Document:

Exhibit 10.25

 

AMENDMENT TO LOAN AGREEMENT

 

This
AMENDMENT TO LOAN AGREEMENT, dated as of December 20, 2005 (this “Amendment”),
is entered into by and among Goldman Sachs Mortgage Company (“Lender”), Presidents Park I LLC, Presidents Park II
LLC and Presidents Park III LLC (collectively, “Borrower”), and Republic
Property Limited Partnership.

 

We
refer to the Loan Agreement, dated as of December 29, 2004, between Archon
Financial, L.P. (predecessor-in-interest to Lender) and Borrower (the “Loan
Agreement”) and the letter agreement, dated as of December 29, 2004,
among Archon Financial, L.P., Lender and RKB Washington Property Fund I L.P.,
regarding financing fees (the “Fee Letter”).  Capitalized terms used but not defined herein
shall have the respective meanings provided in the Loan Agreement.

 

WHEREAS,
an initial public offering as described in Section 1.3(d) of the Loan
Agreement is expected to occur on December 20, 2005 (the “IPO Date”),
and as a result, in the absence of this Amendment, Borrower would be required
under the Loan Agreement to repay the entire Senior Loan and the entire Junior
Loan in full on such date;

 

WHEREAS,
the parties have agreed to extend the term of a portion of the Senior Loan (but
not any portion of the Junior Loan), subject to the terms and conditions
hereof;

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

1.                                       On the IPO Date, Borrower shall repay the
Junior Loan in full, and Borrower shall make a repayment of the Senior Loan in
an amount such that the outstanding principal balance of the Senior Loan after
giving effect to such prepayment (the “Senior Loan Extension Principal
Balance”) shall not exceed $50,000,000. 
Such repayments shall be accompanied by:

 

(i)                                     all accrued and unpaid interest on the
amounts so prepaid, plus the aggregate amount of interest that would have
accrued thereon had such amounts remained outstanding through December 31,
2005;

 

(ii)                                  the GSMC Junior Exit Fee (as defined in the
Fee Letter) in the amount of $230,000;

 

(iii)                               the GSMC Senior Exit Fee (as defined in the
Fee Letter) in the amount of $520,000;

 

(iv)                              an extension fee in an amount equal to 0.25%
times the greater of (x) the Senior Loan Extension Principal Balance or (y)
$33,000,000; and

 

(v)                                 reimbursement of Lender’s reasonable
out-of-pocket expenses in connection with this Amendment.

 

 

2.                                       Effective from and after receipt by Lender on
the IPO Date of the payments described in Paragraph 1 above, the definitions of
“Maturity Date”, “Senior Spread”, “Final TI/LC Advance Date”, “Maximum TI/LC
Amount”, “Presidents Sponsor” and “Change of Control” shall be deleted and
replaced with the respective definitions set forth below:

 

(i)                                     “Maturity Date” means the Payment Date
in April 2006, or such earlier date as may result from acceleration of the
Loan pursuant to the Loan Agreement or any of the other Loan Documents.

 

(ii)                                  “Senior Spread” means 1.0%.

 

(iii)                               “Final TI/LC Advance Date” means the
Payment Date in December 2005.

 

(iv)                              “Maximum TI/LC Advance Amount” means
$0.00.

 

(v)                                 “Presidents Sponsor” means Republic
Property Limited Partnership, a Delaware limited partnership.

 

(vi)                              “Change of Control” means the
occurrence of any of the following:

 

(a)                                  the failure of the Presidents Borrower to be
100% owned and Controlled by RPT Holding LLC;

 

(b)                                 the failure of RPT Holding LLC to be at least
51% owned and Controlled, directly or indirectly, by Presidents Sponsor; or

 

(c)                                  the failure of RPT Holding LLC’s Single-Purpose
Equityholder to be 100% owned and Controlled, directly or indirectly, by
Presidents Sponsor.

 

3.                                       Republic Property Limited Partnership hereby
unconditionally assumes all obligations and liabilities of Presidents Sponsor,
heretofore accrued and hereafter accruing, under the Loan Agreement (including
Sections 9.14 and 9.19 thereof) and the Fee Letter.

