Document:

Exhibit 10.2

Exhibit 10.2

WAIVER TO COMMITMENT LETTER

WAIVER, (this “Waiver”) dated as of July 22, 2011 in respect of certain provisions of
the Commitment Letter dated as of March 30, 2011, (the “Commitment Letter”) among Colony
Capital Acquisitions, LLC on behalf of certain affiliated investment vehicles and certain other
affiliates (collectively, “Colony”), Grubb & Ellis Company (the “Parent”) and Grubb
& Ellis Management Services, Inc (the “Borrower”)(and, together with Colony and Parent, the
“Commitment Letter Parties”).

In consideration of the foregoing, and of the terms and conditions set forth in this Waiver,
and for other good and valuable consideration (the receipt and sufficiency of which is hereby
acknowledged), the parties to this Waiver agree as follows:

	 	I.	 	References. Capitalized terms used, but not otherwise defined
herein, shall have the meanings ascribed to them in the Commitment Letter.

	 
	 	II.	 	Waiver of Applicability of the Right of First Offer. The Commitment
Letter Parties hereby agree that the rights of Colony and the obligations of Parent
under the section titled Right of First Offer of the Commitment Letter (the
“ROFO”), shall be waived in its entirety and shall have no further force or
effect.

	 
	 	III.	 	Governing Law, Etc. THIS LETTER SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICT
OF LAW PROVISIONS. Each of the Parent and the Borrower hereby irrevocably and
unconditionally submits to the exclusive jurisdiction of any state or Federal court
sitting in the Borough of Manhattan over any suit, action or proceeding arising out
of or relating to the transactions contemplated hereby, the Commitment Letter or the
performance of services hereunder. Each of the Borrower and the Parent agrees that
service of any process, summons, notice or document by registered mail addressed to
the Borrower or the Parent, as applicable, shall be effective service of process for
any suit, action or proceeding brought in any such court. Each of the Borrower and
the Parent hereby irrevocably and unconditionally waives any objection to the laying
of venue of any such suit, action or proceeding brought in any such court and any
claim that any such suit, action or proceeding has been brought in any inconvenient
forum. Each party hereto agrees that a final judgment in any such proceeding will be
conclusive and may be enforced in other jurisdictions.

	 
	 	 	 	EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY SUCH SUIT, ACTION, OR
PROCEEDING AMONGST OR BETWEEN THE BORROWER, THE PARENT AND COLONY OR ANY OTHER LENDER.

 

 

 

	 	 	 	Each of the Borrower and the Parent hereby irrevocably and unconditionally agrees that,
to the fullest extent permitted by New York law, Colony will not be liable to the
Borrower or any of its affiliates for any special, consequential or similar damages
relating to the Commitment Letter or the transactions contemplated hereby or on any
cause of action based on promissory estoppel, detrimental reliance or a similar theory
of relief, in each case regardless of whether or not damages or reliance was
foreseeable.

	 
	 	IV.	 	Counterparts. This Waiver may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each of the
parties and delivered to the other party, it being understood that all parties need
not sign the same counterpart. Delivery by facsimile or email to counsel for the
other party of a counterpart executed by a party shall be deemed to meet the
requirements of the previous sentence.

[Signatures appear on following page.]

 

2

 

IN WITNESS WHEREOF, the parties have caused this Waiver to be duly executed by their
respective authorized officers as of the date first written above.

	 	 	 	 	 
	 	COLONY CAPITAL ACQUISITIONS, LLC

 	 
	 	By:  	/s/ Mark M. Hedstrom	 
	 	 	Name:  	Mark M. Hedstrom 	 
	 	 	Title:  	Authorized Signatory 	 
	 	 	 	 	 
	 	GRUBB & ELLIS COMPANY

 	 
	 	By:  	/s/ Thomas P. D’Arcy 	 
	 	 	Name:  	Thomas P. D’Arcy 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 	 	 	 	 
	 	GRUBB & ELLIS MANAGEMENT SERVICES, INC.

