Document:

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                ASSIGNMENT OF LIMITED LIABILITY COMPANY INTEREST

         This Assignment of Limited Liability Company Interest (this
"Assignment") is entered into as of January 12, 2000 by and between [entity
name] ("Assignor"), and [name]("Assignee").

                               W I T N E S S T H :

         In order to provide a mechanism whereby Assignee will be entitled to
receive the percentage of Proceeds (defined below) set forth opposite Assignee's
name on Exhibit A attached hereto, Assignor desires to transfer to Assignee a
portion of Assignor's right, title and interest in and to Assignor's limited
liability company interest in [co-investment entity name] (the "LLC")
(including, without limitation, Assignor's rights to any proceeds, income, tax
credits, profits and distributions of the LLC), which interest is more
particularly described in that LLC Agreement of the LLC dated on or about
[_______] (the "LLC Agreement"), as amended (the "LLC Interest").

                                   AGREEMENTS

         For a good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereby agree as follows:

         1. Definition of "Proceeds". "Proceeds" as used herein, shall mean,
with respect to the LLC, any proceeds actually received by Assignor with respect
to the LLC after Assignor has received 100% of its original capital contribution
to the LLC, any additional capital contributions and any allocated costs plus a
return thereon equal to 10% per annum. In calculating Proceeds, any amounts to
which Insignia Financial Group, Inc. or any of its wholly owned affiliates may
be entitled which are compensation for performing services including, but not
limited to, acquisition services, advisory, consulting, management, leasing,
construction supervision or management, development, redevelopment or
development or redevelopment supervision, financing or refinancing or
disposition services, will be excluded from such calculation.

         2. Conveyance. Assignor hereby grants, assigns, and conveys to Assignee
all of Assignor's right, title and interest in and to a portion of Assignor's
LLC Interest equivalent in value to the percentage of Proceeds set forth
opposite Assignee's name on Exhibit A attached hereto.

         3. Effect of Transfer. Assignee acknowledges and agrees that he is not
being admitted to the LLC as a substitute member, but is merely an assignee of a
certain portion (as set forth in Exhibit A) of the economic benefits
attributable to the LLC Interest. Accordingly, Assignee hereby irrevocably and
unconditionally grants

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to Assignor a proxy to vote on his behalf with respect to any and all LLC
matters which Assignee would otherwise be entitled to vote upon as a result of
the transfers contained herein. Furthermore, Assignee agrees to be bound by each
of the terms and conditions contained in the LLC Agreement. Notwithstanding the
foregoing, Assignor shall remain solely responsible for the performance of all
obligations and duties previously attributed to the LLC Interest (including,
without limitation, the obligation to fund all additional capital contributions
associated with the LLC Interest) as if the assignments contained herein were
never effected.

         4. Forfeiture of Interest. Notwithstanding anything to the contrary
contained in this Assignment, Assignee hereby acknowledges and agrees that the
assignments contained herein are subject in all respects to the terms and
conditions set forth in that certain letter agreement between Assignee and
Insignia Financial Group, Inc. dated [______] ("Letter Agreement"). Without
limiting the generality of the foregoing, Assignee hereby acknowledges and
agrees that the assignment to it contained herein shall be automatically
rescinded and Assignee's right to participate in the Proceeds shall be
automatically forfeited upon a breach of the terms of or upon the occurrence of
any condition specified in its Letter Agreement.

         5. Legal Fees and Costs. If a party elects to incur legal expenses to
enforce or interpret any provision of this Assignment by judicial proceedings,
the prevailing party will be entitled to recover such legal expense, including,
without limitation, reasonable attorney's fees, costs and necessary
disbursements, in addition to any other relief to which such party be entitled.

         6. Entire Agreement; Amendment. This Assignment constitutes the entire
agreement, and supersedes all other prior agreements and understandings, both
oral and written, among the parties or any of them, with respect to the subject
matter hereof, and this Assignment is not intended to confer upon any person not
a party hereto any rights or remedies hereunder. This Assignment may not be
amended except by an instrument in writing signed by the parties hereto. This
Assignment may be executed in two or more counterparts, each and all of which
shall be deemed an original and all of which together shall constitute one and
the same instrument.

