Exhibit 10.1

 

FIRST AMENDMENT TO CONTRACT OF PURCHASE AND SALE

 

THIS FIRST AMENDMENT TO CONTRACT OF PURCHASE AND SALE (the “Amendment”) is made
and entered into as of February 2, 2005 (the “Effective Date”), by and among ARC
CORPORATE REALTY TRUST, INC. (“Parent”), the affiliates of Parent listed on
Schedule I to the Agreement (as such term is defined below) (collectively,
“Sellers” and individually, a “Seller”), and HPI/NL INVESTORS LLC or its
permitted assigns (“Buyer”). Parent, Buyer and each of the Sellers are sometimes
referred to herein individually as a “Party” and collectively as the “Parties.”
Capitalized terms not otherwise defined herein shall have their respective
meanings set forth in the Agreement.

 

The Parties entered into a Contract of Purchase and Sale dated December 20, 2004
(as amended by that certain letter agreement dated January 13, 2005 and that
certain letter agreement dated January 19, 2005, the “Agreement”) providing for
the purchase and sale of the Properties and certain related matters. The Parties
now wish to amend the Agreement in certain respects as provided herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:

 

1. Properties. For all purposes of the Agreement, the defined term “Property”
shall be deemed not to include the following properties generally described in
Exhibit M to the Agreement as located in Charlotte, North Carolina: 209 Park
Street, Belmont, NC; 2711 X-Ray Drive, Gastonia, NC; 214 N. Cleveland Avenue,
Kings Mountain, NC; and 700 N. Main Street, Stanley, NC, all of which properties
are leased to CaroMont Health System and which are referred to collectively in
this Amendment as the “CaroMont Properties.” The CaroMont Properties shall be
deemed excluded from Exhibit M to the Agreement and no Party shall have any
obligation to any other Party with respect to the purchase and sale of the
CaroMont Properties, provided that Purchaser shall continue to perform all of
its obligations under Article IV of the Agreement with respect to the CaroMont
Properties.

 

2. Fort Washington Interest. Parent acknowledges that Buyer has notified Parent
in accordance with the Agreement that Buyer will not purchase the Fort
Washington Interest. No Party shall have any obligation to any other Party with
respect to the purchase and sale of the Fort Washington Interest, provided that
Purchaser shall continue to perform all of its obligations under Article IV of
the Agreement with respect to the Fort Washington Interest.

 

3. First Refusal Interests. No Party has any obligation to any other Party with
respect to the purchase and sale of any First Refusal Interest, provided that
Buyer shall continue to perform all of its obligations under Article IV of the
Agreement, if any, with respect to the First Refusal Interests.

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4. Right of First Refusal. Parent hereby affirms that any and all first refusal
rights regarding the Properties as set forth on Exhibit 1 have been waived by
the parties entitled to exercise such rights, with respect to the Purchase Price
set forth in the Agreement.

 

5. UTI Property. Buyer shall have no obligation to pay and Parent shall have no
right to receive any payment pursuant to Section 3.1(d)(i) of the Agreement, and
such provisions shall be deemed to have been deleted from the Agreement.

 

6. Purchase Price. The total amount of the Purchase Price is Sixty-Five Million
One Hundred Fifty-Eight Thousand Eight Hundred Twenty-Two and 00/100 Dollars
($65,158,822.00), which amount is subject to adjustment in accordance with the
Agreement. The parties shall agree to revisions to Exhibit T to the Agreement,
setting forth the allocations of the Purchase Price. The agreement of the
Parties to this reduction in the Purchase Price is contingent on the persons to
whom broker fees are payable executing and delivering an amendment to the
agreement providing for payment of such fees which reduces the aggregate amount
of such fees by Two Hundred Thousand Dollars ($200,000.00). If Buyer and Parent
shall not have received the executed amendment by 5:00 p.m. Eastern time on
Thursday, February 4, 2005, this Amendment shall be null and void and Buyer
shall be deemed to have given timely notice of termination of the Agreement in
accordance with Section 13.1(c)(i) (notwithstanding Section 7 of this
Amendment.)

 

7. Due Diligence. Buyer acknowledges and agrees that Parent and Sellers have
satisfied fully all of their obligations under Article IV of the Agreement and
that the Due Diligence Period has expired without Buyer exercising its right to
terminate the Agreement pursuant to Section 13.1(c)(i) of the Agreement.

 

8. Adjustments at the Closing. Section 6.3(f) of the Agreement is revised to
read in its entirety as follows:

 

“(f) Buyer shall be entitled to a credit in the amount of One-Half Percent
(0.5%) of the Purchase Price, as adjusted in accordance with this Agreement (and
as reduced pursuant to the amendment of the brokerage agreement) for its payment
of a portion of the brokerage fees payable with respect to the Transactions,
such credit to be applied against amounts payable to the Sellers in proportion
to the Purchase Price allocation set forth in Exhibit T.”

