Document:

Exhibit
10.2

 

DISTRIBUTION,
CONTRIBUTION AND ASSIGNMENT AGREEMENT

 

This Distribution, Contribution and Assignment
Agreement (the “Agreement”), dated as of March 28th,
2008, and effective as of April 20, 2007 (the “Effective Date”), is
entered into by and among Centro NP LLC, a Maryland limited liability company (“Centro
NP”), Super LLC, a Maryland limited liability company (“Super”), Centro
New Plan Inc., a Maryland corporation (“New Plan”), Centro US Management
Joint Venture 2, LP, a Delaware limited partnership (“JV2”), and Centro
US Employment Company, LLC, a Delaware limited liability company (“Employment
LLC”).

 

RECITALS

 

WHEREAS, the parties hereto had effectively
undertaken the transactions contemplated herein substantially contemporaneously
with the Effective Date, and the parties desire to reflect such transactions in
this Agreement;

 

WHEREAS, immediately following its acquisition of
New Plan Excel Realty Trust, Centro NP desired to make a distribution (the “Centro
NP Distribution”) to Super of the rights to manage properties owned
directly or indirectly by it and the assets used by its employees involved in
such management of properties (collectively, the “Management Assets”)
and Super desired to receive such distribution and assume the liabilities of
such employees (the “Management Liabilities”);

 

WHEREAS, New Plan is a party to the Second Amended
and Restated Limited Liability Company Agreement of Super LLC, dated as of October 31,
2007, (the “LLC Agreement”);

 

WHEREAS, New Plan owns 400,000,000 Class E
Membership Interests in Super (the “Class E LLC Interests”);

 

WHEREAS, Super desired to distribute the Management
Assets to New Plan and reduce New Plan’s capital account in Super by
$772,000,000, and New Plan desired to receive such distribution and to assume
the Management Liabilities, pursuant to the terms and subject to the conditions
set forth herein (the “Super Distribution”);

 

WHEREAS, New Plan desired to contribute, assign,
transfer and convey the Management Assets to JV2 and JV2 desired to receive
such contribution (the “New Plan Contribution”);

 

WHEREAS, in exchange for the New Plan Contribution,
New Plan received a $772,000,000 limited partnership interest in JV2 (the “JV2
LP Interests”);

 

WHEREAS, Employment LLC desired to assume the
Management Liabilities from New Plan (the “Employee Assumption”);

 

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing premises and for other good and valuable
consideration, the receipt of which are hereby acknowledged, the parties hereto
hereby agree as follows, each to be effective as of the Effective Date.

 

1.                                       Centro NP
Distribution.  Centro NP
hereby makes the Centro NP Distribution to Super, and Super hereby accepts such
distribution and assumes the Management Liabilities in accordance with the terms
and subject to the conditions set forth herein.

 

2.                                       Super
Distribution.  Super
hereby makes the Super Distribution to New Plan, and New Plan hereby accepts
such distribution and assumes the Management Liabilities in accordance with the
terms and subject to the conditions set forth herein.

 

3.                                       New Plan Contribution.  New Plan hereby makes the New Plan Contribution
to JV2, and JV2 hereby accepts such contribution in exchange for the JV2 LP
Interests and in accordance with the terms and subject to the conditions set
forth herein.

 

4.                                       Employee
Assumption.  Employee
LLC hereby assumes the Employee Assumption, solely for purposes of
consolidating the payroll of JV2’s employees.

 

5.                                       Representations
and Warranties of the Parties.  Each party, individually, hereby represents
and warrants to each of the other parties as follows:

 

5.1                                 Power and Authority: 
The execution, delivery and performance by the party of this Agreement
and the consummation by the party of the transactions contemplated hereby have
been duly authorized by all necessary action on the part of the party.  This Agreement has been duly and validly
executed and delivered by the party and constitutes the valid and binding
obligation of the party, enforceable against the party in accordance with its
terms, except to the extent that such enforceability (i) may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws
relating to creditors’ rights generally and (ii) is subject to general
principles of equity.

