Exhibit 10.72





Exhibit 10.72 



Mack-Cali Property Trust
11 Commerce Drive
Cranford, New Jersey
07016 





October 28, 2004 



Centennial Acquisition
Company and
Waramaug Acquisition Corp. 
17400 Dallas Parkway, Suite 216
Dallas, Texas 75287
Attn.: Steven H.
Levin, Esq.





	 	
Re:   
Loan (the “Loan”) from Mack-Cali Property Trust (“Lender”)
secured by that certain real property and the improvements thereon and related personal
property located at 1122 Alma Road, Richardson, Texas (collectively, the “Santa
Fe Property”)  






Dear Mr. Levin: 



        Lender
has approved the Loan in the amount set forth below from Lender to you or your assignee(s)
as permitted below (as applicable, “Borrower”), provided
that all of the conditions to the funding of the Loan as set forth herein are satisfied.
The Loan shall be used for (a) the purchase of the Santa Fe Property by Borrower
pursuant to that certain Agreement of Sale and Purchase dated as of August 10, 2004,
between Mack-Cali Texas Property L.P. as seller and Centennial Acquisition Company and
Waramaug Acquisition Corp., collectively as purchasers (as amended from time to time, the
“Purchase Agreement”) and (b) if Borrower purchases
the Adjacent Parcel pursuant to the Purchase Agreement, the purchase of the Adjacent
Parcel. 




        The
following capitalized terms are defined as set forth below: 



	 	        “Adjacent
Parcel” means that certain 3.9498-acre real property parcel known as
Lot 3, Block 9, of Replat of Lots 2&3, Block 9, Corporate Square Third
Installment, an Addition to the City of Richardson, Dallas County, Texas, according to the
map or plat thereof recorded in Volume 86010, Page 818, of the Map Records of
Dallas County, Texas. 







	 	        “Parking
Easement” means a perpetual, appurtenant easement over all or a
portion of the Adjacent Parcel for the use of all of the current parking spaces located
thereon. 







	 	        “Purchase
Price” means the purchase price as set forth in the Purchase Agreement
for the Santa Fe Property and, if applicable, the Adjacent Parcel. 







	 	        “Title
Company” means Commonwealth Land Title Insurance Company.  







        Lender
shall provide the Loan to Borrower in an amount equal to the aggregate Purchase Price of
the Santa Fe Parcel and, if applicable, the Adjacent Parcel, less Purchaser’s equity
contribution to the purchase of such property of Seven Hundred Fifty Thousand and No/100
Dollars ($750,000.00) (the “Equity Contribution”). Any
credits against the Purchase Price pursuant to the Purchase Agreement shall not be applied
to the Equity Contribution. The Loan will (a) be non-recourse to Borrower, other than
with respect to certain customary carve-out provisions as set forth in the Loan Documents
(as hereinafter defined), (b) be secured by a deed of trust on the Santa Fe Property
and, if and as applicable, the Adjacent Parcel or Parking Easement, which deed of trust
shall contain, among other standard provisions, an assignment of leases, a recourse
environmental indemnity and a due-on-sale provision, (c) bear interest at a per annum
rate of six and three-quarters percent (6.75%), accrued and payable monthly in arrears and
computed on an actual/360-day year basis, as more particularly set forth in the Loan
Documents, and (d) otherwise be on the terms set forth in the Loan Documents, which
shall be on commercially reasonable terms. The maturity date of the Loan will be the date
that is two (2) years after the closing date of the Loan, and principal shall be payable
at maturity. The closing date for the Loan shall be the closing date of the purchase by
Borrower of the Santa Fe Property. 










        The
Loan shall be evidenced and secured by the following documents (collectively, the
“Loan Documents”): 



	 	        (a)    a
promissory note from Borrower payable to the order of Lender in the original
          principal amount of the Loan;  







	 	        (b)    a
deed of trust executed by Borrower in favor of Lender; and  







	 	        (c)    such
other ancillary loan documents and financing statements as may be           reasonably
required by Lender.  







