except in accordance with the applicable  Leasing
Plan;  PROVIDED,  however,  that the  Manager  may  modify a lease of all or any
portion of any Property if such lease would still satisfy the applicable Leasing
Plan as modified; and PROVIDED further,  however, that the Manager may terminate
any  lease  (and  bring  eviction  and  legal  proceedings  against  the  tenant
thereunder)  where the tenant has defaulted in its rent payments or is otherwise
in material default;

     (b) approving an insurance  program for the Company (and its  Subsidiaries)
and each Property (the "Insurance Program");

     (c)  retaining  legal  counsel  for the Company  (or its  Subsidiaries)  in
connection with any major financing or other capital event  (including a merger,
combination or public offering of the Company);

     (d) taking any action in respect of any Property  relating to environmental
matters other than to obtain  environmental  studies and reports and conduct (or
arrange for)  evaluations  and analyses  thereof and other than to remediate any
environmental  contamination  or other similar matters as required by law if the
cost of such remediation would not exceed $250,000;

     (e) settling an insurance claim or condemnation action involving a claim in
excess of Five Hundred Thousand Dollars  ($500,000) or which,  when added to all
other  insurance or condemnation  claims during a single calendar year,  exceeds
One Million Dollars ($1,000,000);

     (f) unless  required  pursuant to the terms of any ground lease or mortgage
encumbering  any  Property,  deciding  whether  to repair or  rebuild in case of
material  damage  to any of the  improvements  on  such  Property,  or any  part
thereof,  arising  out of a casualty  or  condemnation  (except  such  emergency
repairs as may be necessary to protect such Property);

     (g) making any expenditure or incurring any cost or obligation  which, when
added to any  other  expenditure,  cost or  obligation  of the  Company  (or its
Subsidiaries, as the case may be), either exceeds the applicable Approved Budget
applicable  to the  Budget  Year  when  such  expenditure  was  made  or cost or
obligation  was incurred or exceeds any line items  specified  in such  Approved
Budget;  PROVIDED,  however,  that the Manager may,  without the approval of the
Management  Committee,  make  expenditures or incur  obligations in excess of an
Approved  Budget if (i) the making of such  expenditure  or  incurrence  of such
obligation  either (1) was  necessitated by the occurrence of an event which was
not in the  control  of  the  Manager  or  (2)  relates  to a  non-discretionary
expenditure  (e.g.,  taxes,  utilities and insurance),  (ii) such expenditure or
obligation  is within a 5% variance  from the line item in question set forth in
such Approved  Budget (taking into account all other  expenditures  in excess of
such line item during

                             Exhibit 10.50 Page 43
<PAGE>

the same Budget Year not previously  approved by the  Management  Committee) and
the  amount  of all  variances  for such  Budget  Year  (including  the  pending
variance)  would not exceed 5% of the total  expenditures in the Approved Budget
and (iii) such expenditure or obligation would not cause the applicable Property
Loan, if any, to be in default;

     (h) giving or withholding any consent, waiver or approval or exercising any
right that the Company (or any  Subsidiary)  has the right to give,  withhold or
exercise under or with respect to the Organizational  Document of any Subsidiary
to the extent  that the  Management  Committee  would have the right to approve,
consent or exercise rights hereunder regarding such matter;

     (i) entering into any property management,  leasing, development or similar
agreement.

     Notwithstanding  anything  to  the  contrary  herein,  the  exercise  by  a
Marketing  Member of its rights under Section 8.2 shall not require any approval
or other action of the Management Committee or any other Member.

     3.5. Management Committee.

     (a)  A  committee   consisting  of  the  Committee   Representatives   (the
"Management  Committee")  is  hereby  established  and is  granted  the sole and
exclusive  right,  power and authority to make,  approve or disapprove all Major
Decisions  and   Operational   Decisions  on  behalf  of  the  Company  and  its
Subsidiaries,  and is hereby authorized to designate an authorized  signatory to
execute  and  deliver on behalf of the  Company  (or to cause the  Manager to so
execute  and  deliver)  any and all such  contracts,  certificates,  agreements,
instruments and other documents,  and to take any such action, as the Management
Committee  deems  necessary  or  appropriate  relating  to Major  Decisions  and
Operational Decisions.

     (b) The Manager shall cause such reports as the Management  Committee shall
reasonably request to be prepared and delivered on a timely basis to the members
of the  Management  Committee.  Unless and until a new Approved  Budget shall be
established,  the Company shall operate under the most recent  Approved  Budget.
The Manager may from time to time submit amendments to any Business Plan for the
approval  of the  Management  Committee.  The  Management  Committee  will  meet
promptly after the submission of a Business Plan or proposed  amendment  thereto
with the object of reaching some conclusion thereon within not later than thirty
(30) days after the submission of the same.

     (c) (i) Two Committee  Representatives  shall be appointed by each of WHWEL
and Whitehall XI, and four (4) Committee  Representatives  shall be appointed by
WCPT (each of WHWEL,  Whitehall  XI and WCPT in such  capacity,  an  "Appointing
Member") and each  Committee  Representative  shall serve at the pleasure of the
Appointing Member that appointed such Committee  Representative.  Each Committee
Representative appointed by WCPT shall be an officer or employee of WCPT or WRP.
Each  Committee  Representative  appointed  by WHWEL or Whitehall XI shall be an
officer or employee of Goldman, Sachs & Co., Goldman Sachs Group or one of their
respective  Affiliates.  The Management Committee shall consist of the Committee
Representatives appointed by the Appointing Members, the Committee

                             Exhibit 10.50 Page 44
<PAGE>

Representatives,  if any,  appointed by the Saracen Members  pursuant to Section
3.5(e)(vi), and the Committee Representatives,  if any, appointed by the holders
of Series A Preferred  Membership  Units together with the holders of membership
interests ranking on a parity with the Series A Preferred  Membership Units with
respect to distribution rights (collectively, the "Preferred Holders"), pursuant
to the  Series A Terms.  Each of WHWEL  and  Whitehall  XI shall  cease to be an
Appointing Member if all of the Members of the Whitehall Group,  taken together,
cease to own,  in the  aggregate,  Membership  Units  and/or  Shares  having  an
aggregate original cost or fair market value,  whichever is greater, of at least
$15 million  (unless,  at such time,  the  aggregate  cost or fair market value,
whichever  is  greater,  of WRP's  Shares  and/or  Membership  Units  (excluding
Membership  Units owned through  WCPT) is also less than $15 million);  in which
case,  all  decisions,  consents  and  approvals  to be  made  or  given  by the
Management  Committee or the Manager hereunder shall be made exclusively by WCPT
and the Preferred  Holders,  if applicable.  If WRP no longer owns Shares and/or
Membership  Units  (excluding  Membership  Units owned  through  WCPT) having an
aggregate original cost or fair market value,  whichever is greater, of at least
$15 million  (unless,  at such time,  the  aggregate  cost or fair market value,
whichever is greater,  of the Membership  Units and Shares of all of the Members
of the Whitehall  Group,  taken  together,  is also less than $15 million) then,
subject to Section  4.2(j) herein,  all decisions,  consents and approvals to be
made or given by the Management  Committee or the Manager hereunder described in
Section  3.4A(i),  (m),  (p),  (r)  and (s)  shall  instead  be  made  or  given
exclusively  by WHWEL and  Whitehall  XI,  acting  jointly,  and,  to the extent
provided in the Series A Terms and this  Agreement,  the Preferred  Holders,  if
applicable.

     (ii) Each Appointing  Member, the Saracen Members and the Preferred Holders
shall have the power to remove any Committee  Representative  appointed by it or
them and  simultaneously  to appoint a replacement  Committee  Representative by
delivering notice to the Company and to the other Members five (5) Business Days
in advance of such removal and appointment.  Notwithstanding  the foregoing,  no
notice from Saracen or any of the Saracen  Members  purporting to remove William
F. Rand, III ("Rand") as a Committee  Representative  shall be effective  unless
executed by Rand.  Vacancies on the Management  Committee shall be filled by the
Appointing Member, the Saracen Members or the Preferred Holders,  as applicable,
that  appointed the  Committee  Representative  previously  holding the position
which is then vacant.  Each Appointing Member and, if applicable,  the Preferred
Holders agrees that their respective appointed Committee  Representatives  shall
have the authority to act on behalf of such  Appointing  Member or the Preferred
Holders,  if  applicable,  to effectuate  the purposes of this  Agreement and to
execute  documents on their respective behalf (unless such Appointing Member or,
if applicable,  the Preferred Holders provides to the Appointing  Members and to
the Preferred Holders,  if applicable,  written notice to the contrary),  except
that the  Committee  Representatives  shall not have the  authority  to  appoint
successor   Committee   Representatives.   Each  Appointing  Member's  Committee
Representatives (and such Committee  Representatives  appointed by the Preferred
Holders,  if  applicable)  shall have the right to rely on the  authority of the
Appointing    Members'   Committee    Representatives    (and   such   Committee
Representatives  appointed by the Preferred  Holders,  if applicable) to act for
its designating  Appointing Member, or Preferred Holders,  as applicable,  until
such time as it or they receive written notice from such Appointing  Members, or
Preferred  Holders,  as  applicable,  that a Committee  Representative  has been
removed or its authority limited.

                             Exhibit 10.50 Page 45
<PAGE>

     (iii)   Except  with   respect  to  Rand's   appointment   as  a  Committee
Representative   by   Saracen,   the   individuals    appointed   as   Committee
Representatives  must always be  Affiliates  or  employees  of their  respective
Appointing Member or their respective  Affiliates.  Such individuals shall cease
to be  Committee  Representatives  and  shall be  immediately  removed  by their
respective  Appointing Member (or the other Appointing Member if such Appointing
Member fails to do so) in the event such  individuals  cease to be so affiliated
with their respective Appointing Member.

     (iv) The Committee Representatives effective as of the date hereof shall be
as follows:

     WHWEL: Stuart M. Rothenberg and Steven M. Feldman

     Whitehall XI: Ronald L. Bernstein and Todd A. Williams.

     WCPT:  Jeffrey H. Lynford,  Edward  Lowenthal,  Gregory  Hughes and Richard
Previdi.

     Saracen:  William  F.  Rand,  III and  Kurt W.  Saraceno,  which  Committee
Representatives shall have been appointed pursuant to Section 3.5(e)(vi) below.

     (d) The Management Committee shall act with respect to all matters (whether
to approve any Major  Decision and any  Operational  Decision or to exercise any
other right (or to grant any  consent or  approval)  accorded to the  Management
Committee   hereunder)   by  Required   Committee   Approval.   Each   Committee
Representative  shall have one (1) vote on all  matters  that  arise  before the
Management Committee. For avoidance of doubt and notwithstanding anything to the
contrary herein, no matter may be approved and no action taken by the Management
Committee without Required Committee Approval.

     (e)(i) The  Management  Committee  shall meet regularly not less often than
quarterly.  Special  meetings of the  Management  Committee may be called by any
Committee Representative having a right to vote at such meeting on at least four
(4)  Business  Days'  prior  written  notice of time and place of such  meeting;
PROVIDED,  however,  that such notice  requirement shall be deemed waived by any
Committee  Representative  who is  present  (in person or by  telephone)  at the
commencement of any such special  meeting.  Regular and special  meetings may be
held at any  place  designated  from  time to  time  by the  Manager,  including
meetings by telephone  conference.  Six (6) Committee  Representatives (at least
one of which shall have been appointed by each of WHWEL and Whitehall XI and two
of which  shall  have been  appointed  by WCPT)  shall  constitute  a quorum for
Management  Committee  action with  respect to any Major  Decision and three (3)
Committee  Representatives  (at least one of which shall have been  appointed by
each  Appointing  Member)  shall  constitute a quorum for  Management  Committee
action with respect to any Operational  Decision,  PROVIDED,  however,  that (x)
unless at least four (4)  Business  Days' prior  written  notice of the time and
place  of  any  regular  or  special   meeting  is  provided  to  the  Committee
Representatives  appointed by the Saracen Members pursuant to Section 3.5(e)(vi)
and,  (y) during a  Preferential  Distribution  Non-Payment  (as  defined in the
Series A Terms),  unless  (A) at least ten (10)  Business  Days'  prior  written
notice of the time and place of any regular meeting is provided to the Committee
Representatives appointed pursuant to Section 4 of the Series A Terms, or (B) at
least five (5) Business  Days' prior written notice of the time and place of any
special meeting is provided to the

                             Exhibit 10.50 Page 46
<PAGE>

Committee Representatives appointed pursuant to Section 4 of the Series A Terms,
and at least two (2) Business Days prior to any special  meeting such  Committee
Representatives  are  provided  with  reasonably   sufficient   information  and
documentation  to enable them to adequately  address the issues presented at the
special   meeting,   even  if  there  are  the  required   number  of  Committee
Representatives  present to constitute a quorum for Management Committee action,
a quorum  will not be deemed to be  present at such  meeting  of the  Management
Committee  and the  Management  Committee  shall  not be  authorized  to take or
approve any action, unless one of the Committee Representatives appointed by the
Saracen  Members  pursuant  to Section  3.5(e)(vi)  and/or one of the  Committee
Representatives  appointed  pursuant to Section 4 of the Series A Terms,  as the
case may be, is present (in person or by  telephone) at such meeting or consents
to such action by written consent.  Notwithstanding the foregoing,  in the event
one of the Committee  Representatives  appointed by the Saracen Members pursuant
to Section  3.5(e)(vi)  and/or one of the  Committee  Representatives  appointed
pursuant to Section 4 of the Series A Terms,  as the case may be, is not present
at a meeting (in person or by  telephone),  the  Management  Committee  shall be
deemed  authorized  to take or approve any action  taken at such  meeting if the
Saracen Members and/or such Committee Representatives ratify(ies) such action at
a subsequent  meeting or in a written  consent of the  Management  Committee (it
being understood and agreed that any decision by the Saracen Members and/or such
Committee  Representative  with respect to any such  ratification may be made in
their or his or her sole  discretion  and that no  Saracen  Member of  Committee
Representative shall be under any obligation to effect any such ratification).

 .

     (ii)  Actions  taken  or  approved  by the  Management  Committee  will  be
evidenced by a written  resolution  prepared  within ten (10) business days of a
meeting of the  Management  Committee  by the Manager and approved in writing by
the Committee  Representatives  who were present at such meeting and who adopted
such resolutions.

     (iii) Any  action  required  or  permitted  to be taken at a meeting of the
Management Committee may be taken without a meeting if a written consent setting
forth  the  action so taken is signed  by the  Committee  Representatives  whose
approval is required to constitute the Required  Committee  Approval,  PROVIDED,
however that the Appointing Members shall send by telecopy or by Federal Express
or other nationally recognized overnight courier service, a copy of the proposed
written  consent  to the  Committee  Representatives  appointed  by the  Saracen
Members  pursuant to Section  3.5(e)(vi)  herein at least two (2) Business  Days
prior to the  earlier  of (i) the  effective  date of such  consent  or (ii) the
execution by any Committee  Representative of such written consent. In the event
of any action which is taken,  or is to be taken  pursuant to a written  consent
and not  pursuant  to a vote at a duly  called  and  authorized  meeting  of the
Management  Committee,  the Manager shall  endeavor,  in good faith,  to solicit
input from all Committee Representatives prior to the execution by any Committee
Representative of such written consent. Such consent may be in one instrument or
in  several  instruments,  and shall have the same force and effect as a vote of
such Committee Representatives.  An action so taken shall be deemed to have been
taken at a meeting held on the effective  date so certified.  Copies of all such
written consents shall be sent to each Managing Member and to Saracen.

     (iv) Each  Committee  Representative  may  authorize  any  other  Committee
Representative  to act  for  him or her by  proxy  on all  matters  in  which  a
Committee Representative is entitled to participate, including waiving notice of
any meeting, or voting or participating at a meeting. Every proxy must be signed
by the Committee Representative. No proxy shall be valid after the expiration of

                             Exhibit 10.50 Page 47
<PAGE>

eleven (11) months from the date thereof unless otherwise provided in the proxy.
Every proxy shall be revocable at the pleasure of the  Committee  Representative
executing  it, such  revocation to be effective  upon the  Company's  receipt of
written notice thereof.

     (v) All out-of-pocket expenses (including travel expenses) incurred by each
of the  Committee  Representatives  in  connection  with  their  service  on the
Management Committee shall be borne by the Company.

     (vi) The  Saracen  Members  have the  right to  appoint  two (2)  Committee
Representatives to attend and observe any and all quarterly and special meetings
of the Management  Committee,  which initial Committee  Representatives  are set
forth in Section  3.5(c)(iv).  All  Committee  Representatives  appointed by the
Saracen  Members  pursuant to this  Section  3.5(e)(vi)  shall be subject to the
prior written approval of the Management Committee,  which approval shall not be
unreasonably  withheld  or  delayed,   PROVIDED,  however  that  the  Management
Committee  hereby  approves the  appointment  of Kurt W. Saraceno and William F.
Rand,  III as the initial  Committee  Representatives  appointed  by the Saracen
Members.  The  Saracen  Members'  right  to  appoint  Committee  Representatives
pursuant  to this  Section  3.5(e)(vi)  shall cease and the  appointment  of all
Committee  Representatives  previously  appointed by Saracen shall be terminated
(A) if Saracen no longer owns Membership  Units,  Series A Preferred  Membership
Units and/or  Shares  having an aggregate  original  cost or fair market  value,
whichever is greater,  of at least $5 million,  or (B) upon the  occurrence of a
Capital  Event.  Except as and to the extent set forth in this  Agreement,  such
Committee Representatives appointed by the Saracen Members shall have no voting,
consent, approval or determination rights on the Management Committee.

     3.6.   Limited   Authorization.   Any  provision  hereof  to  the  contrary
notwithstanding,  except for  expenditures  made and obligations  incurred which
were (i) previously  approved by the Management  Committee,  (ii) included in an
Approved  Budget,  or  (iii)  otherwise  not  required  to be  approved  by  the
Management Committee in accordance herewith, the Manager shall have no authority
to make any  expenditure  or incur any  obligation or liability on behalf of the
Company or any  Subsidiary.  The  Manager  shall not expend more than the amount
which the Manager in good faith  believes to be the fair and  reasonable  market
value at the time and place of contracting  for any goods  purchased or services
engaged on behalf of the Company or any Subsidiary.  The Manager shall not enter
into any agreement or other  arrangement for the furnishing to or by the Company
or any  Subsidiary  of goods or  services  with  itself or any Person that is an
Affiliate of the Manager unless such agreement or arrangement  has been approved
by the Management Committee.  Notwithstanding anything to the contrary contained
herein,  the Manager is hereby  authorized to make  expenditures for emergencies
(not to exceed $100,000 per Property per Fiscal Year) to the extent necessary to
protect a Property or the occupants thereof from damage or harm;  PROVIDED that,
the Manager notifies the Management Committee in writing of any such expenditure
promptly after the incurrence thereof.

     3.7. Members Shall Not Have Power to Bind Company. No Member shall transact
business  for the Company nor shall any Member  have the power or  authority  to
sign,  act for or bind the Company,  all of such powers being vested  solely and
exclusively in the Manager and the Management Committee,  PROVIDED that (i) each
Member of the Whitehall Group,  acting alone, and WCPT, acting alone, shall have
the  authority  to sell or cause  the sale of  Properties,  Subsidiaries  of the
Company  and/or the Company itself as set forth in Section 8.2, (ii) the Members
of the  Whitehall  Group shall have the  authority  to sell or cause the sale of
Properties,  Subsidiaries  of the Company and/or the Company itself

                             Exhibit 10.50 Page 48
<PAGE>

as set forth in Sections  8.2 and 9.1,  and (iii)  either  WHWEL or Whitehall XI
shall have the right to appoint a new Manager as provided in Section 9.1.

     3.8. Status as "Operating Company"; Participation in Management by Members.
The Company  intends to operate its  business in a manner so as to qualify as an
"operating  company"  for purposes of ERISA and the Plan Asset  Regulation.  For
purposes of ERISA and the Plan Asset  Regulation,  the  Management  Committee is
intended  to  be  the  functional  equivalent  of  a  board  of  directors  of a
corporation  incorporated under the laws of the State of Delaware. Each Managing
Member  that  has  the  right  to  appoint  a  Committee  Representative  to the
Management  Committee  shall have the right,  directly or through its  Committee
Representative on the Management Committee, to participate  substantially in the
management  and conduct of the Company  (both in the Company's own behalf and in
the   Company's   capacity  as  the   controlling   member  or  partner  in  the
Subsidiaries).  The Manager shall from time to time meet with the members of the
Management  Committee  to discuss the  business and affairs of the Company or to
discuss any particular matter requested by a member of the Management Committee.

                                   ARTICLE IV.

                          RIGHTS AND DUTIES OF MEMBERS
                          ----------------------------

     4.1.  Use of  Company  Property.  No Member  shall make use of the funds or
property  of the  Company or any  Subsidiary,  or assign its rights to  specific
Company property except as otherwise  specifically  permitted by this Agreement.
The Manager and the  Management  Committee can make use of the funds or property
of the  Company or any  Subsidiary  but only for the  business or benefit of the
Company.

     4.2. Exclusivity;  Other Activities of the Members. (a) (i) Notwithstanding
anything  else to the  contrary  herein,  as long as all of the  Members  of the
Whitehall  Group,  taken together,  own Membership Units and/or Shares having an
aggregate original cost or fair market value,  whichever is greater, of at least
$15 million,  WCPT and any of its Affiliates  (including WRP) shall not make any
investment in or otherwise  acquire or own,  directly or indirectly,  any Office
Property  located in North  America,  except (A)  through  its  Interest  in the
Company,  (B) as otherwise permitted in this Sections 4.2, or (C) pursuant to an
acquisition  in  accordance  with  Section  8.2  herein.  The direct or indirect
ownership by WCPT or any of its Affiliates  (including WRP) of any  indebtedness
or debt security which (1) is secured by one or more Office Properties,  and (2)
when added to any senior and pari passu debt  secured by such  Office  Property,
had a  loan-to-value  ratio in  excess of  ninety  percent  (90%) at the time of
origination  shall  constitute  ownership  of an Office  Property  by WCPT and a
breach  of this  Section  4.2(a).  WCPT  acknowledges  that this  covenant  is a
material  inducement  to the Members of the Whitehall  Group  entering into this
Agreement and that a breach of this covenant shall  constitute a material breach
of this Agreement  entitling the Members of the Whitehall  Group to exercise the
remedies provided elsewhere in this Agreement and at law or in equity (including
specific performance and injunctive relief).

     (ii)  Notwithstanding  anything  else to the contrary  herein,  at any time
after all of the Members of the Whitehall  Group,  taken together,  cease to own
Membership Units and/or Shares having

                             Exhibit 10.50 Page 49
<PAGE>

an aggregate  original  cost or fair market value,  whichever is greater,  of at
least $15 million,  and until such time as (A) Saracen no longer owns Membership
Units,  Series A Preferred  Membership  Units and/or  Shares having an aggregate
original  cost or fair  market  value,  whichever  is  greater,  of at  least $5
million,  or (B) a  Capital  Event  shall  occur,  neither  WCPT  nor any of its
Affiliates  (including  WRP,  but in  any  event  excluding  any  Member  of the
Whitehall  Group and any Affiliate of such Member) may make any investment in or
otherwise acquire or own, directly or indirectly, any Office Property located in
the Target Territory,  except through its Interest in the Company or pursuant to
an acquisition in accordance with Section 8.2 herein.  For purposes of the first
sentence of this Section 4.2(a)(ii), the direct or indirect ownership by WCPT or
any of its Affiliates (including WRP) of any indebtedness or debt security which
(1) is  secured  by one or more  Office  Properties,  and (2) when  added to any
senior and pari passu debt secured by such Office Property,  had a loan-to-value
ratio in  excess  of  ninety  percent  (90%) at the  time of  origination  shall
constitute  ownership of an Office Property by WCPT and a breach of this Section
4.2(a)(ii).

     (b) If WCPT or its Affiliate  shall have offered the opportunity to acquire
Office  Properties in accordance with  subparagraph  (c) below and the Committee
Representatives appointed by WHWEL and Whitehall XI shall have declined not less
than five of such  opportunities  each  having a purchase  price of at least $15
million individually at any time since the later of (x) the first anniversary of
the  date  hereof  and  (y)  the  date  twelve  months  prior  to  the  date  of
determination,  then at any time  thereafter  an Affiliate of WCPT (but not WCPT
itself)  may acquire  Office  Properties  that have been  offered to the Company
pursuant  to  subparagraph  (c) and  declined by the  Committee  Representatives
appointed by WHWEL and Whitehall XI.

     (c) If an Affiliate of WCPT  (including  WRP) wishes to make any investment
in or otherwise  acquire or own,  directly or  indirectly,  any Office  Property
prior  to the end of the term of this  Agreement,  then in such  instance,  WCPT
shall provide  written notice of such  investment  opportunity  (an  "Investment
Notice") to each Committee  Representative  appointed by WHWEL and Whitehall XI.
WCPT shall promptly provide to the Committee  Representatives appointed by WHWEL
and Whitehall XI all such  information and copies of documents in WCPT's (or its
Affiliate's)  possession  or  reasonably  available  to WCPT (or its  Affiliate)
concerning  any  such  Office   Property.   At  the  request  of  any  Committee
Representative  appointed by WHWEL and Whitehall XI, WCPT shall deliver to WHWEL
and Whitehall XI copies of all additional  information and documents  concerning
such Office  Property which are reasonably  available to WCPT and are reasonably
necessary for WHWEL and Whitehall XI to evaluate whether such Office Property is
a suitable and desirable  investment for the Company or one of its Subsidiaries,
including all third-party reports and internal analyses or investment memoranda.
The additional  information  and documents  required to be provided to WHWEL and
Whitehall XI or each of their Committee Representatives pursuant to this Section
4.2(c)  shall  be  provided  at the  Company's  expense.  An  Affiliate  of WCPT
(including WRP) may proceed with the investment in or acquisition of such Office
Property  if,  and only  if,  (i)  such  Affiliate  is  permitted  to make  such
investment or acquisition in accordance with the terms of 4.2(b) and (ii) within
15 Business  Days after WCPT's  delivery of an Investment  Notice,  or within 10
Business  Days after the  delivery  of an  Additional  Information  Request  (as
defined  below),  WCPT  shall  not  have  received  notice  from  any  Committee
Representative  appointed  by  WHWEL  and  Whitehall  XI  that  either  (x)  the
investment in or other  acquisition of the specified  Office Property would be a
desirable  investment  for  the  Company  or one of its  Subsidiaries  or (y) it
reasonably requires additional information to make the determination whether the
investment in or other  acquisition of the specified  Office Property would be a
desirable

                             Exhibit 10.50 Page 50
<PAGE>

investment  for  the  Company  or  one  of  its   Subsidiaries  (an  "Additional
Information Request").  No more than two (2) Additional Information Requests may
be  made  with  respect  to  any  investment  opportunity.  The  fact  that  any
information or document contained in an Additional  Information Request shall be
subject to a  confidentiality  agreement  pursuant to which such  information or
document  may not be  disclosed  to WHWEL and  Whitehall  XI shall not render an
Additional  Information  Request  unreasonable for purposes of clause (y) of the
immediately  preceding  sentence.  If,  within  30  days  after  delivery  of an
Additional  Information  Request  which  contains  a  request  for  one or  more
documents  subject to a  confidentiality  agreement  to which WCPT or one of its
Affiliates is bound,  either (i) an  appropriate  modification  or waiver of the
relevant confidentiality  agreement is not obtained or (ii) the relevant part of
the Additional Information Request is not rescinded by WHWEL and Whitehall XI in
writing,  neither WCPT nor any of its  Affiliates  may make any investment in or
otherwise acquire any interest in the relevant Office Property.

     (d) If the Company or one of its  Subsidiaries  does not elect to invest in
or  otherwise  acquire an interest in any Office  Property  in  accordance  with
Section  4.2 (c) and the  financial  terms of the  transaction  relating to such
Office  Property  are later  materially  changed and, in the case of a change in
financial terms,  are expected to materially  enhance the economic return of the
Office  Property,  then the right of first  refusal set forth in Section  4.2(c)
shall again apply to such Office Property (it being understood that the economic
return will be deemed to be  "materially  enhanced" in the event that either (i)
the projected  internal rate of return increases by at least one percent (1%) or
(ii) the  projected  gross  profits  increase by at least  $500,000.00  over the
expected life of the investment).

