**Exhibit 3.1.5**

 

**G & L REALTY CORP.**

 

**ARTICLES SUPPLEMENTARY**

 

G & L Realty Corp., a Maryland corporation (the “Company”), hereby certifies to the State Department of Assessments and Taxation of Marylandthat: 

 

FIRST: Under a power contained in paragraph D ofArticle IV of the charter of the Company (the “Charter”), the Board of Directors of the Company (the “Board of Directors”), by resolution duly adopted at a meeting duly called and held on September 10, 2004, classified anddesignated 200,000 authorized but unissued shares (the “Shares”) of Preferred Stock (as defined in the Charter) as shares of 9.8% Series D Cumulative Preferred Stock, with the following preferences, rights, voting powers, restrictions,limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption. 

 

SECOND: The Shares have been classified and designated by the Board of Directors under the authority contained in the Charter. 

 

1. Designation and Number. A series of Preferred Stock, designated the“9.8% Series D Cumulative Preferred Stock” (the “Series D Preferred Stock”), is hereby established. The number of shares of the Series D Preferred Stock shall be 200,000. 

 

2. Maturity. The Series D Preferred Stock has no stated maturity andwill not be subject to any sinking fund or mandatory redemption. 

 

3. Rank. The Series D Preferred Stock will, with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company, rank (i) senior to all classes or series of Common Stock of the Company, and to allequity securities issued by the Company the terms of which specifically provide that such equity securities rank junior to the Series D Preferred Stock with respect to dividend rights or rights upon liquidation, dissolution or winding up of theCompany; (ii) on a parity with the 10.25% Series A Cumulative Preferred Stock of the Company, par value $.01 per share, the 9.8% Series B Cumulative Preferred Stock of the Company, par value $.01 per share, and the 10.25% Series C CumulativePreferred Stock of the Company, par value $.01 per share, with respect to the payment of dividends and amounts due upon liquidation; (iii) on a parity with all equity securities issued by the Company the terms of which specifically provide that suchequity securities rank on a parity with the Series D Preferred Stock with respect to dividend rights or rights upon liquidation, dissolution or winding up of the Company; and (iv) junior to all existing and future indebtedness of the Company. Theterm “equity securities” does not include convertible debt securities, which will rank senior to the Series D Preferred Stock prior to conversion. 

 

4. Dividend Rights. 

 

(a) Holders of shares of the Series D Preferred Stock are entitled to receive, when and as declared by theBoard of Directors (or a duly authorized committee thereof), out of funds legally available for the payment of dividends, preferential cumulative cash dividends at the rate of 9.8% per annum of the Liquidation Preference (as defined below) per share(equivalent to a fixed annual amount of $2.45 per share). Dividends on the Series D Preferred Stock shall be cumulative from the date of original issue and shall be payable monthly in arrears on or before the 15th day of each month, or, if not abusiness day, the next succeeding business day (each, a “Dividend Payment Date”), commencing on October 15, 2004. Such dividend and all subsequent dividends payable on the Series D Preferred Stock will be computed on the basis of a 360-dayyear consisting of twelve 30-day months. Dividends will be payable to holders of record as they appear in the stock records of the Company at the close of business on the applicable record date, which shall be the first day of the calendar month inwhich the applicable Dividend Payment Date falls or on such other date designated by the Board of Directors of the Company for the payment of dividends that is not more than 30 nor less than 10 days prior to such Dividend Payment Date (each, a“Dividend Record Date”). 

 

(b) Nodividends on shares of Series D Preferred Stock shall be declared by the Board of Directors or paid or set apart for payment by the Company at such time as the terms and provisions of any agreement of the Company, including any agreement relating toits indebtedness, prohibits such declaration, payment or setting apart for payment or provides that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration or paymentshall be restricted or prohibited by law. 