 

4.                                       Notwithstanding anything in the Fee Letter to
the contrary, the GSMC Senior Exit Fee shall be paid on the IPO Date and shall
be nonrefundable, regardless of whether the Senior Loan is refinanced with
Goldman or Archon Financial, L.P. acting as lender.

 

5.                                       All of the terms and conditions of the Loan
Agreement and the other Loan Documents and the collateral security provided
thereby and the guarantees contained therein, including those terms and
conditions modified by this Amendment, are hereby ratified and confirmed in all
respects and shall remain in full force and effect in accordance with their
terms.

 

6.                                       All references to the Loan Agreement in any
Loan Document shall, from and after the execution and delivery of this
Amendment, be deemed a reference to the Loan Agreement as amended hereby,
unless the context expressly requires otherwise.

 

2

 

7.                                       This Amendment shall be governed by and
construed and interpreted in accordance with the laws of the State of New York
without regard to the principles of conflict of law.

 

8.                                       This Amendment may be executed in any number
of counterparts, each of which when so executed and delivered shall be an
original, but all of which shall constitute one and the same instrument.

 

3

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered in their names as of the date first above written.

 

 

	
  GOLDMAN SACHS MORTGAGE

  COMPANY

  	
  REPUBLIC
  PROPERTY LIMITED

  PARTNERSHIP

  
	
   

  	
   

  
	
  By:

  	
  Goldman Sachs Real Estate

  Funding Corp., its General Partner

  	
  By: Republic Property
  Trust, its general

  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   Mark J. Buono

  	
   

  	
  By:

  	
  Mark R. Keller

  	
   

  
	
   

  	
   

  	
  Name: Mark J. Buono

  	
   

  	
  Name: Mark R. Keller

  
	
   

  	
   

  	
  Title: Vice President

  	
   

  	
  Title: Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  PRESIDENT’S PARK I LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Mark R. Keller

  	
   

  
	
   

  	
   

  	
  Name: Mark R. Keller

  
	
   

  	
   

  	
  Title: Manager

  
	
   

  	
   

  
	
   

  	
  PRESIDENT’S PARK II LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Mark R. Keller

  	
   

  
	
   

  	
   

  	
  Name: Mark R. Keller

  
	
   

  	
   

  	
  Title: Manager

  
	
   

  	
   

  
	
   

  	
  PRESIDENT’S PARK III LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Mark R. Keller

  	
   

  
	
   

  	
   

  	
  Name: Mark R. Keller

  
	
   

  	
   

  	
  Title: ManagerExhibit 10.1

 

	
  US $30,000,000

  	
   

  	
  Dated:
  December 14, 2005

  

 

FOR
VALUE RECEIVED, the
undersigned, CRUZAN INTERNATIONAL, INC., a
corporation formed under the laws of Delaware (the “Borrower”), having its
address at Suite 1500, 222 Lakeview Avenue, West Palm Beach, Florida 33401,
USA, hereby promises to pay to V&S VIN & SPRIT AB
(publ) (the “Lender”), at its offices located at Årstaängsvägen 19a,
117 97 Stockholm, Sweden or at such other place that the Lender may designate
in writing, in lawful money of the United States of America and in immediately
available funds, the principal amount of US Dollars THIRTY MILLION
($30,000,000) on December 15, 2006 (the “Final Maturity Date”), together with
interest on the unpaid principal amount owing hereunder from time to time.

 

The interest rate on the
loan outstanding under this Note through the Final Maturity Date, shall be (i) the
rate set by the British Bankers Association defined as the London Inter-bank
Offered Rate (LIBOR) for US Dollars for six-month borrowing periods (the “Rate”)
as published by Reuters News Service two banking days before the funding date
of December 16, 2005 for the first six-month period beginning on such date and
ending on June 15, 2006 (the “First Interest Period”), plus (ii) a margin of 0.90
% (the “Margin”).  The Rate shall be
reset two banking days before the commencement of the next interest period,
which shall commence on June 16, 2006 and end on the Final Maturity Date (“the
Second Interest Period” and together with the First Interest Period, the “Interest
Periods”).  The applicable Rate plus the
Margin shall be referred to herein as the “Total Interest Rate.”

