Document:

Exhibit 10.2

 

FIRST AMENDMENT TO

THIRD AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP

OF GGP LIMITED PARTNERSHIP

 

THIS FIRST AMENDMENT (this “Amendment”) is made and entered into as of June 12, 2012, by and among the undersigned parties.

 

W I T N E S S E T H:

 

WHEREAS, GGP Limited Partnership (the “Partnership”), a Delaware limited partnership, exists pursuant to that certain Third Amended and Restated Agreement of Limited Partnership, dated as of November 9, 2010 (the “Third Restated Partnership Agreement”), and the Delaware Revised Uniform Limited Partnership Act;

 

WHEREAS, GGP, Inc., a Delaware corporation, is the sole general partner of the Partnership (the “General Partner”);

 

WHEREAS, the Partnership has authorized the issuance of 1,000 Series F Preferred Units (the “Series F Units”), with such rights, preferences, limitations and qualifications as described in Schedule D to the Third Restated Partnership Agreement);

 

WHEREAS, on the date hereof there remain outstanding 360 Series F Units;

 

WHEREAS, the Partnership is the sole common stockholder of GGPLP Real Estate, Inc., a Delaware corporation (“GGPLP REI”), which has elected to be taxed as a real estate investment trust (a “REIT”) pursuant to Section 856 et seq. of the Internal Revenue Code of 1986, as amended from time to time (the “Code”);

 

WHEREAS, under Section 856(c)(4)(B)(iii), a REIT may not hold a security (a “NonQualifying Security”) that represents more than 5% of the value of the REIT’s gross assets unless such security qualifies as a real estate asset or represents an interest in a taxable REIT subsidiary;

 

WHEREAS, the General Partner wishes to create a process by which a REIT subsidiary may avoid violation of Section 856(c)(4)(B)(iii) by exchanging a NonQualifying Security in the Partnership for Series F Units, which qualify as real estate assets under Section 856(c)(4) of the Code; and

 

WHEREAS, the General Partner deems it to be in the best interest of the Partnership to amend the Partnership Agreement as set forth herein to permit the issuance of Series F Units to subsidiary REITS owned by the Partnership in exchange for NonQualifying Securities in the Partnership.

 

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do herby agree as follows:

 

1.                                      Capitalized Terms.  Capitalized terms used but not defined herein shall have the definitions assigned to such terms in the Partnership Agreement.

 

2.                                      Amendment of Major Decisions.  Section 6.3(a) of the Partnership Agreement is hereby deleted in its entirety and the following is hereby inserted in its place and stead:

 

(a)                                 Amend, modify or terminate this Agreement other than (i) to reflect the admission of additional limited partners pursuant to Section 8.3 hereof, (ii) to reflect the issuance of additional Units pursuant to Section 4.3 hereof, (iii) to reflect the issuance of additional Series F Preferred Units to REIT subsidiaries that are substantially wholly-owned by the Partnership in exchange for debt owed by the Partnership in such amounts deemed necessary by the General Partner to ensure compliance by the Partnership and/or its REIT subsidiaries with Section 856(c)(4)(B)(iii) of the Code, as may be amended from time to time, and (iv) as provided in other sections hereof.

 

3.                                      New Exhibit A.  Upon the issuance of any Series F Units authorized by these Resolutions, the General Partner shall be authorized on behalf of each of the Partners to amend the Exhibit A to the Partnership Agreement to reflect the issuance of the Series F Units in accordance with these resolutions.

 

4.                                      Schedule D—Designation and Number.  Section 2 of Schedule D of the Partnership Agreement is hereby amended by adding the following clause to the end of the second sentence of that Section immediately following the number 1,000: “, which number may be increased from time to time by the General Partner in accordance with Section 6.3(a) of the Third Amended and Restated Agreement of Limited Partnership, as amended”.

 

5.                                      Other Provisions Unaffected.  Except as expressly amended hereby, the Partnership Agreement shall remain in full force and effect in accordance with its terms.

 

6.                                      Counterparts.  This Amendment may be executed in counterparts, each of which shall be an original and all of which together shall constitute the same document.

 

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IN WITNESS WHEREOF, the undersigned have executed this Amendment on the day and year first written above.