 

(c)Notwithstanding the foregoing, dividends on the Series D Preferred Stock will accrue whether or not the Company has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such dividends aredeclared. Accrued but unpaid dividends on the Series D Preferred Stock will not bear interest and holders of the Series D Preferred Stock will not be entitled to any distributions in excess of full cumulative distributions described above. Except asset forth in the next sentence, no dividends will be declared or paid or set apart for payment on any capital stock of the Company or any other series of Preferred Stock ranking, as to dividends, on a parity with or junior to the Series D PreferredStock (other than a dividend in shares of the Company’s Common Stock or in shares of any other class of stock ranking junior to the Series D Preferred Stock as to dividends and upon liquidation) for any period unless full cumulative dividendshave been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for such payment on the Series D Preferred Stock for all past dividend periods and the then current dividend period. Whendividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series D Preferred Stock and the shares of any other series of Preferred Stock ranking on a parity as to dividends with the Series D PreferredStock, all dividends declared upon the Series 

 

D Preferred Stock and any other series of Preferred Stock ranking on a parity as to dividends with the Series D Preferred Stock shall be declared pro rata sothat the amount of dividends declared per share of Series D Preferred Stock and such other series of Preferred Stock shall in all cases bear to each other the same ratio that accrued dividends per share on the Series D Preferred Stock and such otherseries of Preferred Stock (which shall not include any accrual in respect of unpaid dividends for prior dividend periods if such Preferred Stock does not have a cumulative dividend) bear to each other. 

 

(d) Except as provided in the immediately precedingparagraph, unless full cumulative dividends on the Series D Preferred Stock have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for payment for all past dividend periods and thethen current dividend period, no dividends (other than in shares of Common Stock or other shares of capital stock ranking junior to the Series D Preferred Stock as to dividends and upon liquidation) shall be declared or paid or set aside for paymentnor shall any other distribution be declared or made upon the Common Stock, or any other capital stock of the Company ranking junior to or on a parity with the Series D Preferred Stock as to dividends or upon liquidation, nor shall any shares ofCommon Stock, or any other shares of capital stock of the Company ranking junior to or on a parity with the Series D Preferred Stock as to dividends or upon liquidation be redeemed, purchased or otherwise acquired for any consideration (or anymoneys be paid to or made available for a sinking fund for the redemption of any such shares) by the Company (except by conversion into or exchange for other capital stock of the Company ranking junior to the Series D Preferred Stock as to dividendsand upon liquidation or redemptions for the purpose of preserving the Company’s qualification as a real estate investment trust (“REIT”)). Holders of shares of the Series D Preferred Stock shall not be entitled to any dividend,whether payable in cash, property or stock, in excess of full cumulative dividends on the Series D Preferred Stock as provided above. Any dividend payment made on shares of the Series D Preferred Stock shall first be credited against the earliestaccrued but unpaid dividend due with respect to such shares which remains payable. 

 

5. Liquidation Preference. Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the holders of shares of Series D Preferred Stock are entitled to be paid outof the assets of the Company legally available for distribution to its shareholders a liquidation preference of $25 per share (the “Liquidation Preference”), plus an amount equal to any accrued and unpaid dividends to the date of payment,but without interest, before any distribution of assets is made to holders of Common Stock or any other class or series of capital stock of the Company that ranks junior to the Series D Preferred Stock as to liquidation rights. The Company willpromptly provide to the holders of Series D Preferred Stock written notice of any event triggering the right to receive such Liquidation Preference. After payment of the full amount of the Liquidation Preference, plus any accrued and unpaiddividends to which they are entitled, the holders of Series D Preferred Stock will have no right or claim to any of the remaining assets of the Company. The consolidation or merger of the Company with or into any other corporation, trust or entityor of any other corporation with or into the Company, or the sale, lease or conveyance of all or substantially all of the 

 

property or business of the Company, shall not be deemed to constitute a liquidation, dissolution or winding up of the Company. 

