Document:

Blueprint

 

Exhibit
10.5

 

AMENDMENT
TO

AGREEMENT
OF LIMITED PARTNERSHIP

OF

150
CCM BLACK OAK, LTD.

 

 

This Amendment No.
2 (this “Amendment No. 2”; the Binding Term Sheet of
November 7, 2014 is Amendment No. 1)) to the Agreement of Limited
Partnership of 150 CCM Black Oak, Ltd (the “Partnership
Agreement”) is hereby adopted by 150 Black Oak GP, Inc., a
Texas corporation, whose address is 340 North Sam Houston Parkway
East, Suite 140, Houston, Texas 77060, as general partner
(“General Partner”), and each of the individuals or
entities whose names are set forth on the Amended Exhibit
“A” attached to this Agreement as limited partners
(“Limited Partners”). Capitalized terms used but not
defined herein are used as defined in the Partnership
Agreement.

 

Exhibit A to the LPA: Name Change

 

WHEREAS certain versions of the Limited
Partnership Agreement incorrectly referred to CCM Property USA PTE
LTD as the limited partner instead of the accurate name of CCM
Development USA Corp; and

 

WHEREAS, on November 18,
2014, CCM Development
USA Corp properly changed its name to SeD Development USA, Inc.;
and

 

WHEREAS, neither name change is a change
in ownership interest in violation of Section 10 of the Partnership
Agreement; and

 

Exhibit A to the LPA: Capital Contribution

 

WHEREAS, under accounting rules, the
capital contribution shall be a contribution to the partnership of
cash and not contracts to purchase property; and

 

WHEREAS, the Capital Contribution table
shall be adjusted to show “zero” for capital
contribution from American Real Estate Investments, Inc. and
Fogarty Family Trust II, but also noting their respective
contributions of contracts to purchase real estate;

 

Exhibit A to the LPA: Ownership Percentages

 

WHEREAS, the Partners entered into that
Binding Term Sheet on November 7, 2014 that among other things
adjusted the percentage of partnership allocations as of November
7, 2014 to the following:

 

	
SeD

	
63.5%

	
Fogarty Family
Trust II

	
28.5%

	
AREI

	
7.0%

	
General
Partner

	
1.0%;
and

 

 

 

 

 

WHEREAS, the Binding Term Sheet also
provided for an adjustment in ownership percentage if the Partners
could not refinance the Additional Contribution. If the Additional
Contribution could not be refinanced by January 1, 2015, SeD will
receive an additional equity interest of 5% (five percent) in the
form of a contribution of 5% from Fogarty Family Trust II’s
current ownership and no contribution from American Real Estate
Investments, LLC. Since the refinancing did not take place, the
equity ownership of the Partnership shall be adjusted to the
following:

 

	
SeD

	
68.5%

	
Fogarty Family
Trust II

	
23.5%

	
AREI

	
7.0%

	
General
Partner

	
1.0%;
and

 

 WHEREAS, the Partners desire to amend
the Partnership Agreement with regards to the consulting and
oversight fees and to make certain adjustments to the names of
certain Partners and certain allocation provisions related thereto,
which adjustments shall be effective as of November 7,
2014;

 

NOW THEREFORE, the Partners do hereby
amend the Partnership Agreement as follows:

 

1.

Amendment Section 9.17 of the
Operating Agreement shall be amended and replaced in its entirety
as follows:

 

9.17 

Consultants.

1)

Beginning November
1, 2014:

(a)

Consultants
appointed by Fogarty Family Trust and SeD (currently ARETE and
Inter-American Development, LLC respectively) will each begin
receiving a $10,000 per month consulting and oversight fee;
and

(b)

Consultant
appointed by AREI shall receive $2,000 per month consulting and
oversight fee.

2)

Consulting and
oversight fees shall only be payable after Outside Financing is
achieved (Outside Financing is refinancing of at least 65% of the
Additional Contribution and excludes financing from SeD, or
Inter-American Development, or affiliates of either); all
consulting and oversight fees shall be deferred until Outside
Financing.

3)

Upon Outside
Financing, the partnership shall pay AREI a one-time $40,000 fee to
represent reimbursement of all AREI expenses incurred on behalf of
partnership and acknowledgement that AREI will receive reduced
consulting and oversight fees for the life of the LPA.

 

2.

Amendment Exhibit
“A” to 150 CCM Black Oak, Ltd. Partnership Agreement is
amended and replaced in its entirety as follows:

 

 

 

 

EXHIBIT
“A”

TO

150
CCM BLACK OAK, LTD. PARTNERSHIP AGREEMENT

(Reflecting
Changes as of January 1, 2015)

 

General
Partner

 

	
Names
and Address of

	
 

	
 

	
       General
Partner

	
Partnership
Interest

	
Capital
Contribution

	
 

	
 

	
 

	
150 Black Oak GP,
Inc.

	
1%

	
$100.00

	
340 North Sam
Houston Parkway East

	
 

	
 

	
Suite
140

	
 

	
 

	
Houston, Texas
77060

	
 

	
 

 

Limited
Partners

 

	
Names
and Addresses of

	
 

	
 

