Document:

Purchase Contract Between UTStarcom and BB Tech.

 [*] — Confidential treatment has been requested for certain portions of the exhibit
 EXHIBIT 10.67
 PURCHASE CONTRACT
 DATE: October 9, 2001
 CONTRACT NO.: Ref-01-009
 We as a Buyer, hereby confirm having
purchased from you, as Seller, the following goods in accordance with all the terms and conditions hereof. If any concern arises during the actual delivery, the Parties shall consult with each other to attempt to resolve such issue in good faith.
Meanwhile the Parties are to proceed their negotiation for the terms and conditions of [*].

	 COMMODITY: 	 AN-2000 IB, DSLAM 
		
	 QUALITY: 	 Any New, Upgraded, improved or modified product Seller can offer 
		
	 QUANTITY: 	 [*] 
		
	 AMOUNT 	 US $100,053,600 FOB Shanghai, China 
		
	 PAYMENT: 	 T/T Remittance, net 30 days after the Delivery 
		
	 SHIPMENT: 	 3 weeks after Seller’s receipt of this PURCHASE CONTRACT 
		
	 SHIPPING PORT 	 Shanghai, China 
		
	 PORT OF DESTINATION 	 Japan, Tokyo Airport 
		
	 PRODUCT INSPECTION: 	 Seller’s inspection to be final 

  
 Accepted and confirmed by:

	 (SELLER) 
 	(BUYER)
	 	 
		
	UTSTARCOM, INC. 	BB Tec. Corp
	33 Wood Ave South, 8/F, Iselin,	24-1, Nihonbashi-Hakozaki-cho
	NJ 08830, USA 	Chuo-ku, Tokyo 103-0015 Japan 
	Masahiko Yabuki	Hiroyki Akoka 
	General Manager, Japan Liaison Office	Installation Division 
		
	 	 
	 /s/ Masahiko Yabuki 
 	 /s/ Hiroyki Akoka 
 

 GENERAL TERMS AND CONDITIONS
 These general terms and conditions shall apply, except to the
extent that any contrary provisions are set forth on the cover page.

		1.		Shipment: The goods covered hereby shall be shipped strictly within the period set forth on the cover. Seller shall ship the goods on a first class steamer or motor vessel classed
not lower than Lloyd’s 100 AI or top classification in other equivalent registers owned and/or operated by a carrier of good reputation, and of the type normally used for transportation of the type of goods covered hereby. The goods shall be
carried by a usual route or routes without any extraordinary deviation.
	 	 	 	 
		2.		Decreased Costs: If Seller’s costs of performance are decreased after the date of this Contract by reason of any change of freight rates (including any freight surcharge),
export duties, taxes or other governmental charges, or insurance rates (including War Risk), or if any change in exchange rate (including any change resulting from any currency devaluation or revaluation) decreases Seller’s costs or increases
Seller’s return, Seller agrees to refund to Buyers the amount of such decreased cost or increase of income. However the price specified in each PO shall be fixed and no adjustment will be made.
	 	 	 	 
		3.		Claim: Buyer shall have no obligation to inspect the goods upon their arrival at the port of destination and Buyer shall be entitled to make all claims to Seller at any time within
fourteen (14) business days upon arrival of the goods after actual discovery by Buyer of any shortage in quantity or any defect in quality, merchantability or fitness of the goods. In addition to any other remedies hereunder, Buyer shall be entitled
to receive replacements of the defective goods at seller’s cost or a refund or reduction of the purchase price of the defective goods.
	 	 	 	 
		4. 		Force Majeure: In the event of nonfulfilment or delayed performance of all or any part of this Contract, due directly or indirectly to any Act of Gods, government orders, rules or
restrictions, fire, flood, war, strikes (including those against Buyer) or labor disputes, or any other casualties or contingencies beyond the control of Buyer or otherwise unavoidable, Buyers shall not be responsible for such nonfulfilment or
delayed performance and may, at Buyer’s option, perform or cancel this Contract or any unfilled portion thereof.
	 	 	 	 
		5.		Arbitration: Any dispute arising out of or relating to this Contract, its interpretation or breach, shall be settled by arbitration in Tokyo, Japan in accordance with the rules than
obtaining of the Japan Commercial Arbitration Association. The award shall be final and binding upon both parties hereto.
	 	 	 	 
		6.		Patents: Seller shall defend, indemnify and hold harmless or any of its customers for the goods from and against any and all expenses, loss or damages arising out

  

				of any claim made or threatened for infringement of any patent, utility model, design, trademark, copyright or other title right of any third party resulting from the importation,
possession, use or resale of the goods or any part thereof in any country.
	 	 	 	 