 

5.2                                 No Conflicts: 
The execution, delivery and performance of this Agreement by the party
and the consummation by the party of the transactions contemplated hereby will
not, with or without the giving of notice or the lapse of time, or both, (i) violate
any provision of law, statute, rule or regulation to which the party is
subject, (ii) violate any order, judgment or decree applicable to the party
or (iii) conflict with, or result in a breach or default under, any term
or condition of the organizational documents of the party or any material
agreement or other instrument to which the party is a party or by which it may
be bound; except for violations, conflicts, breaches or defaults which in the
aggregate would not materially hinder or impair the consummation of the transactions
contemplated hereby.

 

5.3                                 Consents: 
No consent, approval or authorization of, exemption by, or filing with,
any governmental or regulatory authority is required in connection with the
execution, delivery and performance by the party of this Agreement or the
consummation by the party of the transactions contemplated hereby.

 

2

 

6.                                       Fees and
Expenses:  The parties
agree to pay all of the fees and expenses incurred by the parties hereto in
connection with this Agreement, including, but not limited to the fees,
expenses and disbursements of such parties, counsel and other advisors.

 

7.                                       Notices:  All notices, consents, waivers or other
communications required or permitted hereunder shall be in writing and shall be
mailed by registered or certified mail, return receipt requested, postage
prepaid or otherwise delivered by hand, messenger, internationally recognized
courier or facsimile transmission, addressed:

 

	
  7.1

  	
   

  	
  If sent to Centro NP, to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Centro
  NP LLC

  
	
   

  	
   

  	
  420
  Lexington Avenue, 7th Floor

  
	
   

  	
   

  	
  New
  York, NY 10170

  
	
   

  	
   

  	
  Attention:
  Steven Siegel

  
	
   

  	
   

  	
  Facsimile:
  (212) 869-9585

  
	
   

  	
   

  	
   

  
	
  7.2

  	
   

  	
  If sent to Super, to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Super
  LLC

  
	
   

  	
   

  	
  420 Lexington Avenue, 7th
  Floor

  
	
   

  	
   

  	
  New York, NY 10170

  
	
   

  	
   

  	
  Attention:
  Steven Siegel

  
	
   

  	
   

  	
  Facsimile:
  (212) 869-9585

  
	
   

  	
   

  	
   

  
	
  7.3

  	
   

  	
  If sent to New Plan, to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Centro
  New Plan Inc.

  
	
   

  	
   

  	
  420 Lexington Avenue, 7th
  Floor

  
	
   

  	
   

  	
  New York, NY 10170

  
	
   

  	
   

  	
  Attention:
  Steven Siegel

  
	
   

  	
   

  	
  Facsimile:
  (212) 869-9585

  
	
   

  	
   

  	
   

  
	
  7.4

  	
   

  	
  If sent to JV2, to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Centro
  US Management Joint Venture 2, LP

  
	
   

  	
   

  	
  420 Lexington Avenue, 7th
  Floor

  
	
   

  	
   

  	
  New York, NY 10170

  
	
   

  	
   

  	
  Attention:
  Steven Siegel

  
	
   

  	
   

  	
  Facsimile:
  (212) 869-9585

  
	
   

  	
   

  	
   

  
	
  7.5

  	
   

  	
  If sent to Employee LLC, to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Centro
  US Employment Company, LLC

  
	
   

  	
   

  	
  420 Lexington Avenue, 7th
  Floor

  
	
   

  	
   

  	
  New York, NY 10170

  
	
   

  	
   

  	
  Attention:
  Steven Siegel

  
	
   

  	
   

  	
  Facsimile:
  (212) 869-9585

  

 

3

 

Each such notice or other
communication shall for all purposes of this Agreement be treated as effective
or as having been given when delivered, if delivered by hand or by messenger
(or overnight courier), 24 hours after confirmed receipt if sent by facsimile
transmission or at the earlier of its receipt or on the fifth day after
mailing, if mailed, as aforesaid.