 

9. Assignment of Ownership Interests. With respect to each of the Properties
listed on Exhibit 2 to this Amendment, the Seller of such Property shall
transfer its ownership interest to a newly formed single purpose entity limited
liability company or other legal entity mutually agreeable to Parent and Buyer
and the conveyance contemplated by the Agreement shall be effectuated by the
transfer to Buyer (and/or its nominee) of one hundred percent (100%) of the
ownership interests in such entities. Such transfers shall satisfy all of the
requirements of Section 6.6 of the Agreement.

 

10. Other. Other than to the extent that any of its provisions is expressly
amended or superseded hereby, the Agreement remains in full force and effect in

 

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accordance with its terms. In the event of any conflict between the terms of the
Agreement and the terms of this Amendment, the terms of this Amendment shall
control. This Amendment may be executed in counterparts by the Parties, which
together shall have the full force and effect of a fully executed agreement
among the Parties.

 

[Remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, Buyer, Parent and Sellers have executed this Amendment as of
the day and year first above written.

 

BUYER:

       

HPI/NL INVESTORS LLC,

       

a Delaware limited liability company

    HPI Capital, Inc.,             a Florida corporation     Member            
By:  

/s/ Michael Verruto

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        Michael Verruto, Vice President PARENT:         ARC CORPORATE REALTY
TRUST, INC.

By:

 

/s/ Robert J. Ambrosi

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    Robert J. Ambrosi, President

SELLERS:

            MONTGOMERYVILLE 309 ASSOCIATES, L.P.,

a Pennsylvania limited partnership

        Montgomeryville ACRT, LLC,     a Pennsylvania limited liability company
    General Partner     BY:  

/s/ Robert J. Ambrosi

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        Robert J. Ambrosi, President

 

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NORCROSS G&I, INC.,

a Georgia corporation

BY:    

 

/s/ Robert J. Ambrosi

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Robert J. Ambrosi, President

TMD DEVELOPMENT, LLC,

a Kansas limited liability company

   

Overland Park G&I, Inc.,

   

a Kansas corporation

   

Member

       

BY:    

 

/s/ Robert J. Ambrosi

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Robert J. Ambrosi, President

STANLEY MAIN, LLC,

a North Carolina limited liability company

   

Charlotte-Caromont, LLC,

   

a North Carolina limited liability company

   

Managing Member

       

BY:

 

/s/ Robert J. Ambrosi

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Robert J. Ambrosi, Manager

GASTONIA-X-RAY, LLC,

a North Carolina limited liability company

   

Charlotte-Caromont, LLC,

   

a North Carolina limited liability company

   

Managing Member

       

BY:

 

/s/ Robert J. Ambrosi

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Robert J. Ambrosi, Manager

 

 

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BELMONT-209 PARK, LLC, a North Carolina limited liability company    
Charlotte-Caromont, LLC,     a North Carolina limited liability company    
Managing Member        

BY:

 

/s/ Robert J. Ambrosi

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            Robert J. Ambrosi, Manager KING MOUNTAIN-CLEVELAND, LLC, a North
Carolina limited liability company     Charlotte-Caromont, LLC,     a North
Carolina limited liability company     Managing Member        

BY:

 

/s/ Robert J. Ambrosi

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            Robert J. Ambrosi, Manager REBOX DEVELOPMENT, LLC, a Kansas limited
liability company     Wichita G&I, Inc.,     a Kansas limited liability company
    Member        

BY:

 

/s/ Robert J. Ambrosi

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            Robert J. Ambrosi, President SACRAMENTO G&I, INC., a California
corporation

BY:

 

/s/ Robert J. Ambrosi

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    Robert J. Ambrosi, President

 

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LEVITTOWN-ARC, L.P., a Pennsylvania limited partnership     Levittown-ARC, LLC,
    a Pennsylvania limited liability company     General Partner         ARC
Corporate Realty Trust, Inc.®,         a Maryland corporation         Manager  
          BY:  

/s/ Robert J. Ambrosi

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                Robert J. Ambrosi, President MARIETTA G&I, INC., a Georgia
corporation BY:  

/s/ Robert J. Ambrosi

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    Robert J. Ambrosi, President LILBURNE G&I, INC., a Georgia corporation BY:  

/s/ Robert J. Ambrosi

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    Robert J. Ambrosi, President SAN ANTONIO G&I, L.P., a Texas limited
partnership     San Antonio/GP, Inc.,     a Texas corporation     General
Partner         BY:  

/s/ Robert J. Ambrosi

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            Robert J. Ambrosi, President

 

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PLYMOUTH G&I, INC., an Indiana corporation BY:  

/s/ Robert J. Ambrosi

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    Robert J. Ambrosi, President MEMWAL G&I, INC., a Tennessee corporation BY:  

/s/ Robert J. Ambrosi

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    Robert J. Ambrosi, President

 

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