        The
obligation of Lender to fund the Loan shall be subject to the fulfillment on or before the
closing date of all of the following conditions (the “Loan Closing
Conditions”), any or all of which may be waived by Lender in its sole
discretion: 



	 	        (a)    Borrower
and its general partner shall each be a single-purpose entity as           required by
the Loan Documents.  







	 	        (b)    Borrower
shall have provided evidence reasonably satisfactory to Lender that it           and its
general partner have been duly formed and are validly existing in good           standing
under the laws of their respective jurisdictions of formation and           Borrower and
its general partner are, if applicable, qualified to transact           business in the
State of Texas.  







	 	        (c)    Borrower
shall have provided an officer’s certificate certifying that           attached
thereto are true, complete and correct copies of the organizational           documents
of Borrower and its general partner and applicable resolutions and           consents
authorizing Borrower to enter into the Loan Documents.  







	 	        (d)    Borrower
shall have delivered to Lender the Loan Documents, each of which shall           be
executed, acknowledged and in recordable form, as appropriate.  







	 	        (e)    The
Title Company shall have agreed to deliver a mortgagee title policy that
          insures Lender’s first lien position with respect to the Santa Fe Property
          and, if and as applicable, the Adjacent Parcel or the Parking Easement and that
          is otherwise reasonably satisfactory to Lender, the cost of which shall be
borne           by Borrower.  








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	 	        (f)    Lender
shall have received a survey of the Santa Fe Property and, if Borrower
          purchases the Adjacent Parcel or obtains the Parking Easement, a survey of the
          Adjacent Parcel or Parking Easement, as applicable, in each case sufficient for
          the Title Company to modify the survey exception in the mortgagee title policy
          referenced above to read “shortages in area” only and otherwise
          reasonably satisfactory to Lender.  







	 	        (g)    Borrower
shall have provided evidence reasonably satisfactory to Lender that           Borrower
has made the Equity Contribution toward the purchase of the Santa Fe           Property
and, if applicable, the purchase of the Adjacent Parcel.  







	 	        (h)    Borrower
shall have provided evidence reasonably satisfactory to Lender that           Borrower
has obtained the insurance required by the Loan Documents.  







	 	        (i)    There
shall be no judicial, quasi-judicial, administrative or other proceeding
          pending that seeks to enjoin the consummation of the Loan.  







	 	        (j)    Neither
Borrower nor any predecessor-in-interest of Borrower shall be in default           under
the Purchase Agreement.  







	 	        (k)    Borrower
shall have paid Lender’s legal fees associated with the drafting           and
negotiation of the Loan Documents and closing of the Loan, which shall be in
          the amount of $7,500.00.  







        If,
on or before the closing date for the purchase by Borrower of the Santa Fe Property, the
Loan Closing Conditions are not satisfied (or waived by Seller) or the parties hereto are
unable to agree on the final form of the Loan Documents (both parties hereby agreeing to
act reasonably in the negotiation thereof), then Lender will have no obligation to make
the Loan, this commitment letter will be null and void and, except for any obligations
that expressly survive termination hereof, neither party hereto will have any further
obligations hereunder. 



        If
Borrower does not obtain the Adjacent Parcel or the Parking Easement at the time of the
closing of the Loan, the deed of trust referenced herein will include a provision under
which, if Borrower obtains fee title to, a lease of or a parking easement over all or any
portion of the Adjacent Parcel after the closing date of the Loan, the deed of trust shall
be spread over the interest so acquired. 



        The
Loan shall be closed on the date of Borrower’s purchase of the Santa Fe Property,
provided that Borrower shall have the right, by providing written notice to Lender no
later than three (3) Business Days before the scheduled closing date of the Loan, to elect
not to accept the Loan from Lender, and upon receipt by Lender of such notice, this loan
commitment letter will become null and void and neither party will have any further
obligations hereunder except Borrower’s obligation to pay Lender’s legal fees
incurred in connection with the drafting and negotiation of the Loan Documents, which
obligation shall survive termination or expiration of this commitment letter. If the
purchase of the Santa Fe Property is not completed on or before April 30, 2005, this
commitment will expire unless otherwise extended by Lender at its option. 