 

8.             Confidentiality.  The parties agree to keep the terms and
conditions of this Agreement strictly confidential and not disclose such terms
without the prior written consent of the other parties, except (a) as may
be required by law and (b) that each party may disclose such terms and
conditions to its representatives, advisors and counsel who acknowledge the
confidentiality hereof.

 

9.             Miscellaneous.

 

9.1                                 THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE
WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF.

 

9.2                                 This Agreement
shall be binding upon and shall inure to the benefit of the parties hereto, and
their respective successors and permitted assigns, and no other person will
have any rights or obligation hereunder.  None of the parties may assign (whether by
operation of law or otherwise) this Agreement.

 

9.3                                 This Agreement
constitutes the full and entire understanding and agreement between the parties
hereto with regard to the subject matter hereof and supersedes all prior oral
or written (and all contemporaneous oral) agreements or understandings with
respect to the subject matter hereof.

 

9.4                                 No delay or
omission to exercise any right power or remedy accruing to any party hereto
upon any breach or default of the other party hereto under this Agreement shall
impair any such right, power or remedy or such party, nor shall it be construed
to be a waiver of any such breach or default, or an acquiescence therein, or of
or in any similar breach or default thereunder occurring; nor shall any waiver
of any single breach or default be deemed a waiver of any other breach or
default therefore or thereafter occurring. Any waiver, permit, consent or
approval of any kind or character on the part of any party hereto of any breach
or default under this agreement, or any waiver on the part of any party hereto
of any provisions or conditions of this Agreement, must be in writing and shall
be effective only to the extent specifically set forth in such writing.  All remedies, either under this Agreement, or
by law or otherwise afforded to any party, shall be cumulative and not
alternative.

 

9.5                                 This Agreement
may be executed in any number of counterparts, each of which may be executed by
less than all of the parties hereto, each of which shall be enforceable against
the parties actually executing such counterparts, and all of which together
shall constitute one instrument.

 

9.6                                 If any
provision of this Agreement, or its application to any party hereto, shall be,
or be found by an authority of competent jurisdiction to be, invalid or
unenforceable in whole or in part, such provision shall be constructed and
applied so as to give

 

4

 

effect, to the greatest extent possible, the
original intent of the parties hereto. 
The invalidity or unenforceability of any of the provisions of this
Agreement shall not affect the other validity herein, all of which shall remain
in full force and effect.

 

9.7                                 The parties stipulate
that the remedies at law of the parties hereto in the event of any default or
threatened default by either party in the performance of or compliance with any
of the terms of this Agreement are not and will not be adequate and that, to
the fullest extent permitted by law, such terms may be specifically enforced by
a decree for the specific performance of any agreement contained herein or by
an injunction against a violation of any of the terms hereof or otherwise.  The exercise of any remedy by any of the parties
shall not be deemed an election of remedies or preclude any of the parties from
exercising any other remedies in the future.

 

9.8                                 This Agreement
may be amended, modified or supplemented only by a written instrument signed by
all of the parties.

 

9.9                                 All of the parties
hereto irrevocably submits, in any legal action or proceeding relating to this
Agreement, to the jurisdiction of the courts of the United States and the State
of California, in the city of Los Angeles, and consents that (1) any such
action or proceeding may be brought in such courts and waive any objection that
they may now or hereafter have to the venue of such action or proceeding in any
such court or that such action or proceeding was brought in an inconvenient
forum and (2) service of legal process in any such action or proceeding
may be made upon it by certified mail, return receipt requested, postage
prepaid, to such party at its address specified in Section 8, provided, that nothing herein shall
prevent any party hereto from bringing any action in any other jurisdiction.

 

[Signature Page Follows]

 

5

 

IN WITNESS WHEREOF, the parties hereto have duly
executed and delivered this Distribution, Contribution, Assignment and Assumption
Agreement, with effect as of the effective date first written above.

