<PAGE>
SECOND AMENDMENT TO
ASSET CONTRIBUTION, PURCHASE AND SALE AGREEMENT
THIS SECOND AMENDMENT TO ASSET CONTRIBUTION, PURCHASE AND SALE AGREEMENT
(this "Second Amendment") is made and entered into as of this 15th day of June,
2000, by and among: PHILIPS INTERNATIONAL REALTY, L.P., a Delaware limited
partnership ("Contributor"), PHILIPS INTERNATIONAL REALTY CORP., a Maryland
corporation ("Contributor Parent"), THOSE CERTAIN PARTIES IDENTIFIED AS A
"PHILIPS QRS" or a "LOWER TIER ENTITY" ON THE SIGNATORY PAGES HERETO (such
parties, Contributor and Contributor Parent, collectively, the "Seller
Parties"); the Seller Parties each having an address at 417 Fifth Ave., New
York, NY 10016, KIR ACQUISITION LLC, a Delaware limited liability company
("General Partner") and KIMCO INCOME OPERATING PARTNERSHIP, L.P. ("Limited
Partner"), a Delaware limited partnership; General Partner and Limited Partner
each having an address at 3333 New Hyde Park Rd., P.O. Box 5020, New Hyde Park,
NY 11042-0020. All capitalized terms not specifically defined herein shall have
the meanings ascribed to them by that certain Asset Contribution, Purchase and
Sale Agreement, dated as of April 28, 2000 (as amended by that certain First
Amendment to Asset Contribution, Purchase and Sale Agreement, dated May 31, 2000
(the "First Amendment"), the "Agreement") by and between the parties hereto.
RECITALS
A. The parties hereto entered into the Agreement.
B. Purchaser has requested and Seller has agreed to grant an extension of
the Due Diligence Period until June 20, 2000.
C. The parties hereto desire to amend the Agreement as more particularly
set forth herein.
NOW, THEREFORE, in consideration of Ten Dollars (US$10.00), the mutual
promises contained herein, and other good and valuable consideration, the mutual
receipt and legal sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound, hereby agree as follows:
1. Due Diligence Period. The Due Diligence Period shall be deemed extended
until 7:00 p.m., June 20, 2000, and all references in the Agreement to the Due
Diligence Period shall be deemed to reflect such amended expiration date.
<PAGE>
2. Miscellaneous. Except as expressly set forth herein, all other
provisions of the Agreement shall remain in full force and effect. This Second
Amendment may be executed in one or more counterparts, each of which shall be
deemed an original, and all of which, taken together, shall constitute a single
instrument. Facsimile signatures shall be binding for the purposes of the
execution and delivery of this Second Amendment, provided that original
signatures are delivered to all parties promptly following the execution of this
Second Amendment.
[ SIGNATURES APPEAR ON THE FOLLOWING PAGE ]
<PAGE>
IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment
the 15th day of June, 2000.
Contributor: PHILIPS INTERNATIONAL REALTY, L.P.
BY: Philips International Realty Corp.,
general partner
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
Contributor Parent: PHILIPS INTERNATIONAL
REALTY CORP.
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
General Partner: KIR ACQUISITION LLC
BY: Kimco Income Operating Partnership, L.P.,
sole member
By: Kimco Income REIT, general partner
By: /s/ Bruce M. Kauderer
---------------------------------
Name: Bruce M. Kauderer
Title: Vice President
Limited Partner: KIMCO INCOME OPERATING
PARTNERSHIP, L.P.
BY: Kimco Income REIT, general partner
By: /s/ Bruce M. Kauderer
---------------------------------
Name: Bruce M. Kauderer
Title: Vice President
<PAGE>
Lower Tier Entities:
PHILIPS BRANHAVEN ASSOCIATES, L.P.
BY: PHILIPS BRANHAVEN SUB-III, INC.,
general partner
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
PHILIPS ENFIELD ASSOCIATES L.P.
BY: PHILIPS ENFIELD SUB-IV, INC.
general partner
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
FOXBOROUGH SHOPPING L.L.C.
BY: FOXBOROUGH SUB-IX, INC., managing
member
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
<PAGE>
DELRAN SHOPPING, L.L.C.
BY: PHILIPS DELRAN SHOPPING, SUB-X,
INC., managing member
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
PHILIPS AVENUE U ASSOCIATES, L.P.
BY: PHILIPS AVENUE U SUB-VI, INC.,
general partner
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
PHILIPS MEADOWBROOK ASSOCIATES, L.P.
BY: PHILIPS MEADOWBROOK SUB-V, INC.,
general partner
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
<PAGE>
PHILIPS MERRICK ASSOCIATES L.P.
BY: PHILIPS MERRICK SUB-II, INC.,
general partner
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
PHILIPS FOREST ASSOCIATES, L.P.
BY: PHILIPS FOREST SUB-I, INC., general
partner
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
Philips QRSs:
PHILIPS BRANHAVEN SUB-III, INC.
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
PHILIPS ENFIELD SUB-IV, INC.
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
<PAGE>
PHILIPS FOXBOROUGH SUB-IX, INC.
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
PHILIPS DELRAN SHOPPING SUB-X, IN
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
PHILIPS AVENUE U SUB-VI, INC.
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
PHILIPS MEADOWBROOK SUB-V, INC.
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
<PAGE>
PHILIPS MERRICK SUB-II, INC.
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
PHILIPS FOREST SUB-I, INC.
By: /s/ Louis J. Petra
---------------------------------
Name: Louis J. Petra
Title: President