	
       Limited
Partners

	
Partnership
Interest

	
Capital
Contribution

	
 

	
 

	
 

	
SeD
DEVELOPMENT USA, INC

	
 

	
 

	
(f/k/a)
CCM DEVELOPMENT USA

	
 

	
 

	
CORPORATION

	
68.5%

	
$4,300,000.00

	
 

	
 

	
 

	
 

	
 

	
 

	
AMERICAN
REAL ESTATE INVESTMENTS
LLC

	
7%

	
Zero*

	
 

	
 

	
 

	
 

	
 

	
 

	
WOODROW
A. HOLLAND, TRUSTEE

	
 

	
 

	
FOR
THE FOGARTY FAMILY TRUST II

	
23.5%

	
Zero*

 

*Limited partner
contributed contracts to purchase property

 

 

 

 

IN WITNESS WHEREOF, the parties have
executed this Amendment No. 2 to be effective as of the date and
year first above written.

 

	

 

	
GENERAL
PARTNER:

	

 

	

 

	
 

	

 

	

 

	

150 BLACK OAK GP, INC., 

	

 

	

 

	
a
Texas corporation 

	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
/s/ 
Jeffrey Busch
                                            
  

	

 

	

 

	

 

	
Jeffrey
Busch, President and	

 

	

 

	

 

	Chief Executive
Officer	

 

	

 

	

 

	 	

 

	

 

	

By: 

	/s/  Joe
Fogarty                                             
     
	

 

	

 

	

 

	Joe Fogarty, Vice
President and	

 

	

 

	

 

	Chief Operating
Officer	

 

	

 

	

 

	 	

 

	

 

	

LIMITED
PARTNERS:

	

 

	

 

	

 

	

 

	

 

	

SED DEVELOPMENT USA, INC

	

 

	

 

	

a
Delaware corporation

	

 

	

 

	

 

	 	

 

	

 

	

By: 

	/s/ Jeffrey
Busch                                             
    
	

 

	

 

	

 

	Name:	

 

	

 

	

 

	Title: 	

 

	

 

	

 

	 	

 

	

 

	

AMERICAN REAL ESTATE INVESTMENTS.
LLC,  

	

 

	

 

	

a Missouri Limited
Liability Company

	

 

	

 

	

 

	 	

 

	

 

	

By:

	/s/ Tracey Weaver      
                 
                 
     
	

 

	

 

	

 

	Name:	

 

	

 

	

 

	Title: 	

 

	

 

	

 

	 	

 

	

 

	

WOODROW
A. HOLLAND, TRUSTEE FOR THE FOGARTY FAMILY TRUST
II

	

 

	

 

	

 

	 	

 

	

 

	

 

	/s/ Woodrow H.
HollandBlueprint

 

Exhibit
10.6

 

AMENDMENT
TO

AGREEMENT
OF LIMITED PARTNERSHIP

OF

150
CCM BLACK OAK, LTD.

 

This Amendment
(this “Amendment”) to the Agreement of
Limited Partnership (the “Partnership Agreement”) of 150 CCM Black Oak,
Ltd. (the “Company”), dated as of September
25, 2017, is hereby adopted by 150 Black Oak GP, Inc., a Texas
corporation, whose address is 340 North Sam Houston Parkway East,
Suite 140, Houston, Texas 77060, as general partner
(“General
Partner”), and each of the individuals or entities
whose names are set forth on the Amended Exhibit A attached to this
Amendment as limited partners (the “Limited Partners”). Capitalized
terms used but not defined herein are used as defined in the
Partnership Agreement.

 

 WHEREAS, the General Partner presently
owns One Percent (1%) of the partnership interests of the
Company;

 

WHEREAS, the Fogarty Family Trust II
presently owns Fifty Percent (50%) of the issued and outstanding
common stock of the General Partner;

 

WHEREAS, the Fogarty Family Trust II is
presently the owner of limited partnership interests representing
Twenty-Three and One Half Percent (23.5%) of the Company’s
partnership interests; and

 

WHEREAS, Fogarty Family Trust II has
agreed to tender for surrender any and all common stock or right to
other equity interest it may have or be entitled to receive at time
in the future in the General Partner in exchange for the increase
of its ownership of the limited partnership interests of the
Company from Twenty-Three and One Half Percent (23.5%) of the
Company to Twenty-Four Percent (24%) of the Company’s
partnership interests;

 

NOW, THEREFORE, on the basis of the
mutual covenants and agreements made herein, which are expressly
deemed to constitute adequate and sufficient consideration in all
respects, the General Partner and the Limited Partners do hereby
agree as follows:

 

1.

Cancellation of Shares of 150 Black Oak GP,
Inc. The Fogarty Family Trust II hereby agrees to tender for
cancellation any and all shares of the common stock of the General
Partner that it presently owns and surrenders all of its right,
title and interest in such common stock or any other equity
interest in the General Partner that it may have or be entitled to
receive at a future date. In connection therewith the Fogarty
Family Trust II hereby agrees to execute and deliver the stock
power attached hereto as Exhibit B, and shall execute
any and all other instrument as shall be necessary and proper to
effectuate the cancellation of any and all equity interest it may
own in the General Partner or may have the right to
receive.