 

In determining whether a distribution (other than upon voluntary orinvoluntary liquidation) by dividend, redemption or other acquisition of shares of stock of the Company or otherwise is permitted under the Maryland General Corporation Law, as amended (the “MGCL”), and if permitted by the MGCL, no effectshall be given to amounts that would be needed, if the Company were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of holders of shares of stock of the Company whose preferential rights upondissolution are superior to those receiving the distribution. 

 

6. Redemption. 

 

(a) TheCompany, at its option upon not less than 30 nor more than 60 days’ written notice, may redeem shares of the Series D Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25 per share, plusall accrued and unpaid dividends thereon to the date fixed for redemption (except with respect to Excess Stock (as defined in the Charter) previously exchanged for Series D Preferred Stock pursuant to the Charter), without interest. Holders ofSeries D Preferred Stock to be redeemed shall surrender such Series D Preferred Stock at the place designated in such notice and shall be entitled to the redemption price and any accrued and unpaid dividends payable upon such redemption followingsuch surrender. If notice of redemption of any shares of Series D Preferred Stock has been given and if the funds necessary for such redemption have been set aside by the Company in trust for the benefit of the holders of any shares of Series DPreferred Stock so called for redemption, then from and after the redemption date dividends will cease to accrue on such shares of Series D Preferred Stock, such shares of Series D Preferred Stock shall no longer be deemed outstanding and all rightsof the holders of such shares will terminate, except the right to receive the redemption price. If less than all of the outstanding Series D Preferred Stock is to be redeemed, the Series D Preferred Stock to be redeemed shall be selected pro rata(as nearly as may be practicable without creating fractional shares). 

 

(b) Unless full cumulative dividends on all shares of Series D Preferred Stock shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for paymentfor all past dividend periods and the then current dividend period, no shares of Series D Preferred Stock shall be redeemed unless all outstanding shares of Series D Preferred Stock are simultaneously redeemed and the Company shall not purchase orotherwise acquire directly or indirectly any shares of Series D Preferred Stock (except by exchange for capital stock of the Company ranking junior to the Series D Preferred Stock as to dividends and upon liquidation); provided, however, that theforegoing shall not prevent the purchase by the Company of Excess Stock previously exchanged for Series D Preferred Stock pursuant to the Charter in order to ensure that the Company continues to meet the requirements for qualification as a REIT, orthe purchase or acquisition of shares of Series D Preferred Stock pursuant to a purchase or exchange offer made on the same terms to holders of all 

 

outstanding shares of Series D Preferred Stock. So long as no dividends are in arrears, the Company shall be entitled at any time and from time to time torepurchase shares of Series D Preferred Stock in open-market transactions duly authorized by the Board of Directors and effected in compliance with applicable laws. 

 

(c) Notice of redemption will be given by publication in a newspaper of general circulation in the City ofNew York, such publication to be made once a week for two successive weeks commencing not less than 30 nor more than 60 days prior to the redemption date. A similar notice will be mailed by the Company, postage prepaid, not less than 30 nor morethan 60 days prior to the redemption date, addressed to the respective holders of record of the Series D Preferred Stock to be redeemed at their respective addresses as they appear on the stock transfer records of the Company. No failure to givesuch notice or any defect therein or in the mailing thereof shall affect the validity of the proceedings for the redemption of any shares of Series D Preferred Stock except as to the holder to whom notice was defective or not given. Each noticeshall state: (i) the redemption date; (ii) the redemption price; (iii) the number of shares of Series D Preferred Stock to be redeemed; (iv) the place or places where the Series D Preferred Stock is to be surrendered for payment of the redemptionprice; and (v) that dividends on the shares to be redeemed will cease to accrue on such redemption date. If less than all of the Series D Preferred Stock held by any holder is to be redeemed, the notice mailed to such holder shall also specify thenumber of shares of Series D Preferred Stock held by such holder to be redeemed. 

