Exhibit 10.12
ELEVENTH AMENDMENT TO DEVELOPMENT SERVICES AGREEMENT

THIS ELEVENTH AMENDMENT TO DEVELOPMENT SERVICES AGREEMENT (the “Amendment”) is
made and entered into effective as of September 4, 2020 (the “Effective Date”),
by and between COMMERCE BANK, a Missouri state bank and trust company (“Owner”),
8027 FORSYTH ACQUISITIONS, L.L.C., a Missouri limited liability company (“8027
Forsyth”), BRENTWOOD-FORSYTH PARTNERS I, LLC, a Missouri limited liability
company (“Brentwood”), and U.S. CAPITAL DEVELOPMENT, LLC, a Missouri limited
liability company (“USCD,” collectively, with 8027 Forsyth and Brentwood,
hereinafter referred to as “Developer”).
WHEREAS, Owner, 8027 Forsyth, and USCD are parties to that certain Development
Services Agreement dated as of October 18, 2019, as amended (the “Development
Agreement”), whereby Owner engaged Developer to perform certain development
services in connection with the development of the Project (as defined in the
Development Agreement);
WHEREAS, Brentwood owns certain real property contained in the Project, will
benefit from the Project and the Development Agreement, and agrees to join the
Development Agreement as a Developer party; and
WHEREAS, Developer and Owner desire to amend the Development Agreement as more
fully set forth herein.
NOW, THEREFORE, in consideration of the mutual promises and agreements
hereinafter contained and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:
1.Terms. All capitalized terms not defined herein shall have the meaning given
to them in the Development Agreement.
2.Brentwood. Brentwood hereby joins 8027 Forsyth and USCD as Developer under the
Development Agreement, and all references to Developer under the Development
Agreement shall collectively refer to Brentwood, 8027 Forsyth and USCD. Such
Developer parties agree to be jointly and severally responsible for all
obligations of Developer under the Development Agreement.
3.Entitlements. The Entitlements, as defined in Section 3.2.1 of the Development
Agreement, have been obtained in accordance with the requirements of such
Section, and Owner’s right to terminate the Development Agreement pursuant to
such Section is hereby waived by Owner and shall be of no further force and
effect.
4.Plans. The Plans and Specifications described on Exhibit B-1 to the
Development Agreement are hereby supplemented by (a) the Commerce Tower and
Garage Trending Log (the “Trend Log”) as revised and mutually executed from time
to time by the Parties during construction of the Commerce Project, currently
revision dated July 21, 2020, and (b) the

