Document:

AMENDMENT TO

 

 

FIRST AMENDEMENT TO
REAL ESTATE SALES AGREEMENT

THIS FIRST AMENDMENT TO REAL
ESTATE SALES AGREEMENT ("First Amendment") is made as of April 26, 2006 by and
between, LINCOLN-CARLYLE ILLINOIS CENTER, LLC, ("Seller"),
and PARKWAY PROPERTIES LP, a Delaware limited
partnership ("Purchaser").

            A.        Purchaser
and Seller entered into that certain Real Estate Sales Agreement dated
effective as of April 18, 2006 (the "Agreement"); and

            B.         Purchaser
and Seller have agreed to certain modifications to the Agreement and desire to
amend the Agreement to reflect such modifications.

            All
capitalized terms not otherwise defined herein shall have the meanings given in
the Agreement.

            In
consideration of the mutual undertakings and covenants herein contained,
Purchaser and Seller hereby covenant and agree as follows:

1.         Purchase Price.  The Purchase Price shall
be reduced from $201,000,000 to $198,000,000. 

2.         First Earnest Money Deposit.  In the Glossary of Terms, the term First
Earnest Money Deposit shall be amended to mean Two Hundred Fifty
Thousand Dollars ($250,000).

3.         Second Earnest Money Deposit.  In the Glossary of Terms, the term Second
Earnest Money Deposit shall be amended to mean Seven Hundred Fifty
Thousand Dollars ($750,000).

4.         First Earnest Money
Non-Refundable.  Upon full execution
of this First Amendment, the First Earnest Money Deposit shall be
non-refundable to Purchaser pursuant to Section 9(g) of the Agreement.

            5.         No
Other Amendments.  In all other respects the Agreement shall remain in full
force and effect as executed by Purchaser and Seller.

            6.        Facsimile/PDF
Signatures.  In order to expedite the execution of this First Amendment,
telecopied or PDF signatures may be used in place of original signatures on
this First Amendment.  Purchaser and Seller intend to be bound by the
signatures on the telecopied or PDF document, are aware that the other party
will rely on such signatures, and hereby waive any defenses to the enforcement
of the terms of this First Amendment based on the form of signature.

            7.        Counterparts. 
This First Amendment may be executed and delivered in any number of
counterparts, each of which so executed and delivered shall be deemed to be an
original and all of which shall constitute one and the same instrument.

Signatures to follow on next page

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

SELLER:                                  LINCOLN-CARLYLE
ILLINOIS CENTER LLC, a Delaware limited liability company

By:       LINCOLN-CARLYLE ILLINOIS CENTER
MEZZANINE LLC, a Delaware limited liability company, its sole member

By:       LINCOLN-ILLINOIS CENTER LLC, a Delaware

limited liability company, its manager

 

By:       LINCOLN INVESTORS GROUP 3, INC., a

Texas
corporation, its manager

 

By:                                                                                            

Name:
John B. Grissim

Title:   Vice President

	
  2

  

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

PURCHASER:                                    PARKWAY
PROPERTIES LP, a Delaware limited partnership

By:       PARKWAY
PROPERTIES GENERAL PARTNERS, INC., a Delaware corporation, its sole general partner

By:                                                                             

Name                                                                          

Title:                                                                             

 

By:                                                                               

Name:                                                                          

Title:                                                                             

 

	
  3AMENDMENT TO

 

 

SECOND AMENDMENT TO
REAL ESTATE SALES AGREEMENT

          THIS SECOND AMENDMENT TO REAL
ESTATE SALES AGREEMENT (the "Second Amendment") is made as of May ___, 2006 by
and between, LINCOLN-CARLYLE ILLINOIS CENTER, LLC, ("Seller"),
and PARKWAY PROPERTIES LP, a Delaware
limited partnership ("Purchaser").

          A.       Purchaser
and Seller entered into that certain Real Estate Sales Agreement dated
effective as of April 18, 2006, as amended by that certain First Amendment to
Real Estate Sales Agreement effective as of April 26, 2006 (the "Agreement");
and

          B.       Purchaser
and Seller have agreed to certain modifications to the Agreement and desire to
amend the Agreement to reflect such modifications.

        C.       All
capitalized terms defined in the Agreement and not otherwise defined herein
shall have the meanings ascribed to them in the Agreement unless the context
hereof clearly requires otherwise.

          NOW, THEREFORE,
in consideration of the mutual undertakings and covenants herein contained,
Purchaser and Seller hereby covenant and agree as follows:

            1.       
Closing Date.  The date of Closing set
forth in Section 10(a) of the Agreement is hereby extended to Friday, June 23,
2006.

2.       
Interest Credit.  Purchaser and Seller acknowledge that
the terms of Seller's existing mortgage financing permit prepayment only on the
11th day of any calendar month (or, if the 11th is not a
Business Day, on the first Business Day thereafter).  Accordingly, in the event
that Closing is not extended to the Extended Closing Date (as hereinafter
defined), Seller shall receive a credit at Closing equal to the amount of
interest required to be paid under Seller's existing loan for the period
beginning on and including the Closing Date (as hereby extended) and ending on
July 11, 2006 (the "Stub Interest Credit").