     (e) Except as contemplated by this Agreement,  WCPT has not entered into or
conducted  and shall not  directly  or  indirectly  enter  into or  conduct  any
business or own any assets  other than  through its  Interest in the Company and
has not  incurred  or issued  and shall not incur or issue any  Indebtedness  or
other liabilities or any debt or equity securities or Rights whatsoever  without
the prior written consent of each of WHWEL and Whitehall XI (or their respective
Committee Representatives);  PROVIDED that, WCPT may (i) issue additional Shares
to WRP if (x) all proceeds  received by WCPT are  contributed  to the Company to
fund a Capital  Call issued in  accordance  with Article V and (y) the price per
Share paid in cash by WRP to WCPT is equal to the price per Membership Unit paid
in cash by WCPT to the Company for such  Capital Call and (ii) with the approval
of the Members of the  Whitehall  Group,  issue  Funding Debt if (x) the Company
issues  Back-to-Back  Debt with identical terms to such Funding Debt and (y) all
of the proceeds received by WCPT in connection with the issuance of such Funding
Debt are used to purchase such Back-to-Back  Debt. WCPT has not entered into and
will not enter into a debt or equity  financing  unless,  prior to entering into
such  financing,  WCPT has first given the Company an  opportunity to enter into
such  financing for the Company's  account  (rather than WCPT entering into such
financing) substantially in the manner specified in Section 4.2(c).

     (f)  Subject  to this  Section  4.2 and any  limitations  set  forth in any
agreement  between WCPT (or any of its Affiliates) and any Saracen Member and/or
Rand (only so long as such limitations are applicable  under such agreement;  it
being  specifically  agreed  that any such  limitations  contained  in the Asset
Management  Agreement are no longer  applicable or effective),  each of WRP (but
not WCPT),  WHWEL,  Whitehall XI,  Holding Co. and Saracen and their  respective
Affiliates  may engage or invest in any other activity or venture or possess any
interest therein independently or with others. None of the Company, the Members,
the  creditors  of the Company or any other  person  having any  interest in the
Company  shall have (i) any claim,  right or cause of action  against any of the
Members or any other

                             Exhibit 10.50 Page 51
<PAGE>

Person employed by, related to or in any way affiliated with, any of the Members
by reason of any direct or indirect investment or other  participation,  whether
active or passive in any such activity or venture or interest  therein,  or (ii)
any right to any such  activity or venture or interest  therein or the income or
profits derived therefrom.  Notwithstanding anything to the contrary herein, (A)
no Member  of the  Whitehall  Group nor any  Affiliate  thereof  nor any  Person
related  to or in any way  affiliated  with such  Member  shall have any duty or
obligation to disclose or offer to the Company or the Members, or obtain for the
benefit of the  Company or the  Members,  any  activity  or venture or  interest
therein,  (B) except as  otherwise  specifically  set forth in this Section 4.2,
neither WRP nor any of its  Affiliates  (other  than WCPT) nor any other  Person
related to or in any way  affiliated  with WRP (other  than WCPT) shall have any
duty or obligation to disclose or offer to the Company or the Members, or obtain
for the  benefit  of the  Company or the  Members,  any  activity  or venture or
interest  therein,  and (C) except as  otherwise  specifically  set forth herein
(including, without limitation, in Section 4.2) and any limitations set forth in
any agreement  between WCPT (or any of its  Affiliates)  and any Saracen  Member
and/or  Rand  (only  so long as  such  limitations  are  applicable  under  such
agreement;  it being specifically agreed that any such limitations  contained in
the Asset Management  Agreement are no longer applicable or effective),  neither
Saracen nor any of its  Affiliates nor any other Person related to or in any way
affiliated  with Saracen  shall have any duty or obligation to disclose or offer
to the Company or the  Members,  or obtain for the benefit of the Company or the
Members, any activity or venture or interest therein. In addition,  in the event
any  investment  opportunity is introduced to the Company and one or more of the
Committee Representatives appointed by WCPT declines such opportunity,  then any
Member of the Whitehall Group or any affiliate of any such Member, shall be free
to pursue and acquire for its own account such  opportunity,  PROVIDED  that the
economic  terms are  substantially  similar  to the  economic  terms  previously
offered to the Company.

     (g) Each Member of the Whitehall  Group hereby agrees that, with respect to
any Office  Property that has previously been offered to the Company by WCPT (or
its  Affiliate)  and that the Committee  Representatives  appointed by WHWEL and
Whitehall XI disapproved  pursuant to subparagraph  (c) above,  (x) no Member of
the  Whitehall  Group nor any Affiliate of any such Member shall be permitted to
make any investment in or otherwise acquire or own, directly or indirectly, such
Office Property and (y) they shall keep confidential all information  concerning
such Office  Property that WCPT (or its  Affiliate)  provided to such Members of
the  Whitehall  Group (or any Affiliate of such Members) to the extent that such
information  constitutes   Confidential  Information  (as  defined  below).  The
covenant set forth in clause (y) in the  immediately  preceding  sentence  shall
cease to be  applicable  to any  information  either to the  extent it no longer
constitutes  Confidential  Information  or more than two years has elapsed since
the date of  delivery  thereof  to such  Members of the  Whitehall  Group or any
Affiliate of such Members. For purposes of this subparagraph (g),  "Confidential
Information"  shall  include all  information  furnished  to such Members of the
Whitehall  Group or any Affiliate of such Members by or on behalf of WCPT and/or
its Affiliates concerning an Office Property. Notwithstanding the foregoing, any
such information shall not constitute  "Confidential  Information" to the extent
it (i) is or becomes generally available to the public other than as a result of
a  disclosure  by any Member of the  Whitehall  Group or any  Affiliate  of such
Member in contravention of this Agreement, (ii) was already in the possession of
such Member of the Whitehall  Group or any Affiliate of such Member prior to its
disclosure to such Member of the Whitehall Group or any Affiliate of such Member
by or on behalf of WCPT or its Affiliate,  (iii) is or becomes available to such
Member of the  Whitehall  Group or any  Affiliate  of such  Member from a source
(other than WCPT or its  Affiliates)  not bound, to the knowledge of such Member
of the Whitehall Group or any Affiliate of such Member, by any legal or other

                             Exhibit 10.50 Page 52
<PAGE>

obligation prohibiting the disclosure of Confidential Information by such source
to WCPT or its  Affiliates or (iv) the Company or its  Subsidiary  acquires such
Office Property.

     (h)  Notwithstanding  anything to the contrary set forth in this Agreement,
WRP or its  Affiliates  shall be  entitled  to acquire  and own  certain  Office
Properties  (i) that were acquired in connection  with WRP's or its  Affiliates'
acquisition of Value Property  Trust, a Maryland real estate  investment  trust,
(ii) in accordance with the letter  agreement  dated the date hereof,  among the
Company, WCPT, WHWEL, Whitehall XI, Saracen and WRP pursuant to which Affiliates
of WCPT may make certain entity-level investments and (iii) that may be acquired
in connection with WRP's or its Affiliate's  foreclosure  action or receipt of a
deed in lieu of  foreclosure  or any other  exercise of its  remedies  under any
indebtedness  or  debt  security  originated  by WRP or its  Affiliate  that  is
permitted in this Section 4.2 (PROVIDED  that WCPT shall not,  without the prior
written consent of each of WHWEL and Whitehall XI (or their respective Committee
Representatives),  provide any  property or asset  management  services  for any
asset so acquired).

     (i) Except  for  activities  conducted  through  the  Company or any of its
Subsidiaries  or as otherwise  permitted  pursuant to the other sections of this
Agreement, WCPT (or any of its Affiliate) shall not form another entity with any
Member of the  Whitehall  Group  and/or any  Affiliate of such Member or jointly
with any Member of the  Whitehall  Group  and/or any  Affiliate  of such Member,
engage in, or make any investment in, or otherwise  acquire or own,  directly or
indirectly,  any Office Property located in the Target Territory, as partners or
joint venturers (or in other similar  relationships),  without the prior written
consent of Saracen. This Section 4.2(i) shall not independently prevent WCPT (or
any of its Affiliates) or any Member of the Whitehall Group (or any Affiliate of
such Member) from  individually,  engaging  in, or making an  investment  in, or
otherwise acquiring or owning,  directly or indirectly,  Office Property located
in the Target  Territory,  except as the same may be restricted  pursuant to the
other  provisions of this Agreement.  Nothing  contained herein shall limit WCPT
(or any of its Affiliates) from individually, or together with any Member of the
Whitehall Group (or any Affiliate of such Member) as partners or joint venturers
(or in other similar  relationships),  from engaging in, or making an investment
in, or  otherwise  acquiring  or  owning,  directly  or  indirectly,  any Office
Property  located  outside the Target  Territory,  PROVIDED  that,  if otherwise
restricted  pursuant  to the terms of this  Agreement,  WCPT  obtains  the prior
written consent of each of WHWEL and Whitehall XI (or their respective Committee
Representatives).  Nothing in this Agreement shall preclude or limit the ability
of any  Member  of the  Whitehall  Group  and any  Affiliate  of such  Member to
purchase Office  Properties either alone or in a partnership with another Person
(except WCPT as described above).

     (j)  Notwithstanding  anything else to the contrary herein,  if at any time
that the Committee Representatives on the Management Committee appointed by WCPT
do not have the power to vote to prevent the Company  from making an  investment
in or otherwise acquiring or owning, directly or indirectly, any Office Property
(unless only in the event such voting rights have been terminated solely because
WCPT has been  terminated as Manager for Cause) and the Company  desires to make
an investment in or otherwise acquire or own, directly or indirectly, any Office
Property  located in the Hub Target Market,  then until such time as (A) Saracen
no longer owns  Membership  Units,  Series A Preferred  Membership  Units and/or
Shares  having an aggregate  original  cost or fair market  value,  whichever is
greater, of at least $5 million, or (B) a Capital Event shall occur, the Company
shall provide an Investment Notice to Saracen.  The Company may proceed with the
investment  in or other  acquisition  of such Office  Property in the Hub Target
Market only if within one (1)  Business Day after the

                             Exhibit 10.50 Page 53
<PAGE>

Company's  delivery of an  Investment  Notice to Saracen,  the Company shall not
have  received  written  notice from Saracen  objecting to the  investment in or
other  acquisition of the specified  Office  Property  located in the Hub Target
Market. If, in accordance with the immediately  preceding sentence,  the Company
may not make an  investment in or otherwise  acquire any Office  Property in the
Hub Target Market, any Member of the Whitehall Group or any of Affiliate of such
Member,  either alone or in  partnership or joint venture with any other Person,
including,  without  limitation,  WCPT  and/or  its  Affiliates,  may make  such
investment in or otherwise acquire such Office Property.

     (k) In  the  event  a  Marketing  Member  has  caused  the  Company  or its
Subsidiaries  to complete  sales  pursuant to Section  8.2(a) of Subject  Assets
having  a total  cost  basis  of $150  million  or  more,  (i) WRP or any of its
Affiliates  (including WCPT) shall be free to acquire any Office  Property;  if,
but only if,  such  Office  Property  shall not be located  in the same  greater
metropolitan  region (including  central business district and suburban markets)
as any Property then owned by the Company or any Subsidiary unless WRP or any of
its  Affiliates  (including  WCPT)  acquires  such Office  Property  pursuant to
Section 8.2, and (ii) WRP shall be  permitted to utilize  personnel  employed by
WCPT on a part-time  basis to assist with the  management  of Office  Properties
acquired in  accordance  with the  preceding  clause (i);  PROVIDED that (A) the
costs of such employees,  including  salary,  benefits and overhead,  are fairly
allocated between WRP and the Company and (B) each of WHWEL and Whitehall XI (or
their respective  Committee  Representatives)  shall approve the cost allocation
and reimbursement  arrangements for such personnel,  which approval shall not be
unreasonably withheld.

     (l) In the event that the "total assets" of the Company as set forth on the
Company's  consolidated  balance sheets in accordance  with  generally  accepted
accounting  principles,  consistently  applied,  have a total cost basis of less
than $150 million,  (i) WRP or any of its Affiliates  (including  WCPT) shall be
free to acquire any Office Property and (ii) WRP and any Member of the Whitehall
Group shall be permitted to hire any individual then employed by WCPT to provide
management  services for any Office  Property  acquired by WRP and any Member of
the  Whitehall  Group (it being  understood  that,  so long as the Company  owns
Properties having an aggregate cost basis of more than $150 million, neither WRP
nor any Member of the  Whitehall  Group shall be  permitted to employ or solicit
the  employment or  consulting  services of, any  individuals  employed by WCPT,
except (i) as permitted in paragraph (k) above, (ii) after the expiration of six
(6)  months  following  the  termination  for any  reason  of such  individual's
employment by WCPT, or (iii) after the expiration of three (3) months  following
the termination for any reason of such individual's employment by WCPT if at the
time of such  termination  the "total  assets"  of the  Company  (determined  as
provided in this clause l) have had,  for a period of at least three (3) months,
a total cost basis of less than $250 million and more than $150 million.

     4.3.  Indemnification with Respect to the Manager. (a) None of the Manager,
its Affiliates or their respective  officers,  directors,  trustees,  employees,
representatives  or agents  (collectively,  the "Indemnified  Parties") shall be
liable,  responsible or accountable in damages or otherwise to the Company,  any
third party or to any Member for (i) any act  performed  or omission  within the
scope of the  authority  conferred on the  Indemnified  Party by this  Agreement
except for the gross  negligence,  fraud,  breach of  fiduciary  duty or willful
misconduct of any Indemnified  Party in carrying out its obligations  hereunder,
(ii) the Indemnified Party's  performance of, or failure to perform,  any act on
the  reasonable  reliance on advice of legal counsel to the Company or (iii) the
negligence,  dishonesty  or bad faith of any agent,  consultant or broker of the
Company  selected,  engaged  or  retained

                             Exhibit 10.50 Page 54
<PAGE>

in good  faith and with  reasonable  prudence.  In any  threatened,  pending  or
completed  action,  suit or proceeding,  each  Indemnified  Party shall be fully
protected  and  indemnified  and  held  harmless  by  the  Company  against  all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
proceedings,  costs, expenses and disbursements of any kind or nature whatsoever
(including,   without   limitation,   reasonable   attorneys'   fees,  costs  of
investigation,  fines,  judgments  and  amounts  paid  in  settlement,  actually
incurred by such  Indemnified  Party in  connection  with such  action,  suit or
proceeding) by virtue of its status as an  Indemnified  Party or with respect to
any action or omission taken or suffered in good faith,  other than  liabilities
and losses resulting from the gross negligence,  fraud, breach of fiduciary duty
or willful  misconduct of any Indemnified  Party;  PROVIDED,  however,  that the
Indemnified  Parties  shall  not be so  indemnified  for any  acts or  omissions
determined  to  be in  contravention  of  this  Agreement.  The  indemnification
provided by this Section 4.3(a) shall be  recoverable  only out of the assets of
the Company, and no Member shall have any personal liability on account thereof.

     (b) The  Manager  shall  indemnify  and hold the  Company  and the  Members
harmless  against all  liabilities,  obligations,  losses,  damages,  penalties,
actions,  judgments,  suits, proceedings,  costs, expenses, and disbursements of
any  kind  or  nature  whatsoever  (including,  without  limitation,  reasonable
attorneys' fees, costs of  investigation,  fines,  judgments and amounts paid in
settlement, actually incurred by the Company in connection with any action, suit
or proceeding)  resulting from the gross negligence,  fraud, breach of fiduciary
duty or willful misconduct of the Manager.

     4.4. Compensation of Members and Affiliates.  Until the earlier of (i) such
time as all of the Members of the Whitehall Group, taken together,  cease to own
Membership Units and/or Shares in WCPT having an aggregate original cost or fair
market value,  whichever is greater,  of at least $15 million and (ii) such time
as WCPT makes an initial  public  offering  (and in  connection  with an initial
public  offering by WCPT),  the Company  agrees that,  to the extent the Company
seeks to retain an investment  bank for any  financial or related  services with
respect to actions of the  Company  (including  an initial  public  offering  by
WCPT),  the  Company  will  retain  Goldman,  Sachs & Co.  or one or more of its
Affiliates to provide such services;  PROVIDED,  that the foregoing  requirement
shall not apply to the sale or financing of a single  Property or to the sale or
financing of Properties having an aggregate book value of less than $50 million.
If Goldman,  Sachs & Co. or such Affiliate agrees to accept any such engagement,
Goldman,  Sachs & Co.  and/or  such  Affiliate  shall be entitled to receive its
customary indemnification, and fees and commissions at rates that are consistent
with the then  prevailing  rates for such  services  charged by similar  quality
providers of such services, for acting in such capacity.

     4.5. Investment  Representations.  (a) The Members each represent that they
are acquiring  their  interests as Members for their own account for  investment
purposes  only and not with a view to the  distribution  or resale  thereof,  in
whole or in part, and each agrees that it will not transfer,  sell or dispose of
all or any  portion  of, or offer to  transfer,  sell,  or dispose of all or any
portion of its interest as a Member,  or solicit offers to buy from or otherwise
approach or negotiate in respect thereof with any person or persons  whomsoever,
all or any portion of its  Interest in any manner  which would  violate or cause
the  Company  or any Member to violate  applicable  federal or state  securities
laws.

     (b) Each Saracen  Member  (either  alone or with his, her or its  advisors)
have had a reasonable  opportunity  to ask questions of and receive  information
and  answers  from a person or persons  acting on behalf of the  Company and its
Affiliates concerning the Company (and its Subsidiaries), the

                             Exhibit 10.50 Page 55
<PAGE>

Company's (and any of its  Subsidiary's)  Properties,  the Company's (and any of
its  Subsidiary's)  financial  and business  condition  and the  acquisition  of
Membership Units and Series A Preferred  Membership  Units, and, as each Saracen
Member may deem  necessary,  to verify any  information  provided to any Saracen
Member  by the  Company  and its  Affiliates  and all such  questions  have been
answered and all such information has been provided to the full  satisfaction of
each Saracen Member. Nothing contained in this Section 4.5(b) shall limit in any
way  the  representations  and  warranties  of  the  Company  set  forth  in the
Contribution Agreement.

     (c) Each Saracen Member (either alone or with his, her or its advisors) has
sufficient  knowledge and experience in financial,  tax and business  matters to
enable him, her or it to evaluate the merits and risks of an  investment  in the
Membership Units and Series A Preferred  Membership  Units.  Each Saracen Member
has the ability to bear the economic risk of acquiring the Membership  Units and
the Series A Preferred  Membership Units. Each Saracen Member  acknowledges that
(1) the  transactions  contemplated  by  this  Agreement  and  the  Contribution
Agreement  involve  complex tax  consequences  for each Saracen  Member and each
Saracen  Member  is  relying  solely on the  advice  of his,  her or its own tax
advisors in evaluating such consequences, and (2) neither the Company (including
any of its Affiliates),  nor the Manager,  nor the Management Committee has made
(or shall be deemed to have been made) any  representations  or warranties as to
the tax consequences of such transactions to any Saracen Member. Notwithstanding
the foregoing,  the Company  acknowledges  its  obligations  pursuant to Section
6.1(e) and Section 8.2A herein.

     (d) All information that each Member has provided to the Company concerning
himself or herself or itself and his, her or its financial  position,  including
any financial  information  requested by the Company, is correct and complete in
all material respects as of the date hereof.

     (e) Each  Saracen  Member  is not  acquiring  Membership  Units or Series A
Preferred  Membership  Units as a result of or subsequent to any  advertisement,
article, notice or other communication  published in any newspaper,  magazine or
similar media or broadcast over television or radio, or presented at any meeting
or seminar.

     (f) Each  Saracen  Member is over 21 years of age,  has  adequate  means of
providing  for his or her current  needs and personal  contingencies  and has no
need for liquidity of any  investment in the  Membership  Units and the Series A
Preferred Membership Units.

     (g) Each Saracen  Member has (i) a net worth,  when  combined  with the net
worth of that person's spouse, in excess of $1,000,000, or (ii) has had adjusted
gross income for calendar  years 1996,  1997,  1998 and expects to have adjusted
gross income for calendar year 1999, of at least $200,000 for each such year.

     (h) No Saracen  Member (or any  ultimate  beneficial  interest  holder in a
Saracen Member that is a  flow-through  entity for tax purposes) is a "qualified
organization" within the meaning of Section 514(c)(9)(C) of the Code.

     4.6. Dealing with Members. The fact that a Member, an Affiliate of a Member
or any officer, director,  employee, partner, consultant or agent of a Member or
an Affiliate of a Member,  is directly or indirectly  interested in or connected
with any  person,  firm or  corporation  employed  by the

                             Exhibit 10.50 Page 56
<PAGE>

Company to render or perform a service,  or from or to whom the  Company may buy
or sell any  property or have other  business  dealings,  shall not prohibit the
Company from employing such person, firm or corporation or from dealing with him
or it on customary terms and at competitive  rates of compensation,  and neither
the Company nor any of the Members  shall have any rights in or to any income or
profits  derived  therefrom,  PROVIDED,  however  that in the event  any  Member
provides  a  loan  to the  Company,  such  loan  shall  (i)  be on  commercially
reasonable  terms, (ii) have a term of six (6) months or less and (iii) together
with all other loans from  Members to the  Company  then  outstanding,  be in an
aggregate amount of less than 10% of the Book Value of all of the Company Assets
and the assets of the Subsidiaries.

     4.7.  Designation of Tax Matters  Member.  Whitehall XI, as long as it is a
Member,  shall act as the Tax Matters Member of the Company,  as provided in the
regulations pursuant to Section 6231 of the Code. Each Member hereby approves of
such designation and agrees to execute, certify, acknowledge, deliver, swear to,
file and record at the  appropriate  public  offices  such  documents  as may be
deemed necessary or appropriate to evidence such approval.  To the extent and in
the manner provided by applicable Code sections and regulations thereunder,  the
Tax Matters  Member (a) shall furnish the name,  address,  profits  interest and
taxpayer  identification  number of each Member to the IRS and (b) shall  inform
each Member of  administrative  or judicial  proceedings  for the  adjustment of
Company  items  required  to be taken  into  account  by a Member for income tax
purposes.  The Tax Matters Member shall not enter into an agreement with the IRS
or any other taxing authority to extend the limitation  period for assessment of
any federal, state or local income,  franchise or unincorporated business tax of
any  Member  or  owner  thereof  nor  settle  with the IRS or any  other  taxing
authority  to disallow  deductions  or increase  income from this  Company  with
respect to any Member, unless all of the Members shall have agreed thereto.

                             Exhibit 10.50 Page 57
<PAGE>

                                   ARTICLE V.

                          CAPITAL CONTRIBUTIONS, LOANS
                                 AND LIABILITIES
                                 ---------------

     5.1. Capital Contributions and Capital Accounts of the Members.

     (a) As of the date  hereof,  WCPT,  WHWEL and each of the  Saracen  Members
hereby contributes to the Company each of their "Membership Units" in WWP II and
all of their right,  title and interest in and to WWP II, to the Company and, in
exchange  therefor,  each shall  receive  such  number of  Membership  Units,  a
Percentage Interest and Capital Account as set forth in Schedule 5.1.

     (b) As of the date hereof,  each of the Saracen Members hereby  contributes
each of their "Series A 6% Convertible  Preferred Membership Units" in WWP II to
the  Company  and each  shall  receive  therefor  an equal  number  of  Series A
Preferred  Membership  Units,  a Series A Preferred  Percentage  Interest  and a
Series A Capital  Account,  all as set forth in Schedule  5.1. The Company shall
cancel and terminate each of the "Series A 6% Convertible  Preferred  Membership
Units" of WWP II.

     (c) As of the date hereof,  Holding Co. hereby  contributes the Holding Co.
Contributed Asset, subject to the Assumed Financing, and $122,744 in cash to the
capital of the Company and, in exchange  therefor,  shall receive such number of
Membership  Units,  a Percentage  Interest  and Capital  Account as set forth in
Schedule 5.1. The contribution by Holding Co. to the Company (and/or one or more
of its  Subsidiaries) of the Holding Co.  Contributed  Asset on the Closing Date
shall be made subject to the Assumed  Financing  and on the date of the Closing,
the  Company  and/or one or more of its  Subsidiaries  shall  assume the Assumed
Financing.  The Company shall repay the Assumed  Financing no later than May 28,
1999.

     5.2. Additional Capital Contributions

     (a) If any of the Managing  Members shall  reasonably  determine that funds
are  required  for a Necessary  Expenditure,  or in the event of a  Preferential
Distribution  Non-Payment  (as  defined  in the Series A Terms),  such  Managing
Member  shall have the right to make a Mandatory  Capital  Call  describing  the
amount and nature of the Necessary  Expenditure  or the aggregate  amount of any
payment  default  pursuant  to the  Series A Terms,  in which  event each of the
Managing Members shall,  within twenty (20) days after receipt of such Mandatory
Capital  Call,  fund a portion  of the  capital  contribution  required  by such
Mandatory  Capital Call (which  portion shall be equal to such Member's  Funding
Percentage   multiplied  by  the  amount  of  such   Mandatory   Capital  Call).
Notwithstanding  anything to the contrary herein,  except for the payment of any
Preferential  Distribution  Non-Payment  (as defined in the Series A Terms),  no
Managing Member shall be required to contribute or lend any funds to the Company
(and no Mandatory Capital Call for a Necessary Expenditure may be issued to such
Member)  pursuant to this Section 5.2 or otherwise  (i) if such Member has fully
funded its  Capital  Commitment  (whether  or not the other  Members  have fully
funded their  Capital  Commitments),  (ii) in response to a Capital Call made at
any time  after  December  31,  2000  (irrespective  of the  amounts  previously
contributed)  or (iii) at any time after an initial public offering of Shares by
WCPT.

                             Exhibit 10.50 Page 58
<PAGE>

     (b) If the Management  Committee  shall have authorized a Capital Call, the
Manager  shall make such  Capital  Call  describing  in brief  detail the use of
proceeds  of such  Capital  Call,  in which event each of the  Managing  Members
shall,  within (20) days after receipt of such Capital  Call,  fund a portion of
the capital  contribution  required by such Capital Call (which portion shall be
equal to such  Member's  Funding  Percentage  multiplied  by the  amount of such
Capital Call).

     (c) Following receipt of a Capital Call in compliance with the requirements
of this  Section 5.2,  each of the  Managing  Members  shall  contribute  to the
Company the amount  applicable  to such Member as set forth in the Capital  Call
delivered pursuant to this Section 5.2 on the due date specified in such notice.

     (d) Upon any  conversion  by a  Saracen  Member of any  Series A  Preferred
Membership Units into Membership Units, such Saracen Member shall have the right
to  contribute  up  to  $7,500.00  to  the  Company  as  an  additional  capital
contribution,  PROVIDED,  however,  that such capital  contribution  shall be in
addition to and shall not reduce the conversion price payable in connection with
such  conversion.  In exchange for such capital  contribution,  Membership Units
shall be issued based upon the Deemed Value Per  Membership  Unit on the date of
such capital contribution.  Notwithstanding the foregoing, in no event shall (i)
the  aggregate  amount of  capital  contributions  made by all  Saracen  Members
pursuant to this Section 5.2(d) exceed $50,000.00,  and (ii) Membership Units be
issued  for more than  $50,000.00  of  capital  contributions  pursuant  to this
Section 5.2(d).

     (e) Notwithstanding anything contained in this Section 5.2 to the contrary,
Holding Co. will fund its Capital  Commitment in the manner and amount described
in the definition of "Capital  Commitment"  contained  herein in connection with
any capital  contribution  required for the potential  acquisition of properties
commonly known, respectively, as 24 Federal Street, Boston, Massachusetts and 79
Milk  Street,  Boston,  Massachusetts,  after which  Holding  Co.  shall have no
further Capital Commitment.

     5.3. Failure to Fund Capital  Contributions.  If any Managing Member who is
required to fund a Capital Call fails to do so in the amount and within the time
required under Section 5.2(a) or (b), as applicable ("Non-Contributing Member"),
the Manager  shall give  notice of such  failure to all other  Managing  Members
required to make such Capital Contribution,  including a statement of the amount
of the Capital  Contribution  not funded by the  Non-Contributing  Member  (such
amount is hereinafter referred to as the "Failed  Contribution"),  and the other
such  Managing  Members may fund all or part of such Failed  Contribution  (each
such funding Member is hereinafter referred to as a "Contributing  Member").  If
more than one Managing  Member  desires to be a Contributing  Member,  each such
Member  shall have the right to fund the amount the  Non-Contributing  Member(s)
failed to fund pro rata in  proportion to the relative  Percentage  Interests of
such Contributing Members;  PROVIDED that, if any such Contributing Member funds
less than its pro rata  share,  the other  Contributing  Members  shall have the
right to fund an amount equal to the difference  between such first Contributing
Member's  pro rata share and the amount such first Member  actually  contributed
pursuant to this  sentence,  on a pro rata basis in  proportion  to the relative
Percentage Interests of such Contributing  Members. Upon funding all or any part
of a Failed  Contribution,  any  Contributing  Member  may elect  the  following
treatment  for the portion  (the "Funded  Portion")  of the Failed  Contribution
funded by such Contributing Member:

                             Exhibit 10.50 Page 59
<PAGE>

     (a) The  Contributing  Member may at any time (even after first electing to
proceed  under  paragraph  (b)  below)  elect to treat the  Funded  Portion as a
capital  contribution by such Contributing Member with the dilution provided for
in Section 5.4 below.