 

In no event will the Total
Interest Rate exceed the maximum interest rate permitted by law.

 

The Total Interest Rate shall
be verified in a written notice from Lender to Borrower on the first day of
each Interest Period.  Accrued interest
shall be paid on June 16, 2006 and December 15, 2006. Interest shall be
computed on the basis of a 360 day year for the actual number of days elapsed.

 

Prepayment in whole or in
part may be made on any outstanding amount under this Note prior to the Final
Maturity Date without penalty from time to time by the Borrower.

 

If any payment of this Note
becomes due and payable on a day other than a business day, the maturity
thereof shall be extended to the next succeeding business day, and with respect
to payments of principal, interest thereon shall be payable at the then
applicable Total Interest Rate during such extension.

 

The Borrower hereby waives
presentment, demand, protest and notice of any kind.  No failure to exercise, and no delay in
exercising, any rights hereunder on the part of the holder hereof shall operate
as a waiver of such rights.

 

In the event any amount
evidenced by this Note is not paid when due, the Borrower agrees to pay, in
addition to the principal and interest due thereon, all costs of collection,
including reasonable attorneys’ and paralegals’ fees and additional interest
due thereon at the then applicable Total Interest Rate.

 

1

 

While any amounts are
outstanding on this Note, the Borrower agrees to incur no further indebtedness
for borrowed money (other than trade debt incurred in the ordinary course of
business and indebtedness between the Borrower and any of its subsidiaries or
other affiliates) or incur any lien securing indebtedness for borrowed money
without the prior consent of Lender.

 

All of the terms and
provisions of this Note shall be binding upon, inure to the benefit of, and be
enforceable by the parties hereto and their respective successors and permitted
assigns.  Modifications and amendments of
this Note may be made solely in a writing signed by the Lender and the
Borrower.

 

THE VALIDITY,
INTERPRETATION, AND ENFORCEMENT OF THIS NOTE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA WITHOUT GIVING
EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

 

THE BORROWER ACKNOWLEDGES
THAT ANY DISPUTE OR CONTROVERSY BETWEEN THE BORROWER AND THE LENDER WOULD BE
BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT.  ACCORDINGLY, BY EXECUTION OR ACCEPTANCE
HEREOF, AS THE CASE MAY BE, EACH OF THE LENDER AND THE BORROWER HEREBY WAIVE
TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR
TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST THE BORROWER ARISING
OUT OF THIS NOTE.

 

THE BORROWER AND THE LENDER
EACH HEREBY AGREE THAT THE CIRCUIT COURT OF THE FIFTEENTH JUDICIAL CIRCUIT OF
FLORIDA, LOCATED IN PALM BEACH COUNTY, FLORIDA AND THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF FLORIDA, SHALL HAVE EXCLUSIVE JURISDICTION
TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE BORROWER AND THE
LENDER, PERTAINING DIRECTLY OR INDIRECTLY TO THIS NOTE. THE BORROWER EXPRESSLY
SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR
PROCEEDING COMMENCED IN SUCH COURTS.  THE
CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE
BRINGING OF ANY ACTION BY LENDER FOR THE ENFORCEMENT BY LENDER OF ANY JUDGMENT
OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

 

THE FOREGOING WAIVERS HAVE
BEEN MADE WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL
CONSEQUENCES THEREOF.

 

2

 

IN
WITNESS WHEREOF, the
undersigned hereby executes this Note under seal as of the date written above.

 

	
   

  	
  CRUZAN INTERNATIONAL, INC a Delaware

  corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Ezra Shashoua

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Ezra Shashoua

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  EVP & CFO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ACCEPTED AND AGREED TO
  THIS 14TH DAY OF

  DECEMBER, 2005

  
	
   

  	
   

  	
   

  
	
   

  	
  V&S VIN & SPRIT AB
  (PUBL)

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ola Salmen

  	
   

  	
  /s/ Gunilla Vinlund

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Ola Salmen

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  CFO

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Gunilla Vinlund

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  SVP Human Resources

  	
   

  
											

 

3

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