Document:

Prepared and filed by St Ives Financial

 

FIRST AMENDMENT TO

AMENDED AND RESTATED

MEMBERSHIP INTEREST PURCHASE AGREEMENT

     THIS
      FIRST AMENDMENT TO AMENDED AND RESTATED MEMBERSHIP INTEREST PURCHASE AGREEMENT (this “Amendment”)is
      entered into as of June  9, 2005 by and among (a) HOCKER
      NORTHGATE HOLDINGS I, INC., a Kentucky corporation, (“Holdings”), (b) HOCKER
      NORTHGATE GROUP, LLC, a Kentucky limited liability company (“Group”) (Holdings
      and Group each individually a “Seller”and collectively,
      the “Sellers”), (c) FMP NORTHGATE LLC,
      a Delaware limited liability company (the “Purchaser”),(d) HOCKER
      NORTHGATE HOLDINGS I, INC., a Kentucky corporation, in its capacity
      as the initial
representative and agent of the Sellers (the “Sellers’ Representative”), and
(e) DAVID E. HOCKER, an individual, in his capacity as a guarantor of
obligations of Sellers’ Representative (the “Sellers’ Representative
Guarantor”).This Amendment amends that certain Amended and Restated
Membership Interest Purchase Agreement (the “Agreement”) dated May
13, 2005 between the parties as follows:

     1.      Seller shall pay one half of all legal fees and expenses in excess of $8,500 charged by the Senior Lender in connection with Senior Lender’s approval of the transaction described in this Agreement. For example, if the Senior Lender’s counsel fees and expenses total $12,000, Seller shall pay $1,750 of such fees and expenses.

     2.      Notwithstanding the provisions of Section 8.5(m)(ii) of the Agreement, any funds held by the Senior Lender for environmental issues set forth as Required Repairs in Schedule II of the Loan Agreement shall not be paid by Purchaser to Seller at Closing and shall be paid by Purchaser to Seller after Closing at such time as such funds are actually released to Purchaser by the Senior Lender. In furtherance of the foregoing, Purchaser shall cooperate with Seller, at no cost to Purchaser, in providing Seller or its agents with reasonable access to the Property in order that Seller may perform such functions as are reasonably necessary in order to complete the Required Repairs, as defined in Article 7.1.1 of
the Loan Agreement, and obtain a release of the Required Repair Funds from the Senior Lender pursuant to Article 7.1.2 and other applicable Articles of the Loan Agreement.

     Except as stated in this Amendment, the Agreement shall continue in full force and effect. Capitalized terms used in this Amendment without definition shall have the meanings stated in the Agreement. This Amendment may be signed in counterparts and/or with facsimile signatures and shall take effect upon each party providing a signed counterpart to the other parties.

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1

     IN WITNESS WHEREOF, Sellers, Sellers’ Representative, Sellers’ Representative Guarantor, and Purchaser hereto have executed this Amendment.

	 	 	SELLERS
	 	 	 
	 	 	HOCKER NORTHGATE HOLDINGS I, INC.,

    a Kentucky corporation
	 	 	 
	 	By:	 
	 	 	

    
	 	 	David E. Hocker, President
	 	 	 
	 	 	HOCKER NORTHGATE GROUP, LLC, a
    Kentucky

    limited liability company
	 	 	 
	 	By:	
	 	 	

	 	 	David E. Hocker, Manager
	 	 	 
	 	 	SELLERS’ REPRESENTATIVE
	 	 	 
	 	 	HOCKER NORTHGATE HOLDINGS I, INC.,

    a Kentucky corporation 
	 	 	 
	 	By:	
	 	 	

	 	 	David E. Hocker, President
	 	 	 
	 	 	SELLERS’ REPRESENTATIVE GUARANTOR
	 	 	 
	 	 	 
	 	 	

	 	 	DAVID E.  HOCKER, an individual
	 	 	 
	 	 	PURCHASER
	 	 	 
	 	 	FMP NORTHGATE LLC, a Delaware
    limited liability

    company
	 	 	 
	 	By:	 
	 	 	

	 	 	Jeffrey Erhart, its authorized representativePrepared and filed by St Ives Financial

 

SECOND AMENDMENT TO

AMENDED AND RESTATED

MEMBERSHIP INTEREST PURCHASE AGREEMENT

     THIS
      SECOND AMENDMENT TO AMENDED AND RESTATED MEMBERSHIP INTEREST PURCHASE AGREEMENT (this “Amendment”) is
      entered into as of July 1, 2005 by and among (a) HOCKER NORTHGATE HOLDINGS
      I, INC., a Kentucky corporation (“Holdings”), (b) HOCKER
      NORTHGATE GROUP, LLC, a Kentucky limited liability company (“Group”) (Holdings
      and Group each individually a “Seller”and collectively,
      the “Sellers”), (c) FMP NORTHGATE LLC, a
      Delaware limited liability company (the “Purchaser”),(d) HOCKER
      NORTHGATE HOLDINGS I, INC., a Kentucky corporation, in its capacity
as the initial representative and agent of the Sellers (the “Sellers’
Representative”), and (e) DAVID E. HOCKER, an individual,
in his capacity as a guarantor of obligations of Seller’s Representative
(the “Sellers’
Representative Guarantor”).This Amendment amends that certain
Amended and Restated Membership Interest Purchase Agreement dated May 13, 2005
between the parties, as amended by that certain First Amendment dated as of June
9, 2005 (collectively, the “Agreement”), as follows:

     1.      Notwithstanding any provisions in the Agreement to the contrary, the Seller’s Representative shall indemnify, hold harmless and defend in full each Purchaser Indemnified Party from and against all Damages sustained or incurred by any Purchaser Indemnified Party relating to, resulting from, arising out of or by virtue of any and all claims involving or concerning Mr. Kevin Everson in any way accruing or related to events occurring prior to the Closing Date (collectively, the “Kevin Everson Claims”), with the understanding that such indemnification, hold harmless and defense obligations shall not be subject to the Escrow Amount or any other limitation as to amount or time
periods set forth in the Agreement.