     (b) The Contributing Member may elect to treat the Funded Portion as a loan
(a "Member Loan") by the  Contributing  Member to the  Non-Contributing  Member,
which Member Loan shall be treated as (i) a demand loan made by the Contributing
Member to the Non-  Contributing  Member (bearing interest at the Default Rate),
and (ii) as a Capital Contribution by the Non-Contributing Member. Any such loan
(to the extent of unpaid  principal and interest)  shall be recourse only to the
Non-Contributing   Member's   Interest   and  shall   also  be  payable  by  the
Non-Contributing Member on demand of the Contributing Member and shall be repaid
(i)  directly  by the  Company on behalf of the  Non-Contributing  Member to the
Contributing Member from funds otherwise  distributable to the  Non-Contributing
Member  pursuant  to Section  7.4 or (ii) upon the  closing of the  transactions
contemplated by Section 8.2 hereof.  A Contributing  Member may, by delivering a
notice to the  Non-Contributing  Member at any time prior to full  repayment  of
such Member Loan,  elect to terminate  such loan and have the Non-  Contributing
Member's  Percentage  Interest  diluted  as set forth in Section  5.4,  with the
entire  outstanding  principal and interest  treated as the amount of the Failed
Contribution and the Capital  Accounts of the Contributing and  Non-Contributing
Members adjusted  accordingly to reflect the outstanding amount of a Member Loan
as a Capital  Contribution by the Contributing  Member, not the Non-Contributing
Member.  Repayment  of any Member Loan shall be secured by the  Non-Contributing
Member's  Interest,  and the  Non-Contributing  Member  hereby grants a security
interest  in such  Interest to the  Contributing  Member who has  advanced  such
Member Loan and hereby irrevocably appoints such Contributing Member, and any of
its agents,  officers or employees, as its attorneys-in-fact with full power and
authority  to prepare and execute any  documents,  instruments  and  agreements,
including,  but not limited to, any note  evidencing  the Member Loan,  and such
Uniform Commercial Code financing statements, continuation statements, and other
security instruments as may be appropriate to perfect and continue such security
interest in favor of such Contributing Member.

                             Exhibit 10.50 Page 60
<PAGE>

     5.4.  Dilution  for  Failure  to  Fund  Capital  Calls.  (a) If one or more
Contributing Members elect to treat the Funded Portion as a Capital Contribution
(including  after  electing  to  terminate  a Member  Loan  pursuant  to Section
5.3(b)),  then the Percentage Interest of each such Contributing Member shall be
increased by a percentage  equal to the quotient  (rounded up to the nearest one
hundredth  of one  percent)  obtained  when (x) two times the  remaining  Funded
Portion  funded by such  Contributing  Member is  divided  by (y) the sum of all
Members'  Capital  Contributions as of such date (including the remaining Funded
Portions funded).

     (b)  The  Percentage  Interest  of the  Non-Contributing  Member  shall  be
decreased by the aggregate amount of the increase in the Percentage Interests of
all  Contributing  Members  made  pursuant  to  paragraph  (a).  On the date the
adjusted Percentage Interests are determined as provided in this Section 5.4(b),
each Member shall be considered as of such date,  solely for purposes of further
calculations and adjustments of each Member's Percentage Interest,  to have made
Capital Contributions equal to such Member's Percentage Interest,  multiplied by
the total  Capital  Contributions  made by all  Members  as of such  date  (such
product being referred to as the "Notional  Contribution"  of such Member).  For
example, if (1) a Non-Contributing Member X has a Percentage Interest of 50% and
has a  Failed  Contribution  of

                             Exhibit 10.50 Page 61
<PAGE>

$10 in respect of a $20 Capital Call, (2) Contributing Member A has a Percentage
Interest of 40% and  contributes $8 in respect of such Capital Call plus its pro
rata share of the  Non-Contributing  Member's  Failed  Contribution  (i.e.,  40%
divided by 50%  multiplied by the $10 Failed  Contribution  or $8) and, prior to
contributing  any amount on account of the current  Capital  Call,  Member A has
made  common  equity  Capital   Contributions   of  $392  ($40%  of  $980),  (3)
Contributing Member B has a Member Percentage Interest of 10% and contributes $2
in respect of such Capital Call plus its pro rata share of the  Non-Contributing
Member's  Failed  Contribution  (i.e.,  10% divided by 50% multiplied by the $10
Failed  Contribution or $2), and prior to contributing  any amount on account of
the current Capital Call, Member B has made common equity Capital  Contributions
of $98 (10% of $980),  and (4) the sum of all  Members'  common  equity  Capital
Contributions  as of such date  (including  the current  Capital Call of $20) is
$1,000,  then  (i) the  Percentage  Interest  of  Contributing  Member A will be
increased  to 41.6%  (($392 + $8 + $16) / $1,000),  FOR A NET  INCREASE OF 1.6%,
(ii) the Percentage Interest of Contributing Member B will be increased to 10.4%
(($98 + $2 + $4) / $1,000),  for a net  increase of 0.4%,  (iii) the  Percentage
Interest of Non-Contributing  Member X will be decreased by 2.0% (the sum of the
1.6%  increase in A's Member  Percentage  Interest and the 0.4%  increase in B's
Percentage Interest),  (iv) the Capital Account of each Member shall be adjusted
to  reflect  the  actual  cash  contributions  made by such  Member  and (v) the
Notional  Contribution  as of the date of  adjustment  of Member A, Member B and
Member X, respectively, will be $416, $104 and $480.

     (c) In  order  to  give  effect  to the  dilution  of the  Non-Contributing
Member's Percentage Interest as set forth above in this Section 5.4, a number of
the  Non-Contributing  Member's Membership Units corresponding to the Percentage
Interest  forfeited  under Section  5.4(a) shall be deemed to be assigned to the
Contributing  Members pro rata to the relative amounts of their remaining Funded
Portions  such that the  percentage of all  Membership  Units then owned by each
such Contributing Member shall equal each such Contributing  Member's Percentage
Interest  (taking into  account the  additional  Membership  Units issued to the
Contributing  Members  pursuant  to  Section  5.9),  and the  Manager  is hereby
authorized and directed to reflect such assignment on the books of the Company.

     5.5. Capital of the Company. The capital of the Company shall be the sum of
the Members' Capital  Contributions.  Except as otherwise  provided  herein,  no
Member  shall be entitled to withdraw or receive any interest or other return on
its Capital Contribution.

     5.6.  Liability  of  Members.  The  Members  shall not be bound by,  nor be
personally liable for, the expenses, liabilities, indebtedness or obligations of
the  Company or of any other  Member.  The  liability  of each  Member  shall be
limited solely to the amount of its Capital  Contributions;  PROVIDED,  however,
that after a Member has received a  distribution  from the Company,  such Member
may be liable to the Company for the amount of the  distribution but only to the
extent  provided by the Act. The Members shall not be required to contribute any
amounts in excess of the  amounts  set forth in  Sections  5.1,  and 5.2 hereof,
PROVIDED,  however,  that any  Member's  failure  to fund a  Capital  Call  made
pursuant to Section 5.2 shall be subject to the provisions of this Article V.

     5.7. Return of Capital  Contribution.  Except as otherwise provided in this
Agreement,  no Member shall have the right to withdraw as a Member or demand the
return of all or any part of its Capital Contribution until the Company has been
dissolved and  terminated,  or to demand or receive  property other than cash in
return for its Capital Contribution. No Member shall be liable for the return of
the Capital Contribution of any other Member.

                             Exhibit 10.50 Page 62
<PAGE>

     5.8.  Calculation  of  Members'  Percentage  Interest,  Series A  Preferred
Percentage  Interest.  (a) At any time, a Member's  Percentage Interest shall be
equal to the  number of  Membership  Units  owned by such  Member at the date of
determination   (after  giving  effect  to  any  adjustments  required  by  this
Agreement)  divided by the aggregate  number of Membership Units owned by all of
the Members at such date (after  giving  effect to any  adjustments  required by
this Agreement).

     (b) At any time, a Member's Series A Preferred Percentage Interest shall be
equal to the number of Series A Preferred  Membership Units owned by such Member
at the  date of  determination  divided  by the  aggregate  number  of  Series A
Preferred Membership Units owned by all of the Members at such date.

     5.9.  Issuance of Additional  Membership  Units.  (a) The Manager is hereby
authorized  and directed to cause the Company to issue to the Members the number
of  Membership  Units and Series A  Preferred  Membership  Units as set forth in
Schedule 5.1.

     (b) The Manager is hereby  authorized  and directed to cause the Company to
issue to any Member  (including a New Member) that makes a Capital  Contribution
to the Company (including a capital  contribution made by a Contributing  Member
in  accordance  with Section 5.3),  the number of Membership  Units equal to the
amount of such contributing  Member's Capital Contribution divided by the Deemed
Value Per Membership Unit, PROVIDED,  FURTHER that, if (i) all or any portion of
the Capital  Contribution is made by any or all of the Managing  Members,  and a
third party is not making a Capital Contribution  contemporaneously  with any or
all of the Managing  Members at the same price per Membership  Unit and (ii) the
Deemed  Value  Per  Membership  Unit is less  than the  most  recent  price  per
Membership Unit utilized to issue Membership Units to any Person (other than the
Managing Members), Saracen shall have the right for its own account, and not for
the  account of any other  party,  to make a Capital  Contribution  in an amount
equal to the product of (x) the  aggregate  amount of the Capital  Contributions
described  in this  Section  5.9(b)  to be  made  by any or all of the  Managing
Members  and (y) its  Percentage  Interest  immediately  prior  to such  Capital
Contributions.  In such  instance,  Saracen  shall be given at least thirty (30)
days' prior written notice to make such Capital  Contribution  and if no Capital
Contribution is made by Saracen within such thirty (30) day period, the right to
make such  Capital  Contribution  shall be deemed  waived.  Unless  specifically
resolved  otherwise by the Management  Committee,  any  Membership  Units issued
after the  Closing  Date  shall have the same  rights,  powers and duties as the
Membership  Units issued on the Closing Date;  PROVIDED that, in any event,  the
Management  Committee may authorize the  classification  of multiple  classes of
membership  interests  and  may  establish  the  designations,  preferences  and
relative,  participating,  optional or other special rights, powers or duties of
each class of membership interests, subject to the restrictions set forth in the
Series A Terms.  Notwithstanding  anything to the contrary  herein,  (i) Saracen
shall not be entitled  to exercise  its  preemptive  rights set forth  herein to
acquire  Membership  Units at $15.85  per  Membership  Unit with  respect to any
Capital  Contributions made by each Managing Member and Holding Co. in an amount
up to such Member's Capital Commitment and (ii) Saracen hereby acknowledges that
it has no rights under this Section 5.9(b) as of the date hereof with respect to
any Capital  Contributions  made prior to the date hereof and hereby consents to
each of the Managing Members and Holding Co. making Capital  Contributions  from
time to time after the date hereof in such amounts determined in accordance with
each of their  respective  Capital  Commitments in exchange for Membership Units
issued by the Company at a Deemed Value Per Membership  Unit equal to $15.85 per
Membership Unit.

                             Exhibit 10.50 Page 63
<PAGE>

     (c) The Manager is hereby  authorized  and directed to cause the Company to
issue Membership Units (i) to WRP as required in connection with the exercise of
the WRP Warrants or the New WRP Warrants in exchange for Membership  Units, (ii)
to WCPT in connection with WHWEL's,  Whitehall XI's, Holding Co.'s and Saracen's
exercise of their  rights set forth in Section 8.3,  (iii) to WRP in  connection
with the  exchange  of  Membership  Units for WRP  At-Market  Shares and (iv) to
Saracen in connection  with the conversion of the Series A Preferred  Membership
Units.

     5.10.  Arbitration.  Any matter arising pursuant to any provision hereunder
which  specifies that such matter shall be resolved by arbitration and any other
dispute  involving an alleged breach or violation of this Agreement  (including,
without  limitation,  an alleged  breach or violation by WCPT that would entitle
either WHWEL or  Whitehall XI to remove WCPT as the Manager  pursuant to Section
9.1) shall be submitted to arbitration  ("Arbitration")  in accordance  with the
provisions of this Section  5.10.  The party having the right to submit a matter
to  Arbitration  and  exercising  its  rights  to do so shall  have the right to
request an arbitration  which shall be conducted in accordance with the Rules of
Arbitration  of the American  Arbitration  Association  for a single  arbitrator
arbitration  (the "Rules") in New York,  New York, or at such other  location as
may be agreed  between the  parties.  The  Arbitration  shall be  conducted by a
single  arbitrator  chosen in accordance  with the Rules,  PROVIDED  that,  such
arbitrator  shall be a person  having at least ten (10) years  experience in the
matter in dispute  including  valuing  real  estate.  The  determination  of the
arbitrator  shall be made within thirty (30) days  following the  appointment of
such  arbitrator  and shall be  conclusive  and  binding  upon the  parties  and
judgment upon the same may be entered in any court having jurisdiction  thereof.
Each party shall pay the fees and expenses of the  arbitrator  as  determined by
the arbitrator.  The arbitrator  shall not have the right to amend any provision
of this Agreement.

                                   ARTICLE VI.

                            CAPITAL ACCOUNTS, PROFITS
                           AND LOSSES AND ALLOCATIONS
                           --------------------------

     6.1. Capital Accounts.

     (a) The  Company  shall  maintain  a  Capital  Account  for each  Member in
accordance with federal income tax accounting principles.

     (b) The Capital Account of each Member shall be increased by (i) the amount
of any cash and the agreed net fair market  value (as used  herein,  "agreed net
fair  market  value" of property  shall mean the gross fair market  value of the
property reduced by all liabilities  encumbering the property) as of the date of
contribution of any property subsequently  contributed as a Capital Contribution
to the  capital of the Company by such Member and (ii) the amount of any Profits
allocated to such Member.  The Capital Account of each Member shall be decreased
by (i) the amount of any Losses  allocated to such Member and (ii) the amount of
distributions  to such Member.  In all respects,  the Member's  Capital Accounts
shall be determined in accordance with the detailed capital accounting rules set
forth in Treasury  Regulation  Section  1.704-1(b)(2)(iv)  and shall be adjusted
upon the occurrence of certain events as provided in Treasury Regulation Section
1.704-1(b)(2)(iv)(f).  The Members hereby agree that as of the date hereof,  the
Capital Account of each Member shall be as set forth on Schedule 5.1.

                             Exhibit 10.50 Page 64
<PAGE>

     (c) A transferee of all (or a portion) of an Interest  shall succeed to the
Capital  Account  (or  portion  of  the  Capital  Account)  attributable  to the
transferred Interest.

     (d) It is the  intention of the parties  that a conversion  pursuant to its
terms of a Series A Preferred  Membership Unit into a Membership Unit be treated
for  federal  income tax  purposes as a  contribution  of the Series A Preferred
Membership  Unit to the Company in exchange for a  Membership  Unit and that any
such  conversion be treated as an event  requiring an adjustment to the Members'
Capital  Accounts  pursuant to Section  6.1(b)  hereof and  Treasury  Regulation
Section 1.704-1(b)(2)(iv)(f).

     (e) The Capital Account  balances of the Members holding Series A Preferred
Membership  Units  (the  "Series  A  Capital   Accounts")  shall  be  maintained
separately  from the Capital  Accounts of the Members holding  Membership  Units
(the "Membership Capital Accounts"). For purposes of maintaining Capital Account
balances as  provided in  subsection  (b) above,  the Series A Capital  Accounts
shall be adjusted  for  allocations  of Profits and Losses  pursuant to Sections
6.2(d)(ii),  6.2(d)(iii) and 6.2(e)(iv) and for  distributions  made pursuant to
Section 7.1(b)(ii).

     (f) Notwithstanding  anything in this Agreement to the contrary,  including
without limitation Articles VII and X hereof, no Member shall be required to pay
to the Company or to any other Member any deficit or negative  balance which may
exist from time to time in such Member's Capital Account.

     6.2. Profits and Losses.

     (a) The profits and losses of the Company ("Profits" and "Losses") shall be
the net income or net loss (including capital gains and losses,  income and gain
exempt from tax,  and items of loss,  deduction of expense not  deductible  from
Company  income  or   capitalizable   into  the  basis  of  Company   property),
respectively,  of the Company determined for each Fiscal Year in accordance with
the accounting  method  followed for federal income tax purposes except that (i)
in computing Profits and Losses,  all depreciation and cost recovery  deductions
shall be deemed equal to Depreciation and (ii) gain or loss on the sale or other
disposition  of a Company Asset or an asset of a Subsidiary  shall be determined
by reference to Book Value.

     (b) Whenever a proportionate  part of the Profits or Losses is allocated to
a Member,  every item of income,  gain, loss,  deduction or credit entering into
the computation of such Profits or Losses or arising from the transactions  with
respect to which such  Profits or Losses  were  realized  shall be  credited  or
charged,  as the case may be, to such Member in the same  proportion;  PROVIDED,
however,  that "recapture income", if any, shall be allocated to the Members who
were allocated the corresponding depreciation deductions.

     (c) If any  Member  transfers  all or any part of its  Interest  during any
Fiscal  Year or its  Interest  is  increased  or  decreased,  Profits and Losses
attributable to such Interest for such Fiscal Year shall be apportioned  between
the transferor and transferee  ratably on a daily basis,  provided in all events
that any  apportionment  described above shall be permissible under the Code and
applicable regulations thereunder.

     (d) Profits shall be allocated each year among the Members as follows:

                             Exhibit 10.50 Page 65
<PAGE>

     (i) First, among all the Members holding Membership Units, in proportion to
the amounts previously allocated pursuant to Section 6.2(e)(v) until the amounts
allocated  pursuant to this Section 6.2(d)(i) in the current and all prior years
equals such amounts  previously  allocated  pursuant to Section 6.2(e)(v) in the
current and all prior years.

     (ii) Second,  to the Saracen Members  holding Series A Preferred  Units, in
proportion to the amounts  previously  allocated  pursuant to Section 6.2(e)(iv)
until the amount  allocated  pursuant to this Section  6.2(d)(ii) in the current
and all prior years equals such amounts previously allocated pursuant to Section
6.2(e)(iv) in the current and all prior years;

     (iii) Third,  to each Saracen Member holding Series A Preferred  Units,  an
amount equal to the aggregate amounts distributed and distributable  pursuant to
Section  7.1(b)(ii)  (assuming  that  the  Company  had  received  all the  cash
attributable to the income being allocated) until the amounts allocated pursuant
to this  Section  6.2(d)(iii)  in the current  and all prior  years  equals such
amounts previously distributed and distributable pursuant to Sections 7.1(b)(ii)
in the current and all prior years;  PROVIDED,  however,  that in no event shall
amounts be allocated  under this Section  6.2(d)(iii) in excess of the Preferred
Limitation;

     (iv) Fourth,  among all the Members holding Membership Units, in proportion
to the amounts previously  allocated  pursuant to Section  6.2(e)(iii) until the
amount  allocated  pursuant to this  Section  6.2(d)(iv)  in the current and all
prior  years  equals  such  amounts  previously  allocated  pursuant  to Section
6.2(e)(iii) in the current and all prior years.

     (v) Fifth, to the Saracen Members holding  Membership  Units, in proportion
to their respective Percentage Interests,  an amount equal to the product of (x)
their  aggregate  Percentage  Interests,  and (y) the  remaining  Profits of the
Company after taking into account Sections 6.1(d)(i) through (d)(iv) above; and

     (vi) The balance of the Company's Profits shall be allocated as follows:

     (I) The relative  Percentage  Interest of WHWEL to the combined  Percentage
Interests  of the  Whitehall  Group and WCPT  multiplied  by the  balance of the
Company's Profits shall be allocated as follows:

     (A) First,  to WHWEL up to the  amounts  previously  allocated  pursuant to
Section  6.2(e)(ii)(I)(D)  until the amount  allocated  pursuant to this Section
6.2(d)(vi)(I)(A)  equals such amounts  previously  allocated pursuant to Section
6.2(e)(ii)(I)(D).

     (B) Next,  to WHWEL until the amount  allocated  pursuant  to this  Section
6.2(d)(vi)(I)(B)  (and not  reversed  by Section  6.2(e)(ii)(I)(C))  equals such
amounts previously  distributed and distributable pursuant to Section 7.1(c)(ii)
assuming that the Company had received all the cash  attributable  to the income
being allocated;

     (C) Next, to WHWEL and the Manager in  proportion to the aggregate  amounts
distributed and distributable pursuant to Section 7.1(c)(iii) (assuming that the
Company had received all the cash  attributable  to the income being  allocated)

                             Exhibit 10.50 Page 66
<PAGE>

until the amount allocated  pursuant to this Section  6.2(d)(vi)(I)(C)  (and not
reversed by Section 6.2(e)(ii)(I)(B)) equals such amounts previously distributed
and distributable pursuant to Section 7.1 (c)(iii);

     (D)  Thereafter,  to WHWEL and the Manager in  proportion  to the aggregate
amounts distributed and distributable  pursuant to Section 7.1(c)(iv)  (assuming
that the Company had  received  all the cash  attributable  to the income  being
allocated) until the amount allocated pursuant to this Section  6.2(d)(vi)(I)(D)
(and not reversed by Section  6.2(e)(ii)(I)(A))  equals such amounts  previously
distributed and distributable pursuant to Section 7.1(c)(iv);

     (II) The  relative  Percentage  Interest of  Whitehall  XI to the  combined
Percentage  Interests of the Whitehall  Group and WCPT multiplied by the balance
of the Company's Profits shall be allocated as follows:

     (A) First, to Whitehall XI up to the amounts previously  allocated pursuant
to Section 6.2(e)(ii)(II)(D) until the amount allocated pursuant to this Section
6.2(d)(vi)(II)(A)  equals such amounts previously  allocated pursuant to Section
6.2(e)(ii)(II)(D);

     (B) Next,  to  Whitehall  XI until the amount  allocated  pursuant  to this
Section 6.2(d)(vi)(II)(B) (and not reversed by Section 6.2(e)(ii)(II)(C)) equals
such  amounts  previously  distributed  and  distributable  pursuant  to Section
7.1(d)(ii)  assuming the Company had received all the cash  attributable  to the
income being allocated;

     (C) Next,  to Whitehall XI and the Manager in  proportion  to the aggregate
amounts distributed and distributable  pursuant to Section 7.1(d)(iii) (assuming
that the Company had  received  all the cash  attributable  to the income  being
allocated) until the amount allocated pursuant to this Section 6.2(d)(vi)(II)(C)
(and not reversed by Section  6.2(e)(ii)(II)(B))  equals such amounts previously
distributed and distributable pursuant to Section 7.1(d)(iii);

     (D) Next, to WHWEL and the Manager in  proportion to the aggregate  amounts
distributed and distributable  pursuant to Section 7.1(d)(iv) (assuming that the
Company had received all the cash  attributable  to the income being  allocated)
until the amount allocated pursuant to this Section  6.2(d)(vi)(II)(D)  (and not
reversed  by  Section   6.2(e)(ii)(II)(A))   equals  such   amounts   previously
distributed and distributable pursuant to Section 7.1(d)(iv);

     (III) The  relative  Percentage  Interest  of Holding  Co. to the  combined
Percentage  Interests of the Whitehall  Group and WCPT multiplied by the balance
of the Company's Profits shall be allocated as follows:

     (A) First, to Holding Co. up to the amounts  previously  allocated pursuant
to  Section  6.2(e)(ii)(III)(D)  until the  amount  allocated  pursuant  to this
Section  6.2(d)(vi)(III)(A) equals such amounts previously allocated pursuant to
Section 6.2(e)(ii)(III)(D);

     (B) Next,  to Holding  Co.  until the  amount  allocated  pursuant  to this
Section  6.2(d)(vi)(III)(B)  (and not  reversed  by Section  6.2(e)(ii)(III)(C))
equals such amounts previously distributed and distributable pursuant to Section
7.1(e)(ii)  assuming that the Company had received all the cash  attributable to
the income being allocated;

                             Exhibit 10.50 Page 67
<PAGE>

     (C) Next,  to Holding Co. and the Manager in  proportion  to the  aggregate
amounts distributed and distributable  pursuant to Section 7.1(e)(iii) (assuming
that the Company had  received  all the cash  attributable  to the income  being
allocated)   until   the   amount    allocated    pursuant   to   this   Section
6.2(d)(vi)(III)(C) (and not reversed by Section  6.2(e)(ii)(III)(B)) equals such
amounts   previously   distributed   and   distributable   pursuant  to  Section
7.1(e)(iii);

     (D) Next,  to Holding Co. and the Manager in  proportion  to the  aggregate
amounts distributed and distributable  pursuant to Section 7.1(e)(iv)  (assuming
that the Company had  received  all the cash  attributable  to the income  being
allocated)   until   the   amount    allocated    pursuant   to   this   Section
6.2(d)(vi)(III)(D) (and not reversed by Section  6.2(e)(ii)(III)(A)) equals such
amounts previously distributed and distributable pursuant to Section 7.1(e)(iv);

     (IV) The relative  Percentage  Interest of WCPT to the combined  Percentage
Interests  of the  Whitehall  Group and WCPT  multiplied  by the  balance of the
Company's Profits shall be allocated as follows:

     (A) First,  to WCPT up to the  amounts  previously  allocated  pursuant  to
Section  6.2(e)(ii)(IV)(D)  until the amount allocated  pursuant to this Section
6.2(d)(vi)(IV)(A)  equals such amounts previously  allocated pursuant to Section
6.2(e)(ii)(IV)(D);

     (B) Next,  to WCPT  until the amount  allocated  pursuant  to this  Section
6.2(d)(vi)(IV)(B)  (and not reversed by Section  6.2(e)(ii)(IV)(C))  equals such
amounts previously distributed and distributable pursuant to Sections 7.1(f)(ii)
and 7.1(g)(ii)  assuming that the Company had received all the cash attributable
to the income being allocated;

     (C) Next, to WCPT and the Manager in  proportion  to the aggregate  amounts
distributed and distributable  pursuant to Sections  7.1(f)(iii) and 7.1(g)(iii)
(assuming that the Company had received all the cash  attributable to the income
being  allocated)   until  the  amount   allocated   pursuant  to  this  Section
6.2(d)(vi)(IV)(C)  (and not reversed by Section  6.2(e)(ii)(IV)(B))  equals such
amounts   previously   distributed  and   distributable   pursuant  to  Sections
7.1(f)(iii) and 7.1(g)(iii);

     (D) Next, to WCPT and the Manager in  proportion  to the aggregate  amounts
distributed  and  distributable  pursuant to Sections  7.1(f)(iv) and 7.1(g)(iv)
(assuming that the Company had received all the cash  attributable to the income
being  allocated)   until  the  amount   allocated   pursuant  to  this  Section
6.2(d)(vi)(IV)(D)  (and not reversed by Section  6.2(e)(ii)(IV)(A))  equals such
amounts previously distributed and distributable pursuant to Sections 7.1(f)(iv)
and 7.1(g)(iv).

     (e) Losses shall be allocated each year among the Members as follows:

     (i) First, among the Members holding Membership Units, in proportion to the
amounts  previously  allocated pursuant to Sections 6.2(d)(v) and (vi) until the
amount  allocated  pursuant  to  this  Section  6.2(e)(i)  equals  such  amounts
previously  allocated  pursuant  to  Sections  6.2(d)(v)  and (vi);  such amount
allocable  to the  Members,  other  than  the  Saracen  Members,  to be  further
allocated among them as set forth in Section 6.2(e)(ii) below.

                             Exhibit 10.50 Page 68
<PAGE>

     (ii) The allocation among the Members described in Section 6.2(e)(i), other
than the Saracen Members, shall be as follows:

     (I) The relative  Percentage  Interest of WHWEL to the combined  Percentage
Interests of the Whitehall  Group and WCPT  multiplied  by the Losses  allocable
pursuant  to Section  6.2(e)(i)  to the Members  other than the Saracen  Members
shall be allocated as follows:

     (A) First, to WHWEL and the Manager in proportion to the amounts previously
allocated  pursuant  to  Section  6.2(d)(vi)(I)(D)  until the  amount  allocated
pursuant  to  this  Section  6.2(e)(ii)(I)(A)  equals  such  amounts  previously
allocated pursuant to Section 6.2(d)(vi)(I)(D);

     (B) Next, to WHWEL and the Manager in proportion to the amounts  previously
allocated  pursuant  to  Section  6.2(d)(vi)(I)(C)  until the  amount  allocated
pursuant  to  this  Section  6.2(e)(ii)(I)(B)  equals  such  amounts  previously
allocated pursuant to Section 6.2(d)(vi)(I)(C);

     (C) Next,  to WHWEL until the amount  allocated  pursuant  to this  Section
6.2(e)(ii)(I)(C)  equals such amounts  previously  allocated pursuant to Section
6.2(d)(vi)(I)(B); and

     (D) Thereafter, to WHWEL; and

     (II)  The  relative  Percentage  Interest  Whitehall  XI  to  the  combined
Percentage  Interests of the Whitehall  Group and WCPT  multiplied by the Losses
allocated  pursuant to Section  6.2(e)(i) to the Members  other than the Saracen
Members shall be allocated as follows:

     (A) First,  to  Whitehall XI and the Manager in  proportion  to the amounts
previously  allocated  pursuant  to Section  6.2(d)(vi)(II)(D)  until the amount
allocated  pursuant  to  this  Section   6.2(e)(ii)(II)(A)  equal  such  amounts
previously allocated pursuant to Section 6.2(d)(vi)(II)(D);

     (B) Next,  to  Whitehall  XI and the Manager in  proportion  to the amounts
previously  allocated  pursuant  to Section  6.2(d)(vi)(II)(C)  until the amount
allocated  pursuant  to  this  Section   6.2(e)(ii)(II)(B)  equal  such  amounts
previously allocated pursuant to Section 6.2(d)(vi)(II)(C);

     (C) Next,  to  Whitehall  XI until the amount  allocated  pursuant  to this
Section  6.2(e)(ii)(II)(C)  equals such amounts previously allocated pursuant to
Section 6.2(d)(vi)(II)(B); and

     (D) Thereafter, to Whitehall XI.

