EX-10.1






Exhibit 10.1




November 13, 2007




KeyBank National Association



127 Public Square



Cleveland, Ohio 44114-1306



Attn: Real Estate Capital Services



Ladies and Gentlemen:



Pursuant to the provisions of Section 2.10 of the Senior Secured Revolving Credit Agreement
dated as of December 29, 2006, as from time to time in effect (as amended from time to time, the
“Credit Agreement”), by and among Gladstone Commercial Limited Partnership (the
“Borrower”), Gladstone Commercial Corporation, as a guarantor, KeyBank National Association
(“KeyBank”), for itself and as Agent, and the other Banks from time to time party thereto,
the Borrower hereby requests and certifies as follows:



1. Request for Increase. The Borrower hereby requests an increase in the Total
Commitment from $75,000,000.00 to $95,000,000.00 pursuant to Section 2.10 of the Credit Agreement
(the “Increase”).



2. Certifications. In connection with the Increase, each of the Borrower and each
Guarantor certifies that:



(a) as of the date hereof and as of the effective date of the Increase, both immediately
before and after giving effect to the Increase, there exists and shall exist no Default or Event of
Default;



(b) as of the date hereof, the representations and warranties made by or on behalf of the
Borrower and the Guarantors in the Loan Documents or after the date thereof were true and correct
in all material respects when made, are true and correct in all material respects as of the date
hereof, and shall be true and correct in all material respects as of the effective date of the
Increase, (except to the extent of any changes resulting from transactions permitted by the Credit
Agreement that singly or in the aggregate have not had or could not reasonably be expected to have
a Material Adverse Effect, and except to the extent such representations relate expressly to an
earlier date, which representations were true and correct only as of such specified date) both
immediately before and after giving effect to the Increase, as though such representations and
warranties were made on and as of that date; and



(c) Borrower has paid all fees required by Section 2.10 of the Credit Agreement. 



3. New Commitments. Borrower hereby acknowledges and agrees that (a) as of the
effective date of the Increase and following satisfaction of all conditions thereto as provided in
Section 2.10 of the Credit Agreement, the amount of each Bank’s Commitment shall be the amount set
forth on Schedule A attached hereto and the Total Commitment under the Credit Agreement
will be include the Increase, and (b) in connection with the Increase, (x) KeyBank shall be issued
a replacement Note in the principal face amount of $35,000,000.00 and (y) Branch Banking and Trust
Company (“BB&T”) shall be issued a replacement Note in the principal face amount of $25,000,000.00,
and upon acceptance of such note by KeyBank and by BB&T each such note will be a “Note” under the
Credit Agreement. Lenders will promptly return the current Notes marked “Cancelled”.



4. Other Conditions. All other conditions to the Increase set forth in Section 2.8 of
the Credit Agreement have been satisfied.



5. Definitions. Terms defined in the Credit Agreement are used herein with the
meanings so defined.



1



IN WITNESS WHEREOF, we have hereunto set our hands this      day of November, 2007.




GLADSTONE COMMERCIAL LIMITED


PARTNERSHIP, a Delaware limited partnership




By: GCLP Business Trust II, a Massachusetts


business trust, its sole general partner




By:

Name: David Gladstone

Title: Trustee





By:

Name: George Stelljes III

Title: Trustee




(SEAL)





GLADSTONE COMMERCIAL CORPORATION, a Maryland
corporation




By:

Name:

Title:




(SEAL)





2







GLADSTONE LENDING LLC, a Delaware limited liability
company




By: Gladstone Commercial Limited Partnership, a
Delaware limited partnership, its Manager




By: GCLP Business Trust II, a Massachusetts
business trust, its General Partner




By:

Name: David Gladstone

Title: Trustee





By:

Name: George Stelljes III

Title: Trustee




(SEAL)





CMS06-3 LLC, a Delaware limited liability company




By: Gladstone Commercial Limited Partnership, a
Delaware limited partnership, its Manager




By: GCLP Business Trust II, a Massachusetts
business trust, its General Partner




By:

Name: David Gladstone

Title: Trustee





By:

Name: George Stelljes III

Title: Trustee




(SEAL)







3







GCC NORFOLK LLC, a Delaware limited liability company




By: Gladstone Commercial Limited Partnership, a
Delaware limited partnership, its Manager




By: GCLP Business Trust II, a Massachusetts
business trust, its General Partner




By:

Name: David Gladstone

Title: Trustee





By:

Name: George Stelljes III

Title: Trustee




(SEAL)





MPI06 MASON OH LLC, a Delaware limited liability
company




By: Gladstone Commercial Limited Partnership, a
Delaware limited partnership, its Manager




By: GCLP Business Trust II, a Massachusetts
business trust, its General Partner




By:

Name: David Gladstone

Title: Trustee





By:

Name: George Stelljes III

Title: Trustee




(SEAL)







4







WPI07 TULSA OK LLC, a Delaware limited liability
company




By: Gladstone Commercial Limited Partnership, a
Delaware limited partnership, its Manager




By: GCLP Business Trust II, a Massachusetts
business trust, its General Partner




By:

Name: David Gladstone

Title: Trustee





By:

Name: George Stelljes III

Title: Trustee




(SEAL)





APML07 HIALEAH FL LLC, a Delaware limited liability
company




By: Gladstone Commercial Limited Partnership, a
Delaware limited partnership, its Manager




By: GCLP Business Trust II, a Massachusetts
business trust, its General Partner




By:

Name: David Gladstone

Title: Trustee





By:

Name: George Stelljes III

Title: Trustee




(SEAL)







5







EI07 TEWKSBURY MA LLC, a Delaware limited liability
company




By: Gladstone Commercial Limited Partnership, a
Delaware limited partnership, its Manager




By: GCLP Business Trust II, a Massachusetts
business trust, its General Partner




By:

Name: David Gladstone

Title: Trustee





By:

Name: George Stelljes III

Title: Trustee




(SEAL)





NJT06 STERLING HEIGHTS MI LLC,




a Michigan limited liability company




By: Gladstone Commercial Limited Partnership, a
Delaware limited partnership, its General Partner




By: GCLP Business Trust II, a Massachusetts
business trust, its General Partner




By:     

Name: David Gladstone

Title: Trustee





By:

Name: George Stelljes III

Title: Trustee




(SEAL)



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ACKNOWLEDGED:



KEYBANK NATIONAL ASSOCIATION,





as Agent



By:     

Name:     

Title:     




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Schedule A




BANKS AND COMMITMENTS




	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	COMMITMENT
	NAME AND ADDRESS	 	COMMITMENT	 	PERCENTAGE
	KeyBank National Association
Cleveland, OH 44114-1306
Attn: Real Estate Division
LIBOR Lending Office same as above
	 	$	35,000,000.00	 	 	 	36.84	%
	Branch Banking and Trust Company
8200 Greensboro Drive, Suite 1000
McLean, Virginia 22102
Attn: Robert J. Madeja
LIBOR Lending Office same as above
	 	$	25,000,000.00	 	 	 	26.32	%
	Emigrant Realty Finance LLC
6 East 43rd Street, 22nd Floor
New York, New York 10017
Attn: Michael A. Walsh
Facsimile: (212) 850-4608
LIBOR Lending Office same as above
	 	$	20,000,000.00	 	 	 	21.05	%
	First Horizon Bank
1650 Tysons Boulevard, Suite 1150
McLean, Virginia 22102
Attn: Kenneth W. Rub
LIBOR Lending Office same as above
	 	$	15,000,000.00	 	 	 	15.79	%
	TOTAL
	 	$	95,000,000.00	 	 	 	100.00	%







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