		7.		Warranty: Seller warrants from one (1) year from the shipment date that goods are of first quality and are free from defect in material, design and workmanship, that they are
merchantable and fit for any use to which they are normally put and that they are fit for any particular use of which Buyers has given notice to Seller. For purposes of this Contract, Computers mean computer software, hardware, systems and networks,
microprocessors, equipment with embedded chips and any other products, services, data and functions that directly or indirectly use or rely upon, in any manner, any of the foregoing, whether owned or operated by Seller or by any third party, to the
extent that the same are required for or related to the performance of Seller’s obligations hereunder. In the event of any breach of warranty, Seller shall, at Buyers sole option, restore or repair the goods to the same state and level as
warranted herein, or replace the goods with conforming goods, at Seller’s sole cost and expense, and Seller shall indemnify and hold Buyer and Buyer’s customers harmless from and against any loss, damage, claim, cost, expense and
liability, including all indirect, incidental and consequential damages, which may be incurred by or asserted against Buyer or Buyer’s customers arising out of or related to Seller’s beach of warranty.
	 	 	 	 
		8.		Product Liability: Seller shall defend, indemnify and hold harmless Buyer and/or any of its customers for the goods from and against any and all costs, expenses, losses, damages or
liabilities arising out of or in relation to any claim made or threatened to be made by any third party based on any death, bodily injury or property damage occurring or suspected to occur directly or indirectly out of the goods (collectively the
“Liabilities”), including without limitation, a claim based on the “Product Liability Act” of Japan Law No. 85 promulgated on July 1, 1994, as it may be amended.
	 	 	 	 
		9.		Breach: In the event of any breach by the party hereof of any of the provisions of this Contract, the other party may by written notice to the other party cancel all or any part of
this Contract and/or claim any damages resulting from such breach. The party in any breach shall be liable for any such damages, including but not limited to the amount of profit the other party would have received for the goods under any resale
agreement. Notunderstanding the foregoing, the liability of Buyers shall, in no event, exceed the amount of provided on the cover for each commodity hereof. Any goods in Buyer’s hands on or after such cancellation may be returned by Buyer to
Seller, may be held on Seller’s account or may be disposed of by Buyer for the account of Seller at a price and under circumstance which Buyer deems reasonable, all at Seller’s expense and risk.
	 	 	 	 
		10.		Construction: The meaning of any term used herein and the obligations of both parties hereunder shall, to the extent that they may be applicable, be determined in

  

				accordance with the Uniform Customs and Practice for Documentary Credit and the Incoterms adopted by the International Chamber of Commerce and in effect on the date of this
Contract. This Contract shall be governed by the laws of Japan.
				
		11.		Confidentiality: Neither Party shall disclose to a third party any part of this Agreement (including any other appendix) or any information disclosed by the other Party
in connection with this Agreement without the consent of the other party. Neither Party shall use such disclosed information except to the extent necessary to perform its obligations or to exercise its rights hereunder. Notwithstanding the
foregoing, either Party may disclose such information for Product cause, including compliance with a governmental order, provided that the disclosing party promptly shall notify the other Party of such disclosure. The prohibition of disclosure set
forth above shall not apply to any information that:
					
				(1)	already was in the public domain at the time of disclosure
					
				(2)	becomes publicly know after it is disclosed through no fault of the receiving Party;
					
				(3) 	rightfully was in the possession of the receiving Party prior to the disclosure
					
				(4)	was disclosed legally by a third party to the receiving Party free of a duty of confidentiality;
					
				(5)	was developed independently by the receiving Party without using or making reference to the confidential information of the disclosing party; or
				
				Is clearly identified as non-confidential by the disclosing Party.
		
		*Other necessary terms shall be referred to [*].OCTOBER 2001 AMENDMENT TO THE LETTER
                        OF CREDIT REIMBURSEMENT AGREEMENT
                        ---------------------------------

     OCTOBER  2001  AMENDMENT  TO THE LETTER OF CREDIT  REIMBURSEMENT  AGREEMENT
(this  "Amendment"),  dated as of October 26, 2001,  among  Palomino Park Public
Improvements Corporation,  a Colorado nonprofit corporation (the "Bond Issuer"),
Wellsford Real Properties, Inc., a Maryland corporation ("WRP"), and Commerzbank
AG,  acting  through its New York Branch (the  "Bank").  All  capitalized  terms
defined in the  hereinafter  defined Letter of Credit  Agreement  shall have the
same meaning when used herein unless otherwise defined herein.