         7. Certain Interpretive Matters. No provision of this Assignment will
be interpreted in favor of, or against, any of the parties hereto by reason of
the extent to which any such party or its counsel participated in the drafting
thereof or by reason of the extent to which any such provision is inconsistent
with any prior draft hereof or thereof.

         8. Effective Date. This Assignment shall be effective as of the date
hereof.

         9. Governing Law; Binding Effect. This Assignment shall be governed by
South Carolina law and shall be binding upon and inure to the benefit of
Assignor and Assignee and their respective successors and assigns.

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Executed as of the date first written above.

              ASSIGNOR:                [name]

                                       By: [name], its managing member

                                           By:
                                              ------------------------------
                                              Name:
                                              Title:

              ASSIGNEE:
                                       Name:
                                            --------------------------------

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                                    EXHIBIT A

            ASSIGNEE                                    PROCEEDS

            Andrew L. Farkas
            James A. Aston
            Ronald Uretta
            Frank M. Garrison
            Stephen B. Siegel

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                                     [Date]

Mr. NAME
Company
Address
Address

     RE:  Assignment of Member or Limited Partner Interest(s)

Dear NAME:

     This letter sets forth the terms upon which you ( "Employee") have been
assigned, as of the date hereof, a partnership interest or member interest or
interests in one or more limited partnerships or limited liability companies
which will in turn entitle you to certain potential distributions in the future,
subject to all the terms and conditions as set forth herein (individually a "
Member Interest " and collectively "Member Interests"). The interests assigned
to you hereby are owned by subsidiaries of Insignia/ESG or subsidiaries of
Insignia Financial Group, Inc. As used herein, "Insignia/ESG" shall mean,
respectively, Insignia/ESG, Inc. and its wholly owned subsidiaries and/or parent
or sister corporations. "Transaction Date" shall mean the date shown under the
column of the "Closing Date" of each respective transaction as specifically set
forth on Exhibit A, which shall be the effective date of each assignment. You
are being assigned Member Interests only with respect to the one or more
partnerships or limited liability companies listed on Exhibit A (individually a
"Company" and collectively, the "Companies") under the column headed "Name of
Company".

     The Companies were formed for the purpose of acquiring, operating, and
ultimately disposing of real estate and real estate assets. The Member
Interest(s) assigned to you hereby shall equal the percentage interest in each
Company necessary for you to receive the percentage, as shown on Exhibit A under
the column headed "Applicable Percentage", of Proceeds. The Member Interest(s)
assigned to you hereby are in addition to any other assignments made to you
previously. "Proceeds" as used herein, shall mean any proceeds actually received
by Insignia/ESG or IFG, respectively, from or with respect to an investment in a
Company after Insignia/ESG, or IFG, respectively, has received 100% of its
original capital contribution, any additional capital contributions and any
allocated costs plus a return thereon equal to 10% per annum (the "Insignia/ESG
Minimum Return"). Any acquisition fees paid or payable to Insignia/ESG shall be
included in the amount of Insignia/ESG's investment for purposes of determining
Insignia/ESG's return and the Insignia Minimum Return, including any imputed
acquisition fee with respect to assets 100% owned by Insignia/ESG.

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     You acknowledge and understand that the definition of "Proceeds" may result
in your percentage interest in any of the Companies being zero (resulting in no
distribution(s) to you with respect to one or more of the Member Interest(s))
because your interest is effectively subordinated to preferential
payments/distributions to Insignia/ESG. Notwithstanding the following paragraph,
with respect to the Companies in which an affiliate of the Praedium Fund serves
as a member or partner any incentive fees as so defined or described in the
respective Asset Management Agreements (but not including any asset management
fees paid on a regular or recurring basis) shall be deemed to be part of
Proceeds. Insignia/ESG and IFG will promptly, and will cause their controlled
affiliates to promptly execute and deliver to Employee, upon request from
Employee, a such other documents as may be reasonably requested by Employee to
evidence the assignment of the Membership Interest(s).

