Document:

EX10.28FirstAmendmentCliffordPSA

Exhibit 10.28

FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT

THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (“Amendment”) dated as of January 9, 2015, is made by and among CITY CENTER LAND COMPANY, LLC, a Hawaii limited liability company, CITY CENTER, LLC, a Hawaii limited liability company (collectively, “Seller”) and U. YAMANE, LIMITED, a Hawaii corporation (“Buyer”).

W I T N E S S E T H:

WHEREAS, Seller and Buyer entered into that certain Purchase and Sale Agreement dated December 29, 2014 (“Agreement”), pursuant to which Seller has agreed to sell and Buyer has agreed to buy the Property, as more particularly described in the Agreement;

WHEREAS, Seller and Buyer hereby agree to amend the terms of the Agreement on the terms and conditions set forth below.

NOW, THEREFORE, for other good and valuable consideration, the parties hereto agree as follows:

1.     Definitions. Capitalized terms used in this Amendment and not otherwise defined herein shall have the respective meanings assigned thereto in the Agreement.

2.     Amendments. The Agreement is amended as follows:

(a)     Purchase Price. Section 2(a) of the Agreement is amended by the deletion of the first sentence in Section 2(a) and the substitution of the following new sentence:

“(a)     Purchase Price.  The purchase price (the “Purchase Price”) to be paid by Buyer for the Property shall be EIGHT MILLION NINE HUNDRED THOUSAND AND NO/100 U.S. DOLLARS (U.S. $8,900,000.00).”

(b)     Schedule “2(c)”.  Schedule “2(c)” is amended by deleting Schedule “2(c)” in its entirety and by substituting, in lieu thereof, the Schedule “2(c)” attached to this Amendment.

3.     Entire Agreement.  The Agreement, as modified by this Amendment, constitutes the entire agreement between the parties hereto with respect to the transactions contemplated by the Agreement, and supersedes all prior discussions, understandings or agreements between the parties other than the Confidentiality Agreement. Except as set forth in this Amendment, all of the terms and provisions of the Agreement shall remain unmodified and in full force and effect.

4.     Counterparts and Facsimile Signatures.  This Amendment may be executed in any number of counterparts, and all counterparts shall collectively constitute a single agreement. The submission of a party's signature transmitted by facsimile (or similar electronic transmission facility) shall be considered an original signature for purposes of this Amendment.

1

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

CITY CENTER LAND COMPANY, LLC
a Hawaii limited liability company

By Pacific Office Properties, L.P.
a Delaware limited partnership
Its Member

By Pacific Office Properties Trust, Inc.
a Maryland corporation
Its General Partner

By  /s/ Lawrence J. Taff    
Name:  Lawrence J. Taff
Its:  President

CITY CENTER, LLC
a Hawaii limited liability company

By Pacific Office Properties, L.P.
a Delaware limited partnership
Its Member

By Pacific Office Properties Trust, Inc.
a Maryland corporation
Its General Partner

By  /s/ Lawrence J. Taff    
Name:  Lawrence J. Taff
Its:  President

Seller

U. YAMANE, LIMITED,
a Hawaii corporation

By:  /s/ Steven Yamane    
Name:  Steven Yamane
Title:  President

Buyer

2EX10.29AmendPromissoryNotes

Exhibit 10.29

AMENDMENT TO SUBORDINATED PROMISSORY NOTES

THIS AMENDMENT TO SUBORDINATED PROMISSORY NOTES (this “Amendment”) is made and entered into as of March 10, 2015, by and among the undersigned holders (the “Holders”) of certain subordinated promissory notes issued by Pacific Office Properties, L.P., a Delaware limited partnership (the “Maker”), and the Maker.
WITNESSETH:

WHEREAS, each of the Holders is the holder of the subordinated promissory note or notes issued by the Maker described on Exhibit A hereto (each, a “Note” and collectively, the “Notes”);
WHEREAS, certain of the Notes were previously amended by that certain Amendment to Subordinated Promissory Notes, dated as of February 6, 2014, by and among the Holders and the Maker;
WHEREAS, each of the Holders and the Maker desire to amend or further amend certain provisions of the Notes, as hereinafter set forth;
NOW, THEREFORE, in consideration of the foregoing, and of the mutual covenants hereinafter contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
AGREEMENT:

1.    Maturity.  The first sentence of paragraph 3(a) or 3(i), as applicable, of each Note is hereby deleted in its entirety and replaced with the following:
“Subject to the further provisions of this Section 3, the “Maturity Date” shall be the earlier to occur of (x) June 30, 2016, and (y) the date as of which the Maker has fully satisfied, or is released from, any and all liability (actual, contingent or otherwise) under that certain Indemnification Agreement dated as of September 2, 2009 between the Maker and Shidler Equities L.P., a Hawaii limited partnership (as the same has been or may be amended, restated, supplemented, modified or extended from time to time).”
2.    Full Force and Effect.  Except as expressly modified and amended hereby, each Note shall continue in full force and effect and, as thus modified and amended, is hereby ratified, confirmed and approved.
3.    Amendment Not Novation.  The changes and modifications made to each Note by this Amendment constitute amendments to such Note and are not a novation of such Note. 
4.    Counterparts.  This Amendment may be executed in counterparts which, taken together, shall constitute a single instrument.
[Signature page follows]

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

PACIFIC OFFICE PROPERTIES, L.P.

By:    PACIFIC OFFICE PROPERTIES TRUST, INC., its sole general partner

By:    /s/ Lawrence J. Taff            
Name:    Lawrence J. Taff
Title:      Chief Executive Officer

PAN AM PARTNERS, LLC, 
a Delaware limited liability company

By:    JCR Manager, LLC,
a Delaware limited liability company, its Manager

By:    /s/ Lawrence J. Taff            
Name:    Lawrence J. Taff
Title:      Vice President

STIRR-DAVIES, LLC, 
a Delaware limited liability company

By:    JCR Manager, LLC,
a Delaware limited liability company, its Manager

By:    /s/ Lawrence J. Taff            
Name:    Lawrence J. Taff
Title:      Vice President

WATERFRONT PARTNERS OP, LLC, 
a Hawaii limited liability company

By:    JCR Manager, LLC,
a Delaware limited liability company, its Manager

By:    /s/ Lawrence J. Taff            
Name:    Lawrence J. Taff
Title:      Vice President

250 QUEEN STREET INVESTMENT COMPANY, 
a Hawaii limited partnership

By:    810 Richards Investment Corp.,
a Hawaii corporation, its General Partner

By:    /s/ Jay H. Shidler            
Name:    Jay H. Shidler
Title:      Vice President

STIRR-PBN, LLC, 
a Hawaii limited liability company

By:    JCR Manager, LLC,
a Delaware limited liability company, its Manager

By:    /s/ Lawrence J. Taff            
Name:    Lawrence J. Taff
Title:      Vice President

SHIDLER EQUITIES L.P., 
a Hawaii limited partnership

By:    Shidler Equities Corp., a Hawaii corporation

By:    /s/ Jay H. Shidler            
Name:  Jay H. Shidler
Title:  President

REYNOLDS PARTNERS, 
a Hawaii limited partnership

By:    JC Reynolds, LLC, a Hawaii limited liability company, its general partner

By:    /s/ James C. Reynolds        
Name:    James C. Reynolds
Title:      ______________

JRI EQUITIES, LLC, 
a California limited liability company

By:    /s/ James R. Ingebritsen            
Name:  James R. Ingebritsen
Title:  Managing Member

MJR EQUITIES, LLC, 
a California limited liability company

By:    /s/ Matthew J. Root            
Name:  Matthew J. Root
Title:  Managing Member

/s/ Lawrence J. Taff            
Lawrence J. Taff

CITY SQUARE EXECUTIVE PARTNERS, LLC, 
a Delaware limited liability company

By:    JCR Manager, LLC,
a Delaware limited liability company, its Manager

By:    /s/ Lawrence J. Taff            
Name:    Lawrence J. Taff
Title:      Vice President

STIRR BLACK CANYON, LLC, 
a Delaware limited liability company

By:    JCR Manager, LLC,
a Delaware limited liability company, its Manager

By:    /s/ Lawrence J. Taff            
Name:    Lawrence J. Taff
Title:      Vice President

