Exhibit 10.63






EXHIBIT 10.63




FOURTH AMENDMENT TO 

PURCHASE AND SALE AGREEMENT 




THIS FOURTH AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is made as of
October 15, 2008, between 180 N. LASALLE II, L.L.C., a Delaware limited liability company
(“Seller”), and YPI 180 N. LASALLE OWNER, LLC, a Delaware limited liability company (“Buyer”).



WITNESSETH:




WHEREAS, Seller and Younan Properties, Inc. (“Original Buyer”) entered into that certain
Purchase and Sale Agreement dated as of August 12, 2008 (the “Original Agreement”), as amended by
that certain First Amendment to Purchase and Sale Agreement dated as of August 29, 2008 (the “First
Amendment”), that certain Second Amendment to Purchase and Sale Agreement dated as of September 3,
2008 (the “Second Amendment”), and that certain Third Amendment to Purchase and Sale Agreement
dated as of September 30, 2008 (the “Third Amendment”; the Original Agreement, as amended by the
First Amendment, the Second Amendment and the Third Amendment, is hereinafter referred to as the
“Agreement”), relating to the purchase and sale of certain property commonly known as 180 North
LaSalle Street, Chicago, Illinois, and more particularly described in the Agreement (the
“Property”); and



WHEREAS, pursuant to that Assignment and Assumption of Purchase and Sale Agreement between
Original Buyer and Buyer dated as of October 9, 2008, Original Buyer assigned the Agreement to
Buyer; and



WHEREAS, Seller and Buyer desire to further amend certain terms and conditions of the
Agreement as set forth herein;



AGREEMENT:




NOW, THEREFORE, in consideration of the foregoing recitals, the agreements set forth herein
and other good and valuable consideration, the receipt and sufficiency of which are acknowledged,
the Seller and Buyer hereby agree to amend and modify the Agreement as follows:



1. Capitalized Terms. All capitalized terms not separately defined in this Amendment
bear the respective meanings given to such terms in the Agreement.



2. Earnest Money. Contemporaneously with the execution of this Amendment, Seller and
Buyer shall jointly direct the Escrow Agent to release all of the Earnest Money that is currently
held in the joint order escrow account (collectively, the “Second Released Amount”), directly to
Seller, to such account as Seller may direct. The Second Released Amount shall be credited against
the Purchase Price at Closing but is hereby deemed earned by Seller and shall be
non-refundable to Buyer for any reason whatsoever except in the event of a default by Seller
of Seller’s obligations to close the sale or a failure of a condition to Buyer’s obligation to
close the sale.




 


 









 







3. Extension of Scheduled Closing Date. The Scheduled Closing Date, as set forth in
Section 1.1 of the Agreement, is hereby extended to December 17, 2008. Unless expressly stated to
the contrary, all references in the Agreement to the Scheduled Closing Date shall be deemed to
refer to December 17, 2008.



4. Option to Extend Scheduled Closing Date. Notwithstanding anything to the contrary
set forth herein or in the Agreement, Buyer shall have the right to further extend the Scheduled
Closing Date to January 16, 2009 (the “Extended Scheduled Closing Date”). Buyer may exercise this
extension right, by, not less than five (5) business days prior to the Scheduled Closing Date,
(a) providing written notice to Seller of Buyer’s election to so extend the Scheduled Closing Date
(the “Extension Notice”), and (b) paying directly to Seller, to such account as Seller may direct,
the sum of Two Million Dollars ($2,000,000.00) in good funds, by federal wire transfer (the “Third
Released Amount”). If Buyer shall fail to timely deliver the Extension Notice or timely pay the
Third Released Amount to Seller, Buyer shall be deemed to have waived its right to extend the
Scheduled Closing Date. If paid, the Third Released Amount shall be credited against the Purchase
Price at Closing but shall be deemed earned by Seller as of the date received and shall be
non-refundable to Buyer for any reason whatsoever except in the event of a default by Seller of
Seller’s obligations to close the sale or a failure of a condition to Buyer’s obligation to close
the sale. If Buyer timely delivers the Extension Notice and timely pays the Third Released Amount,
then all references in this Agreement to the Scheduled Closing Date shall be deemed to refer to the
Extended Scheduled Closing Date.



5. Accelerated Closing. Notwithstanding anything to the contrary set forth herein,
Buyer shall have the right to accelerate the Scheduled Closing Date to such earlier date as Buyer
may select by providing Seller with written notice specifying the date on which Buyer seeks to
close, provided that (i) such date shall be not less than ten (10) business days after the date of
such notice, (ii) the two (2) calendar days immediately preceding such date shall be Business Days,
and (iii) such date shall be reasonably acceptable to Seller.