 

 

	
GENERAL   PARTNER:
    	
 
    
	
 
    	
 
    
	
GGP, INC.,
    	
 
    
	
a   Delaware corporation
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Michael Berman
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
MAJORITY-IN-INTEREST   OF LIMITED PARTNERS:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
M.B.   CAPITAL PARTNERS III, a South Dakota
    	
 
    
	
 
    	
general   partnership, its sole member
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GENERAL   TRUST COMPANY, not
    	
 
    
	
 
    	
 
    	
individually   but solely as Trustee of
    	
 
    
	
 
    	
 
    	
Martin   Investment Trust G, a partner
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   E. Michael Greaves
    	
 
    
	
 
    	
 
    	
 
    	
E.   Michael Greaves, Vice President
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
MATTHEW BUCKSBAUM REVOCABLE TRUST
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   E. Michael Greaves
    	
 
    
	
 
    	
E.   Michael Greaves, Vice President
    	
 
    
	
 
    	
General   Trust Company
    	
 
    
	
 
    	
As   Co-Trustee
    	
 
    
						

 

3Exhibit 10.3

 

SECOND AMENDMENT TO

THIRD AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP

OF GGP LIMITED PARTNERSHIP

 

THIS SECOND AMENDMENT (this “Amendment”) is made and entered into as of November 30, 2012, by and among the undersigned parties.

 

W I T N E S S E T H:

 

WHEREAS, GGP Limited Partnership (the “Partnership”), a Delaware limited partnership, exists pursuant to that certain Third Amended and Restated Agreement of Limited Partnership, dated as of November 9, 2010, as amended (the “Third Restated Partnership Agreement”), and the Delaware Revised Uniform Limited Partnership Act;

 

WHEREAS, GGP, Inc., a Delaware corporation, is the sole general partner of the Partnership (the “General Partner”);

 

WHEREAS, the General Partner deems it to be in the best interest of the Partnership to amend the Partnership Agreement as set forth herein to clarify and expand the means and methods by which additional funds may be loaned or contributed to the Partnership.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do herby agree as follows:

 

1.                                      Capitalized Terms.  Capitalized terms used but not defined herein shall have the definitions assigned to such terms in the Partnership Agreement.

 

2.                                      Amendment of Additional Funds.  Section 4.3 of the Partnership Agreement is hereby deleted in its entirety and the following is hereby inserted in its place and stead:

 

4.3                               Additional Funds.

 

(a)                                 If the General Partner determines that funds are required or desired for any proper Partnership purpose in excess of the funds anticipated to be available (all of such funds, the “Required Funds”) and the General Partner is not able or does not deem it advisable to cause the Partnership to borrow such funds, then:

 

(i)                                     the REIT Entities or the Affiliate Limited Partner may enter into a Funding Loan to borrow all or any portion of the Required Funds; or

 

 

(ii)                                  the REIT Entities or the Affiliate Limited Partner may raise all or any portion of the Required Funds by undertaking any of the following:

 

(A)                         the Public REIT issues shares of its Common Stock;
 (B)                         the Public REIT issues other securities (including debt securities other than notes issued in connection with a Funding Loan);

(C)                         the REIT Entities (other than the Public REIT) or Affiliate Limited Partner issue new equity interests or securities (including debt securities other than notes issued in connection with a Funding Loan) to any Person not under the Control of, or not wholly owned, directly or indirectly, by, the Public REIT, provided that the Public REIT shall cause the other REIT Entities and the Affiliate Limited Partner to restrict such issuances to equity interests or securities having substantially similar terms to the Series F Preferred Units; or

(D)                         the Public REIT, directly or indirectly, sells any previously issued equity interests or securities in the other REIT Entities or the Affiliate Limited Partner.

 

(b)                                 To the extent the REIT Entities or the Affiliate Limited Partner borrows all or any portion of the Required Funds by entering into a Funding Loan pursuant to Section 4.3(a)(i), such borrowing entity shall, on the Funding Date, lend (the “REIT Loan”) to the Partnership the Funding Loan Proceeds on the same terms and conditions, including interest rate, repayment schedule and costs and expenses, as shall be applicable with respect to or incurred in connection with the Funding Loan.

 

(c)                                  To the extent that the Required Funds are raised pursuant to Section 4.3(a)(ii), the General Partner and the Affiliate Limited Partner shall, on the Funding Date, contribute to the Partnership, either directly or indirectly (i.e., through the Affiliate Limited Partner), as an additional Capital Contribution the amount of the Required Funds so raised (“Contributed Funds”).  In the event the General Partner and/or Affiliate Limited Partner advances Required Funds to the Partnership as Contributed Funds pursuant to this subparagraph (c), the Partnership shall assume and pay (or reflect on its books as additional Contributed Funds) the expenses (including any applicable underwriting discounts) incurred by the REIT Entities or the Affiliate Limited Partner in connection with raising such Contributed Funds through a public offering of its securities or otherwise.