STIRR 2155 KALAKAUA, LLC, 
a Hawaii limited liability company

By:    SGIP Manager, LLC,
a Delaware limited liability company, its Manager

By:    /s/ Lawrence J. Taff            
Name:    Lawrence J. Taff
Title:      Vice President

STIRR USB TOWER, LLC, 
a Delaware limited liability company

By:    JCR Manager, LLC,
a Delaware limited liability company, its Manager

By:    /s/ Lawrence J. Taff            
Name:    Lawrence J. Taff
Title:      Vice President

Exhibit A

	
			
	Holder
	Date of Note
	Principal Amount of Note

	Pan Am Partners, LLC, 
a Delaware limited liability company
	March 19, 2008
	$727,280.00

	STIRR-Davies, LLC, 
a Delaware limited liability company
	March 19, 2008
	$613,470.00

	Waterfront Partners OP, LLC, 
a Hawaii limited liability company
	March 19, 2008
	$293,790.00

	250 Queen Street Investment Company,  
a Hawaii limited partnership
	March 19, 2008
	$801,660.00

	STIRR-PBN, LLC, 
a Hawaii limited liability company
	March 19, 2008
	$193,800.00

	Shidler Equities, L.P., 
a Hawaii limited partnership (1)
	March 19, 2008
	$3,348,000.00

	Reynolds Partners, L.P., 
a Hawaii limited partnership (1)
	March 19, 2008
	$3,348,000.00

	JRI Equities, LLC, 
a California limited liability company (1)
	March 19, 2008
	$1,674,000.00

	MJR Equities, LLC, 
a California limited liability company (1)
	March 19, 2008
	$1,674,000.00

	Lawrence J. Taff (1)
	March 19, 2008
	$1,116,000.00

	City Square Executive Partners, LLC,  
a Delaware limited liability company (1)
	March 19, 2008
	$840,000.00

	Shidler Equities, L.P., 
a Hawaii limited partnership (2)
	March 19, 2008
	$519,133.63

	Reynolds Partners, L.P., 
a Hawaii limited partnership (2)
	March 19, 2008
	$519,133.63

	JRI Equities, LLC, 
a California limited liability company (2)
	March 19, 2008
	$259,566.81

	MJR Equities, LLC, 
a California limited liability company (2)
	March 19, 2008
	$259,566.81

	Lawrence J. Taff (2)
	March 19, 2008
	$173,044.54

	City Square Executive Partners, LLC, 
a Delaware limited liability company (2)
	March 19, 2008
	$130,248.58

	
			
	Holder
	Date of Note
	Principal Amount of Note

	STIRR Black Canyon, LLC, 
a Delaware limited liability company
	April 30, 2008
	$1,030,000.00

	STIRR 2155 Kalakaua, LLC, 
a Hawaii limited liability company
	May 23, 2008
	$791,341.00

	STIRR USB Tower, LLC, 
a Delaware limited liability company
	May 23, 2008
	$1,220,000.00

	Shidler Equities, L.P., 
a Hawaii limited partnership
	September 25, 2009
	$627,230.52

	Reynolds Partners, L.P., 
a Hawaii limited partnership
	September 25, 2009
	$502,191.15

	JRI Equities, LLC, 
a California limited liability company
	September 25, 2009
	$153,632.29

	MJR Equities, LLC, 
a California limited liability company
	September 25, 2009
	$153,632.29

	Lawrence J. Taff
	September 25, 2009
	$135,287.02

	Shidler Equities L.P., 
a Hawaii limited partnership
	February 6, 2014
	$2,015,267.00

	Reynolds Partners, 
a Hawaii limited partnership
	February 6, 2014
	$2,703,333.00

	JRI Equities, LLC, 
a California limited liability company
	February 6, 2014
	$1,255,425.00

	MJR Equities, LLC, 
a California limited liability company
	February 6, 2014
	$1,255,427.00

	Lawrence J. Taff
	February 6, 2014
	$1,099,282.00

___________
(1) As assignee of Note originally issued to POP Venture, LLC on March 19, 2008 in the principal amount of $12,000,000.00, and distributed and assigned on that date to N. Central, LLC.
(2) As assignee of Note originally issued to N. Central, LLC on March 19, 2008 in the principal amount of $1,860,694.00.

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