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Exhibit 10.12
additional plans and specifications regarding the Garage, Garden Terrace and
Fitness Center described on Exhibit A attached hereto and incorporated herein.
The parties agree to use good faith, diligent efforts to mutually agree upon
more detailed plans and specifications regarding the Terrace Garden by November
30, 2020, which approved plans and specifications will further supplement the
Plans and Specifications.
5.Project Deadlines. The Project Schedule attached as Exhibit E-1 to the First
Amendment is deleted and replaced with Schedule 1 hereto. The Project Schedule
includes, without limitation, an extension of the Commerce Project Substantial
Completion date to July 15, 2022.
The last sentence of Section 1.3 of the Development Agreement is hereby deleted
and replaced with the following:
On or before July 15, 2022 (the date that Developer is required to Substantially
Complete the Commerce Project), Developer shall cause the following to occur
(collectively, “Common Facilities Completion”): (i) construction of the Parking
Garage to be completed in accordance with the 8027 Plans and in accordance with
the Plans and Specifications, (ii) construction of the Terrace Garden, including
without limitation the Fitness Center, to be completed in accordance with the
8027 Plans and in accordance with the Plans and Specifications, and (iii) the
Parking Garage, Terrace Garden and Fitness Center (which may be referred to
collectively as the “Common Facilities”) to be open to and fully operational.
The date on which Substantial Completion of the Commerce Project and Common
Facilities Completion have both occurred may be referred to as the “Opening
Date”.
6.Anchor Tenant. Owner represents and warrants to Developer that (a) it intends
to enter into a lease of a portion of the Commerce Building with the Anchor
Tenant (as redacted as provided in the following clause (b), the “Anchor Tenant
Lease”), and (b) a true, complete, current and accurate copy of certain excerpts
from the Anchor Tenant Lease related to the liability of Owner for late delivery
of the premises to the Anchor Tenant is attached hereto as Schedule 2 (the
“Anchor Lease Excerpt”) in accordance with Section 3.2.14 of the Development
Agreement. In accordance with said Section 3.2.14, Developer hereby acknowledges
that it has reviewed and consents to the Anchor Lease Excerpt, and agrees to
indemnify and hold harmless Owner in accordance with the terms and conditions of
Section 3.2.14 of the Development Agreement for any liability of Owner to the
Anchor Tenant to the extent arising out of the provisions of the Anchor Lease
Excerpt, excluding, however, subsections 25.27.4 and 25.27.5 thereof, due to
failure of Developer for any reason, other than Force Majeure delay or Owner
Delay, to Substantially Complete the Commerce Project in accordance with the
Project Schedule. Developer also hereby acknowledges that it has reviewed and
consents to the applicable remedies provisions set forth in Section 25.27 of the
Anchor Tenant Lease as shown on the Anchor Lease Excerpt and agrees to indemnify
and hold harmless Owner for any liability of Owner to the Anchor Tenant due to a
failure by Developer to provide any of the Required Amenities, excluding,
however, subsections 25.27.4 and 25.27.5 thereof.
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Exhibit 10.12
At least fifteen (15) days prior to entering into any amendment to the Anchor
Tenant Lease directly or indirectly relating to the provisions of the Anchor
Tenant Lease relating to the foregoing indemnity, including, without limitation,
the scope or definition of Landlord’s Work, Delivery Date, Delay Days, Base
Condition or Required Amenities, as defined therein, or the liability of Owner
for delivery of the premises under the Anchor Tenant Lease (each of which may be
referred to as an “Indemnity-Related Provision”), Owner shall provide Developer
written notice of such proposed amendment to any Indemnity-Related Provision for
Developer’s approval, such approval not to be unreasonably withheld, conditioned
or delayed. Should Developer fail to respond in writing to Owner within 5 days
after receipt of such notice, Developer shall be deemed to have granted its
