Document:

ex4_2.htm

    EXHIBIT
4.2

     

    MORTGAGE
CERTIFICATE PURCHASE AGREEMENT

     

    THIS
MORTGAGE CERTIFICATE PURCHASE AGREEMENT (the “Agreement”) is made
as of December 30, 2008 between Banc of America Securities LLC, a Delaware
limited liability company (the “Seller”), and Banc of
America Funding Corporation, a Delaware corporation (the “Depositor”).

     

    W
I T N E S S E T H

     

    WHEREAS,
the Depositor desires to purchase from the Seller and the Seller desires to sell
to the Depositor (i) an approximate 25.43161% Percentage Interest of Banc of
America Mortgage Trust 2005-3, Class 2-A-2 Certificates (the “Group 1 Mortgage
Certificates”), which was previously issued by the Banc of America
Mortgage Trust 2005-3, (ii) an approximate 41.12671% Percentage Interest of Banc
of America Alternative Loan Trust 2005-11, Class 1-CB-4 Certificates (the “Group 2 Mortgage
Certificates”), which was previously issued by the Banc of America
Alternative Loan Trust 2005-11, and (iii) an approximate 100% Percentage
Interest of Banc of America Alternative Loan Trust 2006-9, Class A-1
Certificates (the “Group 3 Mortgage
Certificates” and together with the Group 1 Mortgage Certificates and the
Group 2 Mortgage Certificates, the “Mortgage
Certificates”) set forth on Schedule A hereto;
and

     

    WHEREAS,
the Depositor intends to convey such Mortgage Certificates to Wells Fargo Bank,
N.A., as trustee (the “Trustee”), under that
certain Trust Agreement, dated December 30, 2008 (the “Trust Agreement”), by
and between the Depositor and the Trustee, for the benefit of the holders of the
Banc of America Funding 2008-R3 Trust, Class 1-A-1, Class 1-A-2, Class 1-A-3,
Class 1-A-4, Class 1-A-R, Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4,
Class 3-A-1, Class 3-A-2, Class 3-A-3 and Class 3-A-4 Certificates (the “Certificates”) issued
thereunder.

     

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

     

    1. Purchase and Sale of the
Mortgage Certificates.

     

    (a) The
Seller agrees to sell to the Depositor, and the Depositor agrees to purchase
from the Seller, the Mortgage Certificates and all amounts payable thereon on or
after the date hereof.

     

    (b) On the
Closing Date, as full consideration for the Seller’s sale of the Mortgage
Certificates to the Depositor, the Depositor will deliver the Certificates to
the Seller.

     

    (c) Delivery,
transfer and/or assignment of the Mortgage Certificates by the Seller to the
Depositor and simultaneous delivery, transfer and/or assignment of the
Certificates to the Seller, shall be made on the Closing Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 
      

    

    (d) It is the
intention of the Seller that the transfer and assignment of the Mortgage
Certificates shall constitute a sale from the Seller to the Depositor and that
such Mortgage Certificates not be a part of the Depositor’s property or estate
for any purpose under state or federal law, including without limitation in the
event of the insolvency of the Seller.  In the event the transfer and
assignment of the Mortgage Certificates contemplated by this Agreement is deemed
to be other than a sale notwithstanding the intent of the parties hereto, this
Agreement shall be deemed to be and in such event hereby is the grant of a
security interest from the Seller to the Depositor, and the Depositor shall have
all the rights, powers and privileges of a secured party under the Uniform
Commercial Code in effect in the applicable jurisdiction.  In such
event, the Seller agrees to take such action and execute such documents as shall
be necessary in order to fully realize the benefits of such secured party
status, including, without limitation, powers of attorney, financing statements,
notices of lien or other instruments or documents.

     

    2. Conditions.

     

    The
obligations of the parties under this Agreement are subject to the following
conditions:

     

    (a) The
representations and warranties contained herein shall be accurate as of the
Closing Date; and

     

    (b) On the
Closing Date, counsel for the Depositor shall have been furnished with all such
documents, certificates and opinions as they may reasonably request in order to
evidence the accuracy and completeness of any of the representations, warranties
or statements of the Seller, the performance of any of the obligations of the
Seller hereunder or the fulfillment of any of the conditions herein
contained.