 

 

	
   

  	
  CENTRO NP LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven
  Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President

  

 

 

	
   

  	
  SUPER LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven
  Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President

  

 

 

	
   

  	
  CENTRO NEW PLAN INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven
  Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President

  

 

 

	
   

  	
  CENTRO US MANAGEMENT JOINT VENTURE 2, LP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Centro WCJV
  GP, Inc., a Delaware corporation, its

  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven
  Siegel

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Executive
  Vice President

  

 

 

	
   

  	
  CENTRO US EMPLOYMENT COMPANY, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven
  Siegel

  
	
   

  	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President

  

 

 

[Signature
Page for Distribution, Contribution and Assignment Agreement]Exhibit 10.3

 

EXCLUSIVE GLOBAL LEASING AND MANAGEMENT AGREEMENT (NON- CONTRACTED) BY
AND BETWEEN CENTRO NP AND CENTRO SUPER MANAGEMENT JOINT VENTURE 2, LLC

 

THIS
AGREEMENT, made as of this 28th day of March, 2008, and effective as
of April 20, 2007, by and between Centro NP LLC, a Maryland limited
liability company, with offices at 420 Lexington Avenue, New York, New York,
10170 (“Centro NP”), and Centro Super Management Joint Venture 2, LLC, a
Delaware limited liability company, with offices at 420 Lexington Avenue, New
York, New York, 10170 (hereinafter called “Manager”).

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, Centro NP, directly or indirectly through one or more
subsidiaries, is now or hereafter shall become the owner of fee interests and
ground lease interests in certain parcels of land (hereinafter called,
collectively, “Premises”), on which exist the shopping centers indicated
on Schedule A (hereinafter called, collectively, “Projects”);

 

WHEREAS, Centro NP desires that the Manager act on behalf of itself and
the owner of each of the Projects (Centro NP and such subsidiary owners
collectively, hereinafter called, “Owner”) to provide herein for the
leasing, operation and maintenance of the Projects, and provide management
services to Owner; and

 

NOW THEREFORE, in consideration of the mutual promises hereafter
contained, and of the sum of ONE DOLLAR ($1.00), by each to the other in hand
paid, the receipt hereof is hereby acknowledged, the parties hereto, intending
to be legally bound, covenant and agree with each other as following:

 

1.             Employment.

 

Owner
hereby employs Manager as its sole and exclusive agent to perform the
professional and other services described in and required by this Agreement to
be performed by Manager with respect to the Projects, and Manager undertakes
said employment as the exclusive manager for Owner and on all other terms,
conditions, provisions and qualifications set forth in this Agreement.

 

2.             Services.

 

The
services to be performed from time to time by Manager, with proceeds from the operation
of the Projects or funds provided by Owner, hereunder shall include all acts
necessary for the leasing, operation, management, maintenance and supervision
of the Projects in accordance with sound commercial management practices
including, inter alia, the
following:

 

(a)                                  To use due
diligence in the exercise of the powers conferred and duties assumed hereunder
in the operation, management, supervision and maintenance of the Projects in a
manner reasonably calculated to assure that the Projects shall at all times be
properly tenanted and operated, managed and maintained at high standards, and
with efficiency and economy consistent

 

1

 

with
high-quality operating practices.

 

(b)                                 To lease
(investigate tenants, negotiate and prepare leases) commercial space in the Projects
to such tenants and upon such terms as may be approved by Owner.  Owner agrees to forward to Manager all
inquiries received relating to services performed by Manager.

 

(c)                                  To negotiate
with tenants for the extension, renewal, modification, amendment or termination
of existing leases and to prepare and present to Owner such agreements upon
such terms as may be approved by Owner.

 

(d)                                 To calculate,
prepare and send bills and collect all fixed rents, percentage rents
(consistent with the law governing real estate investment trust with the intent
that all rents shall qualify as “rents from real property” within the meaning
of Section 856 of the Internal Revenue Code) and other sums, whether payable
as additional rent or otherwise, payable (1) by tenants under their
respective leases and other agreements and (2) by other parties under
license, service and other agreements, and to obtain and review statements of
sales furnished by tenants to support their payments of percentage rentals, and
to remit the net amounts thereof to Owner.