approval to the amended Indemnity Related Provision(s) described in said notice.
Developer shall not be bound by, and shall have no liability to Owner under,
this Section 6 or the Development Services Agreement to the extent arising out
of any amendment to the Anchor Tenant Lease not consented to in writing (or
deemed approved pursuant to this paragraph) by Developer. Within five (5) days
of receipt by Owner of any claim by the Anchor Tenant of any default by Owner
under an Indemnity-Related Provision of the Anchor Tenant Lease, Owner shall
deliver a copy of the same to Developer.
Notwithstanding anything herein or in the Anchor Tenant Lease to the Contrary,
Developer shall have no liability to Owner under this Section 6 with respect to
Section 3.2.14 of the Development Services Agreement (i) in excess of the actual
damages suffered by Landlord in the form of lost actual rent payable to Owner
under the Anchor Tenant Lease arising out of Developer’s failure for any reason,
other than Force Majeure delay or Owner Delay, to Substantially Complete the
Commerce Project in accordance with the Project Schedule; (ii) to the extent
that such liability accrues after the first day of useful occupancy by the
tenant under the Anchor Tenant Lease; (iii) to the extent that such liability
does not arise out of the provisions of the Anchor Tenant Lease expressly
included in the Anchor Lease Excerpt without regard to any other agreements of
Owner and the Anchor Tenant, and by way of example, Developer shall have no
liability arising out of any possible amendments or revisions to the Lease even
if referenced in the Anchor Lease Excerpt; or (iv) for consequential, incidental
or punitive damages owing by Owner to the Anchor Tenant for any reason.
7.Force Majeure. Section 12.9(c) defining “Force Majeure” is deleted and
replaced with the following:
(c)    “Force Majeure” shall mean delays actually caused by any of the
following: pandemic, to the extent accruing after June 30, 2020; acts of God;
fire; unusually severe weather; explosion, riot, war, labor disputes, inability
to obtain necessary materials, or Owner Change Orders. If a delay of performance
occurs, the period for performance shall be extended for a time equal to the
time lost because of the Force Majeure, but only if the party entitled to such
extension gives prompt notice to the other party of the occurrence causing the
delay and if the party so excused acts in good faith and uses due diligence to
perform. The inability to obtain financing or lack of money shall not constitute
Force
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Exhibit 10.12
Majeure, and this provision shall not excuse non-payment of monies owed
hereunder.
8.Parking Spaces. References in the General Project Description of Exhibit B-1
of the Development Agreement to the allocation of parking spaces between the
Commerce Tower and the USCD Tower are hereby deleted.
9.Common Facilities Agreements. The parties have satisfied the contingency for
finalizing the Common Facilities Agreements, as provided in Section 1.3 of the
Development Agreement, which Common Facilities Agreements, listed below and in
substantially the form and substance attached hereto as Exhibits B, C, D and E,
respectively, shall be executed by the parties effective as of the Effective
Date.
a.Parking Garage, Terrace Garden and Fitness Center Management Agreement
(Exhibit B);
b.Parking Garage Reciprocal Easement and Joint Use and Operating Agreement
(Exhibit C);
c.Terrace Garden Reciprocal Easement and Joint Use and Operating Agreement
(Exhibit D); and
d.Fitness Center License, Joint Use and Operating Agreement (Exhibit E).
On or before November 30, 2020, working together with diligence and in good
faith, Owner and Developer shall establish easements that are reasonably
necessary or appropriate for the development and operation of the Commerce
Project and the 8027 Project, including without limitation easements for the
benefit of the Commerce Project regarding sanitary sewer, storm sewer and water
service for fire (the “Utility Easements”). The Utility Easements shall be
documented in reasonably acceptable appurtenant easement agreements that are
recorded in the local land records.
10.Construction Matters.
a.The fifth sentence in Section 3.1.3 is hereby deleted and replaced with the
following:

Following execution hereof, Developer shall coordinate the preparation of
detailed plans and specifications for the Commerce Project (collectively with
the Preliminary Plans and Specifications, referred to herein, the “Plans and
Specifications”) in accordance with the Preliminary Plans and Specifications and
Project Budget and shall provide Owner with copies of Bid Packages 01 through 08
of such Plans and Specifications, as each successive revised version of the
Plans and Specifications is available, for Owner’s Approval, not to be
unreasonably withheld, conditioned or delayed, and upon completion of same in a
form acceptable to both Developer and Owner, shall provide Owner with copies of
such Plans and Specifications.
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Exhibit 10.12
b.The second through fifth sentence in Section 3.2.2 is hereby deleted and
replaced with the following:
Owner acknowledges that McCarthy Building Companies is the General Contractor.
Developer, in its discretion, provided that the subcontracts are consistent with
the terms of this Agreement, the Plans and Specifications, the Project Budget
and the Project Schedule, shall select the subcontractors for the Commerce
Project from such list of subcontractors Approved by Owner and Developer is not
obligated to select the subcontractor with the lowest bid. Upon written request
by Owner, Developer shall provide Owner with copies of bids with a detailed,
itemized summary and comparison of the bid amounts, including copies of
reasonable supporting information. In conjunction with Commerce Bank's Supplier
Diversity Initiative, and to ensure that interested, qualified subcontractors
within a given market will have an opportunity to compete for Commerce Bank's
capital project work, Commerce Bank will require a reasonable and good faith
effort to ensure that certified Diverse Suppliers (DS) have a fair and
meaningful opportunity to participate in the bidding processes. Diverse
Suppliers include, but are not limited to, WBE (Women Business Enterprise), MBE
(Minority Business Enterprise), SBE (Small Business Enterprise), VOB (Veteran
Owned Business), SDVOB (Service-Disabled Veteran Owned Business). Upon written
request by Owner, Developer shall provide a current bidders list identifying the
above mentioned Diverse Suppliers for all bid packages. Owner shall have the
right to review bid results upon written request.
c.Section 3.6.1 is deleted and replaced with the following:
A Draw Request Summary in a form reasonably acceptable to Owner, certified to be
true and correct by Developer, together with lien waiver for Development and
Construction Management Fees, together with a completed standard AIA Form G702
and Form G703 signed by the General Contractor for such phase of construction,
together with sworn statements and conditional waivers of liens from the
Architect, Civil Engineer, and the General Contractor, collectively, the "Third
Parties", covering all work, together with such invoices, or other supporting
data as Owner or the title company may reasonably require to evidence that all
costs for which Funding is sought have been incurred. Owner shall have the right
to audit lien waivers files and related records upon written request.
d.    Section 3.6.2 is deleted and replaced with the following:
Unconditional waivers of claims and liens of all Third Parties with respect to
all prior Fundings, to the extent not previously delivered to Owner;
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Exhibit 10.12
e.    Section 3.6.3 is deleted and replaced with the following:
Copies of any final and executed Change Orders between Owner and Developer not
previously furnished to Owner;
f.    Section 3.6.4 is deleted and replaced with the following:
Copies of all Contract Documents between Owner and Developer executed since the
last Funding and any amendments or modifications to any Contract Documents.
11.Fitness Center Construction. New Section 3.9 is hereby inserted in the
Development Agreement:
“3.9    Fitness Center Construction Cost. Prior to commencement of construction
of the Fitness Center, Owner and Developer shall approve the plans and
specifications for the construction of the Fitness Center and installation of
the Fitness Center improvements, fixtures, equipment and furnishings, which
approval shall not be unreasonably withheld. By progress payments by change
order during construction, Owner shall pay to Developer Owner’s Allocable Share
of the cost to construct the Fitness Center and install the Fitness Center
improvements, furniture, fixtures and equipment, up to a maximum of Seven
Hundred Fifty Thousand Dollars ($750,000.).”
12.Food Service. The following sentence is hereby added to the end of Section
1.3 of the Development Agreement:
“On or before Substantial Completion of the Commerce Project, Developer shall
cause the owner of the 8027 Tower, Brentwood, to construct, on the lobby level
of the 8027 Tower, a café or deli (which may be a kiosk or multiple kiosks) with
grab-and-go type food offerings such as soups and sandwiches for on and off-site
consumption. Such facility may be operated after the initial opening by such
tenants or operators as Brentwood may reasonably select upon 30 days advance
notice to Owner and opportunity to approve in good faith.”
13.Tenant Improvement Fee. Section 4.2 of the Development Agreement is hereby
amended by adding the following sentence: “Notwithstanding anything herein to
the contrary, no TI Fee shall be due and payable to Developer hereunder if and
to the extent that Developer is receiving a fee for the same work pursuant to a
separate agreement.”
14.Easement Cost Payment by Owner. Within two (2) weeks after the Effective
Date, Owner will pay to Developer the sum of Three Million Six Hundred Thousand
Dollars ($3,600,000.), as and for Owner’s net proportionate share of the cost of
easements and license granted to it under the Common Facilities Agreements,
including without limitation the Utility Easements, described in Section 9
above.
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Exhibit 10.12
15.Construction in the Event of Conflict. In the event of any conflict between
the terms of this Amendment and the terms of the remainder of the Development
Services Agreement, the terms of this Amendment shall control.
16.Estoppel. Owner and Developer each hereby acknowledges and agrees that, as of
the Effective Date of this Amendment, the Development Agreement is in full force
and effect and, to the best of its actual knowledge, no defaults, or events of
Force Majeure Delay or Owner Delay, have occurred (or with the giving of notice
and expiration of applicable cure periods would be deemed to have occurred)
under the Development Agreement.
17.Full Force and Effect. Except as amended hereby, all other terms and
conditions of said Development Agreement, as amended, shall remain unchanged,
and shall be in full force and effect. Should any of the terms of the
Development Agreement conflict with this Amendment, then the terms of this
Amendment shall control. The recitals hereto are incorporated herein by
reference.
18.Counterparts. Owner and Developer each hereby acknowledge that this Amendment
may be executed in counterparts and exchanged by facsimile transmission, and
that the facsimile copies of each party’s respective signature shall be binding
as if the same were an original signature.
19.Binding Effect. This Amendment shall inure to the benefit of and be binding
on the parties hereto, their respective heirs, representatives, successors, and
assigns.
[Remainder of page intentionally left blank.]