     (III) The  relative  Percentage  Interest  of Holding  Co. to the  combined
Percentage  Interests of the Whitehall  Group and WCPT  multiplied by the Losses
allocated  pursuant to Section  6.2(e)(i) to the Members  other than the Saracen
Members shall be allocated as follows:

     (A) First,  to Holding  Co. and the  Manager in  proportion  to the amounts
previously  allocated  pursuant to Section  6.2(d)(vi)(III)(D)  until the amount
allocated  pursuant  to this  Section  6.2(e)(ii)(III)(A)  equals  such  amounts
previously allocated pursuant to Section 6.2(d)(vi)(III)(D);

                             Exhibit 10.50 Page 69
<PAGE>

     (B) Next,  to Holding  Co. and the  Manager in  proportion  to the  amounts
previously  allocated  pursuant to Section  6.2(d)(vi)(III)(C)  until the amount
allocated  pursuant  to this  Section  6.2(e)(ii)(III)(B)  equals  such  amounts
previously allocated pursuant to Section 6.2(d)(vi)(III)(C);

     (C) Next,  to Holding  Co.  until the  amount  allocated  pursuant  to this
Section  6.2(e)(ii)(III)(C) equals such amounts previously allocated pursuant to
Section 6.2(d)(vi)(III)(B); and

     (D) Thereafter, to Holding Co.

     (IV) The relative  Percentage  Interest of WCPT to the combined  Percentage
Interests of the Whitehall  Group and WCPT  multiplied  by the Losses  allocated
pursuant  to Section  6.2(e)(i)  to the Members  other than the Saracen  Members
shall be allocated as follows:

     (A) First, to WCPT and the Manager in proportion to the amounts  previously
allocated  pursuant  to Section  6.2(d)(vi)(IV)(D)  until the  amount  allocated
pursuant  to this  Section  6.2(e)(ii)(IV)(A)  equals  such  amounts  previously
allocated pursuant to Section 6.2(d)(vi)(IV)(D);

     (B) Next, to WCPT and the Manager in  proportion to the amounts  previously
allocated  pursuant  to Section  6.2(d)(vi)(IV)(C)  until the  amount  allocated
pursuant  to this  Section  6.2(e)(ii)(IV)(B)  equals  such  amounts  previously
allocated pursuant to Section 6.2(d)(vi)(IV)(C);

     (C) Next,  to WCPT  until the amount  allocated  pursuant  to this  Section
6.2(e)(ii)(IV)(C)  equals such amounts previously  allocated pursuant to Section
6.2(d)(vi)(IV)(B); and

     (D) Thereafter, to WCPT.

     (iii) Next, to the Members holding  Membership Units, an amount required to
reduce their positive Membership Capital Account balances to zero, in proportion
to the respective required amounts.

     (iv) Next, to the Saracen  Members  holding  Series A Preferred  Membership
Units,  an amount  required to reduce their  positive  Series A Capital  Account
balances to zero, in proportion to the respective required amounts.

     (v) Any  remaining  Losses  shall be  allocated  among all Members  holding
Membership Units in proportion to their respective Percentage Interests.

     (f) Notwithstanding Sections 6.2(d) and (e) hereof,

     (i) For federal  income tax  purposes  but not for purposes of crediting or
charging Capital Accounts,  depreciation or gain or loss realized by the Company
with respect to any  property  that was  contributed  to the Company or that was
held by the Company at a time when the Book Value of the Company  Assets and the
assets of the  Subsidiaries  was  adjusted  pursuant

                             Exhibit 10.50 Page 70
<PAGE>

to  the  third  sentence  of  Section  6.1(b)  shall,  in  accordance  with  the
"traditional  method" under Section  704(c) of the Code and Treasury  Regulation
Section 1.704-1(b)(2)(iv)(d) and (f), be allocated among the Members in a manner
which takes into account the differences  between the adjusted basis for federal
income tax purposes to the Company of its interest in such property and the fair
market value of such interest at the time of its contribution or revaluation.

     (ii) If there is a net decrease in the Minimum Gain of the Company during a
taxable year (including any Minimum Gain  attributable to  Member-Funded  Debt),
each  Member  at the end of such  year  shall be  allocated,  prior to any other
allocations  required under this Article VI, items of gross income for such year
(and,  if  necessary,  for  subsequent  years)  in the  amount  and  proportions
described in Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(4).

     (iii)  Notwithstanding the allocations  provided for in Sections 6.2(d) and
(e), no allocation of an item of loss or deduction  shall be made to a Member to
the extent such  allocation  would  cause or increase a deficit  balance in such
Member's  Capital  Account  as of the  end of the  taxable  year to  which  such
allocation  relates.  If  any  Member  receives  an  adjustment,  allocation  or
distribution  that  causes or  increases  such a deficit  balance,  taking  into
account the rules of Treasury Regulation Sections  1.704-1(b)(2)(ii)(d)(4),  (5)
and  (6),  such  Member  shall be  allocated  (after  taking  into  account  any
allocations made pursuant to Section  6.2(f)(ii)) items of income and gain in an
amount and manner to eliminate the Member's Capital Account deficit attributable
to such  adjustment,  allocation  or  distribution  as quickly as possible.  For
purposes of this Section  6.2(f)(iii),  there shall be excluded  from a Member's
deficit  Capital Account balance at the end of a taxable year of the Company (a)
such Member's  share,  determined in accordance  with Section 704(b) of the Code
and Treasury  Regulation  Section  1.704-2(g) of Minimum Gain (PROVIDED that, in
the case of Minimum Gain  attributable to Member-Funded  Debt, such Minimum Gain
shall be  allocated  to the Member or Members to whom such debt is  attributable
pursuant to Treasury  Regulation  Section  1.704-2(i)),  and (b) the amount that
such Member is obligated  to restore to the Company  under  Treasury  Regulation
Section 1.704-1(b)(2)(ii)(c).

     (iv)  Notwithstanding  the  allocations  provided for in subsection (ii) of
this Section  6.2(f) and Sections  6.2(d) and (e), if there is a net increase in
Minimum  Gain of the  Company  during  a  taxable  year of the  Company  that is
attributable to Member-Funded Debt, then first  Depreciation,  to the extent the
increase in such Minimum Gain is allocable to depreciable  property,  and then a
proportionate  part of other  deductions and  expenditures  described in Section
705(a)(2)(B)  of the Code,  shall be  allocated  to the lending or  guaranteeing
Member (and to joint  lenders or  guarantors  in  proportion  to their  relative
obligations),  PROVIDED that the total amount of deductions so allocated for any
year  shall not  exceed  the  increase  in  Minimum  Gain  attributable  to such
Member-Funded Debt in such year.

     (v) Any special allocation under Sections  6.2(f)(ii) through (iv) shall be
taken into account in computing subsequent  allocations of Profits and Losses of
any item thereof pursuant to this Article VI so that the net amount of any items
so allocated  and the Profits,  Losses and all items  thereof  allocated to each
Member  pursuant  to this  Article VI shall,  to the extent  permis  sible under
Section 704(b) of the Code and the Treasury Regulations  promulgated thereunder,
be equal to the net  amount  that  would  have  been  allocated  to each  Member
pursuant to this Article VI if such special allocation had not occurred.

                             Exhibit 10.50 Page 71
<PAGE>

     (vi) It is intended  that prior to a  distribution  of the proceeds  from a
liquidation of the Company  pursuant to Section  10.2(vi)  hereof,  the positive
Capital  Account  balance of each Member  shall be equal to the amount that such
Member would receive if liquidation proceeds were distributed in accordance with
Section  7.1.  Accordingly,  notwithstanding  anything  to the  contrary in this
Section 6.2, to the extent  permissible  under Sections  704(b) and 514(c)(9) of
the Code and the Treasury Regulations promulgated thereunder, Profits and Losses
and, if necessary,  items of gross income and gross  deductions,  of the Company
for the year of  liquidation of the Company (or, if the  liquidation  spans more
than one year,  each such year)  shall be  allocated  among the Members so as to
bring the positive  Capital  Account balance of each Member as close as possible
to the amount  that such  Member  would  receive if  liquidation  proceeds  were
distributed in accordance with Section 7.1.

     (vii)  Appropriate  adjustments  shall  be made to the  provisions  of this
Section 6.2 if a New Member is admitted to the Company.

     (viii) The Members agree that in the absence of any special  allocations or
adjustments to the Capital Accounts made by the Internal Revenue Service,  their
respective  Capital  Account  balances  (other than with respect to the Series A
Preferred Membership Units) should be in the ratio of their respective number of
Membership Units, and, accordingly,  notwithstanding anything to the contrary in
Section 6.2(d), to the extent permissible under Sections 704(b) and 514(c)(9) of
the Code and the Treasury Regulations  promulgated  thereunder,  for purposes of
maintaining  Capital Account balances,  book income, gain and loss from the sale
of Company Assets and the assets of the  Subsidiaries  shall be allocated,  in a
manner that brings the Member's Capital Account balances into the ratio of their
respective number of Membership Units as quickly as possible.

     (ix) To the extent any  payments  are made  pursuant  to  Sections  7.1(i),
7.1(j),  7.1(k),  7.1(l), 7.1(m), 7.1(n) and 7.2 then, to the extent permissible
under  Sections  704(b) and  514(c)(9) of the Code and the Treasury  Regulations
promulgated thereunder,  appropriate adjustments shall be made to the allocation
of Profits and Losses under  Sections  6.2(d) and (e) among the  Members,  other
than the Saracen Members, so that the cumulative Profits and Losses allocated to
such Members equals, as nearly as possible, the amount of distributions received
by each Member,  after taking into account all payments made pursuant to Section
7.1(i), 7.1(j), 7.1(k), 7.1(l), 7.1(m), 7.1(n) and 7.2.

                                  ARTICLE VII.

                         APPLICATIONS AND DISTRIBUTIONS
                                OF AVAILABLE CASH
                                -----------------

     7.1. Applications and Distributions.

     (a)  Distributions  shall be made by the Manager to the Members of all or a
portion of  Available  Cash as  determined  by the  Management  Committee  (such
amount, the "Distribution Amount") in accordance with Section 7.1(b) through (g)
within  thirty (30) days after the end of each quarter of each

                             Exhibit 10.50 Page 72
<PAGE>

Fiscal Year. The Members acknowledge and agree, notwithstanding anything in this
Agreement to the  contrary,  that the Company  shall make  distributions  to all
Members in accordance with this Section 7.1 in an amount at least sufficient (i)
to pay the  amounts to Saracen set forth in Section  7.1(b)(ii)  below and (ii),
when it has Available  Cash to do so, to provide WCPT the amount that WCPT would
be required to distribute to its  shareholders,  on account of taxable income of
the Company  allocable to WCPT, so that WCPT is able to satisfy the distribution
requirements  of a real estate  investment  trust with  respect to such  taxable
income.

     (b) The Distribution Amount and the Capital Proceeds  Distribution  Amount,
if any, shall be distributed as follows:

     (i) First,  but only with  respect  to,  and to the extent of, any  Capital
Proceeds  Distribution  Amount derived from a third-party  mortgage financing or
refinancing relating to a Property acquired with the proceeds of a corresponding
specified  Interim  Capital  Contribution,  to each Managing Member pro rata (in
proportion to the unreturned Interim Capital Contributions made by such Managing
Member) until each such Managing Member shall have received, taking into account
the amount of all prior  distributions  under this Section  7.1(b)(i),  the full
amount of all Interim Capital Contributions made by such Managing Member through
the date of distribution;

     (ii)  Second,  in an  aggregate  amount  equal to the sum of (A) the Unpaid
Preferred Distribution,  if any, plus (B) the Preferred Distribution Amount, pro
rata to each Saracen  Member,  in proportion to its relative  Series A Preferred
Percentage Interests; and

     (iii)  Third,  in an  aggregate  amount  equal to the  Common  Distribution
Amount,  pro rata and on a pari passu  basis,  (A) to each  Saracen  Member,  an
amount equal to each Saracen  Member's  Percentage  Interest  multiplied  by the
Common Distribution Amount and (B) to Whitehall XI, WHWEL,  Holding Co. and WCPT
an amount equal to their combined Percentage  Interests multiplied by the Common
Distribution  Amount which amount shall be  distributed  to Whitehall XI, WHWEL,
Holding  Co.  and  WCPT  in  accordance   with  Section   7.1(c)   through  (g),
respectively.

     (c) A portion  of the total  amount  distributed  to WHWEL,  Whitehall  XI,
Holding  Co. and WCPT  pursuant  to Section  7.1(b)(iii)(B)  above  equal to the
product of such amount  multiplied  by the quotient  (expressed  as a percentage
rounded  up to the  nearest  one  ten-thousandth  (0.0001))  of  the  Percentage
Interest of WHWEL  divided by the Combined  Whitehall/WCPT  Percentage  Interest
shall be further distributed as follows:

     (i) First,  to WHWEL until WHWEL shall have  received,  taking into account
the amount of all prior  distributions  under this Section  7.1(c)(i),  the full
amount  of  all  Capital  Contributions  made  by  WHWEL  through  the  date  of
distribution  (it being  understood  and agreed  that as of the date hereof such
Capital Contributions shall be deemed to be the aggregate amount shown for WHWEL
in Schedule 5.1);

                             Exhibit 10.50 Page 73
<PAGE>

     (ii) Second, to WHWEL until WHWEL shall have received,  taking into account
the timing and amount of all prior contributions and distributions,  an Internal
Rate of Return equal to 17.5% per annum;

     (iii)  Third,  (x) 82.5% to WHWEL and (y) 17.5% to the Manager  (subject to
Section 7.1(L)), until WHWEL shall have received, taking into account the timing
and amount of all prior  contributions  and  distributions,  an Internal Rate of
Return equal to 22.5% per annum; and

     (iv)  Thereafter,  (x) 77.5% to WHWEL and (y) 22.5% to the Manager (subject
to Section 7.1(L)).

     (d) A portion of the total  amount  distributed  to  Whitehall  XI,  WHWEL,
Holding  Co. and WCPT  pursuant  to Section  7.1(b)(iii)(B)  above  equal to the
product of such amount  multiplied by the quotient  ((expressed  as a percentage
rounded  up to the  nearest  one  ten-thousandth  (0.0001))  of  the  Percentage
Interest  of  Whitehall  XI divided by the  Combined  Whitehall/WCPT  Percentage
Interest shall be further distributed as follows:

     (i) First, to Whitehall XI until  Whitehall XI shall have received,  taking
into account the amount of all prior distributions under this Section 7.1(d)(i),
the full amount of all Capital  Contributions  made by  Whitehall XI through the
date of distribution;

     (ii) Second, to Whitehall XI until Whitehall XI shall have received, taking
into account the timing and amount of all prior contributions and distributions,
an Internal Rate of Return equal to 15% per annum;

     (iii) Third, (x) 80% to Whitehall XI and (y) 20% to the Manager (subject to
Section 7.1(m)), until Whitehall XI shall have received, taking into account the
timing and amount of all prior contributions and distributions, an Internal Rate
of Return equal to 25% per annum; and

     (iv)  Thereafter,  (x)  75% to  Whitehall  XI and  (y)  25% to the  Manager
(subject to Section 7.1(m)).

     (e) A portion  of the total  amount  distributed  to  Holding  Co.,  WHWEL,
Whitehall  XI and WCPT  pursuant  to Section  7.1(b)(iii)(B)  above equal to the
product of such amount multiplied by such amount by the quotient  ((expressed as
a  percentage  rounded up to the nearest  one  ten-thousandth  (0.0001))  of the
Percentage  Interest  of  Holding  Co.  divided by the  Combined  Whitehall/WCPT
Percentage Interest shall be further distributed as follows:

     (i) First,  to Holding Co. until  Holding Co. shall have  received,  taking
into account the amount of all prior distributions under this Section 7.1(e)(i),
the full amount of all  Capital  Contributions  made by Holding Co.  through the
date of distribution  (it being understood and agreed that as of the date hereof
such Capital  Contributions shall be deemed to be the aggregate amount shown for
Holding Co. in Schedule 5.1);

                             Exhibit 10.50 Page 74
<PAGE>

     (ii) Second,  to Holding Co. until Holding Co. shall have received,  taking
into account the timing and amount of all prior contributions and distributions,
an Internal Rate of Return equal to 15% per annum;

     (iii) Third,  (x) 80% to Holding Co. and (y) 20% to the Manager (subject to
Section 7.1(n)), until Holding Co. shall have received,  taking into account the
timing and amount of all prior contributions and distributions, an Internal Rate
of Return equal to 25% per annum; and

     (iv) Thereafter, (x) 75% to Holding Co. and (y) 25% to the Manager (subject
to Section 7.1(n)).

     (f) The total  amount  equal to the WCPT I  Distributions  shall be further
distributed as follows:

     (i) First, to WCPT until WCPT shall have received,  taking into account the
amount of all prior distributions under this Section 7.1(f)(i),  the full amount
of all Capital  Contributions  made by WCPT through the date of distribution (it
being understood and agreed that for the purposes of this Section 7.1(f),  as of
the date hereof, the total amount of WCPT Phase I Capital  Contributions made by
WCPT shall be deemed to be the aggregate amount shown for WCPT in Schedule 5.1);

     (ii) Second,  to WCPT until WCPT shall have  received,  taking into account
the timing and amount of all prior contributions and distributions,  an Internal
Rate of Return equal to 17.5% per annum with respect to the WCPT Phase I Capital
Contributions;

     (iii)  Third,  (x) 82.5% to WCPT and (y) 17.5% to the  Manager,  until WCPT
shall have  received,  taking  into  account  the timing and amount of all prior
contributions and  distributions,  an Internal Rate of Return equal to 22.5% per
annum with respect to the WCPT Phase I Capital Contributions; and

     (iv) Thereafter, (x) 77.5% to WCPT and (y) 22.5% to the Manager.

     (g) The total  amount equal to the WCPT II  Distributions  shall be further
distributed as follows:

     (i) First, to WCPT until WCPT shall have received,  taking into account the
amount of all prior distributions under this Section 7.1(g)(i),  the full amount
of all WCPT  Phase II Capital  Contributions  made by WCPT  through  the date of
distribution;

     (ii) Second,  to WCPT until WCPT shall have  received,  taking into account
the timing and amount of all prior contributions and distributions,  an Internal
Rate of Return  equal to 15% per annum with respect to the WCPT Phase II Capital
Contributions;

     (iii) Third,  (x) 80% to WCPT and (y) 20% to the Manager,  until WCPT shall
have  received,  taking  into  account  the  timing  and  amount  of  all  prior
contributions  and  distributions,

                             Exhibit 10.50 Page 75
<PAGE>

an Internal Rate of Return equal to 25% per annum with respect to the WCPT Phase
II Capital Contributions; and

     (iv) Thereafter, (x) 75% to WCPT and (y) 25% to the Manager.

     (h) If and to the  extent  applicable,  an amount  equal to the  Percentage
Interest of each New Member multiplied by the Common  Distribution  Amount shall
be further distributed as follows:

     (i) First, to such New Member until such New Member shall have received the
full amount of all  Capital  Contributions  made by such New Member  through the
date of distribution;

     (ii) Second,  to such New Member until such New Member shall have received,
taking  into  account  the  timing  and  amount of all prior  contributions  and
distributions,  an Internal  Rate of Return equal to a percentage to be approved
by the Management Committee;

     (iii) Third, (x) a percentage to be approved by the Management Committee to
such New Member and (y) a percentage to be approved by the Management  Committee
to the Manager,  until such New Member shall have received,  taking into account
the timing and amount of all prior contributions and distributions,  an Internal
Rate of Return equal to a percentage to be approved by the Management Committee;
and

     (iv)  Thereafter,  (x)  a  percentage  to be  approved  by  the  Management
Committee  to  such  New  Member  and (y) a  percentage  to be  approved  by the
Management Committee to the Manager.

     (i) If WCPT is entitled to receive payments pursuant to Section 7.1(h)(iii)
or (iv) or pursuant to Section 7.6 (from any Member other than any Member of the
Whitehall  Group, it being  acknowledged  that WCPT (or any other Manager) shall
not be entitled to any such  Promote  from  Saracen) on account of any  Promote,
then all such amounts  entitled to be received by WCPT,  after  subtracting  any
allocation  by WCPT of any portion of the Promote as incentive  compensation  to
officers and employees of WCPT (the "WCPT Amount"), shall instead be distributed
as follows:  (A) to WCPT and WHWEL for  distribution  in accordance with Section
7.1(c),  an amount  equal to the  product of the WCPT Amount  multiplied  by the
quotient  (expressed  as a  percentage  rounded  up  to  the  nearest  one  ten-
thousandth (0.0001)) of the Percentage Interest of WHWEL divided by the Combined
Whitehall/WCPT   Percentage   Interest,   (B)  to  WCPT  and  Whitehall  XI  for
distribution in accordance  with Section 7.1(d),  an amount equal to the product
of the WCPT Amount multiplied by the quotient (expressed as a percentage rounded
up to the  nearest  one  ten-thousandth  (0.0001))  of the  relative  Percentage
Interest  of  Whitehall  XI divided by the  Combined  Whitehall/WCPT  Percentage
Interest,  (C) to WCPT and  Holding  Co. for  distribution  in  accordance  with
Section 7.1(e),  an amount equal to the product of the WCPT Amount multiplied by
the  quotient  (expressed  as  a  percentage  rounded  up  to  the  nearest  one
ten-thousandth  (0.0001)) of the  Percentage  Interest of Holding Co. divided by
the Combined  Whitehall/WCPT  Percentage  Interest,  (D) to WCPT and Manager for
distribution in accordance  with Section 7.1(f),  an amount equal to the product
of the WCPT Amount multiplied by the quotient (expressed as a percentage rounded
up to the nearest one ten-thousandth (0.0001)) of the WCPT I Percentage Interest
divided by the Combined  Whitehall/WCPT  Percentage Interest and (E) to WCPT and

                             Exhibit 10.50 Page 76
<PAGE>

Manager for  distribution in accordance with Section 7.1(g),  an amount equal to
the  product of the WCPT  Amount  multiplied  by the  quotient  (expressed  as a
percentage rounded up to the nearest one ten-thousandth (0.0001)) of the WCPT II
Percentage Interest divided by the Combined Whitehall/WCPT  Percentage Interest.
Except as provided in the immediately  preceding sentence,  Whitehall XI, WHWEL,
Holding  Co.,  Saracen  and any other New  Member  acknowledge  and agree  that,
notwithstanding their existing or future direct or indirect ownership of Shares,
(i) they shall not have any direct or indirect  interest in the Promote  payable
to WCPT pursuant to this Agreement, (ii) WCPT shall structure the receipt of the
Promote or enter into one or more transactions, so that none of WHWEL, Whitehall
XI,  Holding  Co.,  Saracen  nor any other New  Member  will have any  direct or
indirect interest therein,  including,  without  limitation,  by distributing or
causing the  distribution  of the proceeds of or assigning  its right to receive
all or any portion of the Promote to an Affiliate  of or  Person(s)  employed by
WCPT and not to WCPT itself,  (iii) WHWEL,  Whitehall XI, Holding Co.,  Saracen,
any other New Member and the Company will  cooperate  with WCPT,  its Affiliates
and their respective  shareholders,  in good faith, but without additional costs
to WHWEL,  Whitehall  XI,  Holding  Co.,  Saracen,  any other New  Member or the
Company, to accomplish the foregoing, and (iv) WCPT (or any other Manager) shall
only be  entitled  to  receive  the  Promote  under  and  pursuant  to  Sections
7.1(c)(iii)(y),  7.1(c)(iv)(y),  7.1(d)(iii)(y),  7.1(d)(iv)(y), 7.1(e)(iii)(y),
7.1(e)(iv)(y),  7.1(f)(iii)(y),  7.1(f)(iv)(y),  7.1(g)(iii)(y),  7.1(g)(iv)(y),
7.1(h)(iii)(y) and 7.1(h)(iv)(y).

     (j) Notwithstanding the terms of Sections 7.1(c),  7.1(d),  7.1(e), 7.1(f),
7.1(g) or  7.1(h),  if WCPT  shall  cease to be the  Manager,  then,  unless the
election  described in the proviso of this sentence is made,  all  distributions
that would otherwise have been made pursuant to (A) Sections  7.1(c)(iii) (y) or
7.1(c)(iv)(y)  shall be made to  WHWEL  instead  of the  Manager,  (B)  Sections
7.1(d)(iii)(y)  or  7.1(d)(iv)(y)  shall be made to  Whitehall XI instead of the
Manager,  (C) Sections  7.1(e)(iii)(y) or 7.1(e)(iv)(y) shall be made to Holding
Co. instead of the Manager,  (D) Sections  7.1(f)(iii)(y) or 7.1(f)(iv)(y) shall
be  made  to  WCPT  instead  of the  Manager,  (E)  Sections  7.1(g)(iii)(y)  or
7.1(g)(iv)(y)  shall be made to WCPT  instead of the  Manager,  and (F) Sections
7.1(h)(iii)(y)  or 7.1(h)(iv)(y)  shall be made to the New Member instead of the
Manager;  PROVIDED,  HOWEVER,  that if WCPT is removed as  Manager  pursuant  to
Section  9.1,  WHWEL and  Whitehall  XI shall have the right,  in their sole and
absolute  discretion,  to appoint a successor  Manager  (which may be Members or
Affiliates of Members and who shall provide  substantially  the same services as
the Manager  hereunder)  and to have all or a portion (as WHWEL and Whitehall XI
shall   determine)   of  the   amounts   distributable   pursuant   to  Sections
7.1(c)(iii)(y),  7.1(c)(iv)(y),  7.1(d)(iii)(y),  7.1(d)(iv)(y), 7.1(e)(iii)(y),
7.1(e)(iv)(y),  7.1(f)(iii)(y),  7.1(f)(iv)(y),  7.1(g)(iii)(y),  7.1(g)(iv)(y),
7.1(h)(iii)(y) and 7.1(h)(iv)(y) distributed to such successor.

     (k) Distributions shall be made by the Manager to the Members of all or any
portion of Capital  Proceeds as determined  by the  Management  Committee  (such
amount, the "Capital Proceeds  Distribution  Amount") in accordance with Section
7.1(a) in such  amounts  and at such  time(s) as  determined  by the  Management
Committee in its sole discretion,  PROVIDED, however, that such Capital Proceeds
Distribution  Amount  shall not be made unless at least  thirty (30) days' prior
written notice of the approximate  amount of such Capital Proceeds  Distribution
Amount has been delivered to the Preferred Holders; PROVIDED,  further, that any
Capital Proceeds Distribution Amount distributable pursuant to Section 7.1(b)(i)
from a third-party  mortgage  financing or refinancing  relating to a particular
Property which has been acquired with the proceeds of a corresponding  specified
Interim Capital  Contribution with respect to such Property that, at the time of
such  distribution,  continues  to qualify as

                             Exhibit 10.50 Page 77
<PAGE>

an Interim Capital Contribution,  shall not require such thirty (30) days' prior
written notice specified in the preceding clause.

     (l) In  connection  with any  Distribution,  if the  Manager is entitled to
receive  payments  pursuant  to Section  7.1(c)(iii)(y)  or  7.1(c)(iv)(y),  but
Whitehall XI shall have not received,  taking into account the timing and amount
of all prior  contributions and distributions,  an Internal Rate of Return equal
to 15% per annum with respect to its Capital  Contributions  pursuant to Section
7.1(d),  then  an  amount,  not to  exceed  50% of the  amount  otherwise  to be
distributed   to  the   Manager   pursuant  to   Sections   7.1(c)(iii)(y)   and
7.1(c)(iv)(y),  if any, shall be distributed to Whitehall XI, until Whitehall XI
shall have  received,  taking  into  account  the timing and amount of all prior
contributions  and  distributions,  an Internal  Rate of Return equal to 15% per
annum with respect to their Capital Contributions.

