EXHIBIT 10.2

FIRST AMENDMENT TO TERM LOAN AGREEMENT

This First Amendment to Term Loan Agreement (the “Amendment”) is made as of
August 18, 2008, by and among Kite Realty Group, L.P. (the “Borrower”), KeyBank
National Association, individually as the “Original Lender” and as the “Agent,”
and Raymond James Bank, individually as a Lender, (“Raymond James”) and Royal
Bank of Canada, individually as a Lender (“RBC”) (collectively, Raymond James
and RBC are referred to herein as the “New Lenders”).

R E C I T A L S

A.        The Borrower and the Original Lender entered into a Term Loan
Agreement dated as of July 15, 2008 (as amended, the “Loan Agreement”). All
capitalized terms used herein and not otherwise defined shall have the meanings
given to them in the Loan Agreement.

B.        Pursuant to the terms of the Loan Agreement, the Original Lender
agreed to provide the Borrower with a term loan in an aggregate principal amount
of up to $30,000,000. The parties hereto now desire to amend the Loan Agreement
in order to (i) admit the New Lenders as “Lenders” under the Loan Agreement,
(ii) increase the Loan Amount, and (iii) modify certain of the other provisions
contained therein and certain definitions related thereto.

NOW, THEREFORE, in consideration of the foregoing Recitals and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

AGREEMENTS

1.         The foregoing Recitals to this Amendment hereby are incorporated into
and made part of this Amendment.

2.         As of the “Effective Date”, as defined below, (i) the New Lenders
shall be considered “Lenders” under the Loan Agreement, and (ii) the Loan Amount
shall be increased to $55,000,000. The Borrower and the Agent hereby consent to
the addition of the New Lenders as Lenders. The Commitment and Commitment
Percentage for each of the New Lenders shall be as shown below their respective
signature blocks on this Amendment, and the Commitment and adjusted Commitment
Percentage for the Original Lender is also shown on the signature pages to this
Amendment.

3.         The “Effective Date” shall be the date on which all of the following
conditions have been fulfilled:

 

(a)

no Default or Event of Default then exists; and

(b)       Borrower shall have paid (i) to the New Lenders an upfront fee, and
(ii) to Agent an arrangement fee, as agreed to pursuant to separate letters with
such parties.

 

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4.         The definition of “Ground Lease” in Section 1.1 of the Loan Agreement
is hereby deleted in its entirety.

5.         Section 3.12 of the Loan Agreement, titled Taxes, is hereby amended
by deleting subsection (d) thereof in its entirety.

6.         Section 9.4 of the Loan Agreement, titled Other Information, is
hereby amended by deleting subsection (g) in its entirety and replacing it with
the following:

“Budget and Forecasts. At the time financial statements are furnished pursuant
to Section 9.2, a budget for the current fiscal year together with a forecast of
the Borrower’s projected financial results for such fiscal year upon request.”

7.         Section 10.3 of the Loan Agreement, titled Indebtedness, is hereby
amended by intentionally deleting the term “Agent” from the second sentence and
replacing it with the term “Requisite Lenders.”

8.         Section 11.1 of the Loan Agreement, titled Events of Default, is
hereby amended by intentionally deleting the amount “$50,000,000” from
subsection (e)(i) thereof, titled Indebtedness Cross Default; Derivatives
Contracts and replacing it with the amount “$25,000,000”.

9.         Section 11.2 of the Loan Agreement, titled Remedies Upon Event of
Default, is hereby amended by adding the phrase “or, if such Event of Default
arises under Section 11.1(a) or Section 11.1(b) and the Agent is also then the
agent under the Line of Credit Agreement, at the direction of all Lenders other
than Agent,” after the words “at the direction of the Requisite Lenders” in
subsection (a)(ii) thereof , titled Acceleration; Termination of Facilities;
Optional.

10.       Section 13.5 of the Loan Agreement, titled Successors and Assigns, is
hereby amended by adding the phrase “or unless an Event of Default has occurred
and is then continuing” immediately after the phrase “unless the Borrower and
Agent otherwise agree” in the first sentence of subsection (d) thereof.

11.       Borrower hereby represents and warrants that, as of the Effective
Date, there is no Default or Event of Default, the representations and
warranties contained in Article VII of the Loan Agreement are true and correct
in all material respects as of such date and Borrower has no offsets or claims
against any of the Lenders.

12.       As expressly modified as provided herein, the Loan Agreement shall
continue in full force and effect.

13.       This Amendment may be executed in any number of counterparts, all of
which taken together shall constitute one agreement, and any of the parties
hereto may execute this Amendment by signing any such counterpart.

[Signature pages follow.]

 

 

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IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of
the date first written above.

 

BORROWER:

 

KITE REALTY GROUP, L.P.

 

By: /s/ Daniel R. Sink

Print Name: Daniel R. Sink

Title: Executive Vice President, Chief Financial Officer, and Treasurer

 

 

Consented to by:

 

KITE REALTY GROUP TRUST,

as Guarantor

 

By: /s/ Daniel R. Sink

Print Name: Daniel R. Sink

Title: Executive Vice President, Chief Financial Officer, and Treasurer

 

 

 

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AGENT:

 

Commitment: $30,000,000

KEYBANK NATIONAL ASSOCIATION,

Commitment Percentage: 54.55%

Individually and as Agent

 

 

By: /s/ Kevin P. Murray

Print Name: Kevin P. Murray

Title: Senior Vice President

 

127 Public Square, 8th Floor

OH-01-27-0839

Cleveland, OH 44114

Attention: Kevin Murray

Phone: (216) 689-4660

Facsimile: (216) 689-3566

E-mail: Kevin_P_Murray@KeyBank.com

 

With a copy to:

 

KeyBank National Association

800 Superior, 6th Floor

Cleveland, OH 44114

 

Attention:

Vicki Heineck

 

Phone:

(216) 828-7512

Facsimile: (216) 828-7523

 

 

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NEW LENDERS:

 

 

RAYMOND JAMES BANK

 

 

By: /s/ Steven Paley

 

Name: Steven Paley

 

Title: Senior Vice President

 

 

Commitment: $10,000,000

Commitment Percentage: 18.18%

 

 

[Signatures continue on the following page]

 

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                ROYAL BANK OF CANADA

 

By: /s/ Jake S. Sigmund

 

Name: Jake S. Sigmund

 

Title: Authorized Signatory

 

 

Commitment: $15,000,000

Commitment Percentage: 27.27%

 

 

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