Exhibit 1(l) KIMCO REALTY CORPORATION (a Maryland Corporation) Common Stock TERMS AGREEMENT Dated: May 27, 1998 To: Kimco Realty Corporation 3333 New Hyde Park Road New Hyde Park, New York 11042-0020 Attention: Chairman of the Board of Directors Dear Sirs: We understand that Kimco Realty Corporation, a Maryland corporation (the "Company"), proposes to issue and sell 780,487 shares of its common stock (the "Common Stock"), $.01 par value per share (the "Underwritten Securities"). Subject to the terms and conditions set forth or incorporated by reference herein, PaineWebber Incorporated (the "Underwriter") offers to purchase all of the Underwritten Securities at the purchase price set forth below. The Company acknowledges that the Underwriter has informed it that the Underwriter intends to deposit the Underwritten Securities with the trustee of the PaineWebber Equity Trust REIT Series I (a Unit Investment Trust) (the "Trust"), a registered unit investment trust under the Investment Company Act of 1940, as amended, for which PaineWebber Incorporated acts as sponsor and depositor, in exchange for units (the "Units") in the Trust as soon after the execution and Delivery hereof as in the judgement of the Underwriter is advisable. The Underwritten Securities shall have the following terms: Title of Securities: Common Stock, $.01 par value per share Number of Shares: 780,487 Purchase price per share: $36.5175 Number of Option Securities: Not Applicable Delayed Delivery Contracts: Not authorized Closing date and location: May 29, 1998 Brown & Wood LLP One World Trade Center New York, New York 10048 All of the provisions contained in the Underwriting Agreement attached as Annex A hereto are hereby incorporated by reference in their entirety herein and shall be deemed to be a part of this Terms Agreement to the same extent as if such provisions had been set forth in full herein. Terms defined in such document are used herein as therein defined. In addition, Section 9 of such Underwriting Agreement shall be amended to include a new subclause (v) to the following effect: "or (v) there has occurred any material adverse change in the financial markets in the United States or any outbreak or escalation of hostilities or other national or international calamity or crisis, the effect of which is such as to make it, in your judgement, impracticable or inadvisable to (x) commence or continue the offering of the Units (as defined in the applicable Terms Agreement) to the public or (y) enforce contracts for the sale of the Units." 2 Please accept this offer no later than 7:00 P.M. (New York City time) on May 27, 1998 by signing a copy of this Terms Agreement in the space set forth below and returning the signed copy to us. Very truly yours, PAINEWEBBER INCORPORATED By: /s/ David Reynolds -------------------------------- Name: David Reynolds Title: Senior Vice President Accepted: KIMCO REALTY CORPORATION By: /s/ Michael V. Pappagallo ---------------------------------- Name: Michael V. Pappagallo Title: Chief Financial Officer and Vice President 3