     (m) In  connection  with any  Distribution,  if the  Manager is entitled to
receive   payments   pursuant   to   Sections   7.1(d)(iii)(y),   7.1(d)(iv)(y),
7.1(e)(iii)(y) or 7.1(e)(iv)(y)  but WHWEL shall have not received,  taking into
account the timing and amount of all prior  contributions and distributions,  an
Internal  Rate of Return  equal to 15% per annum  with  respect  to its  Capital
Contributions  pursuant to Section 7.1(c),  then an amount, not to exceed 45% of
the amount  otherwise  to be  distributed  to the  Manager  pursuant to Sections
7.1(d)(iii)(y), 7.1(d)(iv)(y), 7.1(e)(iii)(y) or 7.1(e)(iv)(y), if any, shall be
distributed to WHWEL,  until WHWEL shall have received,  taking into account the
timing and amount of all prior contributions and distributions, an Internal Rate
of Return equal to 15% per annum with respect to its Capital Contributions.

     (n) In  connection  with any  Distribution,  if the  Manager is entitled to
receive payments made pursuant to Section  7.1(c)(ii)(y) or  7.1(c)(iv)(y),  but
Holding Co. shall have not  received,  taking into account the timing and amount
of all prior  contributions and distributions,  an Internal Rate of Return equal
to 15% per annum with respect to its Capital  Contributions  pursuant to Section
7.1(e),  then  an  amount,  not to  exceed  50% of the  amount  otherwise  to be
distributed to the Manager pursuant to Sections 7.1(c)(iii)(y) or 7.1(c)(iv)(y),
if any,  shall be  distributed  to Holding  Co.  until  Holding  Co.  shall have
received,  taking into account the timing and amount of all prior  contributions
and  distributions,  an  Internal  Rate of Return  equal to 15% per  annum  with
respect to its Capital Contributions.

     (o) Although the terms of this Section 7.1 contemplate  distributions being
made under paragraph (b) and then under  paragraphs (c), (d), (e), (f), (g), (h)
and (i) of this Section 7.1, the parties intend for the calculations required by
such  paragraphs to be made  simultaneously  and for the funds to be distributed
simultaneously  in  accordance  with such  paragraphs  in a single  distribution
rather than in seriatim.

     (p) WCPT  acknowledges  and agrees that 50% of all amounts  received by the
Manager pursuant to Sections 7.1(c)(iii)(y),  7.1(c)(iv)(y), 7.1(f)(iii)(y), and
7.1(f)(iv)(y),  and 55% of all  amounts  received  by the  Manager  pursuant  to
Sections   7.1(d)(iii)(y),    7.1(d)(iv)(y),   7.1(e)(iii)(y),    7.1(e)(iv)(y),
7.1(g)(iii)(y),  7.1(g)(iv)(y),  7.1(h)(iii)(y), and 7.1(h)(iv)(y) shall be paid
to employees,  officers and other personnel of WCPT and shall not be distributed
to WRP (it being  understood  and agreed that any amounts that are,  pursuant to
clause (l),  clause (m) or clause (n) of this Section 7.1  distributed to WHWEL,
Whitehall  XI, or Holding Co., as the case may be, rather than the Manager shall
be deemed to constitute  payments that, in compliance with this clause (p) could
be distributed  by WCPT

                             Exhibit 10.50 Page 78
<PAGE>

to WRP rather than paid to employees,  officers or other personnel of WCPT). Any
amendments to, or departures  from, the foregoing  provisions shall be deemed to
be a Major Decision for purposes of this Agreement.

     7.2. Restoration of Excess Distributions. Subject to Section 7.3:

     If any  Promote  Payments  to the Manager  have  previously  been made and,
subsequently,  the  Internal  Rate of  Return  for any of WHWEL,  Whitehall  XI,
Holding Co. and WCPT is reduced as a result of a Capital Contribution being made
pursuant  to  Section  5.2 or  otherwise,  then the  parties  hereto  shall make
appropriate  adjustments to the amounts  previously  distributed or paid to them
(and the Manager shall return all or a portion of such Promote  Payments to such
Member from whom such Promote  Payment was received) to the extent  necessary so
that the balance of such Promote Payments  retained by the Manager (after giving
effect to such adjustments) does not exceed the Requisite Promote  applicable to
such Member,  taking into account (x) such  reduction in such Member's  Internal
Rate of Return, (y) the timing and amount of all Capital  Contributions made by,
and all the Common  Distribution  Amounts  received  by, such Member and (z) the
Promote Payments previously received by the Manager and not yet returned to such
Member pursuant to this Section 7.2.

     7.3.  Liquidation.  In the  event of the sale or other  disposition  of all
Properties  owned by the Company  and its  Subsidiaries,  the  Company  shall be
dissolved  and  the  proceeds  of  such  sale  or  other  disposition  shall  be
distributed to the Members in liquidation as provided in Article X.

     7.4. Repayment of Member Loans. If any Member shall be a borrower under one
or more Member  Loans (a "Debtor  Member"),  then any  distributions  that would
otherwise be payable to such Debtor Member  pursuant to Section 7.1, 7.2 or 10.2
shall  instead  be paid to the Member or Members  which made such  Member  Loans
(each,  a "Lender  Member"),  first to pay any accrued  interest (at the Default
Rate) and then to pay the  principal  amount  thereof,  until such Member  Loans
(including  any accrued  and unpaid  interest)  shall be repaid in full.  In the
event there are two or more Lender  Members with  respect to any Debtor  Member,
distributions  under  this  Section  7.4  shall be made PRO RATA to each  Lender
Member in proportion to the relative principal amount of Member Loans (including
accrued  and unpaid  interest)  that such  Lender  Member has  outstanding  as a
percentage of total  outstanding  Member Loans made to such Debtor Member by all
Lender Members.  Any amounts distributed  pursuant to this Section 7.4 shall for
all other  purposes of this Agreement be treated as if distributed to the Debtor
Member.

     7.5.  Revisions to Reflect  Issuance of  Additional  Membership  Interests.
Subject to Section 12.1 herein,  in the event that the Company issues additional
membership interests pursuant to Section 5.9 hereof with rights,  preferences or
privileges  different  from those issued on the date hereof,  the Manager  shall
make such  revisions  to this  Article VII as it deems  necessary to reflect the
issuance of such additional  membership interests and any special rights, duties
or powers with respect thereto.

     7.6. Initial Public  Offering;  Sale of Units. (a) In the event of a public
offering of Shares by WCPT and provided that WCPT shall be acting as the Manager
at the time of such  offering,  each  Member  and WRP agree to take all  actions
necessary  or  appropriate  at no cost or expense to the  Saracen  Members,  and
without  any  impact on the  rights or amounts  to be  received  by the  Saracen
Members, including, without limitation,  amending any Organizational Document of
WCPT and the

                             Exhibit 10.50 Page 79
<PAGE>

Company (including this Agreement) in order that the Manager receives additional
compensation  (either in cash, or if the Managing  Members agree, in the form of
Membership  Units or  otherwise)  equal in value to the Promote that the Manager
would  have  received  if  all of the  Company  Assets  and  the  assets  of the
Subsidiaries  were sold for a price equal to the total  valuation of the Company
(implied by reference to the public  offering  price of the shares sold by WCPT)
and the proceeds of such sale were distributed  pursuant to Section 10.2. If, in
connection with a public offering of WCPT, WCPT, WHWEL, Whitehall XI and Holding
Co.  are  restricted  from  selling  their  Membership  Units or Shares  until a
specified  lock-up  period has  lapsed  after such  offering,  then the  Promote
payable to WCPT under this subparagraph (a) shall be calculated and paid to WCPT
promptly after such lock-up period expires.  WHWEL,  with respect to any Promote
that would be received by the Manager pursuant to Section 7.1(c),  Whitehall XI,
with  respect to any Promote  that would be received by the Manager  pursuant to
Section  7.1(d) and  Holding  Co.,  with  respect to any  Promote  that would be
received by Manager  pursuant to Section 7.1(e),  agree to pay to the Manager or
its designee  contemporaneously  with the closing of the public  offering (or on
the  day  after  expiration  of any  lock-up  as  described  in the  immediately
preceding  sentence)  such  amount of the  Promote  in cash or, if WCPT,  WHWEL,
Whitehall  XI,  Holding Co. and WRP agree  otherwise,  in the form of Membership
Units or  otherwise  and based upon the relative  Percentage  Interests of WCPT,
WHWEL, Whitehall XI and Holding Co. Without in any way limiting the restrictions
contained  in  Article  8, each  Member of the  Whitehall  Group  agrees  not to
distribute its  Membership  Units or Shares to any of its  constituent  partners
prior to  payment  of the  Promote  payable  under this  subparagraph  (a).  Any
Membership Units to be received by the Manager pursuant to this subparagraph (a)
shall  not be newly  issued  Membership  Units  but  shall be  Membership  Units
beneficially  owned by the Members of the Whitehall  Group.  Each Member and WRP
will work  together in good faith to achieve the  optimal tax  consequences  for
WCPT; PROVIDED, that there is no adverse impact on the other Members.

     (b) Unless the full  Promote  has  already  been,  or is due to be, paid to
Manager  under  subparagraph  (a), in the event that any Member of the Whitehall
Group, to the extent permitted under this Agreement,  either sells (or otherwise
disposes of) all or any of its Membership Units to a third-party or converts all
or any of its  Membership  Units into  Shares or WRP  Shares,  any Member of the
Whitehall  Group,  as  the  case  may  be,  shall  pay  to  the  Manager  on the
Determination  Date (as  defined  below)  an amount  equal to the  amount of the
Promote that would have been payable to the Manager if the proceeds  received by
any  Member  of the  Whitehall  Group,  (or the  cash  value  thereof  as of the
Determination Date if such proceeds are not cash) were received by any Member of
the Whitehall  Group,  pursuant to a  distribution  of Available  Cash among all
Members (other than Saracen) pursuant to Sections 7.1(c), (d), (e), (f) and (g).
For purposes of this  subparagraph  (b), the  "Determination  Date" shall be the
date of the relevant sale,  disposition  or conversion of the Membership  Units;
provided  that,  if the  Shares  or WRP  Shares  received  by any  Member of the
Whitehall Group, as the case may be, upon conversion of any Membership Units are
subject to any "lock-up"  agreement  prohibiting  the sale of such Shares or WRP
Shares for a specified period, the "Determination Date" shall mean the date upon
which such lock-up period expires.

     (c) Upon  payment of all  amounts  (whether  in cash,  Shares,  WRP Shares,
Membership  Units or other  consideration)  due to the Manager  pursuant to this
Section 7.6 in respect of the sale,  disposition or conversion of any Membership
Units,  no further  amounts  shall be payable to the  Manager  pursuant  to this
Section  7.6  or   Sections   7.1(c)(iii)(y),   7.1(c)(iv)(y),   7.1(d)(iii)(y),
7.1(d)(iv)(y),  7.1(e)(iii)(y),  7.1(e)(iv)(y),  7.1(f)(iii)(y),  7.1(f)(iv)(y),
7.1(g)(iii)(y),  7.1(g)(iv)(y), 7.1(h(iii)(y) and

                             Exhibit 10.50 Page 80
<PAGE>

7.1(h)(iv)(y)  or any successor  provision to any of the foregoing in respect of
any such sold,  disposed of or converted  Membership  Units or in respect of any
subsequent  sale,  transfer  or  other  disposition  of  the  proceeds  from  or
consideration received on account of any such sale, disposition or conversion of
Membership Units.

                                  ARTICLE VIII.

                          TRANSFER OF COMPANY INTERESTS
                          -----------------------------

     8.1. Limitations on Assignments of Interests by Members.

     (a) Except as provided in Section  8.1(b) and Section  8.2, no Member shall
Transfer (as  hereinafter  defined) all or any portion of its Interest or permit
such a  Transfer  or  contract  to do so,  without  the  consent  of each of the
Managing  Members (which consent may be withheld in such Managing  Member's sole
discretion  for any  reason  or no  reason)  and in strict  compliance  with the
provisions of this Article VIII. As used herein "Transfer" of an Interest means,
with  respect  to  any  Member,  any  transfer,  sale,  pledge,   hypothecation,
encumbrance,  assignment or other  disposition of any portion of the Interest of
such Member or the proceeds  thereof  (whether  voluntarily,  involuntarily,  by
operation of law or otherwise). Notwithstanding the foregoing, a transfer, sale,
pledge, hypothecation, encumbrance, assignment or other disposition of ownership
interests  in WCPT  (including  by virtue of an  Extraordinary  Transaction  but
excluding  any  transfer of up to 6,000  shares of WCPT issued to holders  other
than WRP on or about  August 28, 1997) shall  constitute a "transfer"  of WCPT's
Interest  and shall be subject  to the  provisions  of this  Article  VIII.  Any
purported  Transfer in  violation  of this Article VIII shall be void ab initio,
and shall not bind the Company,  and the Members making such purported transfer,
sale or  assignment  shall  indemnify and hold the Company and the other Members
harmless from and against any federal,  state or local income taxes, or transfer
taxes,  including without limitation,  transfer gains taxes, arising as a result
of, or caused directly or indirectly by, such purported Transfer.  The giving of
any consent to a Transfer in any one or more instances  shall not limit or waive
the need for such consent in any other or subsequent instances.

     (b) Subject to  compliance  with the  remaining  provisions of this Article
VIII and with Section 4.2 and notwithstanding anything to the contrary set forth
in Section  8.1(a) above,  each of WCPT,  WHWEL,  Whitehall XI,  Holding Co. and
Saracen may,  from time to time and without any consent or  approval,  pledge or
otherwise grant a security  interest in all or part of such Member's Interest to
an  Institutional  Lender to secure a loan made to such Member (a  "Pledgor") by
such  Institutional  Lender  (a  "Pledgee");  provided  that,  (i) such  pledged
Interest may not be  transferred  to the Pledgee by  foreclosure,  assignment in
lieu  thereof  or  other  enforcement  of such  pledge,  and (ii)  WCPT,  WHWEL,
Whitehall XI, Holding Co. and Saracen may pledge only their respective  economic
interests  in  the  Company  and  no  other  rights   hereunder.   In  addition,
notwithstanding  anything to the contrary set forth herein, (A) WHWEL shall have
the right at any time to transfer  all or any part of its  Interest  without the
prior consent of any Member (including WCPT and the Manager) pursuant to Section
8.3,  in  connection  with the  exchange  of its  Membership  Units  for the WRP
At-Market  Shares, or in connection with the exercise of any of the WRP Warrants
and/or the New WRP  Warrants,  (B) Whitehall XI shall have the right at any time
to transfer  all or any part of its  Interest  without the prior  consent of any
Member (including WCPT and the Manager) pursuant to Section 8.3 or in connection
with the exercise of any

                             Exhibit 10.50 Page 81
<PAGE>

of the WRP Warrants and/or the New WRP Warrants,  (C) Holding Co. shall have the
right at any time to transfer all or any part of its Interest  without the prior
consent of any Member  (including WCPT and the Manager) pursuant to Section 8.3,
(D) any Saracen  Member  shall have the right at any time to transfer all or any
part of his or her Interest without the prior consent of any Member (i) pursuant
to Section 8.3,  (ii) to another  Saracen  Member,  PROVIDED  that such transfer
shall not result in Dominic J. Saraceno having a Percentage  Interest  (assuming
for purposes of determining  Dominic J. Saraceno's  Percentage Interest pursuant
to  this  Section  8.1(b)  only,  all  of his  outstanding  Series  A  Preferred
Membership  Units were converted into Membership  Units at the conversion  price
set forth in the Series A Terms) equal to or greater than 10% or (iii)  pursuant
to a transfer for a tax or estate planning  purpose only, by inter vivos gift or
sale to an  entity  or trust or  pursuant  to any  applicable  laws of  descent;
provided that at all times the voting control of such entity or trust is held by
and the decisions of such entity or trust are made solely by such Member (or, if
applicable,  by any executor) and (E) WHWEL,  Whitehall XI and Holding Co. shall
have the right at any time to transfer all or any part of its  Interest  without
prior consent of any Member (including WCPT and the Manager) to any Affiliate of
Goldman Sachs Group.

     (c) At all times prior to an initial  public  offering by WCPT,  any one or
more of Whitehall  Street Real Estate Limited  Partnership  V, Whitehall  Street
Real Estate Limited  Partnership VII and/or any other Affiliate of Goldman Sachs
Group meeting the  requirements  of clause (i) of the  definition of "Affiliate"
shall control WHWEL.

     (d) At all times prior to an initial  public  offering by WCPT,  any one or
more of Whitehall  XI, WHWEL and/or any other  Affiliate of Goldman  Sachs Group
meeting the  requirements  of clause (i) of the definition of "Affiliate"  shall
control the Holding Co.

     8.2. Sale of Properties, the Company or its Subsidiaries.

     (a) At any time after the date hereof,  any Marketing  Member may from time
to time and on one or more  separate  occasions  (1)  require the Company or any
Subsidiary to sell any or all of the Properties, (2) require the Company to sell
any or all of the  Subsidiaries  or (3) sell the  Company as a whole,  in one or
more  bona fide  transactions  to a Person  not  Affiliated  with the  Marketing
Member; PROVIDED that, the Marketing Member has first delivered a written notice
(a "Sales  Notice") to the Non-  Marketing  Member in  accordance  with  Section
8.2(b).  For the purposes of this Section 8.2, any Property,  any  Subsidiary or
the Company  which is the subject of a Sales Notice is referred to as a "Subject
Asset". The term "Marketing Member" shall mean any Member of the Whitehall Group
or WCPT (provided such Person is still an Appointing Member) who shall deliver a
Sales Notice in  accordance  with this Section  8.2;  PROVIDED  that if both any
Member of the Whitehall Group and WCPT shall deliver a Sales Notice with respect
to the same Subject Asset, the party who delivered a Sales Notice first shall be
the Marketing  Member with respect thereto and the other party shall be the Non-
Marketing  Member.  If any Member of the Whitehall  Group shall have delivered a
Sales  Notice  in  accordance  with this  Section  8.2,  then WCPT  shall be the
"Non-Marketing  Member",  and if WCPT shall have  delivered be a Sales Notice in
accordance  with this Section 8.2, then the Members of the Whitehall Group shall
be the "Non-Marketing Member".

     (b) In the event a proposed  sale  involves a Subject  Asset having a total
cost  basis  (as set  forth on the  Company's  consolidated  balance  sheet)  of
$50,000,000  or more,  the  Marketing  Member shall deliver a Sale Notice to the
Non-Marketing Member at least forty-five (45) days prior to the

                             Exhibit 10.50 Page 82
<PAGE>

commencement  of the Marketing  Period.  In the event a proposed sale involves a
Subject  Asset  having  a total  cost  basis  (as  set  forth  on the  Company's
consolidated balance sheet) of less than $50,000,000, the Marketing Member shall
deliver a Sale  Notice to the  Non-Marketing  Member at least  thirty  (30) days
prior to the  commencement  of the  Marketing  Period.  During  such  forty-five
(45)-day or thirty (30)-day period, as the case may be, the Marketing Member and
the Non-Marketing  Member shall discuss in good faith (on a non-exclusive basis)
the terms by which the  Non-Marketing  Member  would be willing to purchase  the
Subject  Asset and  possibly the terms by which the  Non-Marketing  Member would
consider the purchase of the Marketing Member's entire Interest in the Company.

     (c) In the event the  Non-Marketing  Member  agrees to purchase the Subject
Asset,  the  Marketing  Member  shall have the full right,  power and  authority
(acting alone) to execute,  deliver and perform any and all documentation and to
take any and all other action, on behalf of the Company,  any Subsidiary and, in
the case of a sale of the  Company,  of the  Members  required or  desirable  to
consummate  the sale of the Subject  Asset on such terms and  conditions  as the
Marketing  Member shall  determine  in its  discretion,  and each Member  hereby
consents to the Marketing  Member's exercise of such right,  power and authority
and hereby  agrees to  execute,  deliver  and  perform,  any and all  documents,
agreements and instruments,  and to take any other actions as may be required or
desirable for the purpose of consummating such sale of the Subject Asset.

     (d) (i) In the  event a  binding  agreement  is not  executed  between  the
Marketing Member and the Non-Marketing  Member during the forty-five (45)-day or
thirty (30)-day  period (as  applicable)  specified in Section 8.2(b) or (ii) in
the event a proposed  sale of the Subject  Asset under  Section  8.2(c) fails to
close for any reason other than due to a default by the Marketing  Member by the
thirtieth  (30th)  day after  the  scheduled  closing  date for the sale of such
Subject  Asset  specified  in  such  binding   agreement  (the  "Section  8.2(c)
Termination  Date"),  the  Marketing  Member shall be free to market the Subject
Asset upon such terms the Marketing  Member deems necessary to consummate a sale
of  the  Subject  Asset  during  a one  hundred  eighty  (180)-day  period  (the
"Marketing  Period"),  commencing  on the first day after the  expiration of the
forty-five  (45)-day or thirty  (30)-day  period (as  applicable)  specified  in
Section  8.2(b) or upon the earlier of (i) the first day after the date on which
a  purchase  agreement  entered  into  in  accordance  with  Section  8.2(c)  is
terminated  or (ii) the  Section  8.2(c)  Termination  Date;  PROVIDED  that the
Marketing  Member  shall  not sell  the  Subject  Asset  to a Person  that is an
Affiliate of the Marketing  Member.  The Marketing Member shall have full right,
power and authority  (acting alone) to execute,  deliver and perform any and all
documentation  and to take any and all other  action,  on behalf of the Company,
any  Subsidiary  and,  in the  case of a sale  of the  Company,  of the  Members
required or desirable to consummate  the sale of the Subject Asset on such terms
and conditions as the Marketing  Member shall determine in its  discretion,  and
each Member hereby  consents to the Marketing  Member's  exercise of such right,
power and authority and hereby agrees to execute,  deliver and perform,  any and
all documents,  agreements and instruments, and to take any other actions as may
be  required  or  desirable  for the  purpose of  consummating  such sale of the
Subject Asset.

     (e) In the event the Marketing Member markets the Subject Asset pursuant to
paragraph  (d) above and the proposed  sale fails to close for any reason during
the Marketing Period,  each of WCPT and each Member of the Whitehall Group shall
continue to have the right,  from time to time,  to  exercise  any of the rights
granted thereto under this Section 8.2; PROVIDED,  however,  that the Member who
was the last Marketing Member shall not have the right to deliver a Sales Notice
to the Non- Marketing  Member with respect to the Subject Asset that was subject
to the last  Sales  Notice  delivered  to such  Non-

                             Exhibit 10.50 Page 83
<PAGE>

Marketing  Member until the  thirtieth  (30th) day after the  expiration  of the
Marketing Period.

     (f) In the event WCPT is the  Non-Marketing  Member and  acquires a Subject
Asset  pursuant to this  Section 8.2,  (i) such  purchase  shall not be deemed a
violation of Section 4.2 and (ii) WCPT shall be free to engage third  parties to
provide property and asset management services for such Subject Asset.

     (g) Any one or more Members of the Whitehall  Group may exercise any of the
rights granted under this Section 8.2 to the Whitehall Group.

     8.2A Indemnification of Saracen. (a) The Company shall indemnify Saracen as
and when required in this Section 8.2A. The Company acknowledges and agrees that
this Section 8.2A is a material  inducement to the Saracen Members entering into
this  Agreement,  without which the Saracen  Members would be unwilling to enter
into this Agreement.

     (i)  Except  only as and to the extent  set forth in this  Section  8.2A(a)
below,  in the event the Company shall cause or permit to occur or exist (a) any
Saracen  Gain  Recognition  (as  hereinafter  defined)  (x)  on  or  before  the
expiration  of a nine (9) year  period  following  May 15, 1998 (the last day of
such period, hereafter, the "End Date") with respect to all or any of the Nomura
Properties or the 72 River Park Property and (y) on or before the  expiration of
a five (5) year period  following the May 15, 1998 with respect to all or any of
the  Non-Nomura   Properties  or  (b)  any  Saracen  Debt  Reduction  Event  (as
hereinafter  defined) on or before the End Date, then the provisions in Sections
8.2A(v), (vi), (vii), (viii), (ix) and (x) shall apply.

     (ii) Notwithstanding anything in this Section 8.2A to the contrary, Section
8.2A(a)(i)  above and Sections  8.2A(a)(v)  through (x) below shall not apply to
(x) any Saracen Gain Recognition  caused by any affirmative  action taken by any
Saracen Member before,  on or after May 15, 1998 with respect to any Interest of
any Saracen  Member (any such transfer,  a  "Non-Triggering  Saracen  Transfer")
which  triggers any Saracen Gain  Recognition,  but only if and to the extent of
the Saracen  Gain  Recognition  which is caused by such  Non-Triggering  Saracen
Transfer, (y) any Saracen Gain Recognition or Saracen Debt Reduction Event which
results (i) from the partial,  periodic  amortization  of the Nomura Loan during
the period from May 15, 1998 through the End Date, but only as and to the extent
such  amortization  is  required in  connection  with any  applicable  regularly
scheduled payment of principal and interest pursuant to the documents evidencing
the Nomura Loan as of May 15, 1998 ("Required Amortization"),  such amortization
not to include any voluntary or  involuntary  payments of principal  (other than
Required Amortization) on or before the End Date, whether in connection with any
default,  casualty,  condemnation  or  otherwise,  or (ii) from any  payment  of
principal on or after the End Date, or (z) any  recognition of income or gain by
any Saracen Member as a result of or in connection with the Saracen Closing.

     (iii) For purposes of this Section 8.2A, the term "Saracen Gain" shall mean
any  "built-in  gain"  (within  the  meaning  of  Treasury   Regulation  Section
1.704-3(a)(3)(ii))  that exists  immediately  following the Saracen Closing with
respect  to any of the Nomura  Properties,  the 72 River  Park  Property  or the
Non-Nomura  Properties  (after  taking  into  account  any step-up in basis with
respect to such properties  arising in connection with the Saracen Closing),  as
such "built-in gain" may be

                             Exhibit 10.50 Page 84
<PAGE>

reduced  from time to time  under  Treasury  Regulations  Section  1.704-3.  For
purposes of Section  8.2A,  the term "Saracen  Gain  Recognition"  means (x) any
recognition  of  Saracen  Gain by any  Saracen  Member,  including  a  permitted
transferee pursuant to Section 8.1(b)(B)  (individually or collectively,  as the
case may be,  hereafter  a "Saracen  Indemnitee  Member"),  with  respect to the
Nomura  Properties or the 72 River Park  Property at any time  commencing on May
15,  1998 and  ending on or  before  the End Date,  and (y) any  recognition  of
Saracen  Gain by a Saracen  Indemnitee  Member  with  respect to the Non- Nomura
Properties  at any time  during the five (5) year period  commencing  on May 15,
1998.

     (iv) For purposes of this Section 8.2A,  the term  "Saracen Debt  Reduction
Event" shall mean the  recognition of taxable  income by any Saracen  Indemnitee
Member as a result of the failure, for any reason whatsoever,  of the Company to
have  outstanding an amount of Non-Recourse  Liabilities  such that each Saracen
Indemnitee  Member is  allocated  (pursuant  to Section  752 of the Code and the
Treasury  Regulations  issued thereunder) an amount of such liabilities at least
equal to the amount by which such  Saracen  Indemnitee  Member's  (outside)  tax
basis in his Interest  would be negative  but for  allocations  of  Non-Recourse
Liabilities to such Member (pursuant to Section 752 of the Code and the Treasury
Regulations  thereunder),  in order to  prevent  such  Member  from  recognizing
taxable  income as a result of a reduction  in the amount of debt  allocable  to
such Member;  provided,  however,  that the amount of liabilities required to be
allocated to all Saracen  Indemnitee  Members in the aggregate  shall not exceed
$50,000,000,   reduced  over  time  with  respect  to  each  applicable  Saracen
Indemnitee  Member (w) by the  aggregate  amount of  additions  to such  Saracen
Indemnitee  Member's  (outside) tax basis in his Interests  attributable  to all
prior Saracen Gain Recognition  events and Saracen Debt Reduction Events, (x) by
the aggregate  amount of Required  Amortization as allocated  entirely among the
Saracen Indemnitee Members,  (y) by all payments of principal on the Nomura Loan
made  after the End Date as  allocated  entirely  among the  Saracen  Indemnitee
Members,  (z) the  aggregate  amount of  additions  to such  Saracen  Indemnitee
Member's (outside) tax basis in its Interests attributable to all taxable income
recognized by reason of a Non-Triggering  Saracen Transfer taken by such Saracen
Indemnitee  Member,  (aa)  by any  reductions  in  the  amount  of  Non-Recourse
Liabilities  allocable  to such  Saracen  Indemnitee  Member  by  reason  of any
adjustments  to Capital  Accounts or the number of Membership  Units or Series A
Preferred Membership Units pursuant to Section 5.1(l) hereof, and (bb) after the
expiration  of a five (5) year period after May 15, 1998 but only if there shall
have  been a  Capital  Event,  by an amount  equal to the  amount by which  such
Saracen  Indemnitee  Member's  (outside)  tax  basis  in his  Interest  would be
negative  but  for  allocations  of  Non-Recourse  Liabilities  to  such  Member
(pursuant to Section 752 of the Code and the Treasury  Regulations  thereunder),
as of the  day  before  May 15,  1998  determined  solely  with  respect  to the
Non-Nomura  Properties  (without  duplication for any amounts taken into account
under clauses (w), (x), (y), (z) and (aa) above).