     

    3. Representations and
Warranties.

     

    (a) Each
party hereby represents and warrants to the other party that (i) it is duly
incorporated or organized, as the case may be, and validly existing as an entity
under the laws of the jurisdiction in which it is chartered or organized, (ii)
it has the requisite corporate power and authority to enter into and perform
this Agreement, and (iii) this Agreement has been duly authorized by all
necessary corporate action, has been duly executed by one or more duly
authorized officers and, when executed by each of the parties hereto,
constitutes the legal, valid and binding agreement of such party enforceable
against such party in accordance with its terms, except as limited by
bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency,
reorganization, liquidation, receivership, moratorium or other similar laws now
or hereafter in effect relating to creditors’ rights generally and by general
equitable principles, regardless of whether considered in a proceeding in equity
or at law.

     

    (b) The
Seller further represents and warrants to the Depositor that (i) at the time of
transfer, the Seller will be the sole owner of each Mortgage Certificate, free
and clear of any pledge, lien, security interest, charge, claim, equity or
encumbrance of any kind created by the Seller, and upon the delivery, transfer
or assignment of the Mortgage Certificates to the Depositor as contemplated
herein, the Depositor will receive the Mortgage Certificates free and clear of
any pledge, lien, security interest, charge, claim, equity or encumbrance of any
kind created by the Seller, (ii) none of the execution, delivery or performance
by the Seller of this Agreement shall (a) conflict with, result in any breach of
or constitute a default (or an event which, with the giving of notice or passage
of time, or both, would constitute a default) under, any term or provision of
the organizational documents of the Seller, or any material indenture,
agreement, order, decree or other material instrument to which the Seller is a
party or by which the Seller is bound, which conflict, breach or default would
materially and adversely affect the Seller’ ability to perform its obligations
hereunder or (b) violate any provision of any law, rule or regulation applicable
to the Seller of any regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Seller or its
properties, (iii) no consent, license, approval or authorization from, or
registration or qualification with, any governmental body, agency or authority,
nor any consent, approval, waiver or notification of any creditor or lessor is
required in connection with the execution, delivery and performance by the
Seller of this Agreement except such as have been obtained and are in full force
and effect and (iv) the purchase by the Depositor of the Mortgage Certificates
will not cause the Depositor to assume, and would not subject the Depositor to,
any obligations or liability (other than immaterial non-payment
obligations).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) The
Seller further represents and warrants to the Depositor that each Mortgage
Certificate constitutes a “qualified mortgage” within the meaning of Section
860G(a)(3) of the Code (or is a component certificate, each component of which
constitutes a “qualified mortgage” within the meaning of Section 860G(a)(3) of
the Code).  Within 90 days of its discovery or its receipt of notice
of a breach of this Section 3(c), the
Seller shall cure such breach in all material respects or shall repurchase any
affected Mortgage Certificate from the Depositor at the Repurchase
Price.

     

    (d) The
Seller further represents and warrants to the Depositor that at the time of
transfer each Mortgage Certificate has a rating of at least AAA (or its
equivalent) from at least one of  Fitch Ratings, Moody’s Investors
Service, Inc., Standard & Poor’s Rating Services, a Division of The
McGraw-Hill Companies, Inc., or DBRS, Inc.

     

    4. Limited Recourse to the
Depositor and Non-Petition.

     

    Notwithstanding
anything in this Agreement to the contrary, all amounts payable or expressed to
be payable by the Seller on, under or in respect of its obligations and
liabilities under this Agreement shall be recoverable only from and to the
extent of the net proceeds from the sale of the Certificates and upon final
realization of such sums and proceeds, the Seller shall have no further
liability and all claims in respect of such sums due but still unpaid shall be
extinguished.  The Depositor agrees that its rights against the Seller
under this Agreement are limited to the extent that it will not take any action
or proceedings against the Seller to recover any amounts due and payable by the
Seller to it under this Agreement except as expressly permitted by the
provisions of this Agreement.  The Depositor further agrees that it
will not petition a court for, or take any other action or commence any
proceedings for, the liquidation or winding-up of the Seller or any other
bankruptcy or insolvency proceedings with respect to the Seller until one year
and one day (or such longer preference period) after the later to occur of
repayment of all the Certificates or other satisfaction or extinguishment of all
liability with respect thereto.  This provision shall survive the
termination of this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5. Representations and
Indemnities to Survive.