 

(e)                                  To enforce the
performance by the various tenants of all requirements of their respective
leases and the observance of all rules and regulations of the Projects, by
all reasonable means including, but not limited to, the commencement or
prosecution of legal proceedings and to sign and serve in Owner’s name such
notices as deemed needful or required by Owner.

 

(f)                                    To cause the Projects
to be maintained in good operating condition and repair, and to supervise the
maintenance and operation thereof, and to do all acts or things, in its own
name as Manager for Owner, to hire such persons, firms or corporations
including, without limitation, a commercial property manager or supervisor and
public relations, security and maintenance personnel or firms, to purchase or
lease such equipment and supplies at reasonable rates and costs prevailing in
the industry as may be necessary or desirable to accomplish such purposes.

 

(g)                                 To keep books
and records with respect to all of the services performed or purchases, leases,
etc., made by Owner and at Owner’s direction or request and to provide
accounting services, including such services as relate to the preparation of
tax returns and annual reports.

 

(h)                                 To advise Owner
of the due dates of real estate and other similar taxes and special assessments
of which Manager has knowledge, mortgage payments and other like items and to
make payment thereof out of Owner’s funds to the extent that Owner’s funds held
by Manager are sufficient therefore subject to Owner’s approval.

 

(i)                                     To advise Owner
as to insurance coverage for the Projects, and to procure such insurance
coverage thereon as approved by Owner.

 

(j)                                     With Owner’s
approval, to represent Owner at meetings and activities of any Merchants’
Association formed for tenants of the Projects and collect dues or other
amounts therefore to the extent they are payable to Owner.

 

2

 

(k)                                  To deal with
all co-operating and participating real estate brokers.

 

(l)                                     To hereafter
deposit promptly all funds collected from the operation of the Projects or in
any way incidental thereto into designated bank accounts of the Owner.  Manager may endorse any and all checks drawn
to the order of Owner for deposit in such bank accounts.  Interest on any such account shall accrue to Owner.

 

(m)                               To comply with
the requirements of all laws pertaining to the employment of its employees
engaged in the operation and management of the Projects, including, but not
limited to, wage taxes and wage and hour regulations.

 

(n)                                 To select,
employ at reasonable wages, supervise, direct and discharge all employees and
independent contractors as shall be required for the operation and management
of the Projects and to use reasonable care in the selection of such employees
and independent contractors.  All persons
employed to perform such services shall at all times be deemed to be employees
of Manager or independent contractors.

 

(o)                                 Manager shall contract for electricity,
gas, fuel, water, telephone, window cleaning, rubbish hauling and other
services and utilities or such of them as shall be necessary or appropriate for
the proper operation and maintenance of the Projects.

 

(p)                                 When deemed necessary
by Manager, the commencement and/or prosecution of legal proceedings for the
enforcement of tenant obligations, for the payment of rent or other sums due Owner,
or for any other purpose consistent with this Agreement and approved by Owner.

 

(q)                                 With Owner’s
prior consent (such consent to be given by budget approval), making,
supervising, or paying the cost of any alterations, improvements or changes to
the Projects.

 

(r)                                    With Owner’s
consent (such consent to be given by budget approval), payment of any of the
following items:

 

(i)            Real estate
taxes and assessments;

(ii)           Mortgage
interest or amortization;

(iii)          Insurance
premiums for Owner’s insurance;

(iv)          Charges
incurred for legal or accounting services;

(v)           Utility
charges; and

(vi)          Cost of labor,
material or goods for the management, maintenance or repair of the Projects or
any alterations, improvements or changes thereto.

 

(s)                                  To prepare an
annual budget and a business plan for the Projects.  Such budget and business plan shall be
submitted to the Owner for its review and approval.

 

(t)                                    To meet with Owner
on a quarterly basis for review of the status of the budget and business plan.