     (v) In the event of any Saracen Gain  Recognition or Saracen Debt Reduction
Event which is  otherwise  prohibited  or  restricted  pursuant to this  Section
8.2A(a), concurrently with the consummation of the transaction or other event or
circumstance  which  results in such  Saracen Gain  Recognition  or Saracen Debt
Reduction  Event,  as the case may be, the Company  shall pay to the  applicable
Saracen Indemnitee Members,  in addition to any amounts otherwise  distributable
under Article VII (or, if applicable,  Article X) hereof, an amount equal to the
amounts described in Sections 8.2A(a)(vi) through (x) below.

     (vi) (A) In the case of any  Saracen  Gain  Recognition  at or  before  the
expiration of a five (5) year period after May 15, 1998, the aggregate  federal,
state and local income taxes  (determined

                             Exhibit 10.50 Page 85
<PAGE>

in accordance with Section 8.2A(x)) payable by each Saracen Indemnitee Member on
the pro rata amount of Saracen Gain recognized by such Saracen Indemnitee Member
as a result of the Saracen  Gain  Recognition,  as such Saracen Gain is reduced,
without  duplication,  by items  (w),  (x),  (y) and (z)  described  in  Section
8.2A(viii).

     (B) In the  case of any  Saracen  Debt  Reduction  Event at or  before  the
expiration of a five (5) year period after May 15, 1998, the aggregate  federal,
state and local income taxes  (determined  in accordance  with Section  8.2A(x))
payable  by each  Saracen  Indemnitee  Member on the pro rata  amount of taxable
income  recognized by such Saracen  Indemnitee Member as a result of the Saracen
Debt Reduction Event, as such taxable income is reduced, without duplication, by
items (w), (x), (y), (z), (aa) and (bb) described in Section 8.2A(iv).

     (vii) (A) In the case of any Saracen Gain Recognition  after the expiration
of a five (5) year period  after May 15,  1998,  but prior to the End Date,  and
subject to Section 8.2A(a)(ix),  an amount representing the present value of the
aggregate  federal,  state and local income taxes (determined in accordance with
Section  8.2A(x))  payable by each Saracen  Indemnitee  Member,  on the pro rata
amount of Saracen Gain recognized by such Saracen  Indemnitee Member as a result
of the Saracen  Gain  Recognition,  as such  Saracen  Gain is  reduced,  without
duplication,  by items (w),  (x), (y) and (z)  described in Section  8.2A(viii),
determined as if such taxes were payable on the End Date and calculated  using a
10% discount rate.

     (B) In the case of any Saracen Debt Reduction Event after the expiration of
a five (5) year  period  after May 15,  1998,  but  prior to the End  Date,  and
subject to Section 8.2A(a)(ix),  an amount representing the present value of the
aggregate  federal,  state and local income taxes (determined in accordance with
Section  8.2A(x))  payable by each Saracen  Indemnitee  Member,  on the pro rata
amount of taxable  income  recognized  by such  Saracen  Indemnitee  Member as a
result of the Saracen Debt Reduction  Event,  as such taxable income is reduced,
without  duplication,  by items (w), (x),  (y), (z), (aa) and (bb)  described in
Section  8.2A(iv),  determined as if such taxes were payable on the End Date and
calculated using a 10% discount rate.

     (viii)  For   purposes   of  Section   8.2A(a)(vi)   and  (vii)  above  and
notwithstanding anything therein to the contrary, the amount required to be paid
a  result  of any  Saracen  Gain  Recognition  with  respect  to any  particular
Property, other than amounts to be paid on account of the "gross-up" pursuant to
Section 8.2A(x),  shall equal the amount of aggregate  federal,  state and local
income taxes  (determined in accordance with Section  8.2A(x)) then payable with
respect to the amount of Saracen Gain with respect to such  Property at the time
of the  Saracen  Gain  Recognition,  reduced  over  time  with  respect  to each
applicable Saracen Indemnitee Member, (w) by an amount equal to $4,000,000 times
a fraction,  the  numerator of which is the Book Value of such  Property and the
denominator  of which is the  aggregate  Book Values of all Saracen  Contributed
Properties,  in each  case as Book  Value is  determined  immediately  after the
Saracen  Closing,  (x) by the pro rata amount of Saracen Gain  previously  taken
into account by such Saracen  Indemnitee Member (or any predecessor in interest)
under  Sections   8.2A(a)(vi)  and  (vii)  as  a  result  of  any  Saracen  Gain
Recognition,  (y) by the amount of any Saracen Gain reportable as taxable income
by such Saracen  Indemnitee  Member (or any predecessor in interest) as a result
of any  Non-Triggering  Saracen Transfer,  and (z) any increase in basis of such
Property under Code Section 754, which is  attributable  to a sale,  exchange or
other  disposition  of an Interest  by such  Saracen  Indemnitee  Member (or any
predecessor or successor  hereof);  the death of such Saracen  Indemnitee Member
(or any

                             Exhibit 10.50 Page 86
<PAGE>

predecessor or successor thereof); or a distribution of property to such Saracen
Indemnitee Member (or any predecessor or successor thereof).

     (ix) In  addition,  and  notwithstanding  the  foregoing in the case of any
Saracen Gain  Recognition or Saracen Debt Reduction  Event that occurs after the
expiration  of a five (5) year period after May 15,  1998,  but on or before the
expiration  of a seven (7) year period  after May 15, 1998,  the Company  shall,
concurrently  with  the  consummation  of the  transaction  or  other  event  or
circumstance  which  results in such  Saracen Gain  Recognition  or Saracen Debt
Reduction Event, make a loan to each Saracen Indemnitee Member providing for (A)
a principal amount equal to the amount by which the aggregate federal, state and
local  income  taxes  payable by such  Member as a result of such  Saracen  Gain
Recognition  or Saracen Debt  Reduction  Event,  as the case may be, exceeds the
amount  reimbursed  by the  Company  pursuant to Section  8.2A(a)(vi)  and (vii)
above;  (B) an interest rate equal to 10% per annum or, in the case of a Saracen
Gain  Recognition or Saracen Debt Reduction Event that arises in connection with
an event which is not within the reasonable control of the Company,  an interest
rate equal to 12% per annum,  which interest shall accrue until  maturity,  with
all such amounts  compounding  annually;  (C) maturity on the End Date;  and (D)
prepayment at any time without premium or penalty.

     (x) Any  reimbursement  by the  Company  under this  Section  8.2A shall be
increased by an amount (the  "gross-up")  to take into account any tax liability
that would be incurred by the Saracen Indemnitee Member arising from the receipt
or accrual of such  reimbursement  payment without regard to the gross-up.  That
is, the gross-up  amount does not take into account any tax liability that would
be incurred by the Saracen Indemnitee Member arising from the receipt or accrual
of the gross-up payment itself. In computing the amount of any tax reimbursement
payment or gross-up, such Member shall be deemed to be subject to federal, state
and local  income tax at the  highest  effective  tax rate  imposed on income of
residents  of Boston,  Massachusetts  then in effect but taking into account all
applicable  capital gains tax rates and giving effect to all federal  income tax
savings  attributable  to  deductions  for all  state and  local  taxes  payable
hereunder  in  connection  with a Saracen  Gain  Recognition  and a Saracen Debt
Reduction  Event, and such payments shall be made without regard to or reduction
for any items of loss,  deduction or credit to which such Member may be entitled
under  applicable  law, other than such deductions for all state and local taxes
payable hereunder.

     (xi) The  Saracen  Members  agree to furnish to the  Company  copies of all
1996,  1997 and 1998 federal and state income tax returns of the Saracen Current
Owners relating to the Saracen Properties ("Tax Returns") as soon as practicable
following the filing thereof with the tax authorities.  However,  any failure by
any Saracen Member to comply with the  requirements of this Section  8.2A(a)(xi)
shall not  constitute  a default  and will not  affect  or  otherwise  limit the
Company's liability or obligations under this Section 8.2A(a).

     (xii)  After the  expiration  of the End Date and only if no Capital  Event
shall  have  occurred  before,  on or after  the End  Date,  the  Company  shall
reasonably  cooperate with the holders of the Saracen  Membership  Units and the
Series A Preferred  Membership Units to reduce or eliminate the amount of income
that would otherwise be recognized by them by reason of a Saracen Debt Reduction
Event,  including by permitting such holders to guarantee certain obligations of
the  Company or to agree to a limited  obligation  to restore  deficits in their
capital accounts, provided and to the extent that doing so would not then impose
(x) any adverse income tax  consequences on any other Member or the Company,  or
(y) any economic  cost on any other Member or the Company.  Notwithstanding  the
foregoing,  in no

                             Exhibit 10.50 Page 87
<PAGE>

event shall the Company or the  Management  Committee have any duty to incur new
or  additional  financing  or to refrain  from  refinancing  or  satisfying  any
existing indebtedness of the Company as a result of this Section 8.2(A)(a)(xii),
and neither the Company nor the Management  Committee  shall incur any liability
in the event that the  Company  does not comply  with the terms of this  Section
8.2(A)(a)(xii) at any time.

     (xiii) Amounts  required to be paid or loaned by the Company to one or more
Saracen  Indemnitee  Members  pursuant  to  this  Section  8.2A   (collectively,
"Payments")  shall be paid or loaned  concurrently  with the consummation of the
transaction or other event or  circumstance  which causes such amounts to become
payable.  Within thirty (30) days following the receipt by a Saracen  Indemnitee
Member of a Payment, such Saracen Indemnitee Member can send a written notice to
the Company  containing a  computation  of what such Saracen  Indemnitee  Member
considers  to be  correct  amount  of  Payments  and  specifying  the  resulting
deficiency  (the "Asserted  Deficiency").  Upon receipt by the Company of such a
notice within said thirty (30) day period,  there shall be no  distributions  of
cash to any Member  pursuant  to Section  7.1(a-2)  unless and until the Company
shall,  at its option,  either (i) pay the Asserted  Deficiency  to such Saracen
Indemnitee  Member,  (ii) establish a reserve  account in an amount equal to the
Asserted  Deficiency,  or (iii)  resolve the  dispute in a manner  agreed to, in
writing, by such Saracen Indemnitee Member.

     (xiv) If there is any  change  in the  provisions  of the Code or  Treasury
Regulations which would cause any Payments to become payable hereunder,  each of
the Saracen  Indemnitee  Members shall reasonably  cooperate with the Company to
reduce or eliminate any such Payments to the maximum extent  possible,  provided
and to the extent that doing so would not then impose (x) any adverse income tax
consequences to any Saracen  Indemnitee  Member, or (y) any economic cost on any
Saracen Indemnitee Member and provided, further, that any failure of the Saracen
Indemnitee  Members to comply with the  requirements  of this Section  8.2A(xiv)
shall not  constitute  a default  and will not  affect  or  otherwise  limit the
Company's liability or obligations under this Section 8.2A(a).

     (xv) This Section  8.2A(a) shall be binding upon all successors and assigns
of the Company,  including,  without limitation,  any successor as a result of a
merger (including a triangular merger),  consolidation or other combination with
or into another Person (or such Person's Subsidiary), or otherwise.

     (b) Nothing  contained in this Section 8.2A shall prohibit the Company from
(A) paying down the principal of any Company  indebtedness,  (B) refinancing any
such  indebtedness  with one or more  mortgage  loans,  (C) selling or otherwise
transferring  all or any portion of or interest in all or any of its Properties,
or (D) taking any other action with respect to the Company,  its business or its
Properties, PROVIDED, however, that the Company shall, in any such event, comply
with the provisions set forth in Section 8.2A.

     (c) If the  "total  assets" of the  Company  as set forth on the  Company's
consolidated  balance sheets in accordance  with generally  accepted  accounting
principles,  consistently  applied, is less than $200 million, and the Company's
net equity is less than 200% of the  applicable  Tax  Liability for such year as
set forth on Schedule  8.2A(c)  annexed  hereto,  the Company shall  establish a
reserve account (the "Tax Liability  Reserve Account") in an amount equal to the
difference between (i) 200% of the applicable Tax Liability for such year as set
forth on Schedule 8.2A(c) annexed hereto and (ii) the then

                             Exhibit 10.50 Page 88
<PAGE>

current net equity of the Company.  The  determination  of the "total assets" of
the  Company,  (as set forth on the  Company's  consolidated  balance  sheets in
accordance with generally accepted accounting principles, consistently applied),
and the  Company's  net equity and the  applicable  deposit,  if any, in the Tax
Liability  Reserve Account,  shall be made within forty-five (45) days after the
end of each fiscal quarter of the Company, PROVIDED, however, if at any time the
Company  reasonably and in good faith determines that based upon the immediately
preceding  sentence an  additional  deposit or a decrease  in the Tax  Liability
Reserve Account is required,  such adjustment shall be made immediately.  If any
event occurs which  decreases the Tax  Liability for any specified  year, as set
forth on Schedule 8.2A(c) annexed hereto,  the Management  Committee shall amend
such Schedule 8.2A(c)  immediately to reflect the then current Tax Liability for
such year. The Company's  obligations  under this Section 8.2A(c) shall cease if
Shares or other capital stock of WCPT are issued or sold in a public offering or
WCPT or the Company  engages in (i) a merger  (including a  triangular  merger),
consolidation or other combination with or into another Person (or such Person's
subsidiary)  whose equity  interests  are publicly  traded or (ii) the direct or
indirect sale, lease,  exchange or other transfer of all or substantially all of
its assets in one transaction or a series of related  transactions  with another
Person (or such Person's subsidiary) whose equity interests are publicly traded.
Schedule  8.2(A)(c)  is  intended  to be  utilized  solely for  purposes of this
Section 8.2(A)(c) and no inference is intended for, and Schedule 8.2(A)(c) shall
have no  affect  on,  the  computations  of any  Payments  pursuant  to  Section
8.2(A)(a) hereof.

     8.3.  Conversion  Right.  (a) At any time and from time to time  after WCPT
shall  have  Shares or other  capital  stock  issued  to the  public in a public
offering or shall engage in an Extraordinary  Transaction,  WHWEL, Whitehall XI,
Holding Co., Saracen and Rand shall each have the right (the "Conversion Right")
to require WCPT to convert part or all of its Membership Units into Shares, with
such  conversion to occur on the Specified  Conversion  Date and at a conversion
price equal to and in the form of the Shares Amount.  Any such Conversion  Right
shall be exercised pursuant to a Notice of Conversion delivered to WCPT. Each of
WHWEL,  Whitehall XI, Holding Co.,  Saracen and Rand may exercise the Conversion
Right from time to time after WCPT  shall  have  Shares or other  capital  stock
issued to the public in a public  offering or shall  engage in an  Extraordinary
Transaction,  without limitation as to frequency, with respect to part or all of
the Membership  Units that it owns, as selected by WHWEL,  Whitehall XI, Holding
Co.,  Saracen  and/or Rand, as  applicable.  If the Shares Amount is not a whole
number of Shares,  WHWEL,  Whitehall XI,  Holding Co.,  Saracen  and/or Rand, as
applicable,  shall be paid (i) that  number of Shares  which  equals the nearest
whole  number  less than such  amount  plus  (ii) an amount of cash  which  WCPT
determines,  in its  reasonable  discretion,  to represent the fair value of the
remaining fractional Share which would otherwise be payable to WHWEL,  Whitehall
XI,  Holding Co.,  Saracen  and/or Rand,  as  applicable.  WHWEL,  Whitehall XI,
Holding  Co.,  Saracen  and/or  Rand,  as  applicable,  shall have no right with
respect to any Membership Units so converted to receive any  distributions  paid
after the Specified  Conversion Date with respect to such Membership  Units. Any
permitted  successor or permitted assignee of WHWEL,  Whitehall XI, Holding Co.,
Saracen or Rand may exercise  WHWEL's  rights,  Whitehall  XI's rights,  Holding
Co.'s rights, Saracen's rights or Rand's rights, respectively,  pursuant to this
Section 8.3. In  connection  with any exercise of such rights by such  permitted
successor or permitted assignee of WHWEL,  Whitehall XI, Holding Co., Saracen or
Rand,  the  Shares  Amount  shall  be paid by WCPT  directly  to such  permitted
successor or permitted  assignee and not to WHWEL,  Whitehall  XI,  Holding Co.,
Saracen or Rand.  WHWEL,  Whitehall  XI,  Holding Co.,  Saracen  and/or Rand, as
applicable,  and WCPT acknowledge that WHWEL, Whitehall XI, Holding Co., Saracen
and  Rand  are  not  "Excepted  Holders"  (as  defined  in  Section  7.1  of the
Declaration  of Trust) and that,  unless  either  becomes an "Excepted  Holder",
WHWEL's, Whitehall XI's, Holding Co.'s, Saracen's

                             Exhibit 10.50 Page 89
<PAGE>

or Rand's  Conversion  Right may be limited.  Therefore,  WHWEL,  Whitehall  XI,
Holding Co., Saracen and/or Rand, as applicable,  and WCPT agree to cooperate in
good faith to cause WHWEL, Whitehall XI, Holding Co., Saracen and Rand to become
"Excepted  Holders"  before the  Conversion  Right is exercised or to deliver to
WHWEL,  Whitehall XI,  Holding Co.,  Saracen  and/or Rand, as  applicable,  cash
instead of Shares upon such exercise equal in amount to the fair market value of
the  Shares  that would  otherwise  have been  delivered,  but for the fact that
WHWEL, Whitehall XI, Holding Co., Saracen and/or Rand, as applicable,  is not an
"Excepted Holder".  Subject to the foregoing, in the event that WHWEL, Whitehall
XI, Holding Co.,  Saracen  and/or Rand, as applicable,  exercises its Conversion
Rights before an initial  public  offering of WCPT,  (i) any Shares  received by
WHWEL,  Whitehall XI, Holding Co., Saracen and/or Rand, as applicable,  pursuant
to such  exercise  may not,  prior to an initial  public  offering  of WCPT,  be
transferred  unless WHWEL,  Whitehall XI,  Holding Co.,  Saracen and/or Rand, as
applicable,  first  offers  WRP the  opportunity  to  purchase  such  Shares  in
accordance  with the following  sentence and (ii) WHWEL,  Whitehall XI,  Holding
Co.,  Saracen  and/or  Rand,  as  applicable,  will remain  obligated  hereunder
(including  without  limitation with respect to WHWEL and Whitehall XI only, its
obligations  in Section  5.2) until an initial  public  offering  of WCPT occurs
(upon  which  WHWEL,   Whitehall  XI,  Holding  Co.,  Saracen  and/or  Rand,  as
applicable,  will have no further  obligations  hereunder except with respect to
any Interest it then owns). If WHWEL,  Whitehall XI, Holding Co., Saracen and/or
Rand desire to sell any or all of their respective  Shares to any Person that is
not an Affiliate  of WHWEL,  Whitehall  XI,  Holding  Co.,  Saracen or Rand,  as
applicable,   WHWEL,   Whitehall  XI,  Holding  Co.,  Saracen  and/or  Rand,  as
applicable,  shall, not less than ten (10) Business Days prior to any such sale,
notify WRP in writing (the "Offer  Notice") of such  intended sale setting forth
in such Offer  Notice the number of Shares which WHWEL,  Whitehall  XI,  Holding
Co.,  Saracen  and/or  Rand,  as  applicable,  intend to sell and the  aggregate
purchase price therefor and if WRP either has not notified WHWEL,  Whitehall XI,
Holding Co., Saracen or Rand, as applicable, in writing within ten (10) Business
Days of receipt of the Offer  Notice that it wishes to  purchase  such Shares on
terms and  conditions  identical to those set forth in the Offer Notice,  WHWEL,
Whitehall  XI,  Holding  Co.,  Saracen  or Rand,  as  applicable,  may sell to a
non-Affiliate the number of Shares set forth in the Offer Notice for a price not
less than the aggregate purchase price set forth therein. If WRP notifies WHWEL,
Whitehall XI, Holding Co., Saracen or Rand, as applicable, in writing within ten
(10)  Business  Days of receipt of the Offer Notice that it accepts the offer in
the Offer  Notice  for all of the  Shares  described  therein,  WRP shall pay to
WHWEL, Whitehall XI, Holding Co., Saracen or Rand, as applicable,  the aggregate
purchase  price set forth in the Offer  Notice not later than ten (10)  Business
Days after  delivery to WHWEL,  Whitehall XI,  Holding Co.,  Saracen or Rand, as
applicable,  of its  notice  of  acceptance  of the offer set forth in the Offer
Notice and WHWEL,  Whitehall XI,  Holding Co.,  Saracen or Rand, as  applicable,
shall deliver to WRP the requisite Shares free and clear of all Liens.

     (b) All Membership  Units  delivered for  conversion  shall be delivered to
WCPT free and clear of all Liens, and, notwithstanding anything contained herein
to the contrary,  WCPT shall not be under any  obligation to acquire  Membership
Units which are or may be subject to any Lien.

     (c) If any Member of the  Whitehall  Group  converts all of its  Membership
Units  pursuant to the terms of this Section 8.3 at any time prior to an initial
public  offering by WCPT,  until an initial public offering by WCPT, such Member
of the Whitehall  Group (but not its successors or assigns unless such successor
or assign  is an  Affiliate  of such  Member of the  Whitehall  Group)  shall be
entitled to all of the same rights and powers with respect to the management and
governance  of WCPT that the Members of the  Whitehall  Group have been  granted
under  this  Agreement  and WCPT  shall  take  such

                             Exhibit 10.50 Page 90
<PAGE>

further  actions as may be  necessary  (including  by  classifying  its board of
directors  and  amending  its  Declaration  of Trust  and  other  organizational
documents) to give effect to this provision.  Upon full  implementation  of such
documentation  as is necessary to grant such Member of the Whitehall  Group such
rights and powers,  the Committee  Representatives  appointed by either WHWEL or
Whitehall XI shall no longer serve on the  Management  Committee  and all rights
and  obligations  of such  Member of the  Whitehall  Group  with  respect to the
Company shall terminate.

     (d) Upon  conversion by any Member of the Whitehall Group (or its permitted
successor or permitted assign) of all or any of its Membership Units pursuant to
the terms of this  Section  8.3,  such  Member of the  Whitehall  Group (or such
permitted  successor or assign) shall receive demand and piggyback  registration
rights  with  respect  to  the  Shares  received  in  such   conversion,   which
registration  rights  shall be  exercisable  after  any  Shares  of WCPT  become
publicly traded (subject to any lock-up agreement entered into by such Member of
the  Whitehall  Group)  and shall be no less  favorable  to the  Members  of the
Whitehall Group than the registration  rights granted with respect to WRP Shares
pursuant to the Warrant  Agreement.  Promptly  upon the request of any Member of
the  Whitehall  Group,  WCPT shall  enter into a  separate  registration  rights
agreement with each Member of the Whitehall  Group in form and substance no less
favorable to the Members of the Whitehall Group than the Warrant  Agreement (or,
if more  favorable,  than those granted to WRP at the time of the initial public
offering of WCPT).

     (e) Upon conversion by Saracen or Rand, as applicable,  (or their permitted
successors or permitted  assigns) of all or any of its Membership Units pursuant
to the terms of this  Section  8.3,  Saracen or Rand,  as  applicable,  (or such
permitted  successors or assigns) shall receive registration rights with respect
to the Shares or other capital stock of WCPT received in such conversion, as set
forth in the form of Registration  Rights Agreement  annexed hereto as Exhibit B
and which Registration Rights Agreement shall be executed by Saracen and WCPT on
May 15,  1998.  In addition,  and without in any way  limiting the  registration
rights  to be  granted  to  Saracen  and Rand  under  such  Registration  Rights
Agreement,  if WCPT offers Shares or other  capital  stock in an initial  public
offering  (a "WCPT  IPO") or within  one year  after the WCPT IPO,  WCPT files a
registration  statement pursuant to which WHWEL, Whitehall XI and/or Holding Co.
may  offer  its  Shares  or  other  capital  stock  of WCPT to the  public  (the
"Whitehall Registration Statement"),  in either such instance,  Saracen and Rand
shall be given 30 days' advance notice of such event and shall have the right to
participate in such offering on the same terms and conditions  made available to
WHWEL, Whitehall XI and/or Holding Co., PROVIDED,  that, the number of Shares or
other capital  stock of WCPT to be registered on behalf of Saracen  and/or Rand,
as applicable,  in the WCPT IPO or in the Whitehall Registration  Statement,  as
the case may be,  shall be less  than or equal to (i) the  aggregate  number  of
Shares or other capital  stock of WCPT owned by Saracen or Rand, as  applicable,
multiplied by (ii) a fraction, the numerator of which is the number of Shares or
other  capital  stock of WCPT owned by WHWEL,  Whitehall XI and/or  Holding Co.,
collectively,  which  are to be  registered  in the  WCPT  IPO or the  Whitehall
Registration  Statement, as the case may be, and the denominator of which is the
aggregate  number  of  Shares  or other  capital  stock of WCPT  owned by WHWEL,
Whitehall XI and/or Holding Co, collectively.

     8.4. Certain Transfer Provisions. The following provisions shall apply to a
purchase  by  a  Non-Triggering   Party  of  any  Subject  Property  or  Subject
Subsidiary:

                             Exhibit 10.50 Page 91
<PAGE>

     (a) The purchase price shall be paid in cash, by wire transfer of the funds
to the accounts of the Company or the applicable Subsidiary.  All transfer costs
(including  transfer  taxes and  attorneys'  fees) shall be borne by the Company
(unless the Offer  provided  otherwise)  and there shall be an adjustment of the
purchase  price at closing  to reflect a  proration  of any  accrued  income and
expenses,  excluding  non-cash  items.  Within  forty-five  (45) days  after the
closing, the Non-Triggering  Party shall direct the independent  accountants for
the Company to complete an audit of such Members' proration and such independent
accountants  shall  deliver  their audit  report to the  Members.  If such audit
report shall adjust such proration,  the party in whose favor such adjustment is
made shall promptly be paid by the other party the amount of such adjustment.

     (b) On payment of the purchase price, the Non-Triggering  Party shall, with
respect to each Company and/or Subsidiary debt, obligation and claim against the
Company  and/or a Subsidiary  for which the Company,  a Subsidiary or any Member
(or any guarantor affiliated therewith or which delivered the guaranty on behalf
of such  Person) is or may be  personally  liable  with  respect to the  Subject
Property  or  Subject  Subsidiary,  at the option of the Non-  Triggering  Party
either (i) obtain a release of the Company,  any applicable  Subsidiary and each
Member (and any guarantor  affiliated  therewith or which delivered the guaranty
on behalf of such Person) from all liability, direct or contingent, from holders
of such debt, obligation or claim or (ii) cause such indebtedness, obligation or
claim to be paid in full at the closing,  or (iii)  deliver to the Company,  any
applicable  Subsidiary  and each  Member,  an  agreement  in form and  substance
reasonably  satisfactory to the Company,  such Subsidiary and each Member, which
satisfaction may require a creditworthy guarantor, to defend, indemnify and hold
the  Company,  such  Subsidiary  and each Member (and any  guarantor  affiliated
therewith or which  delivered  the  guaranty on behalf of such Person)  harmless
from any actions,  including attorneys' fees and costs of litigation,  claims or
loss  arising  from such  debt,  obligation  or claim.  In no event  shall  such
indemnity  apply to  liabilities  resulting from the breach by any Member of its
obligations  under this Agreement.  This subparagraph (b) shall not apply to any
debt,  obligation or claim which is fully insured by public liability insurer(s)
reasonably acceptable to the Company, any applicable Subsidiary and each Member.

     8.5. Assignment Binding on Company. No assignment or transfer of all or any
part of the Interest of a Member permitted to be made under this Agreement shall
be binding  upon the  Company  unless  and until a  duplicate  original  of such
assignment  or instrument of transfer,  duly  executed and  acknowledged  by the
assignor or transferor,  has been delivered to the Company,  and such instrument
evidences  (i) the written  acceptance  by the  assignee of all of the terms and
provisions  of this  Agreement,  (ii) the  assignees  representation  that  such
assignment was made in accordance  with all applicable  laws and regulations and
(iii) the  unanimous  consent of all of the Managing  Members to the transfer of
the Interest  unless such  Transfer is pursuant to the last  sentence of Section
8.1(b).