        All
notices or other communications required or permitted hereunder shall be in writing, and
shall be given by hand delivery, or any nationally recognized overnight delivery service
with proof of delivery, or by facsimile transmission (provided that such facsimile is
confirmed by the sender by expedited delivery service in the manner previously described),
sent to the intended addressee at the address set forth below, or to such other address or
to the attention of such other person as the addressee will have designated by written
notice sent in accordance herewith. Unless changed in accordance with the preceding
sentence, the addresses for notices will be as follows: 




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	If to Borrower:		Centennial Acquisition Company and
Waramaug Acquisition Corp.
17400 Dallas Parkway, Suite 216

Dallas, Texas 75287
Attn.: Steven H. Levin, Esq.
(214) 386-4920 (tele.)
(214) 490-7070 (fax)









	With a copy to:		Akin, Gump, Strauss, Hauer & Feld, L.L.P.

1700 Pacific Avenue, Suite 4100
Dallas, Texas 75201
Attn.:  Cynthia B. Nelson, Esq.
(214) 969-2882 (tele.)
(214) 969-4343 (fax)








	If to Lender:		c/o Mack-Cali Realty Corporation
11 Commerce Drive
Cranford, New Jersey  07016



with separate notices to the attention of:








			Mr. Mitchell E. Hersh
(908) 272-8000 (tele.)
(908) 272-0214 (fax)


and







			Roger W. Thomas, Esq.
(908) 272-2612 (tele.)
(908) 497-0485 (fax)








	With a copy to:		Jones Day
2727 North Harwood Street
Dallas, Texas 75201

Attn: Martha Wach, Esq.
(214) 220-3939 (tele.)
(214) 969-5121 (fax)










        Lender
shall have the right to assign its rights and obligations under this commitment letter to
an affiliate of Lender without the consent of Borrower, and upon any such assignment,
Mack-Cali Property Trust shall have no further obligations hereunder. Borrower shall have
the right to assign its rights and obligations under this commitment letter to one or more
entities in which Paul Nussbaum and Steven H. Levin, together or either of them
individually, own, directly or indirectly, any portion of the equity interest, provided
that The Praedium Fund V, LP or a wholly-owned subsidiary thereof is the controlling
investor in such assignee(s) and Borrower provides notice of such assignment to Lender at
least five (5) Business Days prior to the scheduled closing date of the Loan, which notice
shall include evidence that the assignment complies with the requirements of this
sentence. 




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        TIME
IS OF THE ESSENCE WITH RESPECT TO ALL TIME PERIODS AND DATES FOR PERFORMANCE SET FORTH IN
THIS COMMITMENT LETTER. 



        This
commitment letter will be construed, performed and enforced in accordance with the laws of
the State of Texas. 



        This
commitment letter shall not become effective until it is executed by all parties hereto
and each party has received facsimile or original signatures of each other party. It may
be executed in any number of counterparts, all of which taken together will constitute one
and the same commitment letter, and the signature page of any counterpart may be removed
therefrom and attached to any other counterpart. 



         [SIGNATURES
FOLLOW ON NEXT SUCCEEDING PAGE]





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        Please
execute this commitment letter where indicated below to confirm your agreement with the
terms and provisions set forth herein. 




			Sincerely,

MACK-CALI PROPERTY TRUST



By:  /s/ Roger W. Thomas
——————————————

Name:  Roger W. Thomas
Title:  Executive Vice President
                   and General Counsel











Accepted and agreed to October 28,
2004: 



CENTENNIAL ACQUISITION COMPANY 



By: /s/ Steven H. Levin
——————————————
Name:  Steven H. Levin  
Title:  President
 





Accepted and agreed to October 28,
2004: 



WARAMAUG ACQUISITION CORP. 



By:  /s/ Cindy Nelson
——————————————
Name:  Cindy Nelson  
Title:  Vice President 







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