 

3

 

(u)                                 If applicable,
to prepare an annual promotion and advertising plan for Owner’s review and
approval.

 

(v)                                 To make
examinations or audits of books of tenants.

 

(w)                               To perform any
accounting or bookkeeping services with respect to payment of Owner’s bills or
commitments or disbursements of Owner’s funds or preparation of financial
statements or tax returns for Owner.

 

(x)                                  To supervise
and manage construction items.

 

(y)                                 To generally do
such acts and things as may be necessary or reasonably appropriate to carry out
the obligations of Owner under the leases with tenants of the Projects
(consistent with the law governing real estate investment trust under Section 856
et seq. of the Internal Revenue
Code) and for the proper management and operation of the Projects.

 

3.                                       Manager’s
Authority to Contract.

 

Manager
is hereby authorized to enter into contracts in the name of Owner in amounts up
to FIVE THOUSAND DOLLARS ($5,000.00) for any ONE (1) job for changes,
repairs, alterations, improvements or replacements in, to, or upon each
Project, in addition to such contracts as may be entered into by Manager in the
ordinary course of the performance by Manager of its duties hereinabove
described pursuant to budgets approved in advance by Owner.  Said additional authorization shall extend
only to such changes, repairs, alterations, improvements or replacements as
shall be reasonably necessary for the preservation of the health or safety of
persons or property.

 

4.             Term and
Termination.

 

The
term of this Agreement shall commence on the date hereof (“Commencement Date”)
and shall extend until canceled by Owner as to any specified Projects (or as to
all Projects); provided, however, that once this Agreement is cancelled as to
any individual Project, the entire Agreement is cancelled as to that specified
Project or Projects (i.e., this Agreement may not be terminated in part as to
any specified Project).

 

5.                                       Compensation.

 

(a)                                  Owner shall
reimburse Manager for all direct and indirect costs and expenses incurred by
the Manager in carrying out the duties imposed on the Manager by the terms of this
Agreement, including, without limitation, based upon a reasonable allocation of
such costs made by the Manager, of the cost of Manager’s overhead and
non-specific costs that otherwise can not be allocated to the Projects,
professional fees (including legal, audit, advisory, directors’, management
executive service, and similar fees) corporate insurance expense (including,
without limitation, directors’ and officers’ insurance) and other expenses of a
similar nature (collectively, “Costs and Expenses”).  Subject in all respects to the Deferral and
Subordination of Compensation provision set forth in Section 6 hereof,
such Costs and Expenses shall be payable monthly based on the costs estimated
to be reimbursed by Owner to Manager over a twelve (12) month period with a

 

4

 

reconciliation
done at the end of each calendar year.  The
compensation payable to the Manager over and above Costs and Expenses shall be
equal to an annual fee of four and one half percent (4.5%) of the gross
revenues (rentals as collected) (the “Management Fee”).

 

(b)                                 Subject in all
respects to the Deferral and Subordination of Compensation provision set forth
in Section 6 hereof, for each new lease entered into for a Project, the
Company shall pay the Manager a leasing commission (the “Leasing Commission”),
in an amount equal to the sum of the following:

 

(i)              Six percent
(6%) of the fixed annual minimum rent for years one (1) through five (5) of
the Initial Term (as hereinafter defined) of such lease, plus

 

(ii)             Three and
one-half percent (3.5%) of the fixed annual minimum rent for years six (6) through
ten (10) of the Initial Term of such lease (if applicable), plus

 

(iii)            Two and
one-half percent (2.5%) of the fixed annual minimum rent for each year beyond the
eleventh (11th) year of the Initial Term of such lease (if
applicable).

 

6.                                       Deferral and Subordination
of Compensation.

 

(a)                                  Notwithstanding
anything to the contrary in Section 5 hereof, no portion of any Management
Fee or Leasing Commission shall be due and payable to Manager until such time
as the Senior Indebtedness is Paid-in-Full (as such terms are defined below)
unless otherwise agreed to in writing by the holders of the Senior
Indebtedness, the obligation of Owner to pay such amounts being deferred
without cost or penalty.