 

2.

Cancellation of Certain Partnership
Interests. The General Partner hereby agrees to the
cancellation of One-Half (1/2) of its general partner interests in
the Company.

 

 

 

AMENDMENT TO
AGREEMENT OF LIMITED PARTNERSHIP

 

 

 

3.

Issuance of Certain Partnership
Interests. The General Partner and the Limited Partners
agree that the Fogarty Family Trust II shall be entitled to receive
an additional One-Half of One Percent (.5%) of the partnership
interests of the Company in consideration for the cancellation of
its ownership interest in the General Partner.

 

4.

Amendment to Exhibit A of the Partnership
Agreement. The General Partner and the Limited Partners do
hereby amend the Partnership Agreement as follows, to reflect the
adjustments described herein: Exhibit A to the Partnership
Agreement is amended and replaced in its entirety as set forth on
Exhibit A
hereto.

 

5.

No Additional Modifications. Other than
as set forth herein, all other terms and conditions of the
Partnership Agreement shall remain unchanged and in full force and
effect.

 

6.

Successors and Assigns. This Amendment
shall be binding upon and shall inure to the benefit of the parties
hereto and their respective heirs, executors, administrators,
personal representatives, successors and assigns.

 

7.

No Third Party Beneficiaries. This
Amendment is intended for the benefit of the parties hereto and
their respective successors and permitted assigns and is not for
the benefit of, nor may any provision hereof be enforced by, any
other person.

 

8.

Counterparts. This Amendment may be
executed in any number of counterparts (including by fax or any
other means of electronic transmission each of which shall be an
original for all purposes), and all of which taken together shall
constitute one and the same instrument.

 

[Signature
Page Follows]

 

 

 AMENDMENT TO
AGREEMENT OF LIMITED PARTNERSHIP

 

 

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

 

 

GENERAL
PARTNER:

 

150
BLACK OAK GP, INC.

A Texas
corporation

 

 

By:           /s/
Jeffrey
Busch                                                      

Name:

Title:

 

 

LIMITED
PARTNERS:

 

SED
DEVELOPMENT USA, INC.

A Delaware
corporation

 

 

By:          
/s/ Jeffrey
Busch        

Name:

Title:

 

 

AMERICAN
REAL ESTATE INVESTMENTS LLC

A Missouri Limited
Liability Company

 

 

By:           
/s/ Tracy
Weaver                                                     

Name:

Title:

 

 

WOODROW
A. HOLLAND, TRUSTEE FOR

THE
FOGARTY FAMILY TRUST II

 

 

By:           
/s/ Woodrow H.
Holland                                                     

Name:

Title:

 

 

 

 AMENDMENT TO
AGREEMENT OF LIMITED PARTNERSHIP

 

 

 

EXHIBIT
“A”

TO

150
CCM BLACK OAK, LTD. PARTNERSHIP AGREEMENT

 

General
Partner

 

	
Name
and Address of

General
Partner

	
Partnership
Interest

	
 

Capital
Contribution

	
 

150 Black Oak GP,
Inc.

340 North Sam
Houston Parkway East

Suite 140 Houston,
Texas 77060

	
 

.5%

	
 

$100.00

 

Limited
Partners

 

	
Names
and Addresses of

Limited
Partners

	
Partnership
Interest

	
 

Capital
Contribution

	
 

SeD
DEVELOPMENT USA, INC. (f/k/a) CCM DEVELOPMENT USA
CORPORATION

	
 

68.5%

	
 

$4,300,000.00

	
 

AMERICAN
REAL ESTATE INVESTMENTS LLC

	
 

7%

	
 

Zero*

	
 

WOODROW
A. HOLLAND, TRUSTEE FOR THE FOGARTY FAMILY TRUST II

	
 

24.0%

	
 

Zero*

 

*Limited partner
contributed contracts to purchase property

 

 

 

 

 

 

 AMENDMENT TO
AGREEMENT OF LIMITED PARTNERSHIP

 

 

 

EXHIBIT B

 

STOCK
POWER

 

 

 

 

 

 

 

 

 

 

 

 

 AMENDMENT TO
AGREEMENT OF LIMITED PARTNERSHIP

 

 

IRREVOCABLE STOCK
POWER

 

 

 

 

 

FOR VALUE RECEIVED,
The Fogarty Family Trust II does hereby transfer to:

 

150 Black Oak GP,
Inc.

 

500 common shares
of 150 Black Oak GP, Inc. (the “Company”) represented
in the Company’s books and records as maintained by the
Company.

 

These shares are
tendered for cancellation pursuant to the Amendment to Agreement of
Limited Partnership of 150 CCM Black Oak, Ltd, dated September 25,
2017 (the “Amendment”). The undersigned does hereby
irrevocably constitute and appoint the Company as attorney to
transfer the said stock on the books of the Company as provided in
the Amendment.

 

 

The Fogarty Family Trust II

 

 

 

/s/ Woodrow H.
Holland

Name: Woodrow A.
Holland

Title:   
Trustee

 

Dated: September
26, 2017

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