Document:

FIRST AMENDMENT TO PROPERTY MANAGEMENT

            AND SERVICES AGREEMENT

            This First Amendment to Property Management and Services Agreement (“First Amendment”) is made and entered as of September 30, 2005, by and between Glenborough Properties, L.P., a California limited partnership (“Glenborough”) and Rancon Realty Fund V, a California limited partnership (“Rancon”).

            RECITALS

            
                	
                             

                        	
                            This First Amendment is made with reference to the following facts and objectives:

                        

            

            A.        Glenborough and Rancon entered into a Property Management and Services Agreement dated July 30, 2004 (the “Agreement’). Since then the parties have determined that Exhibit A to the Agreement should be modified to more clearly identify the properties subject to the Agreement.

            B.        Glenborough and Rancon now desire to modify Exhibit A to the Agreement as hereinafter set forth.

            
                	
                             

                        	
                            NOW, THEREFORE, Glenborough and Rancon hereby agree:

                        

            

            AGREEMENT

            1.             Exhibit A to the Agreement is deleted and replaced with Exhibit A attached to and incorporated into this First Amendment.

            2.            All other terms, covenants, and conditions of the Agreement shall remain in full force and effect.

            This First Amendment modifies and amends the Agreement. To the extent there are any inconsistencies between this First Amendment and the Agreement, the terms, covenants, and conditions of this First Amendment shall govern.

             

            
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            IN WITNESS WHEREOF, Glenborough and Rancon have executed this First Amendment as of the date first above written.

            

            

            GLENBOROUGH:

             

            GLENBOROUGH PROPERTIES, L.P.,

            a California limited partnership

            
                	
                            By

                        	
                            Glenborough Realty Trust Incorporated

                        

            

            
                	
                             

                        	
                            A Maryland corporation

                        

            

            
                	
                             

                        	
                            Its General Partner

                        

            

            
                	
                             

                        	
                            By:

                        	
                            /s/ Sandra Boyle

                        

            

            
                	
                            

                        	
                            Its Executive Vice President

                        

            

             

            RANCON:

             

            
                	
                            RANCON REALTY FUND V,

                            a California limited partnership

                             

                            By: /s/ Daniel L. Stephenson

                            Daniel L. Stephenson,

                            General Partner

                        
	
                             

                            By: RANCON FINANCIAL CORPORATION, a

                            California corporation, General Partner

                        
	
                             

                            By:/s/ Daniel L. Stephenson

                            Daniel L. Stephenson, President

                             

                        

            

             

            
                2

                 

                

            

             

            
                

            

            

            

            
                	
                            Exhibit A: Rancon Realty Fund V

                        
	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        
	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        
	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        
	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        
	
                             

                        	
                             

                        	
                            Proposed -

                        	
                            Developed

                        	
                            Undeveloped

                        	
                            Parcel

                        	
                            Current

                        	
                            Former

                        
	
                            Current Property Name

                        	
                            Address

                        	
                            Current Use

                        	
                            S.F.

                        	
                            S.F.

                        	
                            Acres

                        	
                            AP #

                        	
                            AP #

                        
	
                            Brier Corporate Center

                        	
                            862 Hospitality Lane

                        	
                            Office

                        	
                            104,049

                        	
                             

                        	
                            5.200

                        	
                            281-351-25

                        	
                            281-351-14

                        
	
                            Carnegie Business Center

                        	
                            720-732 E. Carnegie Drive

                        	
                            R&D

                        	
                            50,867

                        	
                            -----

                        	
                            3.740

                        	
                            281-351-21

                        	
                            ----

                        
	
                            Bally's Total Fitness

                        	
                            784 E. Hospitality Lane

                        	
                            Health Club

                        	
                            25,000

                        	
                            -----

                        	
                            0.929

                        	
                            281-371-71

                        	
                            281-371-36, 37

                        
	
                            Carnegie Plaza Parking

                        	
                            NA

                        	
                            Parking

                        	
                            -----

                        	
                            -----

                        	
                            21.399

                        	
                            281-371-72

                        	
                            281-371-47

                        
	
                            Carnegie Plaza Parking

                        	
                            NA

                        	
                            Parking

                        	
                            -----

                        	
                            -----

                        	
                            6.006

                        	
                            281-371-83

                        	
                            281-371-48,73

                        
	
                            East Lake Restaurant

                        	
                            TBA

                        	
                            Retail

                        	
                            -----

                        	
                            9,000

                        	
                            0.270

                        	
                            281-371-81

                        	
                            281-371-45

                        
	
                            East Lakeside Tower

                        	
                            TBA

                        	
                            Office-Park

                        	
                            ----

                        	
                            200,000

                        	
                            0.801

                        	
                            281-371-80

                        	
                            281-371-44

                        
	
                            East Lakeside Tower Parking

                        	
                            NA

                        	
                            Parking

                        	
                            -----

                        	
                            -----

                        	
                            0.863

                        	
                            281-371-38

                        	
                            -----

                        
	
                            Lakeside Tower

                        	
                            650 E. Hospitality Lane

                        	
                            Office

                        	
                            112,791

                        	
                            -----

                        	
                            0.716

                        	
                            281-371-43

                        	
                            -----

                        
	
                            One Carnegie Plaza

                        	
                            621 & 625 E. Carnegie Drive

                        	
                            Office

                        	
                            107,278

                        	
                            -----

                        	
                            2.147

                        	
                            281-341-12

                        	
                            -----

                        
	
                            One Parkside

                        	
                            560 E. Hospitality Lane

                        	
                            Office

                        	
                            70,068

                        	
                            -----

                        	
                            0.628

                        	
                            281-371-35

                        	
                            -----

                        
	
