FIRST AMENDMENT TO PROPERTY MANAGEMENT

AND SERVICES AGREEMENT

This First Amendment to Property Management and Services Agreement (“First
Amendment”) is made and entered as of September 30, 2005, by and between
Glenborough Properties, L.P., a California limited partnership (“Glenborough”)
and Rancon Realty Fund V, a California limited partnership (“Rancon”).

RECITALS

 

This First Amendment is made with reference to the following facts and
objectives:

A.        Glenborough and Rancon entered into a Property Management and Services
Agreement dated July 30, 2004 (the “Agreement’). Since then the parties have
determined that Exhibit A to the Agreement should be modified to more clearly
identify the properties subject to the Agreement.

B.        Glenborough and Rancon now desire to modify Exhibit A to the Agreement
as hereinafter set forth.

 

NOW, THEREFORE, Glenborough and Rancon hereby agree:

AGREEMENT

1.             Exhibit A to the Agreement is deleted and replaced with Exhibit A
attached to and incorporated into this First Amendment.

2.            All other terms, covenants, and conditions of the Agreement shall
remain in full force and effect.

This First Amendment modifies and amends the Agreement. To the extent there are
any inconsistencies between this First Amendment and the Agreement, the terms,
covenants, and conditions of this First Amendment shall govern.

 

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IN WITNESS WHEREOF, Glenborough and Rancon have executed this First Amendment as
of the date first above written.

GLENBOROUGH:

 

GLENBOROUGH PROPERTIES, L.P.,

a California limited partnership

By

Glenborough Realty Trust Incorporated

 

A Maryland corporation

 

Its General Partner

 

By:

/s/ Sandra Boyle

Its Executive Vice President

 

RANCON:

 

RANCON REALTY FUND V,

a California limited partnership

 

By: /s/ Daniel L. Stephenson

Daniel L. Stephenson,

General Partner

 

By: RANCON FINANCIAL CORPORATION, a

California corporation, General Partner

 

By:/s/ Daniel L. Stephenson

Daniel L. Stephenson, President

 

 

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Exhibit A: Rancon Realty Fund V

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proposed -

Developed

Undeveloped

Parcel

Current

Former

Current Property Name

Address

Current Use

S.F.

S.F.

Acres

AP #

AP #

Brier Corporate Center

862 Hospitality Lane

Office

104,049

 

5.200

281-351-25

281-351-14

Carnegie Business Center

720-732 E. Carnegie Drive

R&D

50,867

-----

3.740

281-351-21

----

Bally's Total Fitness

784 E. Hospitality Lane

Health Club

25,000

-----

0.929

281-371-71

281-371-36, 37

Carnegie Plaza Parking

NA

Parking

-----

-----

21.399

281-371-72

281-371-47

Carnegie Plaza Parking

NA

Parking

-----

-----

6.006

281-371-83

281-371-48,73

East Lake Restaurant

TBA

Retail

-----

9,000

0.270

281-371-81

281-371-45

East Lakeside Tower

TBA

Office-Park

----

200,000

0.801

281-371-80

281-371-44

East Lakeside Tower Parking

NA

Parking

-----

-----

0.863

281-371-38

-----

Lakeside Tower

650 E. Hospitality Lane

Office

112,791

-----

0.716

281-371-43

-----

One Carnegie Plaza

621 & 625 E. Carnegie Drive

Office

107,278

-----

2.147

281-341-12

-----

One Parkside

560 E. Hospitality Lane

Office

70,068

-----

0.628

281-371-35

-----

Outback Restaurant

620 E. Hospitality Lane

Retail

6,500

-----

0.333

281-371-40

-----

Pat & Oscar's

690 E. Hospitality Lane

Retail

5,100

-----

0.581

281-371-82

281-371-46

The Lake

NA

Lake

-----

-----

1.374

281-371-49

----

Three Carnegie Plaza

735 E. Carnegie Drive

Office

86,200

-----

1.074

281-361-17

-----

Two Carnegie Plaza

685 Carnegie Drive

Office

68,957

-----

1.137

281-341-13

-----

Two Parkside

550 E. Hospitality

Office

82,004

-----

0.631

281-371-34

-----

West Lake Office

630 E. Hospitality

Office

-----

72,000

0.544

281-371-41

-----

West Lakeside Tower

TBA

Office-Park

-----

120,000

0.818

281-371-42

-----

West Lakeside Tower Parking

NA

Parking

-----

-----

1.269

281-371-39

-----

Palm Court Retail 3

745 E. Hospitality Lane

Retail

6,004

-----

0.580

281-361-14

-----

Maintenance Associations

Associations 3, 4, 5, 6, 7

 

 

 

 

 

 

 

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