SECOND AMENDMENT TO

SHOPPING CENTERS PURCHASE AND SALE AGREEMENT

 

THIS SECOND AMENDMENT TO SHOPPING CENTERS PURCHASE AND SALE AGREEMENT (this
"Amendment")  is made as of this 11th day of January, 2013, by and among EQUITY
ONE, INC., a Maryland corporation, EQUITY ONE (SOUTHEAST PORTFOLIO) INC., a
Georgia corporation, EQUITY ONE (FLORIDA PORTFOLIO), INC., a Florida corporation
(each is singularly referred to herein as "Seller"  or collectively as
"Sellers"),  and THE PHILLIPS EDISON GROUP LLC, an Ohio limited liability
company ("Purchaser"). 

RECITALS:

WHEREAS, Sellers and Purchaser have entered into that certain Shopping Centers
Purchase and Sale Agreement, dated as of November 30, 2012, as amended by that
certain Reinstatement and First Amendment to Shopping Centers Purchase and Sale
Agreement dated as of December 27, 2012 (as amended, the "Purchase Agreement")
pursuant to which Sellers have agreed to sell and Purchaser has agreed to
purchase certain Properties (as defined in the Purchase Agreement);

WHEREAS, Sellers and Purchaser have agreed to, among other things, further
extend the Environmental Review Period with respect to the Macland Pointe
Property and wish to amend the Purchase Agreement as more specifically
hereinafter set forth;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby confirmed by the parties, and in further consideration of
the mutual covenants contained herein, Sellers and Purchaser hereby agree as
follows:

1.                  Defined Terms. All capitalized terms used herein and not
otherwise defined herein shall have the same meaning ascribed to them in the
Purchase Agreement.

2.                  Amendments to Purchase Agreement.

(a)             Macland Pointe Environmental Review. Sellers and Purchaser
hereby
agree that the Environmental Review Period (as defined in Exhibit 3.2(a) of the
Purchase Agreement) shall be extended to 5:00 pm eastern time on January 18,
2013.

(b)             Initial Closing; Deposit. Sellers and Purchaser shall proceed
with the
Closing on all Properties other than the Macland Pointe Property on the Closing
Date (Tuesday, January 15, 2013). Notwithstanding the provisions of Section
2.3(c), at and upon the Closing, a portion of the Deposit in an amount equal to
$2,750,000 shall be applied against the Purchase Price and delivered to the
Sellers. The Title Company shall continue to hold the remaining portion of the
Deposit (i.e., $250,000 plus all interest earned on the entire Deposit) in
escrow (such amount, the "Macland Deposit"). In the event that a Phase II
Termination Notice is delivered by either Sellers or Purchaser pursuant to the
provisions of Exhibit 3.2(a) of the Purchase Agreement, then the Macland Deposit
shall be promptly returned to Purchaser and the other provisions of Exhibit
3.2(a) of the Purchase Agreement shall continue to apply. In the

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event that a Phase II Termination Notrice is not delivered by either Sellers or
Purchaser pursuant to the provisions of Exhibit 3.2(a) of the Purchase
Agreement, then, at and upon the Closing of the Macland Pointe Property, the
Macland Deposit shall be applied against the Purchase Price due in connection
with such Closing and delivered to Sellers.

3.                  Ratifications.  Except as expressly provided in this
Amendment, in all other
respects the Purchase Agreement is unmodified and remains in full force and
effect and is hereby ratified by the parties, and the provisions of this
Amendment shall govern and control over any contrary or inconsistent provisions
of the Purchase Agreement.

4.                  Governing Law. This Amendment and the obligations arising
hereunder shall be
governed by and construed in accordance with the laws of the State of Georgia,
without giving effect to the principles of conflicts of law.

5.                  Successors and Assigns. This Amendment shall be binding upon
and inure to the
benefit of the parties hereto and their respective permitted assigns.

6.                  Counterparts.  This Amendment may be executed in
counterparts and as so
executed shall constitute one agreement binding on all the parties. The exchange
of signature pages by facsimile or electronic portable document format ("PDF")
transmission shall constitute effective delivery of such signature pages.
Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed
to be their original signatures for all purposes.

[Signature Page Immediately Follows]

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IN WITNESS WHEREOF, Sellers and Purchaser have each duly executed this Amendment
as of the date first above written.

EQUITY ONE INC., a Maryland corporation

By:  /s/ Thomas A. Caputo_______________ 

Name:   Thomas A. Caputo___________ 

Its:    President_____________________ 

EQUITY ONE (SOUTHEAST PORTFOLIO) INC., a Georgia corporation

By:  /s/ Thomas A. Caputo_______________ 

Name: _Thomas A. Caputo___________ 

Its:  President______________________ 

 

EQUITY ONE (FLORIDA PORTFOLIO) INC.,

a Florida corporation

By:  /s/ Thomas A. Caputo_______________ 

Name: _Thomas A. Caputo___________ 

Its:  President______________________ 

 

 

“Sellers”

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THE PHILLIPS EDISON GROUP LLC,

an Ohio limited liability company

By: PHILLIPS EDISON LIMITED PARTNERSHIP, a Delaware limited partnership,
Managing Member

By: PHILLIPS EDISON & COMPANY, INC., a Maryland corporation, General Partner

By:  /s/ Robert F. Myers____________________ 

Name:  Robert F. Myers________________ 

Its:  President & COO__________________ 

 

 

 

 

 

 

 

“Purchaser”

 

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