 

(b)                                 This Agreement
and any and all rights, interests and liens (whether choate or inchoate) owed,
claimed or held by Manager in and to the Projects (other than reimbursement of
Costs and Expenses), are and shall be in all respects subordinate and inferior
to the rights, interests and liens created, or to be created, for the benefit
of the lenders under (a) the Amended and Restated Revolving Credit
Agreement, dated July 31, 2007, by and among Centro NP LLC, the lenders
party thereto, and Bank of America, N.A., as agent for the lenders and (b) the
Amended and Restated Loan Agreement, dated August 1, 2007, by and among
Super LLC, CPT Manager Limited, as responsible entity of the Centro Property
Trust, and Centro Properties Limited, the lenders party thereto, and JPMorgan
Chase Bank, N.A., as agent for the lenders (such indebtedness, as the same may
be amended, modified, renewed, restructured or refinanced, being hereinafter
collectively referred to as “Senior Indebtedness”).

 

(c)                                  Other than for
reimbursement of Costs and Expenses, so long as the terms of the Senior
Indebtedness do not permit any such payment (which payment has not been
permitted as of the date hereof), no payment of any kind or character
whatsoever (including cash, securities or other property) shall be made by or
on behalf of Owner or any other person or entity on its behalf with respect to
this Agreement unless and until the Senior Indebtedness has been Paid-in-Full.  “Paid-in-Full” means, with respect to the
Senior Indebtedness, the payment-in full in cash of all Senior Indebtedness and
the termination of all commitments related thereto.  If any payment of any kind or character
whatsoever in respect of this Agreement shall (despite these subordination

 

5

 

provisions)
be made by Owner or any person or entity on its behalf to or for the benefit of
Manager in violation of the foregoing sentence, such payment shall be held in
trust by Manager or its recipient for the benefit of, and shall be paid over or
delivered to, the holders of Senior Indebtedness (or their representatives) as
directed by the lenders holding Senior Indebtedness.

 

7.                                       Payment From
Rentals.

 

Subject
to Section 6 hereof, from the rentals and other sums received pursuant to
leases of portions of the Projects, Owner shall, to the extent consistent with
the approved budget, and as set forth in an accounting delivered to Owner from
Manager:

 

(a)                                  Reimburse Manager
monthly for all costs or monies advanced by Manager for Owner pursuant hereto;

 

(b)                                 Make any
payments pursuant to Section 2 hereof; and

 

(c)                                  Pay all amounts
contracted for Manager in its name or in the name of Owner which are the
obligations of Owner pursuant hereto.  Owner
shall promptly from time to time and no later than the EIGHTEENTH (18) BUSINESS
DAY of each month remit to Manager all amounts due to the Manager under this
Agreement for the month prior to such date.

 

(d)                                 Any
expenditures by Manager in excess of the amounts set forth in the approved
budget shall require approval of the Owner.

 

8.                                       Indemnification
and Insurance.

 

Except
for acts of gross negligence or willful misconduct on the part of Manager, Owner
shall indemnify Manager from claims, losses, expenses and liabilities arising
out of damage to property (including loss of use thereof), or injury to or
death of persons (including the Projects and persons of the parties hereto and
their agents, servants, employees and contractors), arising out of or
occasioned by or in connection with the existence, use or condition of the Projects,
and all reasonable costs, fees and attorney’s expenses in connection
therewith.  Except as set forth in the
previous sentence, Owner shall promptly and diligently, at Owner’s expense,
defend against any claim, demand, action or proceeding commenced against
Manager, or against it and Owner, jointly or severally arising out of or in
connection with the Projects.  The
indemnification hereunder shall survive termination of this Agreement for those
circumstances occurring prior to said termination for one year.