                            Outback Restaurant

                        	
                            620 E. Hospitality Lane

                        	
                            Retail

                        	
                            6,500

                        	
                            -----

                        	
                            0.333

                        	
                            281-371-40

                        	
                            -----

                        
	
                            Pat & Oscar's

                        	
                            690 E. Hospitality Lane

                        	
                            Retail

                        	
                            5,100

                        	
                            -----

                        	
                            0.581

                        	
                            281-371-82

                        	
                            281-371-46

                        
	
                            The Lake

                        	
                            NA

                        	
                            Lake

                        	
                            -----

                        	
                            -----

                        	
                            1.374

                        	
                            281-371-49

                        	
                            ----

                        
	
                            Three Carnegie Plaza

                        	
                            735 E. Carnegie Drive

                        	
                            Office

                        	
                            86,200

                        	
                            -----

                        	
                            1.074

                        	
                            281-361-17

                        	
                            -----

                        
	
                            Two Carnegie Plaza

                        	
                            685 Carnegie Drive

                        	
                            Office

                        	
                            68,957

                        	
                            -----

                        	
                            1.137

                        	
                            281-341-13

                        	
                            -----

                        
	
                            Two Parkside

                        	
                            550 E. Hospitality

                        	
                            Office

                        	
                            82,004

                        	
                            -----

                        	
                            0.631

                        	
                            281-371-34

                        	
                            -----

                        
	
                            West Lake Office

                        	
                            630 E. Hospitality

                        	
                            Office

                        	
                            -----

                        	
                            72,000

                        	
                            0.544

                        	
                            281-371-41

                        	
                            -----

                        
	
                            West Lakeside Tower

                        	
                            TBA

                        	
                            Office-Park

                        	
                            -----

                        	
                            120,000

                        	
                            0.818

                        	
                            281-371-42

                        	
                            -----

                        
	
                            West Lakeside Tower Parking

                        	
                            NA

                        	
                            Parking

                        	
                            -----

                        	
                            -----

                        	
                            1.269

                        	
                            281-371-39

                        	
                            -----

                        
	
                            Palm Court Retail 3

                        	
                            745 E. Hospitality Lane

                        	
                            Retail

                        	
                            6,004

                        	
                            -----

                        	
                            0.580

                        	
                            281-361-14

                        	
                            -----

                        
	
                            Maintenance Associations

                        	
                            Associations 3, 4, 5, 6, 7

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        	
                             

                        

            

             

            
                3SECOND AMENDMENT TO PROPERTY MANAGEMENT

            AND SERVICES AGREEMENT

            This Second Amendment to Property Management and Services Agreement (“Second Amendment”) is made and entered as of December 1, 2005 (the “Effective Date”), by and between Glenborough Properties, L.P., a California limited partnership (“Glenborough”) and Rancon Realty Fund V, a California limited partnership
            (“Rancon”).

            RECITALS

            This Second Amendment is made with reference to the following facts and objectives:

            A.        GLENBOROUGH and Rancon are parties to Property Management and Services Agreement dated as of June 30, 2004, as amended as of September 30, 2005 (the “Agreement”), under which GLENBOROUGH provides certain Management, Administration and Consulting (each as defined in the Agreement) services to
            Rancon.

            B.        As a result of refinancing, Rancon’s lender required that Rancon transfer certain real property owned by Rancon into a wholly owned subsidiary.

            C.        Rancon desires that GLENBOROUGH continue to provide Management, Administration and Consulting services to its wholly owned subsidiary as successor owner of the properties transferred from Rancon.

            NOW, THEREFORE, Glenborough and Rancon hereby agree as follows:

            AGREEMENT

            
                	
                             

                        	
                            1.

                        	
                            The Recitals to the Agreement is hereby deleted and replaced with the following:

                        

            

            “A.      The parties intend by this Agreement to provide the terms and conditions whereby Glenborough will provide for Rancon (or any of its wholly owned subsidiaries) (i) property management and construction services (collectively, “Management”) for the properties owned, operated or managed, in whole or in part, by Rancon (or any
            of its wholly owned subsidiaries), described in Exhibit “A” attached hereto

             

            
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            (“Property”); (ii) asset and partnership services which the general partners of Rancon are obligated to perform for or render to Rancon (“Administration”); and (iii) leasing, sale & finance, development and dissolution consulting services concerning the Property (collectively, “Consulting”). Collectively, the Management, Administration and Consulting
            services may be referred to as the “Services”. Rancon acknowledges that the Services to be rendered by Glenborough under this Agreement that may require a real estate license will be performed by Glenborough, which is a partnership authorized to perform such acts by and through a general partner that holds a real estate license.”

            2.         All other terms, covenants, and conditions of the Agreement shall remain in full force and effect.

            3.         To the extent there are any inconsistencies between this Second Amendment and the Agreement, the terms, covenants, and conditions of this Second Amendment shall govern.

            IN WITNESS WHEREOF, Glenborough and Rancon have executed this Second Amendment as of the date first above written.

            
                	
                            GLENBOROUGH:

                             

                            GLENBOROUGH PROPERTIES, L.P.,

                            a California limited partnership

                            By:       Glenborough Realty Trust Incorporated

                            A Maryland corporation

                            Its General Partner

                            By: /s/ Sandra Boyle

                            Its Executive Vice President

                             

                        	
                            RANCON:

                             

                            RANCON REALTY FUND V,

                            a California limited partnership

                             

                            By:/s/ Daniel L. Stephenson

                            Daniel L. Stephenson,

                            General Partner

                             

                            By: RANCON FINANCIAL CORPORATION, a

                            California corporation, General Partner

                             

                            By:/s/ Daniel L. Stephenson

                            Daniel L. Stephenson, President

                             

                        

            

             

             

            
                2

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