Document:

Exhibit 10.12

 

FIRST AMENDMENT TO MANAGEMENT AGREEMENTS

 

THIS FIRST AMENDMENT TO MANAGEMENT AGREEMENTS, dated August 6, 2012, is entered into among ROYAL SONESTA INC. (“Royal Sonesta”), CAMBRIDGE TRS, INC. (“TRS” and collectively with Royal Sonesta, “Owners”) and SONESTA INTERNATIONAL HOTELS CORPORATION (“Manager”).

 

RECITALS:

 

Owners and Manager are party to the Management Agreements listed on Schedule A, collectively, the (Management Agreements”).  Capitalized terms used in this First Amendment to Management Agreements without definition shall have the meanings given to such terms in the Management Agreements.

 

The Management Agreements provide that any Disputes shall, on the demand of any party to a Dispute, be resolved through binding and final arbitration as provided therein. The parties desire to amend each of the Management Agreements to modify the process for the selection of arbitrators.

 

NOW, THEREFORE:

 

Each of the Management Agreements is hereby amended by deleting the second paragraph of Section 11.17 in its entirety and replacing it with the following:

 

There shall be three (3) arbitrators.  If there are only two (2) parties to the Dispute, each party shall select one arbitrator within fifteen (15) days after receipt by respondent of a copy of the demand for arbitration.  Such arbitrators may be affiliated or interested persons of such parties.  If either party fails to timely select an arbitrator, the other party to the Dispute shall select the second arbitrator who shall be neutral and impartial and shall not be affiliated with or an interested person of either party.  If there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, shall each select, by the vote of a majority of the claimants or the respondents, as the case may be, one arbitrator.  Such arbitrators may be affiliated or interested persons of the claimants or the respondents, as the case may be.  If either all claimants or all respondents fail to timely select an arbitrator then such arbitrator (who shall be neutral, impartial and unaffiliated with any party) shall be appointed by the AAA.  The two (2) arbitrators so appointed shall jointly appoint the third and presiding arbitrator (who shall be neutral, impartial and unaffiliated with any party) within fifteen (15) days of the appointment of the second arbitrator.  If the third arbitrator has not been appointed within the time limit specified herein, then the AAA shall provide a list of proposed arbitrators in accordance with the Rules, and the arbitrator shall be appointed by the AAA in accordance with a listing, striking and ranking procedure, with each party having a limited number of strikes, excluding strikes for cause.

 

In all other respects each of the Management Agreements continues in full force and effect and unmodified.

 

[Signature Page Follows]

 

 

IN WITNESS WHEREOF, this First Amendment to Management Agreements has been duly executed and delivered by Owners and Manager with the intention of creating an instrument under seal.

 

	
 
    	
CAMBRIDGE TRS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John G. Murray
    
	
 
    	
 
    	
John G. Murray
    
	
 
    	
 
    	
President and Chief Operating Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
ROYAL SONESTA, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John G. Murray
    
	
 
    	
 
    	
John G. Murray
    
	
 
    	
 
    	
President and Chief Operating Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SONESTA INTERNATIONAL HOTELS CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ William J. Sheehan
    
	
 
    	
 
    	
William J. Sheehan
    
	
 
    	
 
    	
President and Chief Executive Officer
    

 

 

SCHEDULE A

 

Management Agreements

 

Management Agreement between Sonesta Acquisition Corp. (now known as Sonesta International Hotels Corporation) and Cambridge TRS, Inc., dated as of January 31, 2012. (Cambridge, MA)

 

Management Agreement between Sonesta International Hotels Corporation and Royal Sonesta, Inc., dated as of January 31, 2012 (New Orleans, LA)

 

Management Agreement between Sonesta International Hotels Corporation and Cambridge TRS, Inc., dated as of April 23, 2012.  (Hilton Head, SC)

 

Management Agreement between Sonesta International Hotels Corporation and Cambridge TRS, Inc., dated as of May 31, 2012.  (Baltimore, MD)

 

Management Agreement between Sonesta International Hotels Corporation and Cambridge TRS, Inc., dated as of June 12, 2012.  (Burlington, MA)

 

Management Agreement between Sonesta International Hotels Corporation and Cambridge TRS, Inc., dated as of June 18, 2012.  (Philadelphia, PA)

 

Management Agreement between Sonesta International Hotels Corporation and Cambridge TRS, Inc., dated as of July 6, 2012 (effective July 9, 2012).  (Orlando, FL)

 

Management Agreement between Sonesta International Hotels Corporation and Cambridge TRS, Inc., dated as of July 16, 2012.  (Houston, TX)

 