     

    The
respective agreements, representations, warranties, indemnities and other
statements of the Seller and the Depositor or their officers set forth in or
made pursuant to this Agreement will remain in full force and effect, regardless
of any investigation made by or on behalf of the Seller or the Depositor or any
of the their respective officers, directors or controlling persons, and will
survive delivery of and payment for the Mortgage Certificates.

     

    6. Amendments.

     

    This
Agreement may not be modified, amended, altered or supplemented, except upon the
execution and delivery of a written agreement by each of the parties
hereto.

     

    7. Communications.

     

    Except as
may be otherwise agreed between the parties, all communications hereunder shall
be made in writing to the relevant party by personal delivery or by courier or
first-class registered mail, or the closest local equivalent thereto, or by
facsimile transmission confirmed by personal delivery or by courier or
first-class registered mail as follows:

     

    
      	
                      to the
      Seller:

            	
              Banc
      of America Securities LLC

              214
      North Tryon Street

              Charlotte,
      North Carolina  28255

              Attention:  Scott
      Evans

              Facsimile
      Number:  (704) 386-3215

              Reference:  BAFC
      2008-R3

            
	 
      	 
      
	
                      to the
      Depositor:

            	
              Banc
      of America Funding Corporation

              214
      North Tryon Street

              Charlotte,
      North Carolina  28255

              Attention:  Scott
      Evans

              Facsimile
      Number:  (704) 386-3215

              Reference:  BAFC
      2008-R3

            

    

     

    or to
such other address, telephone number or facsimile number as either party may
notify to the other in accordance with the terms hereof from time to
time.  Any communications hereunder shall be effective upon
receipt.

     

    8. Governing
Law.

     

    (a) THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF
THAT WOULD REQUIRE THE APPLICATION OF A LAW OF A JURISDICTION OTHER THAN NEW
YORK.

     

    (b) Each of
the parties hereto irrevocably (i) agrees that any legal suit, action or
proceeding against the Depositor brought by the Seller or by any person who
controls the Seller arising out of or based upon this Agreement or the
transactions contemplated hereby may be instituted in any New York court, (ii)
waives, to the fullest extent it may effectively do so, any objection which it
may now or hereafter have to the laying of venue of any such proceeding and
(iii) submits to the exclusive jurisdiction of such courts in any such suit,
action or proceeding.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) Each of
the parties hereto irrevocably and unconditionally waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal
proceeding arising out of or relating to this Agreement.

     

    9. Counterparts.

     

    This
Agreement may be executed in any number of counterparts, each of which shall be
an original, but all of which together shall constitute one and the same
agreement.  Delivery of an executed counterpart of a signature page by
facsimile or other electronic transmission shall be effective as delivery of a
manually executed counterpart of this Agreement.

     

    10. Definitions.

     

    Capitalized
terms used herein but not defined herein shall have the meanings ascribed to
them in the Trust Agreement.

     

    11. No
Assignment.

     

    This
Agreement may not be assigned in whole or in part by any party hereto without
prior written consent of the other party hereto.

     

    12. Entire
Agreement.

     

    This
Agreement contains the entire agreement with respect to the rights and
obligations of the parties hereto relating to the purchase and sale of the
Certificates between the Seller and the Depositor.

     

    13. Severability of
Provisions.

     

    If any
one or more of the covenants, agreements, representations and warranties,
provisions or terms of this Agreement shall be for any reason whatsoever held
invalid in any jurisdiction, then, to the extent permitted by applicable law in
such jurisdiction, such covenants, agreements, representations and warranties,
provisions or terms shall be deemed severable from the remaining covenants,
agreements, representations and warranties, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other
provisions of this Agreement, the Certificates or the rights of the holder
thereof.