3.       
Fourth Earnest Money Deposit;
Initial Release of Earnest Money Funds. 
Concurrently with the execution of this Amendment, Purchaser shall (a) deposit
additional Earnest Money of Five Million Dollars ($5,000,000) into the existing
escrow with the Title Company (the "Fourth Earnest Money Deposit"),
which amount shall be deemed to constitute part of the Earnest Money, and shall
be administered and paid in the same manner as the Earnest Money, and (b)
instruct the Title Company to pay Two Million Dollars ($2,000,000) of the Earnest
Money (the "Initial Release Funds") to Seller, which Initial Release
Funds shall be nonrefundable and shall be retained by Seller; provided,
however, that in the event of any termination of the Agreement pursuant to
which the Earnest Money is to be returned to Purchaser under the terms of the
Agreement, Seller shall return the Initial Release Funds to Purchaser.  

4.       
Purchaser's Option to Extend;
Fifth Earnest Money Deposit and Second Release of Earnest Money Funds.  Purchaser shall have the right, in its sole
discretion to be exercised by notice to Seller not later than June 20, 2006
(the "Extension Notice"), to further extend the Closing Date to Tuesday,
July 11, 2006 (the "Extended Closing Date").  Concurrently with the
delivery of the Extension Notice, Purchaser shall (a) deposit additional
Earnest Money of Five Million Dollars ($5,000,000) into the existing escrow
with the Title Company (the "Fifth Earnest Money Deposit"), which amount
shall be deemed to constitute part of the Earnest Money, and shall be
administered and paid in the same manner as the Earnest Money, and (b) instruct
the Title Company to pay Three Million Dollars ($3,000,000) of the Earnest
Money to Seller (the "Second Release Funds" and, together with the
Initial Release Funds, the "Release Funds"), which Release Funds shall
be nonrefundable and shall be retained by Seller; provided, however, that in
the event of any termination of the Agreement pursuant to which the Earnest
Money is returned to Purchaser under the terms of the Agreement, Seller shall
return the Release Funds to Purchaser.  

5.       
Tenant Estoppels.  (a)  Notwithstanding anything herein or in the
Agreement to the contrary, in the event that Seller fails to obtain and deliver
to Seller the required Tenant Estoppels (or Seller Estoppels in lieu thereof to
the extent permitted by the Agreement) on or before June 7, 2006, the Closing
Date shall be automatically extended to the Extended Closing Date.

(b)      For
avoidance of doubt: (i) in the event the Closing Date is extended to the
Extended Closing Date pursuant to Section 5(a), Purchaser shall not be required
to deliver the Extension Notice, deposit the Fifth Earnest Money Deposit, or
instruct the Title Company to deliver the Second Release Funds to Seller, and
(ii) in the event the Closing Date is extended to the Extended Closing Date,
whether pursuant to Section 4 or Section 5(a), in no event shall Seller be
required to request or obtain Tenant Estoppels with effective dates subsequent
to those Tenant Estoppels previously requested by Seller pursuant to the
Agreement.

          6.       Ratification
of Agreement.  As amended herein the Agreement shall remain in full force
and effect and, except as expressly amended herein shall be unaffected hereby.

          7.       Facsimile/PDF
Signatures.  In order to expedite the execution of this Second Amendment,
facsimile signatures, whether delivered by telecopier or e-mail, may be used in
place of original signatures on this Second Amendment.  Purchaser and Seller
intend to be bound by such facsimile signatures, acknowledge that the other
party will rely on such signatures, and hereby waive any defenses to the
enforcement of the terms of this Second Amendment based on the form of
signature.

          8.       Counterparts. 
This Second Amendment may be executed and delivered in any number of
counterparts, each of which so executed and delivered shall be deemed to be an
original and all of which shall constitute one and the same instrument.

[Signatures pages follow]

	
  2

  

Seller's Signature
Page to

Second Amendment To Real Estate Sales Agreement

 

 

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

SELLER:                                 LINCOLN-CARLYLE
ILLINOIS CENTER LLC, a Delaware limited liability company

By:     LINCOLN-CARLYLE ILLINOIS CENTER MEZZANINE LLC, a Delaware
limited liability company, its sole member

By:     LINCOLN-ILLINOIS
CENTER LLC, a Delaware

limited liability company, its manager

 

By:     LINCOLN
INVESTORS GROUP 3, INC., a

Texas corporation, its manager

 

 

By:                                                                          

Name:
John B. Grissim

Title:   Vice
President

 

 

	
  3

  

Purchaser's Signature
Page to

Second Amendment To Real Estate Sales Agreement

 

 

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

PURCHASER:                                    PARKWAY
PROPERTIES LP, a Delaware limited partnership

By:     PARKWAY PROPERTIES GENERAL
PARTNERS, INC., a Delaware corporation, its sole general
partner

By:                                                               

Name:                                                           

Title:                                                            

 

 

By:                                                               

Name:                                                           

Title:                                                            

 

	
  4

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