Management Agreement between Sonesta International Hotels Corporation and Cambridge TRS, Inc., dated as of July 25, 2012.  (Andover, MA)

 

Management Agreement between Sonesta International Hotels Corporation and Cambridge TRS, Inc., dated as of July 27, 2012.  (Malvern, PA)

 

Management Agreement between Sonesta International Hotels Corporation and Cambridge TRS, Inc., dated as of July 30, 2012.  (Parsippany, NJ)

 

Management Agreement between Sonesta International Hotels Corporation and Cambridge TRS, Inc., dated as of July 30, 2012.  (Somerset, NJ)

 

Management Agreement between Sonesta International Hotels Corporation and Cambridge TRS, Inc., dated as of July 30, 2012.  (Princeton, NJ)Exhibit 10.6

 

THIRD AMENDMENT TO
 OPERATING AGREEMENT
 OF
 IN RETAIL FUND, L.L.C.

 

THIS THIRD AMENDMENT TO OPERATING AGREEMENT OF IN RETAIL FUND, L.L.C. (this “Amendment”) is made as of the        day of June, 2012 among INLAND REAL ESTATE CORPORATION, a Maryland corporation (“Inland”), and THE NEW YORK STATE TEACHERS’ RETIREMENT SYSTEM (“NYSTRS”), a Public Retirement System established under Article 11 of the New York State Education Law, and IN RETAIL MANAGER, L.L.C. (“Manager”), a Delaware limited liability company.

 

RECITALS:

 

WHEREAS, Inland, NYSTRS and Manager are parties to that certain Operating Agreement of IN Retail Fund, L.L.C., dated October 8th, 2004, as amended by that certain First Amendment to Operating Agreement dated September 28th, 2011, and that certain Second Amendment to Operating Agreement dated December 20th, 2011 (as amended, the “Agreement”);

 

WHEREAS, the parties desire to amend the Agreement, as specified below.

 

NOW THEREFORE, for good and valuable consideration, the receipt, adequacy and sufficiency of which is hereby acknowledged by the parties, the parties agree as follows:

 

1.                                       Except as expressly modified by this Amendment, the Agreement shall remain in full force and effect.

 

2.                                       All capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed to them in the Agreement.

 

3.                                       The first sentence of Section 4.5(c) of the Agreement is hereby deleted and replaced with the following:

 

“On June 30, 2022 (the “Termination Date”); provided, however, that this Agreement generally and Section 10.9 and Article 12 in particular shall govern the conduct of the parties during the winding up of the Company.”

 

4.                                       This Amendment shall be construed in conformity with the laws of the State of Delaware, as applied to agreements whose only parties are residents of such state and which are to be performed entirely within such state.

 

5.                                       This Amendment may be executed in any number of identical counterparts, each of which shall be deemed an original, but all of which together shall constitute but one and the same amendment.  Handwritten signatures to this Amendment transmitted by telecopy or electronic transmission (for example, through use of a Portable Document Format or “PDF” file) shall be valid and effective to bind the party so signing.  Each party agrees to promptly deliver to the other party an executed original of this 

 

 

Amendment with its actual signature, but a failure to do so shall not affect the enforceability of this Amendment, it being expressly agreed that each party to this Amendment shall be bound by its own telecopied or electronically transmitted handwritten signature and shall accept the telecopied or electronically transmitted handwritten signature of the other party to this Amendment.

 

6.                                       In the event of any inconsistency between the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall prevail.

 

7.                                       This Amendment and all the terms and provisions hereof shall be binding upon and shall inure to the benefit of the parties hereto and to their respective legal representatives, heirs, successors and assigns.

 

[Signature Page Follows]

 

2

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date above written.

 

 

	
MANAGER:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
IN   RETAIL MANAGER, L.L.C.
    	
 
    	
 
    
	
By:
    	
INLAND   REAL ESTATE CORPORATION,
    	
 
    	
 
    
	
Manager:
    	
 
    	
 
    
	
By:   
    	
/s/   MARK ZALATORIS
    	
 
    	
 
    
	
Its   
    	
President
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
MEMBERS:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
INLAND REAL ESTATE CORPORATION
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:   
    	
/s/   MARK ZALATORIS
    	
 
    	
 
    
	
Its   
    	
President
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NEW YORK STATE TEACHERS’
    	
 
    	
 
    
	
RETIREMENT   SYSTEM
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:   
    	
/s/   MICHAEL L. MORRELL
    	
 
    	
 
    
	
Its   
    	
Asst.   Manager of Real Estate
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:   
    	
/s/   DON AMPANSIRI, JR.
    	
 
    	
 
    
	
Its   
    	
Assistant   General Counsel
    	
 
    	
 
    

 

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