     8.6.  Bankruptcy of a Member.  In the event a Member  becomes  subject to a
Bankruptcy, the trustee or receiver of the estate shall have all the rights of a
Member for the purpose of settling or managing the estate and such power as such
Member possessed to assign all or any part of the Interests and to join with the
assignee thereof in satisfying  conditions precedent to such assignee becoming a
Substituted Member; PROVIDED, HOWEVER, in such event, such Member shall cease to
be an  Appointing

                             Exhibit 10.50 Page 92
<PAGE>

Member for  purposes of Article  III.  The  Company  shall not be  dissolved  or
terminated by reason of the Bankruptcy, removal, dissolution or admission of any
Member.

     8.7.  Substituted  Members.  (a)  Members  who assign  all their  Interests
pursuant to an assignment or assignments  permitted  under this Agreement  shall
cease to be Members of the Company  except  that unless and until a  Substituted
Member is admitted in his stead,  the  assigning  Member shall not cease to be a
Member of the Company  under the Act and shall retain the rights and powers of a
member under the Act and  hereunder,  provided that such  assigning  Member may,
prior to the admission of a Substituted Member,  assign its economic interest in
the  Interest,  to the  extent  otherwise  permitted  under this  Article  VIII,
including, without limitation, Section 8.5. Any Person who is an assignee of any
of the Interests of a Member and who has satisfied the  requirements of Sections
8.1 and 8.5 shall  become a  Substituted  Member  only when (i) the  Manager has
entered such assignee as a Member on the books and records of the Company, which
the Manager is hereby directed to do upon satisfaction of such requirements, and
(ii) such assignee shall have paid all reasonable legal fees and filing costs in
connection with the substitution as Member.

     (b) Any Person who is an assignee of all or any portion of the  Interest of
a Member but who does not  become a  Substituted  Member  and  desires to make a
further assignment of any such Interest,  shall be subject to all the provisions
of this  Article  VIII to the same  extent and in the same  manner as any Member
desiring to make an assignment of the Interest.

     8.8. Acceptance of Prior Acts. Any person who becomes a Member, by becoming
a Member,  accepts,  ratifies  and agrees to be bound by all actions  duly taken
pursuant to the terms and  provisions of this  Agreement by the Company prior to
the  date it  became  a Member  and,  without  limiting  the  generality  of the
foregoing,   specifically   ratifies  and  approves  all  agreements  and  other
instruments  as may have been  executed  and  delivered on behalf of the Company
prior to said date and which are in force  and  effect on said  date,  PROVIDED,
however, that nothing contained in this Section 8.8 shall limit or effect any of
the representations,  warranties, covenants and other agreements and obligations
of the Company under the Contribution Agreement.

     8.9.  Additional  Limitations.  Notwithstanding  anything contained in this
Agreement,  no  Transfer  shall be made and any  Member  shall have the right to
prohibit and may refuse to accept any Transfer  unless (i)  registration  is not
required  under the  Securities  Act of 1933,  as  amended,  in  respect of such
transaction;  and  (ii)  such  assignment  or  transfer  does  not  violate  any
applicable federal or state securities,  real estate syndication,  or comparable
laws.  Any  Member  may elect  prior to any  Transfer  to  require an opinion of
counsel with respect to any of the foregoing matters.

     8.10.  Tag Along Rights.  If WCPT and the Whitehall  Group  together  shall
desire to sell or transfer,  in one transaction or one or more series of related
transactions,  to a bona fide prospective  third-party  purchaser,  unaffiliated
with WCPT and/or the Whitehall  Group, any part or all of their Membership Units
owned by them,  then Managing  Members  shall  provide  Saracen and Rand with 30
days' advance written notice of the pending sale (a "Tag Along  Notice"),  which
Tag Along Notice shall contain the terms and  conditions of the proposed sale or
transfer.  Saracen and/or Rand may elect to  participate in such  transaction (a
"Tag Along  Transaction")  as an  additional  selling or  transferring  party by
delivering a written notice thereof (a "Tag Along Election  Notice") to Managing
Members within five (5) Business Days after delivery of such Tag Along Notice. A
Tag Along Election Notice shall specify

                             Exhibit 10.50 Page 93
<PAGE>

the number of Membership Units which Saracen and/or Rand, as applicable,  wishes
to sell or transfer in such  transaction,  which  number may include a number of
Membership  Units  previously  received as a result of a conversion  of Series A
Preferred Membership Units into Membership Units pursuant to the Series A Terms,
and shall in the aggregate, be less than or equal to (i) the aggregate number of
Membership  Units which  Managing  Members  proposed to sell or transfer in such
transaction, multiplied by (ii) a fraction, the numerator of which is the number
of  Membership  Units  owned by Saracen  and/or  Rand,  as  applicable,  and the
denominator of which is the aggregate  number of Membership Units owned by WCPT,
the Whitehall  Group and Saracen and/or Rand, if  applicable.  If Saracen and/or
Rand shall elect to sell or transfer  Membership Units in such transaction,  the
aggregate  number  of  Membership  Units  to be  sold  or  transferred  in  such
transaction  shall be increased by the number of Membership Units Saracen and/or
Rand, as  applicable,  elects to sell or transfer or, in the sole  discretion of
Managing  Members,  the  aggregate  number  of  Membership  Units  to be sold or
transferred by Managing Members shall be reduced pro rata, so that the aggregate
number of Membership  Units to be sold or  transferred  to such  third-party  by
Saracen and/or Rand, Managing Members shall remain equal to the aggregate number
of  Membership  Units  which  Managing  Members  originally  proposed to sell or
transfer  in such  transaction.  Participation  by  Saracen  and/or  Rand in the
offering of Membership  Units  pursuant to this Section 8.10 shall be at a price
per Membership Unit equal to the price being offered to Managing  Members and on
terms identical to those terms being offered to Managing Members.  In connection
with such sale or transfer,  WCPT,  the Whitehall  Group and Saracen and/or Rand
shall execute and deliver, in a timely manner, any and all documents, agreements
and  instruments  reasonably  necessary  to sell or  transfer  their  respective
Membership Units.

                                   ARTICLE IX.

                                     MANAGER
                                     -------

     9.1.  Removal of Manager.  (a) Either WHWEL or Whitehall XI may in its sole
discretion  elect, by ten (10) days' prior written notice, to remove WCPT as the
Manager for Cause.  Thereupon,  WCPT shall cease to be an Appointing  Member and
either WHWEL or Whitehall XI may appoint a new Manager.  Nothing herein shall be
deemed to limit the  indemnification  obligations  under  Section 4.3 if WCPT is
removed as Manager of the Company,  and this Section 9.1 shall not  constitute a
waiver of exculpation from claims by, or indemnification  from, the Company with
respect to any matter arising prior to the removal of WCPT.

     (b)  Notwithstanding  anything to the contrary  herein,  the Members of the
Whitehall  Group may deliver a Sales Notice to WCPT at any time upon the removal
of WCPT as Manager  pursuant  to Section  9.1(a) and require the Company to sell
any  and  all of  the  Properties  (or  sell  the  Subsidiary(ies)  owning  such
Property(ies)), and may sell the Company as a whole, in one or more transactions
to a Third Party in the manner provided in Sections 8.2 and 8.4,  without having
to first offer the Property(ies), the Subsidiary(ies) or the Company to WCPT. If
WCPT shall notify the Company in writing that it disputes any of the grounds for
its removal as Manager  (setting  forth in such notice  WCPT's  grounds for such
dispute) no later than fifteen (15)

                             Exhibit 10.50 Page 94
<PAGE>

days after receipt of any Sales Notice  delivered to WCPT in accordance with the
immediately  preceding  sentence,  the Managing Members shall submit the subject
matter of WCPT's notice for binding  arbitration  as provided in Section 5.10 no
later than fifteen (15) days after receipt of the foregoing notice from WCPT. If
the arbitrator  shall rule that WCPT may be removed as Manager  pursuant to this
Agreement,  the  Company  shall  sell  any  and  all of the  Properties  (or the
Company's  Subsidiary(ies)) as selected by the Members of the Whitehall Group in
one or more transactions to Third Parties, and WHWEL and Whitehall XI shall also
have the full and exclusive right,  power and authority on behalf of all Members
to sell the Company itself to such a Third Party.

     9.2. Fees. (a) Except as provided in this Section 9.2 and elsewhere in this
Agreement   (including   the   provisions  of  Articles  VI  and  VII  regarding
distribution, payments and allocations to which it may be entitled), the Manager
shall  not  be  compensated   for  its  services  as  manager  of  the  Company.
Notwithstanding the foregoing,  the Manager (for so long as the Manager is WCPT)
shall be paid the  Administration  Fee on a quarterly basis in arrears and shall
be reimbursed,  on a monthly basis,  for all expenses that it incurs relating to
the  ownership  and  operation of or for the benefit of, the Company  (including
without  limitation,  (i) expenses relating to the ownership of interests in and
the  management  and  operation  of the  Company and its  Subsidiaries  and (ii)
compensation  of  WCPT  officers  and  employees  to  the  extent  they  devoted
substantially  all of their  working time to the business of the Company and its
Subsidiary(ies).  The Members  acknowledge that all such expenses of the Manager
are deemed to be for the benefit of the Company.  Such reimbursement shall be in
addition to any reimbursement  made as a result of  indemnification  pursuant to
Section  4.3(a)  hereof.  The  Members  acknowledge  that  the  payment  of  the
Administration  Fee  to the  Manager  is in  consideration  for  services  to be
performed by WRP relating to the functions typically performed by a President, a
Chief Executive  Officer and a Chief  Financial  Officer and certain back office
functions.  The  Members  further  acknowledge  that of the  Administration  Fee
payable to the Manager,  the sum of $100,000 is  allocated  to the  functions of
each of the President,  Chief Executive  Officer and Chief Financial Officer and
that in the  event  an  individual  is  hired by WCPT to  perform  such  duties,
responsibilities  and obligations  customarily assigned to each such office on a
full-time basis, the  Administration Fee shall be reduced by a corresponding sum
of $100,000  (e.g.,  if an individual is hired to be a full-time Chief Financial
Officer  of WCPT,  the  Administration  Fee shall  automatically  be  reduced by
$100,000).

     (b) In exchange for performing certain management  services with respect to
150 Mt. Bethel Road,  WCPT shall receive from  Whitehall XI an asset  management
fee equal to the product of (i) 0.002739%  multiplied by (ii) the number of days
from  and  including  the  date of  acquisition  of 150 Mt.  Bethel  Road to and
excluding the Closing Date multiplied by (iii) $7,881,740.

                                   ARTICLE X.

                             TERMINATION OF COMPANY;
                     LIQUIDATION AND DISTRIBUTION OF ASSETS
                     --------------------------------------

     10.1. Dissolution and Termination.

     (a) The Company shall be dissolved and liquidated  only upon the occurrence
of any of the following:

     (i) December 31, 2045;

                             Exhibit 10.50 Page 95
<PAGE>

     (ii) the sale or other  disposition  of all of the  Company  Assets and the
assets of the  Subsidiaries  and receipt of the final payment of any installment
obligation received as a result of any such sale or disposition;

     (iii) the written consent of all Managing Members;

     (iv) any event  which makes it unlawful  for the  Company's  business to be
continued; or

     (v) the  issuance of a decree by any court of competent  jurisdiction  that
the Company be dissolved and liquidated.

Upon  dissolution,  the  Company  shall  promptly  wind up its affairs and shall
promptly be  liquidated  and a  certificate  of  cancellation  of the  Company's
Certificate of Formation, as required by law, shall be filed.

     (b) In the event of the  dissolution  and  liquidation of the Company,  its
business activities shall promptly be wound up, any amounts due from the Members
shall be collected,  its debts and  liabilities  shall be paid and its remaining
assets,  if any,  shall be  distributed  as set  forth in  Section  10.2  below.
Dissolution  shall be  effective on the date of the  occurrence  of an event set
forth in Section  10.1(a) but the Company shall not  terminate  until all of the
Company Assets and the assets of the  Subsidiaries  have been liquidated and the
proceeds  distributed  in  accordance  with the  provisions  of this  Article X.
Notwithstanding the dissolution of the Company,  prior to the termination of the
Company as aforesaid, the business of the Company and the affairs of the Members
as such, shall continue to be governed by this Agreement.

     10.2.  Distribution Upon Liquidation.  Upon dissolution of the Company, the
Manager or other Members,  as provided in this  Agreement,  or if there shall be
none, a duly  appointed  trustee or  liquidator  as provided in this  Agreement,
shall promptly proceed with the liquidation of the Company, its Subsidiaries and
the Company  Assets and the  proceeds of such  liquidation  shall be applied and
distributed in the following order of priority:

     (i) to the payment of expenses of the liquidation;

     (ii) to the payment of debts and  liabilities  of the Company,  in order of
priority as provided by law, other than debts or liabilities owed to Members;

     (iii) to the setting up of any reserves that the Manager or such trustee or
liquidator, as the case may be, shall determine are reasonably necessary for any
contingent  or  unforeseen  liabilities  or  obligations  of the  Company or the
Members (in their respective capacity as Members);

     (iv) to the payment of other debts and  liabilities  of the Company owed to
Members (including amounts payable to Saracen under Section 8.2A); and

                             Exhibit 10.50 Page 96
<PAGE>

     (v) except to the extent otherwise  provided in Section 7.4, to the Members
in accordance with their respective Capital Account balances after allocation of
Profits and Losses for the period ending immediately prior to such distribution.

     10.3. Sale of Company Assets.

     (a) As  expeditiously  as  possible,  the  Manager,  or any such trustee or
liquidator,  shall pay all Company liabilities,  establish the reserves and make
the  distributions  provided  for in  Section  10.2.  Except  as  agreed  by the
Management  Committee,  no Member  shall  have the  right to  demand or  receive
property other than cash upon liquidation,  and the Management Committee, or any
such trustee or liquidator,  shall, in any event, have the power to sell Company
Assets and the assets of the  Subsidiaries  for cash as necessary to provide for
the payment of all Company liabilities and the establishment of reserves.

     (b) In connection with the sale by the Company and reduction to cash of its
assets,  although the Company has no obligation to offer to sell any property to
the Members,  any Member or any  Affiliate of any Member may bid on and purchase
any Company Assets and the assets of the  Subsidiaries.  If the Manager,  or any
such trustee or liquidator,  determines that an immediate sale of part or all of
the Company Assets and the assets of the Subsidiaries  would cause undue loss to
the Members,  the  Manager,  or any such trustee or  liquidator,  may,  with the
written consent of the Management  Committee,  defer liquidation of and withhold
from  distribution for a reasonable time any assets of the Company (except those
necessary to satisfy the Company's current obligations).

                                   ARTICLE XI.

                       BOOKS, RECORDS, BUDGETS AND REPORTS
                       -----------------------------------

     11.1. Books of Account. At all times during the continuance of the Company,
the Manager shall keep or cause to be kept true and complete books of account in
which shall be entered fully and  accurately  each  transaction  of the Company.
Such books shall be kept on the basis of the Fiscal Year in accordance  with the
accrual  method of  accounting,  and shall reflect all Company  transactions  in
accordance  with generally  accepted  accounting  principles.  In addition,  the
Manager  shall  cause each  Subsidiary  to keep all books of  account  and other
records of such  Subsidiary  separate and distinct from the books and records of
the Company and with the standards set forth in this Section 11.1.

     11.2.  Availability  of  Books of  Account.  All of the  books  of  account
referred to in Section 11.1,  together  with an executed copy of this  Agreement
and the Certificate of Formation, and any amendments thereto and any other books
and  financial  records of the Company,  shall at all times be maintained at the
principal  office of the Company or such other place in the State of New York as
the Manager may designate in writing to the Members,  and upon reasonable notice
to the Manager,  shall be open to the inspection and  examination of the Members
or their representatives during reasonable business hours.

     11.3.     Financial    Reports    and    Statements;     Annual    Budgets.

                             Exhibit 10.50 Page 97
<PAGE>

     (a)  The  Manager  shall   prepare  or  cause  the  Company's   independent
accountants  to prepare  (under the  oversight  of the  Manager),  on an accrual
basis,  all  federal,  state and local tax  returns  required  to be filed.  The
Manager (or, if pursuant to the preceding  sentence the tax returns are prepared
by the  independent  accountants,  such  preparer)  shall submit the returns and
completed  IRS  Schedules  K-1 to each member of the  Management  Committee  for
review and approval  and the Manager  shall  deliver  such  approved K-1 to each
Member no later than ten (10) days prior to the due date of the returns,  but in
no event later than March 1st of each year.  Each Member  shall notify the other
Members upon receipt of any notice of tax examination of the Company by federal,
state or local authorities.

     (b) For each Fiscal Year,  the Manager  shall send to each Person who was a
Member at any time during such Fiscal Year, within sixty (60) days after the end
of such Fiscal Year, an annual report of the Company including an annual balance
sheet,  profit and loss  statement,  a statement of cash flow and a statement of
changes in  Member's  capital,  all as  prepared in  accordance  with  generally
accepted accounting principles consistently applied and audited by the Company's
independent  public  accountants,  which shall be Ernst & Young,  unless another
"Big Five" independent public accountants of recognized  standing is selected by
the Management Committee,  and a statement showing allocations to the Members of
taxable  income,  gains,  losses,  deductions  and credits,  as prepared by such
accountants.  For each quarter, the Manager shall send to each Person who was an
Managing  Member at any time during such quarter,  within  forty-five  (45) days
after the end of such  quarter,  quarterly  financial  statements of the Company
including a quarterly balance sheet,  profit and loss statement,  a statement of
cash flow and a  statement  of changes in Member's  capital,  all as prepared in
accordance with generally accepted accounting  principles  consistently applied.
In addition,  the Manager shall send (i) to each Managing  Member within fifteen
(15)  days  after the end of each  month of each  Fiscal  Year a monthly  report
setting forth such financial and operating  information as such Managing  Member
shall  reasonably  request,  and (ii) to each  Member,  such  other  information
concerning the Company and  reasonably  requested by such Member as is necessary
for the  preparation of such Member's  federal,  state and local income or other
tax returns.

     (c)  (i)  On  or  before  the  November  1st   immediately   preceding  the
commencement of each Budget Year of the Company, the Manager shall submit to the
Management  Committee  for its  approval (1) an annual  capital  budget for each
Property (an "Annual Capital Budget"),  in such form as the Management Committee
shall have approved,  for such Budget Year setting forth the Manager's estimates
reasonably  itemized  of all  receipts  and  expenditures  in respect of capital
transactions relating to such Property for such year (including expenditures for
alterations  incident to space leases to be recovered as rent from  tenants) and
(2) an annual operating budget for such Property (an "Annual Operating Budget"),
in such form as the  Management  Committee  shall have  approved,  for such year
setting  forth the  Manager's  estimates  reasonably  itemized of all income and
expenses  relating to such Property for such year and establishing  reserves and
working  capital  for such  Property.  The Annual  Operating  Budget  shall also
contain (x) a schedule of space that is vacant and space leases  expiring during
such year  (including the square  footage  thereof) and (y) the Leasing Plan for
such year, maximum tenant improvement  allowances,  maximum obligations on lease
takeovers  and any other  criteria  for leases that may be executed  without the
specific approval of the Management  Committee.  Not later than twenty (20) days
after receipt of a proposed  Annual Capital Budget or Annual  Operating  Budget,
the  Management  Committee  shall either  approve the Annual  Capital Budget and
Annual Operating Budget or shall deliver a notice (an "Objection Notice") to the
Manager  stating  that  the  Management  Committee  objects  to any  information
contained  in or omitted  from such  proposed  Annual  Capital  Budget or Annual

                             Exhibit 10.50 Page 98
<PAGE>

Operating  Budget and setting forth the objections with reasonable  specificity.
With respect to such proposed Annual Capital Budget or Annual  Operating  Budget
as to which no Objection Notice is delivered prior to such twentieth (20th) day,
the proposed Annual Capital Budget or Annual  Operating Budget will be deemed to
have been  accepted and  consented to by the  Management  Committee and shall be
deemed an "Approved  Budget." If the Objection Notice is timely  delivered,  the
Manager and the  Management  Committee  shall endeavor in good faith to reach an
agreement as to the Annual Capital Budget or Annual Operating Budget.

     (ii) If the  Management  Committee  shall  consider for adoption a proposed
Annual  Capital  Budget  for any  Budget  Year and shall fail to adopt it in its
entirety  because  of  disagreement  as to one or more line items  although  the
Management  Committee shall agree on other line items, then such proposed Annual
Capital Budget, exclusive of the items as to which there is disagreement,  shall
be deemed adopted as the Annual Capital Budget for such Budget Year (and to such
extent shall be deemed to be the Approved Budget for such Budget Year); PROVIDED
that, if any item or project is approved as part of the Approved  Capital Budget
for one Budget Year but is not completed within such Budget Year, the unexpended
portion of such Approved  Capital Budget  relating to such item or project shall
be  carried  over to the  following  Budget  Year and  deemed  approved.  If the
Management  Committee  shall consider for adoption a proposed  Annual  Operating
Budget for any Budget Year and shall fail to adopt it in its entirety,  then the
Annual  Operating  Budget  for the  immediately  preceding  year shall be deemed
adopted as the Annual  Operating  Budget for such year except that any  specific
line items agreed to in the proposed Annual  Operating Budget shall control (and
to such extent shall be deemed to be the Approved Budget for such Budget Year).

     11.4.  Accounting Expenses.  All out-of-pocket  expenses payable to Persons
who are not  Affiliated  with any Member in  connection  with the keeping of the
books and  records of the Company and the  preparation  of audited or  unaudited
financial  statements and federal and local tax and information returns required
to implement the  provisions of this  Agreement or required by any  governmental
authority with jurisdiction over the Company shall be borne by the Company as an
ordinary expense of its business.

     11.5. Bank Account.  The Company shall within 10 days after the date hereof
arrange to maintain  (and shall cause each  Subsidiary  which owns a Property to
maintain) its bank  deposits in  segregated  accounts held for the Company's (or
such  Subsidiary's)  business,  which accounts shall,  to the extent  reasonably
practicable,  be interest-bearing.  All funds of the Company and each applicable
Subsidiary shall be promptly  deposited in the appropriate  segregated  account.
The Manager from time to time shall authorize  signatories for such accounts and
withdrawals  or checks in excess of  $100,000  shall  require the  signature  of
Jeffrey H. Lynford, Edward Lowenthal or Gregory Hughes.

     11.6. Fidelity Bonds and Insurance.  The Company will obtain fidelity bonds
with  reputable  surety  companies,  covering all persons  having  access to the
Company's  (or any  Subsidiary's)  funds,  indemnifying  the  Company  (or  such
Subsidiary)  against loss  resulting  from fraud,  theft and dishonest and other
wrongful acts of such persons. The Company shall carry or cause to be carried on
its behalf and on its Subsidiaries' behalf all property,  liability and workers'
compensation insurance as shall be required under applicable mortgages,  leases,
agreements,  and other instruments and statutes, but in any event in the amounts
and with the insurers required by the Insurance Program.

                             Exhibit 10.50 Page 99
<PAGE>

     11.7.  REPSYS  Database.  The Manager  understands  that the Members of the
Whitehall  Group have  developed a database  for  monitoring  their  investments
called "REPSYS",  and hereby agrees to reasonably cooperate with such Members of
the  Whitehall  Group in  providing  data  relating to the  Properties  that are
required for such database.

                                  ARTICLE XII.

                                   AMENDMENTS
                                   ----------

     12.1.  Amendments (a) Amendments may be made to this Agreement from time to
time by the  Manager  with  only the  written  consent  of each of the  Managing
Members,  PROVIDED,  HOWEVER  that each of  Saracen  or Rand  (acting on his own
behalf  and not as a Saracen  Member),  as  applicable  shall  have the right to
consent  to any  amendment  that  shall  (i)  reduce  Saracen's  or  Rand's,  as
applicable,  Capital  Accounts with respect to its  Membership  Units,  Series A
Preferred Membership Units, Percentage Interest or Series A Preferred Percentage
Interest  (except  (A) in the case of the  inclusion  of  additional  Members in
accordance with this  Agreement,  (B) due to a Capital  Contribution(s)  made by
Members or New Members in accordance  with this  Agreement,  (C) pursuant to the
Contribution  Agreement, or (D) pursuant to a conversion or redemption of Series
A  Preferred  Membership  Units in  accordance  with the  Series A Terms),  (ii)
require  Saracen  or  Rand,  as  applicable,  to  make  any  additional  Capital
Contribution,  (iii) create any liability  for Saracen or Rand,  as  applicable,
other than the liability they have under this Agreement as of May 15, 1998, (iv)
modify  the  rights,  priority,  preferences  and  privileges  of the  Series  A
Preferred  Membership Units except as permitted  pursuant to the Series A Terms,
(v)  adversely  affect or limit in any way Saracen's or Rand's,  as  applicable,
rights pursuant to Section 3.5, PROVIDED,  HOWEVER,  that (A) the appointment or
election of additional Committee  Representatives having the right to attend and
observe meetings of the Management Committee, (B) the appointment or election of
additional  Committee   Representatives  having  voting,  consent,  approval  or
determination  rights  on the  Management  Committee  or (C)  amendments  to the
definition  of  Required  Committee  Approval  (other  than  Required  Committee
Approval during a Preferential Distribution Non- Payment) shall not be deemed to
adversely  affect or limit in any way  Saracen's  or Rand's  rights  pursuant to
Section 3.5 PROVIDED,  that such additional  Committee  Representatives  are not
appointed by, or representatives  of, either Managing Member or their respective
Affiliates,  (vi) modify  Saracen's  or Rand's,  as  applicable,  rights  and/or
obligations as set forth in Sections 4.2,  5.2(d),  8.2A, 13.17 and this Section
12.1,  (vii) modify the definitions of Target Territory and/or Hub Target Market
only by reducing the size of the Target Territory  and/or Hub Target Market,  as
applicable,  (viii)  adversely affect Saracen's rights under Articles VI and VII
with respect to any Saracen Member,  including Rand, except as a result of other
amendments or  modifications  permitted  pursuant to this Section 12.1(a) or the
Series A Terms,  (ix) modify  Saracen's or Rand's,  as  applicable,  transfer or
pledge rights pursuant to Section 8.1(b), (x) modify the terms and conditions of
Saracen's or Rand's, as applicable, conversion right pursuant to Section 8.3 and
(xi) modify the terms and  conditions of Section 13.9 or 13.18 as they relate to
Saracen  or Rand,  as  applicable.  In making  any  amendments,  there  shall be
prepared  and  filed  for   recordation   by  the  Manager  such  documents  and
certificates  as shall be required to be prepared and filed.  Promptly after the
execution of any  amendments or  restatements,  the Manager shall provide copies
thereof to all Members.

                             Exhibit 10.50 Page 100
<PAGE>

     (b) Each  Saracen  Member by  execution  and  delivery  of this  Agreement,
irrevocably  constitutes  and appoints the Manager and the Chairman,  President,
Secretary, Treasurer, Chief Financial Officer and Chief Operating Officer of the
Manager  as his or her true and  lawful  attorney-in-fact  with  full  power and
authority,  in such Saracen  Member's  name,  place,  and stead only to execute,
acknowledge and deliver such certificates, instruments, documents and agreements
as are  necessary  to make  any  and all  amendments  of  this  Agreement  which
amendments  do not  require  the  consent  of  Saracen  as set forth in  Section
12.1(a),  PROVIDED,  however,  that such power  shall only be  exercised  by the
Manager and/or the Chairman, President, Secretary, Treasurer and Chief Operating
Officer of the Manager,  if and only if, the Manager  delivers written notice of
the documents  which are to be executed  under this power of attorney to Saracen
five (5) Business Days in advance of the date such documents are to be executed.
The appointment by each Saracen Member of the Manager and the aforesaid officers
of the Manager as attorney-in-fact shall be deemed to be a power coupled with an
interest,  and shall survive, and not be affected by the subsequent  bankruptcy,
death,  incapacity,  disability,  adjudication of  incompetence or insanity,  or
dissolution  of any Saracen  Member hereby giving such power.  As a condition to
the  transfer  by a  Saracen  Member  of any or all  of  such  Saracen  Member's
Interest,  the foregoing power of attorney shall be granted by the transferee of
such Saracen Member's Interest.

                                  ARTICLE XIII.

                                  MISCELLANEOUS
                                  -------------

     13.1. Further  Assurances.  Each party to this Agreement agrees to execute,
acknowledge,  deliver,  file and record such further  certificates,  amendments,
instruments and documents,  and to do all such other acts and things,  as may be
required by law or as, in the reasonable  judgment of the Management  Committee,
may be  necessary  or  advisable  to carry out the  intent  and  purpose of this
Agreement.

