Document:

Exhibit 10.2

 

FIRST AMENDMENT TO THE

SECOND AMENDED AND RESTATED ADVISORY AGREEMENT

 

This First Amendment to the Second Amended and Restated Advisory Agreement (this “Amendment”) is made and entered into as of the 24th day of February, 2012, by and among Clarion Partners Property Trust Inc. (the “Company”), CPT Real Estate LP (the “Operating Partnership”) and CPT Advisors LLC (the “Advisor” and collectively, the “Parties”). Capitalized terms used but not defined herein shall have the meaning set forth in the Advisory Agreement (as defined below).

 

W I T N E S S E T H

 

WHEREAS, the Parties entered into that certain Second Amended and Restated Advisory Agreement, dated May 6, 2011 (the “Advisory Agreement”), which provides for, among other matters, the management of the day-to-day activities of the Company and the Operating Partnership by the Advisor; and

 

WHEREAS, the Parties desire to amend the provisions of the Advisory Agreement, on the terms and subject to the conditions set forth herein.

 

NOW THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the Parties hereby agree as follows:

 

ARTICLE 1

AMENDMENTS

 

The Advisory Agreement is hereby amended as follows:

 

Section 1.1            Advisory Fee.      Section 10(b) is deleted and replaced in its entirety with the following:

 

(b)           The Advisor shall receive the Advisory Fee as compensation for services rendered hereunder. The Advisory Fee will be comprised of two separate components: (1) a fixed component in an amount equal to 1/365th of 0.9% of NAV for each day (the “Fixed Component”); and (2) a performance component (the “Performance Component”) that is paid annually and calculated based on the Annual Total Return allocable to each class of shares of the Company’s common stock.

 

Section 1.2            Organizational and Offering Expenses.   Section 11(e) is deleted and replaced in its entirety with the following:

 

(e)           All expenses, including Organizational and Offering Expenses, incurred by the Advisor on behalf of the Company and the Operating Partnership and payable pursuant to this Section 11 prior to the date the Company receives the escrowed offering proceeds from the Company’s escrow agent as set forth in the Registration Statement (the “Escrow Period Expenses”) shall be reimbursed by the Company to the Advisor ratably over 48 months, with such reimbursement becoming payable beginning with the thirteenth month following the date the Company receives such escrowed offering proceeds.

 

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Section 1.3            Payments to and Duties of Advisor Upon Termination.  Section 20(a) is deleted and replaced in its entirety with the following:

 

(a)           After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company or the Operating Partnership within thirty (30) days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement, subject to the 2%/25% Guidelines to the extent applicable. Notwithstanding the foregoing, upon a termination of the Advisory Agreement for any reason within 60 months following the date the Company receives the escrowed offering proceeds from the Company’s escrow agent as set forth in the Registration Statement, the Advisor shall be entitled to continue to receive reimbursement payments for the Escrow Period Expenses pursuant to Section 11(e) of this Agreement for the remainder of the 48-month period described therein until the earlier of (i) the termination of such 48-month period or (ii) the discontinuation of the Company’s operations.  In the event of a discontinuation of the Company’s operations, the Company shall no longer have any obligation to reimburse the Advisor for any unreimbursed Escrow Period Expenses not yet payable as of the date of discontinuation.

 

ARTICLE 2

MISCELLANEOUS

 

Section 2.1            Continued Effect.  Except as set forth in this Amendment, the provisions of the Advisory Agreement shall remain unmodified and in full force and effect, the same being confirmed and republished hereby.  In the event of any conflict between the terms of the Advisory Agreement and the terms of this Amendment, the terms of this Amendment shall control.

 

Section 2.2            Execution in Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original as against any Party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Amendment shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the Parties reflected hereon as the signatories.

 

IN WITNESS WHEREOF, the Parties hereto have executed this First Amendment to the Second Amended and Restated Advisory Agreement as of the date and year first above written.

 

[Signatures on following page.]

