Document:

exv10w23

Exhibit
10.23

ASSIGNMENT AND ASSUMPTION AGREEMENT

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Assignment”) is made as of this 14th day
of December, 2009 by TNP Acquisitions, LLC, a Delaware limited liability company (“Assignor”) and
TNP SRT Waianae Mall, LLC (“Assignee”).

Recitals

	 	A.	 	Pursuant to that certain Agreement of Purchase and Sale and Joint Escrow Instructions
dated July 13, as amended (the “Agreement”) between Assignor and West Oahu Mall Associates,
LLC, a Hawaii limited liability company (“Seller”) and subject to the terms therein,
Assignor has a right to purchase, and Seller has an obligation to sell, that certain real
property located in Honolulu, Hawaii, commonly known as Waianae Mall and more particularly
described on Exhibit A attached hereto (collectively, the “Property”)

	 	B.	 	Assignor desires to assign, and Assignee desire to receive assignment of, all of
Assignor’s rights, title and interest in and to the Agreement, as set forth in this
Assignment.

Agreement

NOW THERFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

	 	1.	 	Recitals. The above “Recitals” are hereby incorporated into this Assignment as
if fully set forth herein.

	 	2.	 	Assignment. Pursuant to its rights under Section 8.3 of the Agreement,
Assignor hereby assigns to Assignee, all of Assignor’s right, title and interest in the
Agreement. Assignee executes this Assignment below for the purpose of evidencing their
acceptance of the foregoing assignment.

	 	3.	 	Counterparts; Signatures. This Assignment may be executed in any number of
counterparts, all of which taken together shall constitute this Assignment. Signatures
transmitted by facsimile, e-mail or similar electronic means shall be deemed originals in
all respects for purposes of this Assignment.

[Remainder of page intentionally left blank; signatures to follow on next page(s).]

 

 

	 	 	 	 	 	 	 	 	 	 	 
	ASSIGNOR:	 	TNP ACQUISITIONS, LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Its:	 	Sole Member	 	 
	 	 	By:	 	Thompson National Properties, LLC

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Wendy J. Worcester	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Name: Wendy J. Worcester	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Title: Chief Administrative Officer	 	 
	 	 	 	 	 	 	 	 	 
	 
	ASSIGNEE:	 	TNP SRT WAIANAE MALL, LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	TNP Strategic Retail Operating Partnership, LP,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Its:	 	Sole Member	 	 
	 	 	 	 	By:	 	TNP Strategic Retail Trust, Inc., 

a Maryland corporation	 	 
	 

	 	 	 	 	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Wendy J. Worcester	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Name: Wendy J. Worcester	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	Title: Chief Financial Officer, Treasurer and Secretary	 	 
	 

	 	 	 	 	 	 	 	 	 	 

 

 

Exhibit A

Legal Description

PARCEL FIRST:

All of those certain parcels of land situate at Waianae and Lualualei, District of Waianae, City
and County of Honolulu, State of Hawaii, described as follows:

LOTS
672-A, area 10.000 acres, more or less, as shown on Map 75, and 514-C-2, area 1.000 acre, more or less, as shown on Map 59,

the maps referred to herein by numbers are filed in the Office of the Assistant Registrar of the
Land Court of the State of Hawaii with Land Court Application No. 1102 (amended) of Waianae
Company;

Being land(s) described in Transfer Certificate of Title No. 739,839 issued to WEST OAHU MALL
ASSOCIATES, LLC, a Hawaii limited liability company.

PARCEL SECOND:

All of that certain parcel of land situate at Waianae and Lualualei, District of Waianae, City and
County of Honolulu, State of Hawaii, described as follows:

LOT 514-B-2, area 83,908 square feet, more or less, as shown on Map 276, filed in the Office of the
Assistant Registrar of the Land Court of the State of Hawaii with Land Court Application No. 1102
(amended) of Waianae Company;

Being land(s) described in Transfer Certificate of Title No. 739,839 issued to WEST OAHU MALL
ASSOCIATES, LLC, a Hawaii limited liability company.