                              W I T N E S S E T H:
                              - - - - - - - - - -

     WHEREAS,  the Bond  Issuer,  WRP and the Bank are  parties  to a Letter  of
Credit  Reimbursement  Agreement  dated as of June 16, 2000 (as in effect on the
date hereof, the "Letter of Credit Agreement"); and

     WHEREAS,  the Bond  Issuer,  WRP and the Bank desire to amend the Letter of
Credit Agreement as hereinafter provided; and

     WHEREAS,   ERP  Operating   Limited   Partnership,   an  Illinois   limited
partnership,  has guaranteed certain obligations of the Account Parties incurred
or to be incurred pursuant to the Letter of Credit Agreement;

     NOW,  THEREFORE,  in  consideration  of the premises  and mutual  covenants
herein contained, the parties hereto hereby agree as follows:

     1. Amendment to the Letter of Credit  Agreement.  Section 1.1 of the Letter
of  Credit   Agreement   is  hereby   amended  by  deleting   the  defined  term
"Shareholder's Equity" in its entirety and replacing it with the following:

          "Shareholder's  Equity"  means,  at any date,  the total  consolidated
     shareholder's equity of WRP and its Subsidiaries,  determined in conformity
     with generally accepted accounting principles  consistently applied, but in
     any  event  including  as  equity  the  aggregate  principal  amount of the
     Debentures outstanding at the time of any determination thereof.

     2.  Representations  and  Warranties.  In order to induce the Bank to enter
into this  Amendment,  each of the Bond  Issuer  and WRP hereby  represents  and
warrants that:

     (a) no  Default  or Event of  Default  exists or will  exist as of the date
hereof or after giving effect to this Amendment; and

<PAGE>

     (b) as of the date hereof,  and after giving effect to this Amendment,  all
representations,  warranties and agreements of the Bond Issuer and WRP contained
in the  Letter of Credit  Agreement  will be true and  correct  in all  material
respects.

     3.  GOVERNING  LAW. THIS  AMENDMENT AND THE RIGHTS AND  OBLIGATIONS  OF THE
PARTIES  HEREUNDER  SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE
LAW OF THE  STATE OF NEW  YORK,  WITHOUT  GIVING  EFFECT  TO THE  CHOICE  OF LAW
PROVISIONS THEREOF.

     4. Effectiveness. This Amendment shall be effective as of the date hereof.

     5. Agreement Not Otherwise Amended.  This Amendment is limited precisely as
written  and  shall  not  be  deemed  to be an  amendment,  consent,  waiver  or
modification of any other term or condition of the Letter of Credit Agreement or
any of the instruments or agreements referred to therein, or prejudice any right
or  rights  which  the Bank may now have or may have in the  future  under or in
connection  with the Letter of Credit  Agreement  or any of the  instruments  or
agreements  referred to therein.  Except as expressly modified hereby, the terms
and  provisions of the Letter of Credit  Agreement  shall continue in full force
and effect. Whenever the Letter of Credit Agreement is referred to in the Letter
of Credit Agreement or any of the instruments,  agreements or other documents or
papers  executed  and  delivered in  connection  therewith  (including,  without
limitation,  the Letter of Credit or the  Guaranty),  it shall be deemed to be a
reference to the Letter of Credit Agreement as modified hereby.

     6.   Counterparts.   This   Amendment  may  be  executed  in  two  or  more
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together shall constitute one and the same instrument.

     IN WITNESS  WHEREOF,  the parties  hereto have caused this  Amendment to be
duly executed and delivered by their  respective duly authorized  officers as of
the date first above written.

                         PALOMINO PARK PUBLIC IMPROVEMENTS CORPORATION

                                    By /s/ David M. Strong
                                       -------------------------------
                                      Name:  David M. Strong
                                      Title: President

                         WELLSFORD REAL PROPERTIES, INC.

                                    By /s/ James J. Burns
                                       -------------------------------
                                      Name:  James J. Burns
                                      Title: Senior Vice President

<PAGE>

                         COMMERZBANK AG, NEW YORK BRANCH

                                    By /s/ Douglas Traynor
                                       -------------------------------
                                      Name:  Douglas Traynor
                                      Title: Senior Vice President

                                    By /s/ David Buettner
                                       -------------------------------
                                      Name:  David Buettner
                                      Title: Assistant Vice President

Acknowledged, agreed and consented to:

ERP OPERATING LIMITED PARTNERSHIP

By   EQUITY RESIDENTIAL PROPERTIES
       TRUST, General Partner

By /s/ Robert Tanaka
   -------------------------------
  Name:  Robert Tanaka
  Title: Authorized Signator

<PAGE>

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