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Exhibit 10.12
IN WITNESS WHEREOF, the parties have executed this Amendment effective as of the
day and year above written.
OWNER:

COMMERCE BANK

By: /s/ Charles G. Kim
Name: Charles Kim
Title: EVP & CFO

DEVELOPER:

BRENTWOOD-FORSYTH PARTNERS I, LLC

By: /s/ James G. Koman
James G. Koman, Manager

8027 FORSYTH ACQUISITIONS, LLC

By: /s/ James G. Koman
James G. Koman, Manager

U.S. CAPITAL DEVELOPMENT, LLC

By: /s/ Scott Sachtleben
Scott Sachtleben, Manager

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Exhibit 10.12
SCHEDULE 1

Project Schedule

[Intentionally Omitted]

    9

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Exhibit 10.12
SCHEDULE 2

The Anchor Tenant Lease Excerpt

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT A

Outline of the Premises

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT B

Description of the Land

[Intentionally Omitted]

    12

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Exhibit 10.12
EXHIBIT C

Depiction of the Project

[Intentionally Omitted]

    13

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Exhibit 10.12
EXHIBIT D

Work

[Intentionally Omitted]

    14

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Exhibit 10.12
EXHIBIT D-2

Landlord's Work Specifications

[Intentionally Omitted]

    15

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Exhibit 10.12
EXHIBIT D-3

Construction Rules and Regulations

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT A
TO AMENDMENT

Parking Plan Depicting the Parking Facility, Including Reserved and Unreserved
Parking Areas, and Ingress and Egress Ramps

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT B
TO AMENDMENT

Parking Garage, Terrace Garden, and Fitness Center Management Agreement

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT A
to
Parking Garage, Terrace Garden, and Fitness Center Management Agreement

Legal Description of the Brentwood Land

[Intentionally Omitted]

    19

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Exhibit 10.12
EXHIBIT B
to
Parking Garage, Terrace Garden, and Fitness Center Management Agreement

Legal Description of the Commerce Land

[Intentionally Omitted]

    20

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Exhibit 10.12
EXHIBIT C
to
Parking Garage, Terrace Garden, and Fitness Center Management Agreement

Parking Plan Depicting the Parking Facility, Including Reserved and Unreserved
Parking Areas, and Ingress and Egress Ramps

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT D
to
Parking Garage, Terrace Garden, and Fitness Center Management Agreement

Drawing Depicting the Terrace Garden

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT E
to
Parking Garage, Terrace Garden, and Fitness Center Management Agreement

Drawing Depicting the Fitness Center

[Intentionally Omitted]

    23

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Exhibit 10.12
EXHIBIT F
to
Parking Garage, Terrace Garden, and Fitness Center Management Agreement

Parking Rates

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT G
to
Parking Garage, Terrace Garden, and Fitness Center Management Agreement

Memorandum of Agreement

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT C
TO AMENDMENT

Parking Garage Reciprocal Easement and Joint Use and Operating Agreement

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT A
to
Parking Garage Reciprocal Easement and Joint Use and Operating Agreement

Legal Description of the Brentwood Land

[Intentionally Omitted]

    27

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Exhibit 10.12
EXHIBIT B
to
Parking Garage Reciprocal Easement and Joint Use and Operating Agreement

Legal Description of the Commerce Land

[Intentionally Omitted]

    28

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Exhibit 10.12
EXHIBIT C
to
Parking Garage Reciprocal Easement and Joint Use and Operating Agreement

Parking Plan Depicting the Parking Facility, Including Reserved and Unreserved
Parking Areas, and Ingress and Egress Ramps

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT D
TO AMENDMENT

Terrace Garden Reciprocal Easement and Joint Use and Operating Agreement

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT A
to
Terrace Garden Reciprocal Easement and Joint Use and Operating Agreement

Legal Description of the Brentwood Land

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT B
to
Terrace Garden Reciprocal Easement and Joint Use and Operating Agreement

Legal Description of the Commerce Land

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT C
to
Terrace Garden Reciprocal Easement and Joint Use and Operating Agreement

Plan Depicting the Terrace Garden

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT D
to
Terrace Garden Reciprocal Easement and Joint Use and Operating Agreement

Plan Depicting the Fitness Center

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT E
TO AMENDMENT

Fitness Center License, Joint Use and Operating Agreement

[Intentionally Omitted]

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Exhibit 10.12
EXHIBIT A
to
Fitness Center License, Joint Use and Operating Agreement

Description of the Brentwood Land

[Intentionally Omitted]

    36

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Exhibit 10.12
EXHIBIT B
to
Fitness Center License, Joint Use and Operating Agreement

Description of the Commerce Land

[Intentionally Omitted]

    37

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Exhibit 10.12
EXHIBIT C
to
Fitness Center License, Joint Use and Operating Agreement

Plan Depicting the Fitness Center

[Intentionally Omitted]
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