 

Except
for acts of gross negligence or willful misconduct on the part of Owner,
Manager shall indemnify Owner from claims, losses, expenses and liabilities
arising out of damage to property (including loss of use thereof), or injury to
or death of persons (including the Projects and persons of the parties hereto
and their agents, servants, employees and contractors), arising out of or
occasioned by or in connection with the services provided by Manager hereunder,
and all reasonable costs, fees and attorney’s expenses in connection
therewith.  Except as set forth in the
previous sentence, Manager shall promptly and diligently, at Manager’s expense,
defend against any claim, demand, action or proceeding commenced against Owner,
or against it and Manager, jointly or

 

6

 

severally
arising out of or in connection with the Manager’s duties under this
Agreement.  The indemnification hereunder
shall survive termination of this Agreement for those circumstances occurring
prior to said termination for one year.

 

It
is further agreed that each of Manager and Owner, upon request, will provide
evidence to the other of insurance coverage in the form of Certificates of
Insurance.

 

9.             Notices.

 

All
notices by either party to the other hereunder shall be served by certified or
registered mail, postage prepaid or hand carried, addressed to such party at
the address as such party may designate from time to time by written notice in
accordance herewith.

 

10.           Representative.

 

Owner
hereby designates Michael Carroll as its authorized representative and hereby
authorizes them to approve (or disapprove, as the case may be) proposals
submitted by Manager pursuant to this Agreement and to execute in the name of Owner
any and all documents to be executed by Owner to enable Manager to carry out
its duties hereunder.  In the event of a
change as to the authorized representative, Owner shall within TEN (10) DAYS
advise Manager of the appointment of the successor or successors by notice in
accordance herewith.

 

11.                                 Interpretation.

 

The
captions set forth herein are for convenience only and shall not govern the
meaning of any terms of this Agreement. 
This Agreement sets forth the entire agreement between the parties, and
no amendment or alteration hereof or change hereto shall be binding unless same
shall be in writing and signed by both of the parties hereto.

 

12.                                 Additional
Provisions.

 

(a)                                  Manager shall
promptly notify Owner of any damage or destruction to the Premises or the
occasion of any event which may lead to claims being brought against Owner or
Manager.

 

(b)                                 Owner shall
designate the accountant and legal counsel whom Manager shall use in connection
with the performance of its services under this Agreement.

 

(c)                                  Owner shall
receive credit for all rebates, commissions, discounts and allowances so that
all expenses charged Owner shall be net.

 

(d)                                 All leases
shall limit liability of Owner to the Projects and contain such other provisions
as are required by Owner.  Owner shall
receive one original lease for each lease negotiated by Manager.

 

(e)                                  Upon
termination of this Agreement, Manager shall deliver to Owner any and

 

7

 

all
leases, accounting records, files and other documents relating to the Projects.  Manager shall reasonably cooperate in
transitioning the management of the Projects to a new manager.

 

(f)                                    Those funds
collected from tenants to defray overhead and administrative expenses or common
costs of operation and maintenance are understood to be funds collected from
operation of the Projects, or incidental thereto, and sums received by Manager
pursuant to laws of the Projects, are therefore to be deposited to the account
of the Owner.

 

13.                                 This Agreement
may not be assigned by Manager without the written consent of Owner.  This Agreement may be assigned by Owner to
any affiliate of Owner which acquires a direct or indirect interest in the Projects.

 

14.                                 This Agreement
shall inure to the benefit of and be binding upon the parties hereto and each
of their successors, executors, administrators, heirs and assigns.

 

15.                                 This Agreement
may be executed in several counterparts, each of which counterparts shall be
deemed an original instrument and all of which together shall constitute a
single Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

8

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
on the day and year first above written.

 

 

	
   

  	
  Manager:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Centro Super Management Joint Venture 2,
  LLC,

  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven
  Siegel

  
	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
  Title:

  	
  Executive
  Vice President

  

 

 

	
   

  	
  Owner:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Centro NP LLC, a Delaware limited liability

  company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven
  Siegel

  
	
   

  	
  Name:

  	
  Steven
  Siegel

  
	
   

  	
  Title:

  	
  Executive
  Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]