PARCEL THIRD:

All of that certain parcel of land situate at Waianae and Lualualei, District of Waianae, City and
County of Honolulu, State of Hawaii, described as follows:

LOT 672-B-1, area 2.689 acres, more or less, as shown on Map 386, filed in the Office of the
Assistant Registrar of the Land Court of the State of Hawaii with Land Court Application No. 1102
(amended) of Waianae Company;

Being land(s) described in Transfer Certificate of Title No. 739,840 issued to WEST OAHU MALL
ASSOCIATES, LLC, a Hawaii limited liability company.exv10w24

 Exhibit
10.24

FIRST AMENDMENT OF AGREEMENT OF PURCHASE AND SALE

AND JOINT ESCROW INSTRUCTIONS

     THIS FIRST AMENDMENT OF AGREEMENT OF PURCHASE AND SALE AND JOINT ESCROW INSTRUCTIONS (this
“First Amendment”) is entered into as of the 22nd day of July, 2009 (the “Effective Date”), by and
among WEST OAHU MALL ASSOCIATES, LLC, a Hawaii limited liability company (“Seller”); TNP
AQUISITIONS, LLC, a Delaware limited liability company (“Buyer”); and TITLE GUARANTY ESCROW
SERVICES, INC.

     WHEREAS, Seller and Buyer entered into that certain Agreement of Purchase and Sale and Joint
Escrow Instructions dated as of July 13, 2009 (the “Purchase Agreement”) pursuant to which Seller
agreed to sell, and Buyer agreed to purchase, certain real property located in Honolulu, Hawaii and
more particularly described in the Purchase Agreement (the “Property”); and

     WHEREAS, Seller and Buyer desire to amend the Purchase Agreement on the terms and conditions
contained herein.

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

     1. Outside Closing Date. The Outside Closing date as defined in Section 1.6 of the
Purchase Agreement shall be October 15, 2009.

     2. Seller’s Right to Terminate. The following provision is added to Section 2.2.3 of
the Purchase Agreement: “In the event that Buyer, or an officer, employee, or agent of Buyer, does
not perform a physical inspection of the Property on or before August 6, 2009, Seller shall have
the right to terminate this Agreement in accordance with the provisions of this section. In
addition, Seller shall have the right to terminate this Agreement in accordance with the provisions
of this section if Buyer fails to provide Seller with an airline itinerary evidencing airline
flights reserved for the purpose of visiting and inspecting the Property within two (2) business
days following the date upon which the parties hereto fully execute the First Amendment.”

     3. Entire Agreement. The Purchase Agreement, as modified by this First Amendment,
constitutes the entire agreement between the parties hereto with respect to the transactions
contemplated herein, and it supersedes all prior discussions, understandings or agreements between
the parties.

     4. Counterparts. This First Amendment may be executed in any number of counterparts
and it shall be sufficient that the signature of each party appear on one or more such
counterparts. All counterparts shall collectively constitute a single agreement.

[Remainder of page intentionally left blank]

 

 

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

	 	 	 	 	 
	SELLER: 	West Oahu Mall Associates, LLC,

A Hawaii limited liability company

 	 
	 	By:  	/s/ Joseph Daneshgar
 	 
	 	 	Name:  	Joseph Daneshgar 	 
	 	 	Title:  	 	 
	 
	BUYER: 	TNP AQUISITIONS, LLC,

a Delaware limited liability company

 	 
	 	By:  	/s/ Anthony W. Thompson
 	 
	 	 	Name:  	Anthony W. Thompson 	 
	 	 	 	 

 

 

	 	 	 	 	 

CONSENT OF ESCROW HOLDER

     The undersigned Escrow Holder hereby agrees to (i) accept the foregoing Amendment, (ii) be
Escrow Holder under said Purchase Agreement and Amendment and (iii) be bound by said agreement in
the performance of its duties as Escrow Holder; provided, however, the undersigned shall have no
obligations, liability or responsibility under (i) this Consent or otherwise unless and until said
Agreement, fully signed by the parties, has been delivered to the undersigned or (ii) any amendment
to said Agreement unless and until the same shall be accepted by the undersigned in writing.