     

    14. Successors.

     

    This
Agreement will inure to the benefit of and be binding upon the parties hereto
and their respective successors and their respective officers and directors and
controlling persons and their successors and assigns, and no other person will
have any right or obligation hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, this Agreement has been entered into as of the date first
written above.

     

    BANC
OF AMERICA SECURITIES LLC

    

    

    By:     /s/ Scott
Evans                                        
    

    Name:  Scott Evans

    Title:   
Principal

     

    
      	
               
      

            	
              BANC
      OF AMERICA FUNDING CORPORATION

            

    

    

    

    By:       /s/ Scott
Evans                                     

    Name:  Scott Evans

    Title:    Senior Vice
President

    

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
A

     

    Schedule
of Mortgage Certificates

     

    
      
        	
                Issuer/Issuing
      Entity

              	
                Class

              	
                Certificate
      Balance

              	
                Percentage

                Interest

              	
                Underlying
      Pooling Agreement

              
	
                 

                1. Banc
      of America Mortgage Trust 2005-3

                 

              	
                2-A-2

              	
                $21,048,904

              	
                25.43161%

              	
                Pooling
      and Servicing Agreement, dated March 30, 2005, among Banc of America
      Mortgage Securities, Inc., Bank of America, National Association and Wells
      Fargo Bank, N.A.

              
	
                 

                2. Banc
      of America Alternative Loan Trust 2005-11

                 

              	
                1-CB-4

              	
                $7,773,652

              	
                41.12671%

              	
                Pooling
      and Servicing Agreement, dated November 29, 2005, among Banc of America
      Mortgage Securities, Inc., Bank of America, National Association and Wells
      Fargo Bank, N.A.

              
	
                 

                3. Banc
      of America Alternative Loan Trust 2006-9

                 

              	
                A-1

              	
                $25,765,635

              	
                100%

              	
                Pooling
      and Servicing Agreement, dated December 28, 2006, among Banc of America
      Mortgage Securities, Inc., Bank of America, National Association and Wells
      Fargo Bank, N.A.

              

      

    

    

     

    
      
         

      

      
        Schedule
A-1Exhibit 10.1

Exhibit 10.1

EXECUTION VERSION

AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment to Employment Agreement (“Amendment”) is made and entered into as of December 17, 2008 by and between Kimco Realty Corporation (the “Company”) and David Henry (the “Executive”) for the purpose of amending the Employment Agreement dated as of March 8, 2007, by and between the Company and the Executive (the “Agreement”).

WHEREAS, upon the terms and conditions set forth herein, the parties hereto desire to modify certain terms of the Agreement as hereinafter provided; and 

WHEREAS, this Amendment is intended to be adopted in good faith compliance with Section 409A of the Internal Revenue Code of 1986, as amended, and the Department of Treasury Regulations and other interpretive guidance promulgated thereunder;

NOW, THEREFORE, in consideration of the foregoing recitals, and in consideration of the mutual promises and covenants set forth below, the Company and the Executive hereby agree as follows:  

1.

Defined Terms.  Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.

2.

Amendment to Section 2.  Certain defined terms in Section 2 are hereby amended and restated in their entirety as follows:

“h.

“Change in Control”  For purposes of this Agreement, a “Change in Control” shall mean (i) a sale of all or substantially all of the assets of the Company to a Person (as defined in Rule 13d-5 under the Securities Exchange Act of 1934, as amended) who is not an affiliate of the Company or an entity in which the shareholders of the Company immediately prior to such transaction do not control more than 50% of the voting power immediately following the transaction, (ii) a sale by any Person resulting in more than 50% of the voting stock of the Company being held by a Person or Group (as defined in Rule 13d-5 under the Securities Exchange Act of 1934, as amended) that does not include the Company or (iii) a merger or consolidation of the Company into another entity which is not an affiliate of the Company or an entity in which the shareholders of the Company immediately prior to such transaction do not control more than 50% of the voting power immediately following the transaction; provided, that the transaction or event described in subsection (i), (ii) or (iii) constitutes a “change in control event,” as defined in Section 1.409A-3(i)(5) of the Department of Treasury Regulations.”