 

(d) Immediately prior to any redemption of Series D Preferred Stock, the Company shall pay, in cash, any accumulated and unpaid dividendsthrough the redemption date, unless a redemption date falls after a Dividend Record Date and prior to the corresponding Dividend Payment Date, in which case each holder of Series D Preferred Stock at the close of business on such Dividend RecordDate shall be entitled to the dividend payable on such shares on the corresponding Dividend Payment Date notwithstanding the redemption of such shares before such Dividend Payment Date. 

 

(e) Excess Stock previously exchanged for Series D Preferred Stock pursuant to the Charter may be redeemed,in whole or in part, at any time when outstanding shares of Series D Preferred Stock are being redeemed, for cash at a redemption price of $25 per share, but excluding accrued and unpaid dividends on such Excess Stock, without interest. Such ExcessStock shall be redeemed in such proportion and in accordance with such procedures as shares of Series D Preferred Stock are being redeemed. 

 

7. Voting Rights. 

 

(a) Holders of the Series D Preferred Stock will not have any voting rights, except as set forth below. 

 

(b) Whenever dividends on any shares of Series D PreferredStock shall be in arrears for eighteen or more months (a “Preferred Dividend Default”), 

 

the number of directors then constituting the Board of Directors shall automatically be increased in accordance with the Bylaws of the Company by two (if notalready increased by reason of a similar arrearage with respect to any Parity Preferred (as hereinafter defined)). The holders of such shares of Series D Preferred Stock (voting separately as a class with all other series of Preferred Stock rankingon a parity with the Series D Preferred Stock as to dividends or upon liquidation (“Parity Preferred”) upon which like voting rights have been conferred and are exercisable) will be entitled to vote separately as a class, in order to fillthe vacancies thereby created, for the election of two directors of the Company (the “Preferred Stock Directors”) at a special meeting called by the holders of record of at least 20% of the Series D Preferred Stock or the holders of recordof at least 20% of any series of Parity Preferred so in arrears (unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the shareholders) or at the next annual meeting of shareholders, andat each subsequent annual meeting until all dividends accumulated on such shares of Series D Preferred Stock for the past dividend periods and the dividend for the then current dividend period shall have been fully paid or declared and a sumsufficient for the payment thereof set aside for payment. In the event the directors of the Company are divided into classes, each such vacancy shall be apportioned among the classes of directors to prevent stacking in any one class and to insurethat the number of directors in each of the classes of directors, are as equal as possible. Each Preferred Stock Director, as a qualification for election as such (and regardless of how elected) shall submit to the Board of Directors of the Companya duly executed, valid, binding and enforceable letter of resignation from the Board of Directors, to be effective upon the date upon which all dividends accumulated on such shares of Series D Preferred Stock and Parity Preferred for the pastdividend periods and the dividend for the then current dividend period shall have been fully paid or declared and a sum sufficient for the payment thereof set aside for payment, whereupon the terms of office of all persons elected as Preferred StockDirectors by the holders of the Series D Preferred Stock and any Parity Preferred shall, upon the effectiveness of their respective letters of resignation, forthwith terminate, and the number of directors then constituting the Board of Directorsshall be reduced accordingly. A quorum for any such meeting shall exist if at least a majority of the outstanding shares of Series D Preferred Stock and shares of Parity Preferred upon which like voting rights have been conferred and are exercisableare represented in person or by proxy at such meeting. Such Preferred Stock Directors shall be elected upon the affirmative vote of a plurality of the shares of Series D Preferred Stock and such Parity Preferred present and voting in person or byproxy at a duly called and held meeting at which a quorum is present. If and when all accumulated dividends and the dividend for the then current dividend period on the Series D Preferred Stock shall have been paid in full or declared and set asidefor payment in full, the holders thereof shall be divested of the foregoing voting rights (subject to revesting in the event of each and every Preferred Dividend Default) and, if all accumulated dividends and the dividend for the then currentdividend period have been paid in full or declared and set aside for payment in full on all series of Parity Preferred upon which like voting rights have been conferred and are exercisable, the term of office of each Preferred Stock Director soelected shall terminate. Any Preferred Stock Director may be removed at any time with or without cause by, and shall not be removed otherwise than by, the vote of the holders of record of a majority of 