	 	 	 	 	 	 	 	 	 
	DATED:
	 	 	 	TITLE GUARANTY ESCROW SERVICES, INC (“Escrow Holder”)	 	 
	 

	 	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	Its:exv10w25

Exhibit 10.25

SECOND AMENDMENT OF AGREEMENT OF PURCHASE AND SALE

AND JOINT ESCROW INSTRUCTIONS

     THIS SECOND AMENDMENT OF AGREEMENT OF PURCHASE AND SALE AND JOINT ESCROW INSTRUCTIONS (this
“Second Amendment”) is entered into as of the 12th day of August 13, 2009 (the
“Effective Date”), by and among WEST OAHU MALL ASSOCIATES, LLC, a Hawaii limited liability company
(“Seller”); TNP AQUISITIONS, LLC, a Delaware limited liability company (“Buyer”); and TITLE
GUARANTY ESCROW SERVICES, INC.

     WHEREAS, Seller and Buyer entered into that certain Agreement of Purchase and Sale and Joint
Escrow Instructions dated as of July 13, 2009 (the “Purchase Agreement”) pursuant to which Seller
agreed to sell, and Buyer agreed to purchase, certain real property located in Honolulu, Hawaii and
more particularly described in the Purchase Agreement (the “Property”); and

     WHEREAS, Seller and Buyer entered into a First Amendment of Purchase and Sale and Joint Escrow
Instructions on July 22, 2009 (“First Amendment”), thereby amending the Purchase Agreement;

     WHEREAS, Seller and Buyer desire to amend the Purchase Agreement on the terms and conditions
contained herein.

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

     1. Contingency Date. The definition of the Contingency Date as set forth in Section
1.5 of the Purchase Agreement is deleted in its entirety and is replaced with “August 14, 2009”
such that this shall be the Contingency Date.

     2. Entire Agreement. The Purchase Agreement, as modified by the First Amendment and
this Second Amendment, constitutes the entire agreement between the parties hereto with respect to
the transactions contemplated herein, and it supersedes all prior discussions, understandings or
agreements between the parties.

     3. Counterparts. This Second Amendment may be executed in any number of counterparts
and it shall be sufficient that the signature of each party appear on one or more such
counterparts. All counterparts shall collectively constitute a single agreement.

[Remainder of page intentionally left blank]

 

 

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

	 	 	 	 	 
	SELLER: 	 West Oahu Mall Associates, LLC,

A Hawaii limited liability company

 	 
	 	By:  	/s/ Joseph Daneshgar
 	 
	 	 	Name:  	Joseph Daneshgar              	 
	 	 	Title:  	 	 
	 
	BUYER: 	 TNP AQUISITIONS, LLC,

a Delaware limited liability company

 	 
	 	By:  	/s/ Steve Corea
 	 
	 	 	Name:  	Steve Corea 	 
	 	 	 	 

 

 

	 	 	 	 	 

CONSENT OF ESCROW HOLDER

     The undersigned Escrow Holder hereby agrees to (i) accept the foregoing Amendment, (ii) be
Escrow Holder under said Purchase Agreement and Amendment and (iii) be bound by said agreement in
the performance of its duties as Escrow Holder; provided, however, the undersigned shall have no
obligations, liability or responsibility under (i) this Consent or otherwise unless and until said
Agreement, fully signed by the parties, has been delivered to the undersigned or (ii) any amendment
to said Agreement unless and until the same shall be accepted by the undersigned in writing.

	 	 	 	 	 	 	 	 	 	 	 
	DATED:	 	                             	 	 	 	TITLE GUARANTY ESCROW SERVICES, INC

(“Escrow Holder”)	 	 
	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	Its:

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