 

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Clarion   Partners Property Trust Inc., the Company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   EDWARD L. CAREY
    	
 
    
	
 
    	
 
    	
Edward   L. Carey
    
	
 
    	
 
    	
Chief   Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
CPT   Real Estate LP, the Operating Partnership
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Clarion   Partners Property Trust Inc., its General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   EDWARD L. CAREY
    	
 
    
	
 
    	
 
    	
 
    	
Edward   L. Carey
    
	
 
    	
 
    	
 
    	
Chief   Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
CPT   Advisors LLC, the Advisor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   DOUGLAS L. DUMOND
    	
 
    
	
 
    	
 
    	
Douglas   L. DuMond
    
	
 
    	
 
    	
President
    
					

 

Signature Page to First Amendment to Second Amended and Restated Advisory AgreementExhibit 10.4

 

FIRST AMENDMENT 
 TO
 AMENDED AND RESTATED ESCROW AGREEMENT

 

This First Amendment to the Amended and Restated Escrow Agreement (the “Amendment”) is made and entered into as of the 3rd day of February, 2012, by and among Clarion Partners Property Trust Inc. (the “Company”), ING Investments Distributor, LLC (the “Dealer Manager”) and BNY Mellon Investment Servicing (US) Inc., as escrow agent (the “Escrow Agent” and collectively, the “Parties”).

 

WHEREAS, the Company proposes to offer for sale (the “Offering”), on a continuing basis, up to $2,250,000,000 in shares of the Company’s common stock, par value $0.01 per share, some of which are designated as Class A and some of which are designated as Class W (collectively the “Shares”), pursuant to the terms of the prospectus contained in the Company’s Registration Statement on Form S-11, filed with the Securities and Exchange Commission and dated February 8, 2010, as it has been and may be amended from time to time;

 

WHEREAS, the Parties entered into that certain Amended and Restated Escrow Agreement dated May 12, 2011 (the “Escrow Agreement”), which provides for the deposit of the proceeds from the anticipated sale of Shares in the Offering with the Escrow Agent until such time as the Company accepts and the Escrow Agent releases to the Company subscriptions aggregating at least $10,000,000 in proceeds from the Offering and other related matters in accordance with the terms of the Escrow Agreement; and

 

WHEREAS, the Parties desire to amend the provisions of the Escrow Agreement, on the terms and subject to the conditions set forth herein.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to all of the foregoing statements and as follows:

 

1.                                      The Escrow Agreement is hereby amended such that Sub-clause (ii) in the third WHEREAS clause in the Recitals is deleted and replaced in its entirety with the following:

 

(ii) the Company’s acceptance of purchase orders aggregating at least the Minimum Offering Amount (as defined below) before November 12, 2012 (hereinafter, the “Minimum Offering Termination Date”, “Initial Minimum Offering Termination Date” and  “Maximum Extension Date”);

 

2                                         Except as set forth in this Amendment, the provisions of the Escrow Agreement shall remain unmodified and in full force and effect.

 

3.                                      Governing Law.  The governing law of the Escrow Agreement shall be the governing law of this Amendment.

 

4.                                      Entire Agreement. This Amendment constitutes the final, complete, exclusive and fully integrated record of the agreement of the parties with respect to the subject matter herein and the amendment of the Escrow Agreement with respect to such subject matter, and supersedes all prior and contemporaneous proposals, agreements, contracts, representations and understandings, whether written, oral or electronic, between the parties with respect to the same subject matter. Upon execution of this Amendment, the Escrow Agreement shall be modified and amended in accordance herewith.

 

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5.                                      Facsimile Signatures; Counterparts. This Amendment may be executed in one more counterparts; such execution of counterparts may occur by manual signature, facsimile signature, manual signature transmitted by means of facsimile transmission or manual signature contained in an imaged document attached to an email transmission; and each such counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed copies of this Amendment or of executed signature pages to this Amendment by facsimile transmission or as an imaged document attached to an email transmission shall constitute effective execution and delivery hereof and may be used for all purposes in lieu of a manually executed copy of this Amendment.

 

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by its duly authorized officers.

 

 

	
 
    	
CLARION   PARTNERS PROPERTY TRUST INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   L. MICHAEL O’CONNOR
    
	
 
    	
Name:
    	
L.   Michael O’Connor
    
	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ING   INVESTMENTS DISTRIBUTOR, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   ROBERT P. TERRIS
    
	
 
    	
Name:
    	
Robert   P. Terris
    
	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BNY   MELLON INVESTMENT SERVICING (US) INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   PETER L. TENGGREN
    
	
 
    	
Name:
    	
Peter   L. Tenggren
    
	
 
    	
Title:
    	
Managing   Director
    

 

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