 

the outstanding shares of the Series D Preferred Stock when they have the voting rights described above (voting separately as a class with all series ofParity Preferred upon which like voting rights have been conferred and are exercisable). So long as a Preferred Dividend Default shall continue, any vacancy in the office of a Preferred Stock Director may be filled by written consent of thePreferred Stock Director remaining in office, or if none remains in office, by a vote of the holders of record of a majority of the outstanding shares of Series D Preferred Stock when they have the voting rights described above (voting separately asa class with all series of Parity Preferred upon which like voting rights have been conferred and are exercisable). The Preferred Stock Directors shall each be entitled to one vote per director on any matter. 

 

(c) So long as any shares of Series D Preferred Stock remainoutstanding, the Company will not, without the affirmative vote or consent of the holders of at least two-thirds of the shares of the Series D Preferred Stock outstanding at the time, given in person or by proxy, either in writing or at a meeting(voting separately as a class), amend, alter or repeal the provisions of the Charter or the Articles Supplementary, whether by merger, consolidation or otherwise (an “Event”), so as to materially and adversely affect any right, preference,privilege or voting power of the Series D Preferred Stock or the holders thereof; provided, however, that with respect to the occurrence of any Event set forth above, so long as the Series D Preferred Stock (or any equivalent class or series ofstock issued by the surviving corporation in any merger or consolidation to which the Company became a party) remains outstanding with the terms thereof materially unchanged, the occurrence of any such Event shall not be deemed to materially andadversely affect such rights, preferences, privileges or voting power of holders of the Series D Preferred Stock and provided, further, that (i) any increase in the amount of the authorized Preferred Stock or the creation or issuance of any otherseries of Preferred Stock, or (ii) any increase in the amount of authorized shares of such series, in each case ranking on a parity with or junior to the Series D Preferred Stock with respect to payment of dividends or the distribution of assetsupon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers. 

 

(d) The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote wouldotherwise be required shall be effected, all outstanding shares of Series D Preferred Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been deposited in trust to effect such redemption.

 

(e) Except as expressly stated in theseArticles Supplementary, the Series D Preferred Stock shall not have any relative, participating, optional or other special voting rights and powers and the consent of the holders thereof shall not be required for the taking of any corporate action,including but not limited to, any merger or consolidation involving the Company or a sale of all or substantially all of the assets of the Company, irrespective of the effect that such merger, consolidation or sale may have upon the rights,preferences or voting power of the holders of the Series D Preferred Stock. 

 

8. Conversion. The Series D Preferred Stock is not convertible into or exchangeable for any otherproperty or securities of the Company. 

 

9. Restrictions ofTransfer. The shares of Series D Preferred Stock shall be subject to the limitations on ownership and transfer set forth in Article IV of the Charter of the Company. 

 

THIRD: These Articles Supplementary have been approved by the Board of Directors in the manner and by the voterequired by law. 

 

FOURTH: The undersigned President ofthe Company acknowledges these Articles Supplementary to be the corporate act of the Company and, as to all matters or facts required to be verified under oath, the undersigned President of the Company acknowledges that to the best of his knowledge,information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury. 

 

IN WITNESS WHEREOF, the Company has caused these Articles Supplementary to be executed under seal in itsname and on its behalf by its President, and attested to by its Secretary, on this 15th day of September, 2004.

 

ATTEST:
   
G & L REALTY CORP.
  
*/s/ David E. Hamer*
   By: 
*/s/ Steven D. Lebowitz*
 (SEAL)
David E. Hamer
     
Steven D. Lebowitz
  
Secretary
     
President