Exhibit 10.1


             


            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 IV, 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.

            


            
                1


                

            


             


            
                

            

            


            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 IV,


                            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


                             

                        


            


             


             


            
                2


                 


                 


                

            


             


            
                

            

            


            


            
                	
                            Exhibit A: Rancon Realty Fund IV

                        
	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        
	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        
	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        
	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        
	
                             

                        	
                             

                        	
                            Proposed -

                        	
                            Developed

                        	
                            Undeveloped

                        	
                            Parcel

                        	
                            Current

                        	
                            Former

                        
	
                            Current Property Name

                        	
                            Address

                        	
                            Current Use

                        	
                            S.F.

                        	
                            S.F.

                        	
                            Acres

                        	
                            AP #

                        	
                            AP #

                        
	
                            One Vanderbilt

                        	
                            301 E. Vanderbilt Way

                        	
                            Office

                        	
                            73,729

                        	
                            -----

                        	
                            0.802

                        	
                            281-371-24

                        	
                            -----

                        
	
                            Service Retail

                        	
                            420 & 424 E. Hospitality Lane.

                        	
                            Retail

                        	
                            20,780

                        	
                            -----

                        	
                            1.118

                        	
                            281-371-27

                        	
                            -----

                        
	
                            TGI Fridays

                        	
                            390 E. Hospitality Lane

                        	
                            Retail

                        	
                            9,386

                        	
                            -----

                        	
                            0.491

                        	
                            281-371-26

                        	
                            -----

                        
	
                            Vanderbilt Court Parking

                        	
                            Owned by Assoc 1

                        	
                            Parking

                        	
                            -----

                        	
                            -----

                        	
                            13.486

                        	
                            281-371-53

                        	
                            -----

                        
	
                            Vanderbilt Plaza

                        	
                            451 East Vanderbilt Way

                        	
                            Office

                        	
                            114,170

                        	
                            -----

                        	
                            0.942

                        	
                            281-371-52

                        	
                            -----

                        
	
                            Carnegie Business Center

                        	
                            630 & 636 E. Brier Drive

                        	
                            R&D

                        	
                            62,540

                        	
                            -----

                        	
                            5.320

                        	
                            281-341-11

                        	
                            -----

                        
	
                            Inland Regional Center

                        	
                            674 Brier Drive

                        	
                            Office

                        	
                            81,079

                        	
                            -----

                        	
                            3.463

                        	
                            281-021-41

                        	
                            281-021-32

                        
	
                            North River Place

                        	
                            TBA

                        	
                            Office

                        	
                            -----

                        	
                            80,000

                        	
                            1.598

                        	
                            281-021-42

                        	
                            281-021-32

                        
	
                            North River Place Parking

                        	
                            NA

                        	
                            Parking

                        	
                            -----

                        	
                            -----

                        	
                            7.867

                        	
                            281-021-45

                        	
                            281-021-32

                        
	
                            North River Tower

                        	
                            TBA

                        	
                            Landfill

                        	
                            -----

                        	
                            -----

                        	
                            7.270

                        	
                            281-341-04

                        	
                            -----

                        
	
                            North River Tower

                        	
                            TBA

                        	
                            Landfill

                        	
                            -----

                        	
                            -----

                        	
                            7.400

                        	
                            281-341-10

                        	
                            "

                        
	
                            Circuit City

                        	
                            555 E. Hospitality Lane

                        	
                            Retail

                        	
                            39,123

                        	
                            -----

                        	
                            1.210

                        	
                            281-371-75

                        	
                            281-371-66

                        
	
                            Palm Court Retail 1

                        	
                            525 E. Hospitality Lane

                        	
                            Retail

                        	
                            5,043

                        	
                            -----

                        	
                            0.390

                        	
                            281-371-57

                        	
                            -----

                        
	
                            Palm Court Retail 2

                        	
                            575 E. Hospitality Lane

                        	
                            Retail

                        	
                            7,433

                        	
                            -----

                        	
                            0.250

                        	
                            281-371-59

                        	
                            -----

                        
	
                            Promo/Citi and Cleaner

                        	
                            645 & 635 E. Hospitality Lane

                        	
                            Retail

                        	
                            3,250

                        	
                            -----

                        	
                            0.230

                        	
                            281-371-63

                        	
                            281-371-58

                        
	
                            Promo/CompUSA

                        	
                            625 E. Hospitality Lane

                        	
                            Retail

                        	
                            23,000

                        	
                            -----

                        	
                            0.730

                        	
                            281-371-65

                        	
                            "

                        
	
                            Promo/Lazy Boy

                        	
                            495 E. Hospitality Lane

                        	
                            Retail

                        	
                            15,000

                        	
                            -----

                        	
                            0.530

                        	
                            281-371-68

                        	
                            "

                        
	
                            Promo/Petsmart

                        	
                            595 E. Hospitality Lane

                        	
                            Retail

                        	
                            24,994

                        	
                            -----

                        	
                            0.680

                        	
                            281-371-64

                        	
                            "

                        
	
                            South Palm Court Parking

                        	
                            NA

                        	
                            Parking

                        	
                            -----

                        	
                            -----

                        	
                            5.430

                        	
                            281-371-76

                        	
                            281-371-55

                        
	
                            South Palm Court Parking

                        	
                            NA

                        	
                            Parking

                        	
                            -----

                        	
                            -----

                        	
                            0.370

                        	
                            281-371-60

                        	
                            281-371-60

                        
	
                            South Palm Court Parking

                        	
                            NA

                        	
                            Parking

                        	
                            -----

                        	
                            -----

                        	
                            0.420

                        	
                            281-371-55

                        	
                            281-371-55

                        
	
                            South Palm Court Parking

                        	
                            NA

                        	
                            Parking

                        	
                            -----

                        	
                            -----

                        	
                            0.460

                        	
                            281-371-70

                        	
                            281-371-62

                        
	
                            Mimi's (Palm Court West)

                        	
                            395 E. Hospitality Lane

                        	
                            Retail

                        	
                            6,455

                        	
                            -----

                        	
                            3.182

                        	
                            281-371-78

                        	
                            281-371-21

                        
	
                            Palm Court West Parking

                        	
                            NA

                        	
                            Parking

                        	
                             

                        	
                            -----

                        	
                             

                        	
                            281-371-77

                        	
                            281-371-21

                        
	
                            Maintenance Associations

                        	
                            Associations 1,2,6 and 7

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        


            


             


             


            
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