6. Estoppels and Matters Arising After October 15, 2008. Buyer acknowledges and
agrees that there shall be no reduction of or credits against the Purchase Price as a result of any
matters disclosed in the estoppel certificates delivered to Buyer through to the date hereof, all
of which estoppel certificates are herby deemed to be Acceptable Estoppels, and all of which
matters contained in such estoppel certificates are hereby accepted by Buyer. Seller agrees to
forward to such Tenants as Buyer may designate, at no cost to Seller and solely as an accommodation
to Buyer, updated estoppel certificates prepared by Buyer and reflecting accurate information (the
“Updated Estoppels”). However, it is expressly understood and agreed that (i) the receipt of any
or all of the Updated Estoppels in any form executed by the Tenants shall not be a condition to
Buyer’s obligation to proceed with the Closing under this Agreement; (ii) Seller shall not be in
default under the Agreement for failing to obtain any or all of



 


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such Updated Estoppels; and
(iii) there shall be no reduction of or credits against the Purchase Price, and it shall not be a default on the part of Seller under the Agreement, as a result of
any matters disclosed in the Updated Estoppels. Seller and Buyer agree that notwithstanding
Sections 8.2 and 9.1(b) and anything else in the Agreement to the contrary, Buyer will be obligated
to acquire the Property notwithstanding any (i) defaults, breaches or other actions by any tenants,
service providers or similar third parties, and/or (ii) allegations that Seller is in default under
any agreements with such tenants, service providers or third parties unless such Seller default
clearly exists, meets the materiality thresholds in the Agreement, has occurred after October 15,
2008, is an intentional and willful default by Seller, and is not related to matters raised in
prior Acceptable Estoppels or for which Seller has previously provided Buyer a credit against or
reduction of the Purchase Price.



7. Leasing Commissions. Buyer and Seller agree that Schedule II to the Second
Amendment, consisting of the list of Prospects (as defined in the Second Amendment) with whom
Seller’s Leasing Agent (as defined in the Second Amendment) has been negotiating for new leases and
lease amendments for the Property, shall be updated as of the Closing Date to include any
additional parties with whom Seller’s Leasing Agent has been actively negotiating for new leases
and lease renewals for the Property.



8. Assignment. Buyer and Original Buyer acknowledge and agree that Original Buyer is
jointly and severally liable with Buyer for Buyer’s obligations under the Agreement (as amended
hereby). Each of Buyer and Original Buyer represents and warrants to Seller that Buyer constitutes
a “Permitted Assignee” under the provisions of Section 15.2 of the Agreement and covenants that
Buyer will remain a Permitted Assignee through to the Closing. Original Buyer hereby joins in the
execution of this Amendment to acknowledge its agreement with the provisions of this Amendment.



9. Full Force and Effect. Each party acknowledges that to its knowledge as of the
date of this Amendment there are no defaults on the part of the other party which would entitle it
to fail to close or to be entitled to a further adjustment of the Purchase Price. The Agreement,
as supplemented and amended by this Amendment, remains in all respects in full force and effect.
In the event of a conflict between the provisions of the Agreement and the provisions of this
Amendment, the provisions of this Amendment shall be controlling. Additionally, all references in
the Agreement or this Amendment to the Agreement (including references to “herein” or “therein”)
shall mean and refer to the Agreement as modified hereby.



10. Counterparts. This Amendment may be executed in any number of counterparts, each
of which will be deemed to be an original and all of which, taken together, shall constitute one
and the same instrument.



[Signature Page Follows]



 


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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above
written.



	 	 	 	 	 	 	 
	BUYER:	 	YPI 180 N. LaSalle Owner, LLC, a Delaware limited

 liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	[s] Zaya S. Younan
 

	 	 
	 	 	 	 	Name: Zaya S. Younan	 	 
	 	 	 	 	Title:   President	 	 
	 
	 	 	 	 	 	 
	SELLER:	 	180 N. LASALLE II, L.L.C.,
a Delaware limited
 liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	180 N. LaSalle Holdings, L.L.C.,	 	 
	 

	 	 	 	a Delaware limited liability company,

its sole member	 	 






	 	 	 	 	 	 	 
	 

	 	By:
	 	PGRT Equity II LLC, a Delaware

limited liability company, its administrative

member
	 	 






	 	 	 	 	 	 	 
	 

	 	By:
	 	Prime Group Realty, L.P., 

a Delaware limited partnership,

its sole member
	 	 






	 	 	 	 	 	 	 
	 

	 	By:
	 	Prime Group Realty Trust,

a Maryland real estate

investment trust, its

sole general partner
	 	 






	 	 	 	 	 	 
	 

	 	By:
	 	[s] James F. Hoffman
	 

	 	 	 	 
	 

	 	 
	 	Name: 	James F. Hoffman
	 

	 	 
	 	Title:	Executive Vice President,
General Counsel and
Secretary






 


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JOINDER




Younan Properties, Inc. hereby joins in the execution of this Fourth Amendment to Purchase and Sale
Agreement to acknowledge its agreement with the provisions thereof.



Dated: October 15, 2008




	 	 	 	 	 
	 	YOUNAN PROPERTIES, INC.,

a California corporation

 	 
	 	By:  	[s] Zaya S. Younan
 	 
	 	 	 	Name: Zaya S. Younan 	 
	 	 	 	Title:   President 	 
	 




 


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