     In calculating Insignia/ESG's and IFG's return and the Insignia/ESG Minimum
Return, any amounts to which Insignia/ESG, or IFG, respectively, may be entitled
which are compensation for performing services including, but not limited to,
acquisition services, advisory, consulting, management, leasing, construction
supervision or management, development or development supervision, financing or
refinancing or disposition services, will be excluded from such calculation. In
the event that the calculation of the Insignia/ESG Minimum Return or Proceeds is
affected by the terms and conditions of any loans, including but not limited to
the existing line of credit with General Electric Capital Corporation ("GE") in
favor of an Insignia/ESG affiliate in partnership with Blackacre Capital, then
any calculations made or to be made with respect thereto shall be made by
Insignia/ESG in its sole and absolute discretion. In the event that Proceeds
from any investments or properties secured by the indebtedness evidenced by the
GE line of credit are received by Insignia/ESG but utilized, directly or
indirectly, to reduce such indebtedness, then, at Insignia/ESG's discretion, any
amounts so used shall not be deemed to constitute Proceeds, and your right to
receive any portion of the Member Interest(s) shall not arise until all such
debt has been paid in full.

         For the purposes of this Agreement, any entity in which Insignia/ESG
participates in ownership of a real estate asset with a non-affiliated third
party shall be deemed to be a "partnership" and such non-affiliated third party
shall be deemed to be a "partner" irrespective of whether such entity is a
general or limited partnership, joint venture, limited liability company, or
other form of entity.

     The additional terms and conditions governing the Member Interest(s) are as
follows:

     1) Your rights with respect to the Member Interest(s) assigned to you
hereunder shall vest as follows:

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                          DATE                      CUMULATIVE AMOUNT VESTED
                          ----                      ------------------------

            1 Year from Transaction Date            50% of Member Interest(s)
            2 Years from Transaction Date           75% of Member Interest(s)
            3 Years from Transaction Date          100% of Member Interest(s)

     2) In the event that Proceeds are actually received by Insignia/ESG, or
IFG, respectively, with respect to Insignia/ESG's or IFG's investment in a
particular Company prior to an applicable vesting date, you will be deemed to
have been fully vested with respect to such Proceeds as of the date of receipt
of such Proceeds. Involuntary termination for "cause" shall immediately
extinguish any rights with respect to any unvested portions of the Member
Interest(s) and should Employee voluntarily terminate his employment with
Insignia/ESG he shall, as a condition to continued vesting, be reasonably
available to Insignia/ESG to consult with Insignia/ESG with respect to the
Membership Interest(s). As used herein, "cause" shall mean any element of action
or inaction constituting cause under any applicable written agreement between
you and Insignia/ESG existence as of the date of such determination.

     3) Any dispute with respect to this agreement and the Member Interest(s)
shall be governed by the laws of the State of New York and shall, at the option
of Insignia/ESG, be resolved by arbitration on terms and conditions determined
in the reasonable discretion of Insignia/ESG.

     Any amounts you receive hereunder may be characterized as ordinary income
for federal tax purposes. However, you may choose to make an election under
Section 83(b) of the Internal Revenue Code which may result in such amounts
being treated as capital gains. Such an election would require to value the
Member Interests assigned to you hereunder and to recognize such value as income
presently. Such election, if made by you, must be made within thirty (30) days
of assignment to you of the Member Interests. In determining a value for the
Member Interests assigned to you hereunder you should take into account all
factors known to you including the fact that the Member Interests are
subordinated to certain returns and subject to vesting and forfeiture. You are
encouraged to consult your tax advisor for guidance on this matter and
Insignia/ESG accepts no responsibility for the manner in which you treat the
Member Interests.

     Please acknowledge your understanding of and agreement to the terms set
forth above by executing this agreement in the space indicated below and on the
attached Exhibit A.

                                            Yours truly,

                                            Insignia/ESG , Inc.

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                                            By:
                                               ------------------------------

                                            Insignia Financial Group, Inc

                                            By:
                                               ------------------------------

     I understand the terms of the foregoing and agree that the assignment of
the Member Interest(s) shall be governed thereby.

                                            Date:
------------------------------                   ------------------------------
           NAME

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                                   SCHEDULE I

                  ASSIGNEE

                  Andrew L. Farkas
                  James A. Aston
                  Ronald Uretta
                  Frank M. Garrison

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