     2.      Notwithstanding any provisions in the Agreement or the Guaranty to the contrary, Seller’s Representative Guarantor agrees to guaranty in full the payment, performance and fulfillment to Purchaser of Seller’s Representative’s indemnification obligations set forth in Section 1 immediately above without any limits as to amounts or time periods otherwise set forth in the Agreement.

     3.      The foregoing Sections 1 and 2 of this Amendment are not intended, and should not be deemed to imply, that Damages arising from the Kevin Everson Claims would not be covered in full by the existing indemnification obligations of Seller’s Representative and Seller’s Representative Guarantor contemplated by the Agreement.

     4.      Notwithstanding that the Closing may occur after July 1, provided that the Closing occurs on or before July 31, 2005, the parties agree that Section 8.5 of the Agreement shall be deemed amended to provide that prorations and adjustments for rents, revenue and other income generated by the Property, and all utilities, Real Estate Taxes, ground lease rents, debt service on the Senior Loan, maintenance charges and other Operating Expenses incurred in connection with the ownership, management and operation of the Real Property shall be made as of 12.01 a.m. on July l, 2005, with the intention that Purchaser be entitled to the benefit of all revenues and be responsible for any expenses for the period beginning at 12:01 a.m. on July 1, 2005. In the event that Closing does not occur on or before July 31, 2005, then this paragraph 4 and the following paragraph 5 shall be null and void.

     5.      In consideration of the agreement of the parties set forth in Section 4 immediately above, Purchaser and Seller agree that the Gross Purchase Price (as set forth in Section 2.2 of the Agreement) shall be increased by the amount of $34,100, bringing the total Gross Purchase Price to $110,034,100; provided further, that
    for each day that the Closing is delayed beyond Tuesday, July 12, 2005 (for
    any reason other than a breach by Buyer or Seller), then the Gross Purchase
    Price will be increased further by $3,100 for each such day (for example,
    if the Closing were to occur on Thursday, July 14, the Gross Purchase Price
    would be increased by an additional $6,200 ($3,100 times 2
days)).

     6.      Buyer and Seller acknowledge that the post-closing reconciliation of common area, food court and real estate tax reimbursements (“Reimbursements”) under Section 8.5(e)(2) of the Agreement shall be conducted so that (a) each tenant will receive a refund or be entitled to payment of any overpayment or underpayment of common area, food court and real estate tax expenses (“Expenses”) allocable to such tenant under such tenant’s lease, (b) Seller shall receive that portion of the Reimbursements paid by each tenant allocable to Expenses allocable to such tenant that are actually paid by Seller, (c) Buyer shall receive that portion of the Reimbursements paid by each tenant allocable to
Expenses allocable to such tenant that are actually paid by Buyer, (d) if any tenant is not obligated to pay Reimbursements for all Expenses allocable to such tenant (e.g. because of a limitation on the amount of Reimbursements payable by the tenant), the portion of such Expenses not payable by the tenant shall be allocated equally between Buyer and Seller, and (e) if the tenant owes funds pursuant to the foregoing reconciliation, the party entitled to payment hereunder shall take the risk of collection of such funds, and Buyer shall have no obligation to pay to Seller funds due from a tenant until Buyer receives payment thereof.

     7.      The first sentence of Section 7.2(a)(xxv) of the Agreement is amended and restated in its entirety as follows:

Northgate Marketing, Inc. (“NMI”) is a nonstock, nonprofit corporation organized and validly existing under Ohio law, the sole officers of which are Jerry Weller, President; Kevin Weller, Vice President; and Tamie Hoffman, Secretary/Treasurer.

     Except
    as stated in this Amendment, the Agreement shall continue in full force and
    effect. Capitalized terms used in this Amendment without definition shall
    have the meanings stated in the Agreement. This Amendment may be signed in
    counterparts and/or with facsimile signatures and shall take effect upon
each party providing a signed counterpart to the other parties.

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     IN WITNESS WHEREOF, Sellers, Sellers’ Representative, Sellers’ Representative Guarantor, and Purchaser hereto have executed this Amendment.

	 	 	SELLERS
	 	 	 
	 	 	HOCKER NORTHGATE HOLDINGS I, INC.,

    a Kentucky corporation
	 	 	 
	 	By:	 
	 	 	

    
	 	 	David E. Hocker, President
	 	 	 
	 	 	HOCKER NORTHGATE GROUP, LLC, a
    Kentucky

    limited liability company
	 	 	 
	 	By:	
	 	 	

	 	 	David E. Hocker, Manager
	 	 	 
	 	 	SELLERS’ REPRESENTATIVE
	 	 	 
	 	 	HOCKER NORTHGATE HOLDINGS I, INC.,

    a Kentucky corporation 
	 	 	 
	 	By:	
	 	 	

	 	 	David E. Hocker, President
	 	 	 
	 	 	SELLERS’ REPRESENTATIVE GUARANTOR
	 	 	 
	 	 	 
	 	 	

	 	 	David E.  Hocker, an individual
	 	 	 
	 	 	PURCHASER
	 	 	 
	 	 	FMP NORTHGATE LLC, a Delaware
    limited liability
company
	 	 	 
	 	By:	 
	 	 	

	 	 	Jeffrey Erhart, its authorized representative

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