 

(d)                                 Effective on each Funding Date, and without the consent of any other Partner, the Partnership shall issue to the General Partner

 

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and/or Affiliate Limited Partner, as applicable, with respect to Contributed Funds relating to:

 

(i)                                     an issuance by the Public REIT of Common Stock, the number of additional Common Units equal to the product of (x) the number of shares of Common Stock issued by the Public REIT in connection with obtaining such Contributed Funds, and (y) the Conversion Factor;

 

(ii)                                  an issuance by the Public REIT of other equity interests or securities (including debt securities other than notes issued in connection with a Funding Loan), Preferred Units with terms that are equivalent to the terms of such other equity interests or securities, which Preferred Units shall, in the case of an issuance of debt securities, include an adjustment factor to ensure equivalency with any debt securities issued upon refinancing of such obligations;

 

(iii)                               an issuance by the other REIT Entities or the Affiliate Limited Partner of equity interests or securities (including debt securities other than notes issued in connection with a Funding Loan) to any Person not under the Control of, or not wholly owned, directly or indirectly, by, the Public REIT, the number of Series F Preferred Units equal to a fraction, the numerator of which shall be the liquidation value of such equity securities and the denominator of which shall be $1000; or

 

(iv)                              a sale, directly or indirectly, by the Public REIT of equity interests or securities in the other REIT Entities or the Affiliate Limited Partner, the number of additional Common Units equal to (x) the Conversion Factor multiplied by (y) the quotient of (1) the sale price of such equity interests divided by (2) the Current Per Share Market Price in respect of such transaction.

 

The General Partner shall be authorized on behalf of each of the Partners to amend this Agreement to reflect the issuance of Units in accordance with Sections 4.3 and 4.4 in the event that the General Partner deems such amendment to be desirable.

 

3.                                      Amendment of Section 1.1.

 

a.                    The term “Adjustment Date” set forth in Section 1.1 shall be deleted.

 

b.                    The term “Contributed Funds” set forth in Section 1.1 shall be deleted in its entirety and replaced with the following:  “Contributed Funds” shall have the meaning set forth in Section 4.3(c) hereof.

 

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c.                     The term “REIT Loan” set forth in Section 1.1 shall be deleted in its entirety and replaced with the following:  “REIT Loan” shall have the meaning set forth in Section 4.3(b) hereof.

 

4.                                      Other Provisions Unaffected.  Except as expressly amended hereby, the Partnership Agreement shall remain in full force and effect in accordance with its terms.

 

5.                                      Counterparts.  This Amendment may be executed in counterparts, each of which shall be an original and all of which together shall constitute the same document.

 

[Remainder of Page Left Intentionally Blank]

 

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IN WITNESS WHEREOF, the undersigned have executed this Amendment on the day and year first written above.

 

 

	
GENERAL   PARTNER:
    	
 
    
	
 
    	
 
    
	
GGP, INC.,
    	
 
    
	
a   Delaware corporation
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Marvin J. Levine
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
MAJORITY-IN-INTEREST   OF LIMITED PARTNERS:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
M.B.   CAPITAL PARTNERS III, a South Dakota
    	
 
    
	
 
    	
general   partnership, its sole member
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GENERAL   TRUST COMPANY, not
    	
 
    
	
 
    	
 
    	
individually   but solely as Trustee of
    	
 
    
	
 
    	
 
    	
Martin   Investment Trust G, a partner
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   E. Michael Greaves
    	
 
    
	
 
    	
 
    	
 
    	
E.   Michael Greaves, Vice President
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
MATTHEW BUCKSBAUM REVOCABLE TRUST
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
GENERAL   TRUST COMPANY, as Co-Trustee
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   E. Michael Greaves
    	
 
    
	
 
    	
 
    	
 
    	
E.   Michael Greaves, Vice President
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Solely   for the limited purposes set forth in Section 4.3.
    	
 
    
	
 
    	
 
    
	
PUBLIC   REIT:
    	
 
    
	
 
    	
 
    
	
GENERAL   GROWTH PROPERTIES, INC.,
    	
 
    
	
a   Delaware corporation
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Marvin J. Levine
    	
 
    
	
 
    	
Its:   Executive Vice President & Chief Legal Officer
    	
 
    
						

 

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