“i.

“Significantly Disabled”   For purposes of this Agreement, the Executive shall be “Significantly Disabled” if the Executive is incapable of performing his usual and customary duties under this Agreement, with or without reasonable accommodation, due to a physical or mental impairment that is expected to result in death or can be expected to last for a continuous period of not less than twelve months.  The Executive’s receipt of disability benefits for a period of not less than three months under the Company’s long-term disability benefits plan (the “LTD Plan”) or receipt of Social Security disability benefits shall be deemed conclusive evidence of Significant Disability for purposes of this Agreement.” 

3.

Amendment to Section 8(c).  The first paragraph of Section 8(c) is hereby amended and restated in its entirety as follows:

“(c)

Additional Compensation Payable Following Termination without Cause.  Subject to Section 24(b) and Section 23(c), if the Executive’s employment shall terminate without Cause (pursuant to Section 7(d)), and subject to the Executive’s execution and non-revocation of a “Separation Agreement and General Release” in substantially the same form as attached hereto as Exhibit A,  beginning with the first payroll period following the thirtieth (30th) day following the date of termination, the Company shall provide the following compensation and benefits to the Executive unless the Change in Control provisions of Section 23 below apply:”  

4.

Amendment to Section 8(c)(i).  The last sentence of Section 8(c)(i) is hereby amended to add the phrase, “provided, however, that the initial payment shall include Base Salary amounts for all payroll periods from the date of termination through the date of such initial payment” to the end of the sentence.

5.

Amendment to Section 8(c)(ii).  Section 8(c)(ii) is hereby amended to add the phrase, “on the last day of each calendar quarter to which an applicable Minimum Bonus relates” to the end of such section.

6.

Amendment to Section 8(c)(vi).  Section 8(c)(vi) is hereby renamed Section 8(d) and amended and restated in its entirety as follows:

“(d)

Compensation Upon Death or Significant Disability. Subject to Section 23(c), upon death or Significant Disability, the Executive (or such payee as the Executive shall have designated on the signature page hereof) shall be entitled to six (6) months of the then current Base Salary and any Stock Options then held by the Executive, which are not yet exercisable, shall thereupon become exercisable in accordance with the terms of such Stock Option.  Payments of Base Salary pursuant to this Section 8(d) shall be made in one lump sum, payable on the thirtieth (30th) day following the date of the Executive’s termination of employment due to his death or Significant Disability.” 

7.

Addition of Section 8(e).  Section 8(d) is hereby renamed Section 8(e).

8.

Amendment to Section 23.  Subsections (c) and (d) are hereby renumbered (d) and (e), respectively, subsections (a) and (b) of Section 23 are hereby amended and restated in their entirety, and a new subsection (c) is hereby added, as follows:

“23.

Change in Control.

(a)

Requirements for Additional Compensation.  Subject to Section 24(b), if a Change in Control occurs and the Executive’s employment is terminated for any reason, at any time thereafter by the Company without Cause pursuant to Section 7(d) above, or by the Executive during the period commencing on the date of such Change in Control and ending on the sixtieth (60th) day following the date of such Change in Control (the “Cessation Date”), the Company shall provide the Executive with the additional compensation and benefits described in this Section 23.

(b)

Lump Sum Payment.  The Company shall pay Executive an amount equal to the lesser of:

(i)

The amount of the then current Base Salary under this Agreement and bonus (defined by the amount of bonus the Executive most recently received), that would have been payable to the Executive if he had continued in employment until the end of the Term of Employment or Renewed Term of Employment, if any; or 

(ii)

The greatest payment which in combination with all other payments to which the Executive would be entitled, would not constitute an “excess parachute payment” as such term is defined in Section 280G(b)(1) of the Internal Revenue Code of 1986, as amended (the “Code”).