     13.2. Notices.  Unless otherwise specified in this Agreement,  all notices,
demands,  elections,  requests  or other  communications  that any party to this
Agreement  may desire or be required to give  hereunder  shall be in writing and
shall be given by hand, by depositing the same in the United States mail,  first
class postage prepaid,  certified mail, return receipt  requested,  by facsimile
transmission  with  delivery  of an  original  thereafter  by any  other  method
provided by this Section  13.2,  or by a recognized  overnight  courier  service
providing confirmation of delivery, addressed as follows:

     (a) To the Company, c/o Wellsford Commercial  Properties Trust, 535 Madison
Avenue, 26th Floor, New York, New York 10022, or at such other address as may be
designated by the Manager upon written notice to all of the Members; and

     (b) To the Members at their  respective  addresses set forth in Section 2.6
herein.  Each Member shall have the right to designate another address or change
in address by written notice to the Company in the manner prescribed herein.

All notices  given  pursuant to this  Section  13.2 shall be deemed to have been
given (i) if delivered  by hand on the date of delivery or on the date  delivery
was refused by the  addressee,  (ii) if  delivered  by United  States mail or by
overnight courier,  on the date of delivery as established by the return receipt
or courier  service  confirmation  (or the date on which the  return  receipt or

                             Exhibit 10.50 Page 101
<PAGE>

courier  service  confirms  that  acceptance  of  delivery  was  refused  by the
addressee) or (iii) if delivered by facsimile, on the date of delivery thereof.

     13.3.  Headings and Captions.  All headings and captions  contained in this
Agreement and the table of contents hereto are inserted for convenience only and
shall not be deemed a part of this Agreement.

     13.4.  Variance of Pronouns.  All pronouns and all variations thereof shall
be deemed to refer to the masculine,  feminine or neuter, singular or plural, as
the identity of the person or entity may require.

     13.5.  Counterparts.  This  Agreement  may  be  executed  in  two  or  more
counterparts,  each of which shall constitute an original and all of which, when
taken together, shall constitute one Agreement.

     13.6.  GOVERNING LAW. THIS AGREEMENT  SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF DELAWARE,  WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF.

     13.7.  Partition.   The  Members  hereby  agree  that  no  Member  nor  any
successor-in-  interest to any Member shall have the right, while this Agreement
remains in effect, to have the property of the Company partitioned, or to file a
complaint or institute  any  proceeding at law or in equity to have the property
of the  Company  partitioned,  and  each  Member,  on  behalf  of  himself,  his
successors, representatives, heirs and assigns, hereby waives any such right.

     13.8.  Invalidity.  Every  provision  of this  Agreement  is intended to be
severable.  The invalidity and  unenforceability of any particular  provision of
this Agreement in any jurisdiction shall not affect the other provisions hereof,
and this  Agreement  shall be  construed  in all  respects as if such invalid or
unenforceable provision were omitted.

     13.9.  Successors  and Assigns.  This  Agreement  shall be binding upon the
parties hereto and their respective successors, executors, administrators, legal
representatives,  heirs and  permitted  legal  assigns  and  shall  inure to the
benefit of the parties hereto and, except as otherwise  provided  herein,  their
respective successors, executors, administrators,  legal representatives,  heirs
and permitted  legal assigns.  No Person other than the parties hereto and their
respective successors, executors, administrators,  legal representatives,  heirs
and  permitted  legal  assigns,  shall  have any  rights  or claims  under  this
Agreement.

     13.10.  Entire  Agreement.  This  Agreement,  together  with all  Exhibits,
Schedules, and Annexes hereto and all letter agreements executed by the Company,
the Managing Members and/or their  respective  Affiliates on the Initial Closing
Date and the date  hereof  (which are  incorporated  herein by this  reference),
supersedes  all prior  agreements  among the parties with respect to the subject
matter hereof and contains the entire  agreement  among the parties with respect
to such subject  matter.  This  instrument may not be amended,  supplemented  or
discharged, and no provisions hereof may be modified or waived, except expressly
by an  instrument  in writing  signed by the Manager and each Member and, in the
case of an amendment,  modification  or supplement,  in compliance  with Section
12.1.  No waiver of

                             Exhibit 10.50 Page 102
<PAGE>

any  provision  hereof by any party hereto shall be deemed a waiver by any other
party nor shall any such  waiver by any party be deemed a  continuing  waiver of
any matter by such party. No amendment,  modification,  supplement, discharge or
waiver  hereof or hereunder  shall require the consent of any person not a party
to this Agreement.

     13.11.  No Brokers.  Each of the parties hereto warrants to each other that
there are no  brokerage  commissions  or finders'  fees (or any basis  therefor)
resulting from any action taken by such party or any Person acting or purporting
to act on its behalf in  connection  with  entering  into this  Agreement.  Each
Member  agrees to indemnify  and hold  harmless each other Member for all costs,
damages or other  expenses  arising  out of any  misrepresentation  made in this
Section 13.11.

     13.12.  Maintenance as a Separate Entity.  The Company shall maintain books
and records and bank accounts  separate from those of its  Affiliates;  shall at
all times hold itself out to the public as a legal entity  separate and distinct
from any of its  Affiliates  (including in its leasing  activities,  in entering
into any contract, in preparing its financial statements,  and in its stationery
and on any signs it posts), and shall cause its Affiliates to do the same and to
conduct  business  with it on an  arm's-length  basis;  shall not  commingle its
assets with assets of any of its Affiliates;  shall not guarantee any obligation
of any of its  Affiliates;  shall  cause its  business  to be  carried on by the
Manager and shall keep minutes of all meetings of the Members and the Management
Committee.

     13.13.  Confidentiality.  Each Member  agrees not to disclose or permit the
disclosure of any of the terms of this Agreement or of any information  relating
to the Company's  assets or business,  provided that such disclosure may be made
(a) to any person who is a Member, officer,  director or employee of such Member
or counsel to,  accountants of,  investment  bankers for or consultants to, such
Member or the Company solely for their use and on a need-to-know basis, (b) with
the prior  consent of the other  Members,  (c)  pursuant  to a subpoena or order
issued by a court,  arbitrator or  governmental  body,  agency or official or in
order to  comply  with any law,  rule or  regulation  (including  the  rules and
regulations  of the  Securities  and Exchange  Commission,  the  American  Stock
Exchange  and  any  other  applicable  national  securities  exchange),  (d)  in
connection  with and to the extent  necessary  to sell or market any Property in
accordance  with this  Agreement,  or (e) to any  lender or  investor  providing
financing to the Company.

     In the event that a Member  shall  receive a request to disclose any of the
terms of this  Agreement  under a  subpoena  or  order,  such  Member  shall (i)
promptly notify the other Members  thereof,  (ii) consult with the other Members
on the  advisability  of taking steps to resist or narrow such request and (iii)
if disclosure is required or deemed  advisable,  cooperate with any of the other
Members in any  attempt it may make to obtain an order or other  assurance  that
confidential  treatment  will be accorded those terms of this Agreement that are
disclosed.

     13.14. Power of Attorney.

     (a) Each Member does irrevocably  constitute and appoint the Manager,  with
full power of substitution,  as its true and lawful attorney, in its name, place
and stead,  to execute,  acknowledge,  swear to,  deliver,  record and file,  as
appropriate and in accordance  with this Agreement (i) the original  Certificate
of  Formation  and all  amendments  thereto  required or permitted by law or the
provisions  of this  Agreement,  (ii) all  certificates  and  other  instruments
requiring  execution  by the

                             Exhibit 10.50 Page 103
<PAGE>

Members or any of them and  deemed  necessary  or  advisable  by the  Manager to
qualify  or  continue  the  Company  as  a  limited  liability  company  in  the
jurisdictions  where the Company may be  conducting  its  operations,  (iii) all
instruments,  agreements or documents that the  Management  Committee so directs
pursuant to Section 3.5(e) and (iv) all conveyances and other instruments deemed
necessary or advisable by the Manager to effect the  dissolution and termination
of the Company in  accordance  with this  Agreement.  Nothing  contained in this
Section 13.14 shall empower the Manager to take any action requiring the consent
of the Management  Committee or any Member(s)  hereunder  unless such consent is
first obtained.

     (b) The powers of  attorney  granted  pursuant  to this  Section  13.14 are
coupled  with an  interest  and  shall be  irrevocable  and  survive  and not be
affected  by  the  subsequent  death,  incapacity,   disability,  Bankruptcy  or
dissolution  of the grantor;  may be exercised by the Manager  either by signing
separately  as  attorney-in-fact  for each  Member or by the  Manager  acting as
attorneys-in-fact  for  all of  them;  and  shall  survive  the  delivery  of an
assignment  by a Member of the whole or any  fraction  of its  Interest,  except
that, where the whole of such Member's  Interest has been assigned or diluted in
accordance  with this  Agreement,  the power of attorney of the  assignor  shall
survive the  delivery of such  assignment  for the sole  purpose of enabling the
Manager  to  execute,  acknowledge,  swear  to,  deliver,  record  and  file any
instrument necessary or appropriate to effect such substitution. In the event of
any conflict between this Agreement and any document, instrument,  conveyance or
certificate executed or filed by the Manager pursuant to such power of attorney,
this Agreement shall control.

     (c) In addition to the foregoing,  each of WHWEL, Whitehall XI and WCPT are
hereby irrevocably  constituted and appointed,  with full power of substitution,
as the true and lawful attorney of the Manager and each Member of the Company to
execute,   acknowledge,   swear  to,  deliver,  record  and  file  any  and  all
instruments, agreements and other documents (in the name, place and stead of the
Manager and each such Member and the Company) and to take any and all such other
actions as may be necessary or desirable to carry out the provisions of Sections
8.2 and 8.3.

     13.15.  Time of the Essence.  Time is of the essence in the  performance of
each and every term of this Agreement.

     13.16. No Third Party Beneficiaries. The right or obligation of the Manager
or Management Committee to call for any capital contribution or of any Member to
make a capital  contribution or otherwise to do,  perform,  satisfy or discharge
any  liability or  obligation  of any Member  hereunder,  or to pursue any other
right or remedy hereunder or at law or in equity provided,  shall not confer any
right or claim upon or  otherwise  inure to the benefit of any creditor or other
third party having  dealings with the Company,  it being  understood  and agreed
that the  provisions of this  Agreement  shall be solely for the benefit of, and
may be enforced  solely by, the parties hereto and their  respective  successors
and assigns except as may be otherwise  agreed to by the Company in writing with
the prior written approval of the Management Committee.

     13.17.  Exculpation.  The parties agree that the individuals executing this
Agreement on behalf of WCPT and each Member of the Whitehall  Group have done so
in their  respective  capacities as officers or trustees of such Members (or, in
the case of each Member of the  Whitehall  Group,  the  general  partner of such
Member)  and not  individually,  and none of the  direct or  indirect  partners,
trustees,  officers or shareholders of either such Member shall be bound or have
any personal liability

                             Exhibit 10.50 Page 104
<PAGE>

hereunder.  Each Member shall look solely to the  Interest of the other  Members
for  satisfaction  of any  liability  of such  other  Member in  respect of this
Agreement and will not seek  recourse or commence any action  against any of the
direct or indirect  partners,  trustees,  officers or shareholders of such other
Member or any of their  personal  assets for the  performance  or payment of any
obligation  hereunder.  The foregoing shall also apply to any future  documents,
agreements,  understandings,  arrangements and transactions  between the parties
hereto.

     13.18. Consent of Saracen. Whenever the consent, approval, determination or
decision of Saracen is required  pursuant to any of the terms of this Agreement,
including to amend or waive any  provisions  of this  Agreement,  such  consent,
approval,  determination  or decision  shall be deemed given by, and binding on,
each of the  respective  Saracen  Members if the  Company  obtains  the  written
consent, approval or decision of Kurt W. Saraceno or any other Person designated
in writing by a majority of Saracen's Percentage Interest (assuming for purposes
of determining Saracen's Percentage Interest pursuant to this Section 13.18, all
of  the  outstanding  Series  A  Convertible  Preferred  Membership  Units  were
converted into Membership  Units at the conversion price set forth in the Series
A Terms),  which  Person  must be  approved by the  Management  Committee  which
approval shall not be unreasonably  withheld or delayed, and each of the Saracen
Members hereby  irrevocably  agrees that Kurt W. Saraceno,  or such other Person
designated by the Saracen  Members,  shall have the power and authority to grant
any  such  written  consent  or  approval,  or make any  such  determination  or
decision,  on behalf of, and as the duly authorized agent and representative of,
such respective  Persons.  Each Saracen Member by execution and delivery of this
Agreement,  irrevocably  constitutes  and appoints Kurt W. Saraceno or any other
Person  designated  in writing by a majority of  Saracen's  Percentage  Interest
(assuming for purposes of determining  Saracen's Percentage Interest pursuant to
this  Section  13.18,  all of the  outstanding  Series A  Convertible  Preferred
Membership  Units were converted into Membership  Units at the conversion  price
set  forth  in the  Series  A  Terms),  which  Person  must be  approved  by the
Management  Committee  which  approval  shall not be  unreasonably  withheld  or
delayed,  as his or her true and  lawful  attorney-in-  fact with full power and
authority  in such  Saracen  Member's  name,  place,  and stead only to execute,
acknowledge and deliver such certificates, instruments, documents and agreements
as are necessary or appropriate  to make any and all amendments or  restatements
of this Agreement which  amendments or  restatements  do explicitly  require the
consent  of Saracen as set forth in Section  12.1(a).  The  appointment  by each
Saracen  Member of Kurt W. Saraceno or such other Person as designated  above as
attorney-in-  fact shall be deemed to be a power  coupled with an interest,  and
shall  survive,  and  not be  affected  by  the  subsequent  bankruptcy,  death,
incapacity, disability, adjudication of incompetence or insanity, or dissolution
of any Saracen  Member hereby giving such power.  As a condition to the transfer
by a  Saracen  Member  of any or all of  such  Saracen  Member's  Interest,  the
foregoing  power of attorney  shall be granted by the transferee of such Saracen
Member's Interest.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                            [SIGNATURE PAGE FOLLOWS]

                             Exhibit 10.50 Page 105
<PAGE>

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

                                    WHWEL REAL ESTATE LIMITED PARTNERSHIP

                                    By:    WHATR Gen-Par, Inc., General Partner

                                           By:      /s/ Elizabeth M. Burban
                                                    -----------------------
                                                  Name: Elizabeth M. Burban
                                                  Title:   Vice President

                                    WELLSFORD COMMERCIAL PROPERTIES TRUST

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

                                    WXI/WWG REALTY, L.L.C.

                                           By:      /s/ Elizabeth M. Burban
                                                    -----------------------
                                                  Name: Elizabeth M. Burban
                                                  Title:   Vice President

                                    W/W GROUP HOLDINGS, L.L.C.

                                           By:      /s/ Elizabeth M. Burban
                                                    -----------------------
                                                  Name: Elizabeth M. Burban
                                                  Title:   Vice President

                             Exhibit 10.50 Page 106
<PAGE>

                                        /s/ DOMINIC J. SARACENO
                                    ---------------------------
                                    DOMINIC J. SARACENO

                                       /s/ KURT W. SARACENO
                                    -----------------------
                                    KURT W. SARACENO

                                       /s/ WILLIAM F. RAND, III
                                    ---------------------------
                                    WILLIAM F. RAND, III

                                      /s/ INGEBORG E. SARACENO
                                    --------------------------
                                    INGEBORG E. SARACENO

                                      /s/ HEIDI A. SARACENO-LAWLOR
                                    ------------------------------
                                    HEIDI A. SARACENO-LAWLOR

                                      /s/ LEAS A. SARACENO
                                    ----------------------
                                    LEAS A. SARACENO

                                      /s/ STEPHEN DAVIS
                                    -------------------
                                    STEPHEN DAVIS

                                      /s/ EDWARD WERRNER
                                    --------------------
                                    EDWARD WERNER

                                      /s/ CARLETON G. TARPINIAN
                                    ---------------------------
                                    CARLETON G. TARPINIAN

                                    /s/ GEORGE MCLAUGHLIN, III
                                    --------------------------
                                    GEORGE MCLAUGHLIN, III

                             Exhibit 10.50 Page 107
<PAGE>

The undersigned has executed this Agreement solely for purposes of Sections 3.3,
 4.2, 7.6 and 9.2.

WELLSFORD REAL PROPERTIES, INC.

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

                             Exhibit 10.50 Page 108
<PAGE>

                        THE COMMONWEALTH OF MASSACHUSETTS

                  County   ss.:                              , 1999
-----------------                                       ----

     Then  personally  appeared  the  above-named  Dominic  J.  Saraceno  ,  and
acknowledged the foregoing instrument to be his free act and deed, before me,

                                                  -----------------------
                                                   Notary Public
                                                   My Commission Expires:

                        THE COMMONWEALTH OF MASSACHUSETTS

                  County   ss.:                              , 1999
-----------------                                       ----

     Then  personally   appeared  the   above-named   Kurt  W.  Saraceno  ,  and
acknowledged the foregoing instrument to be his free act and deed, before me,

                                                  -----------------------
                                                   Notary Public
                                                   My Commission Expires:

                        THE COMMONWEALTH OF MASSACHUSETTS

                  County   ss.:                              , 1999
-----------------                                       ----

     Then  personally  appeared  the  above-named  William  F.  Rand,  III,  and
acknowledged the foregoing instrument to be his free act and deed, before me,

                                                  -----------------------
                                                   Notary Public
                                                   My Commission Expires:

                             Exhibit 10.50 Page 109
<PAGE>

                        THE COMMONWEALTH OF MASSACHUSETTS

                  County   ss.:                              , 1999
-----------------                                       ----

     Then  personally  appeared  the  above-named  Ingeborg  E.  Saraceno,   and
acknowledged the foregoing instrument to be her free act and deed, before me,

                                                  -----------------------
                                                   Notary Public
                                                   My Commission Expires:

                        THE COMMONWEALTH OF MASSACHUSETTS

                  County   ss.:                              , 1999
-----------------                                       ----

     Then personally  appeared the  above-named  Heidi A.  Saraceno-Lawlor,  and
acknowledged the foregoing instrument to be her free act and deed, before me,

                                                  -----------------------
                                                   Notary Public
                                                   My Commission Expires:

                        THE COMMONWEALTH OF MASSACHUSETTS

                  County   ss.:                              , 1999
-----------------                                       ----

     Then personally appeared the above-named Leas A. Saraceno, and acknowledged
the foregoing instrument to be her free act and deed, before me,

                                                  -----------------------
                                                   Notary Public
                                                   My Commission Expires:

                             Exhibit 10.50 Page 110
<PAGE>

                        THE COMMONWEALTH OF MASSACHUSETTS

                  County   ss.:                              , 1999
-----------------                                       ----

     Then personally  appeared the above-named  Stephen Davis,  and acknowledged
the foregoing instrument to be his free act and deed, before me,

                                                  -----------------------
                                                   Notary Public
                                                   My Commission Expires:

                        THE COMMONWEALTH OF MASSACHUSETTS

                  County   ss.:                              , 1999
-----------------                                       ----

     Then personally  appeared the above-named  Edward Werner,  and acknowledged
the foregoing instrument to be his free act and deed, before me,

                                                  -----------------------
                                                   Notary Public
                                                   My Commission Expires:

                        THE COMMONWEALTH OF MASSACHUSETTS

                  County   ss.:                              , 1999
-----------------                                       ----

     Then  personally  appeared  the  above-named  Carleton  G.  Tarpinian,  and
acknowledged the foregoing instrument to be his free act and deed, before me,

                                                  -----------------------
                                                   Notary Public
                                                   My Commission Expires:

                             Exhibit 10.50 Page 111
<PAGE>

                        THE COMMONWEALTH OF MASSACHUSETTS

                  County   ss.:                              , 1999
-----------------                                       ----

     Then  personally  appeared  the  above-named  George  McLaughlin,  III, and
acknowledged the foregoing instrument to be his free act and deed, before me,

                                                  -----------------------
                                                   Notary Public
                                                   My Commission Expires:

                             Exhibit 10.50 Page 112
<PAGE>

                                    EXHIBIT A

                  Terms of Series A Preferred Membership Units

                             Exhibit 10.50 Page 113
<PAGE>

                                    EXHIBIT B

                      Form of Registration Rights Agreement

                             Exhibit 10.50 Page 114
<PAGE>

                                   SCHEDULE 1

                               Additional Members

                             1. Dominic J. Saraceno
                               2. Kurt W. Saraceno
                             3. William F. Rand, III
                             4. Ingeborg B. Saraceno
                           5. Heidi A. Saraceno-Lawlor
                               6. Leas A. Saraceno
                                7. Stephen Davis
                                8. Edward Werner
                            9. Carleton G. Tarpinian
                           10. George McLaughlin, III

                             Exhibit 10.50 Page 115
<PAGE>

                                  SCHEDULE 2.6

                         Names and Addresses of Members

                      WHWEL Real Estate Limited Partnership
                        c/o Whitehall Street Real Estate
                             Limited Partnership VII
                           85 Broad Street, 19th Floor
                            New York, New York 10004
                       Attention: Chief Financial Officer

                      Wellsford Commercial Properties Trust
                         535 Madison Avenue, 26th Floor
                            New York, New York 10022
                              Attention: President

                                     Saracen
                           c/o Saracen Companies, Inc.
                                 57 Wells Avenue
                            Newton Centre, MA. 02159
                           Attn: Mr. Kurt W. Saraceno

                             WXI/WWG Realty, L.L.C.
                           85 Broad Street, 19th Floor
                            New York, New York 10004
                       Attention: Chief Financial Officer

                           W/W Group Holdings, L.L.C.
                           85 Broad Street, 19th Floor
                            New York, New York 10004
                       Attention: Chief Financial Officer

                             Exhibit 10.50 Page 116
<PAGE>

                                  SCHEDULE 2.4A

                               List of Properties

                             Exhibit 10.50 Page 117
<PAGE>

                                  SCHEDULE 2.4B

                              List of Subsidiaries

                    Wellsford/Whitehall Properties II, L.L.C.
                      Wellsford/Whitehall Holdings, L.L.C.
                          Wells Avenue Holdings, L.L.C.
                        Wells Avenue Senior Holdings LLC
                               WASH Manager L.L.C.
                       WEL/WH Convention Managers, L.L.C.
                           WXI/Mt. Bethel Road, L.L.C.

                             Exhibit 10.50 Page 118
<PAGE>

                                  SCHEDULE 2.7A

Representations    and    Warranties    with    respect   to   the    Properties
-------------------------------------------------------------

                             Exhibit 10.50 Page 119
<PAGE>

                                  SCHEDULE 2.7B

Representations    and   Warranties    with   respect   to   the    Subsidiaries
---------------------------------------------------------------

     1.  CONSENTS  AND  APPROVALS.  No  order,  permission,  consent,  approval,
license, authorization,  registration or filing by or with any government agency
having  jurisdiction over any Subsidiary is required for the consummation of the
Closing or the execution,  delivery or performance of any document or instrument
to be executed and delivered by any  Subsidiary in connection  with the Closing,
except   for   such   orders,   permission,   consents,   approvals,   licenses,
authorizations,  registrations and filings as have already been obtained,  given
or made.

     2. NO  VIOLATION.  The  consummation  of the Closing  does not and will not
(including  with the  giving  of  notice,  lapse of time or both)  (i)  violate,
conflict  with,  result in a breach of any of the  provisions of or constitute a
default under (1) the organizational documents of any Subsidiary,  (2) any bond,
note or other evidence of indebtedness, indenture, mortgage, deed of trust, loan
agreement or similar  instrument by which any Subsidiary or any of its assets is
subject or bound,  (3) any lease or any other agreement or contract by which any
Subsidiary or any of its assets is subject or bound, (4) any applicable statute,
law,  order,  rule or  regulation  of any court or  governmental  agency  having
jurisdiction  over  any  Subsidiary  or any of its  assets  or (5)  any  term or
provision of any judgment,  decree, order, statute,  writ,  injunction,  rule or
regulation of any  arbitrator,  court or governmental  authority  binding on any
Subsidiary  or any of its assets or (ii) result in the creation of any Lien upon
any assets of such Subsidiary.

     3. INTENTIONALLY OMITTED.

     4.  OWNERSHIP.  (i) The  Company  owns  100% of the  legal  and  beneficial
interest in WWPII, (ii) WWP II owns 100% of the legal and beneficial interest in
Holdings,  (iii) Holdings owns the fee interest in all of the Properties  (other
than the Nomura  Properties  and  Holdings'  interest  in 105  Challenger  Road,
Ridgefield  Park,  New Jersey,  which  interest is held  pursuant to a long-term
ground lease),  (iv) Holdings owns 100% of the legal and beneficial  interest in
Wells Avenue  Holdings,  LLC, (v) Wells  Avenue  Holdings,  LLC owns 100% of the
legal and beneficial  interest in Wash Manager LLC, (vi) Wells Avenue  Holdings,
LLC and Wash  Manger  LLC,  collectively,  own 100% of the legal and  beneficial
interest in Wells Avenue  Senior  Holdings,  LLC, and (vii) Wells Avenue  Senior
Holdings,  LLC owns the fee interest in the Nomura Properties,  and in each case
free and clear of all Liens except for Liens securing the Indebtedness set forth
in Schedule B-7.

     5. LITIGATION.  Other than as set forth on Schedule B-5, no Subsidiary is a
party to any legal action, suit, arbitration, inquiry or proceeding (and, to the
knowledge  of the  Company,  no  investigation  in  respect of any such party is
pending)  before any court,  governmental  authority or  arbitrator  and, to the
knowledge of the Company, no such action,  suit,  proceeding or investigation is
threatened,  except in each case as would not have a material  adverse effect on
any of the Properties or the value thereof.

     6. CONDITION OF SUBSIDIARIES.  None of the Subsidiaries has filed (and none
of such entities is contemplating filing) any petition seeking or acquiescing in
any  reorganization,   arrangement,  composition,   readjustment,   liquidation,
dissolution   or  similar  relief  under  any  law  relating  to  bankruptcy  or
insolvency,  nor has any such  petition  been filed  against any such party.  No
general assignment of any assets of any Subsidiary has been made for the benefit
of creditors, and no receiver,  master, liquidator or trustee has been appointed
for any such party or any of their assets. None of the Subsidiaries is insolvent
and the consummation of the Closing will not render any such party insolvent.

     7.  INDEBTEDNESS.  Except  as  set  forth  in  Schedule  B-7,  none  of the
Subsidiaries and none of the Properties shall be subject to any Indebtedness.

     8. NON-IMPUTATION. As of the Closing Date, none of the Subsidiaries has any
knowledge  of a defect in title that  would  allow the title  insurance  company
insuring any Property as of the Closing to deny coverage of such defect based on
knowledge of the insured.

                             Exhibit 10.50 Page 120
<PAGE>

                               SCHEDULE 3.2(a)(vi)

Approved Leases and Lease Documentation

                                      NONE

                             Exhibit 10.50 Page 121
<PAGE>

                                  SCHEDULE 5.1

Capital Accounts, Capital Contributions, Membership Units and Series A Preferred
Membership Units

                             Exhibit 10.50 Page 122
<PAGE>

                                  SCHEDULE 7.1

Calculations of the Preferred Distribution Amount

     Under the terms of the Series A  Convertible  Preferred  Units  ("Preferred
Units"),  the  Preferred  Holders are  entitled to a  distribution  equal to the
greater of (A) 6% or (B) the  distribution to the Preferred  Holders  assuming a
full conversion of the Preferred  Units. A 6% distribution  equates to $1.50 per
Preferred  Unit.  The  760,000  Preferred  Units  outstanding,  with a value  of
$19,000,000,  are  convertible at 1.34  Membership  Units per Preferred Unit, or
convertible into a total of 1,018,400 Membership Units.

Example:  Assuming that for the entire 1999  calendar year there are  10,344,734
Membership  Units  (before  any  conversion),  and that the  total  distribution
available to the Membership Units and the Preferred Units (i.e., the "Cumulative
Distribution  Amount" for the quarter  ending  December 31, 1999) is $6,340,000.
The comparison of the two  hypothetical  distributions  that the Preferred Units
would be entitled to for 1999 under the  definition of "Preferred  Distributions
Amounts" are shown below.  Assuming no conversion of the  Preferred  Units,  the
distribution  that the holders of the Membership Units and the Preferred Holders
would receive are shown in (A). On an "as converted" basis, the distribution per
Preferred Unit is as shown in (B) below:

         (A)      Membership Unit distribution           $ 5,200,000
                  Preferred Unit distribution (6%)         1,140,000      (1)
                                                         -----------
                  Total without conversion               $ 6,340,000
                                                         ===========
         (B)      Membership Units                        10,344,734
                  "Converted Units"                        1,018,400      (2)
                                                         -----------
                  "Total Units"                           11,363,134      (3)
                                                         ===========
                  Total available for distribution       $ 6,340,000      (4)

                  "Preferred Percentage"                      8.9623%     (5)

                  "As converted"  Preferred Unit
                        distribution                     $   568,209      (6)

         (C)        The  greater of (1) and (6) is (1),  so the  Preferred
                  Unit distribution is made in the amount of (1), or $1,140,000.

(5) This amount equals the amount in (2) divided by the amount in (3).
(6) This amount equals the amount in (4) multiplied by the percentage in (5).

                             Exhibit 10.50 Page 123
<PAGE>

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