The amount determined under this subsection (b) of this Section 23 will be paid to the Executive in a single lump sum on or prior to the thirtieth (30th) day after such termination of the Executive’s employment; and, in any event, on or prior to the 15th day of the third calendar month following the end of the calendar year in which such Change in Control occurs.

(c)

Cessation of Severance Benefits.  If the Executive's employment is terminated for any reason following the Cessation Date, including, without limitation, a termination of employment by the Company without Cause, the Executive shall not be entitled to receive any severance payments or benefits that would otherwise have been payable to the Executive pursuant to this Agreement in connection with a termination of his employment.”

2

9.

Addition of Section 24.  The following new Section 24 is hereby added to the Agreement:

“24.

Section 409A.  

(a)

General.  The parties acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance with, and the parties agree to use their best efforts to achieve timely compliance with, Section 409A of the Code, and the Department of Treasury Regulations and other interpretive guidance promulgated thereunder (collectively, “Section 409A”), including without limitation any such regulations or other guidance that may be issued after the Effective Date.  Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that any compensation or benefits payable or provided under this Agreement may be subject to Section 409A, the Company may adopt (without any obligation to do so or to indemnify the Executive for failure to do so) such limited amendments to this Agreement and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Company reasonably determines are necessary or appropriate to (i) exempt the compensation and benefits payable under this Agreement from Section 409A and/or preserve the intended tax treatment of the compensation and benefits provided with respect to this Agreement or (ii) comply with the requirements of Section 409A.  No provision of this Agreement shall be interpreted or construed to transfer any liability for failure to comply with the requirements of Section 409A from the Executive or any other individual to the Company or any of its affiliates, employees or agents.

(b)

Separation from Service under 409A.  Notwithstanding any provision to the contrary in this Agreement: 

(i)

No amount shall be payable pursuant to Section 8(c) or Section 23 unless the termination of the Executive’s employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations; 

(ii)

If the Executive is deemed at the time of his separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the termination benefits to which the Executive is entitled under this Agreement (after taking into account all exclusions applicable to such termination benefits under Section 409A), including, without limitation, any portion of the additional compensation awarded pursuant to Section 8(c) or Section 23, is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of the Executive’s termination benefits shall not be provided to the Executive prior to the earlier of (1) the expiration of the six-month period measured from the date of the Executive’s “separation from service” with the Company (as such term is defined in the Department of Treasury Regulations issued under Section 409A) or (2) the date of the Executive’s death.  Upon the earlier of such dates, all payments deferred pursuant to this Section 24(b)(ii) shall be paid in a lump sum to the Executive, and any remaining payments due under the Agreement shall be paid as otherwise provided herein;  

(iii)

The determination of whether the Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his separation from service shall be made by the Company in accordance with the terms of Section 409A and applicable guidance thereunder (including without limitation Section 1.409A-1(i) of the Department of Treasury Regulations and any successor provision thereto);

(iv)

For purposes of Section 409A, the Executive’s right to receive installment payments pursuant to Section 8(c) shall be treated as a right to receive a series of separate and distinct payments; and

(v)

The reimbursement of any expense under Section 6(f) or Section 8(a) shall be made no later than December 31 of the year following the year in which the expense was incurred.

3

The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year. The amount of any in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any other year.”

10. 

Section References.  Unless otherwise indicated, all references in this Amendment to designated “Sections” are to the designated Sections of the Agreement.

11.

Continuing Effectiveness of Agreement.  Except as modified by the foregoing, the terms and conditions of the Agreement shall remain unaffected and shall continue in full force and effect after the date hereof.

12.

Counterparts.  This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts (including counterparts delivered by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Any such counterpart delivered by telecopy shall be effective as an original for all purposes.

4

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

KIMCO REALTY CORPORATION,

A Maryland Corporation

By:  /s/ Milton Cooper

Milton Cooper

Chairman of the Board

EXECUTIVE

/s/ David B. Henry

David B. Henry

Date: December 31, 2008

5

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