 	 
	 	By:  	/s/ Thomas P. D’Arcy 	 
	 	 	Name:  	Thomas P. D’Arcy 	 
	 	 	Title:  	President and Chief Executive Officer 	 

 

3Exhibit 10.3

Exhibit 10.3

AMENDMENT NO. 1 TO WARRANTS TO PURCHASE

SHARES OF COMMON STOCK

OF

GRUBB & ELLIS COMPANY.

AMENDMENT NO. 1 (this “Amendment”), dated July 22, 2011, to the Warrants to Purchase
Shares of Common Stock of Grubb & Ellis Company, dated: April 15, 2011; April 30, 2011; May 31,
2011; and June 30, 2011 (the “Warrants”), issued by Grubb & Ellis Company, a Delaware
corporation (together with its successors and assigns, the “Issuer”), to CFI GNE Warrant
Investor, LLC (“CFI”)

WHEREAS, the Issuer issued the Warrants pursuant to a Credit Agreement, dated April 15,
2011(as amended, the “Credit Agreement”), among the Issuer, a subsidiary of the Issuer as
borrower, several lenders, and ColFin GNE Loan Funding, LLC, as administrative agent;

WHEREAS, Issuer and CFI desire to amend the Warrants as set forth below

NOW, THEREFORE, in consideration of the premises and mutual covenants contained in this
Amendment, the undersigned hereby agree as follows:

1. Defined Terms; Interpretation; Etc. Capitalized terms used but not defined in this
Amendment shall have the meanings given to them in the Warrants.

2. Amendments to Warrants. Effective as of the date hereof, each Warrant is hereby
amended as follows:

Section 2(a) of each Warrant is hereby amended by deleting the reference to “One Dollar and
Ten Cents ($1.10)” and replacing it with “Seventy-One Cents ($0.71).”

3. Most Favored Nation. The following shall be in effect for so long as any
Obligation (as defined in the Credit Agreement) is outstanding:

In addition to any adjustments provided in Section 7 of the Warrants, if in connection with
any financing arrangement, the Issuer, its Affiliates or any subsidiary of the Issuer issues any
Options, or other equity linked securities to purchase common stock of the Issuer or any subsidiary
of the Issuer, with an exercise condition that is based on a share price that is lower than the
Trigger Price of the Warrants, then the Trigger Price shall be adjusted downward (but not upward)
to such lower price without any further action on the part of any party.

In addition to any adjustments provided in Section 7 of the Warrants, to the extent that the
Issuer, its Affiliates or any subsidiary of the Issuer issues any equity linked security or
arrangement other than an Option in connection with a financing arrangement, the Trigger Price
shall be equitably adjusted downward as is necessary to provide the Holders the result set forth
above.

 

 

 

4. Amendment and Waiver. Except as expressly set forth herein, this Amendment shall
not alter, modify, amend or in any way affect any of the terms, obligations, covenants or
agreements contained in the Warrant, all of which are ratified and affirmed in all respects and
shall continue in full force and effect. This Amendment shall apply and be effective only
following the Effective Date and only with respect to the provisions of the Warrant specifically
referred to herein. After the Effective Date, any reference in any document to the Warrant shall
mean the Warrant as amended by this Amendment, and this Amendment and the Warrant shall be read
together and construed as a single instrument.

5. Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws of
the State of New York, without giving effect to the conflicts of laws principals thereof that would
require the application of another state’s laws.

6. Modification and Severability. If, in any action before any court or agency legally empowered to enforce any provision
contained herein, any provision hereof is found to be unenforceable, then such provision shall be
deemed modified to the extent necessary to make it enforceable by such court or agency. If any such
provision is not enforceable as set forth in the preceding sentence, the unenforceability of such
provision shall not affect the other provisions of this Amendment, but this Amendment shall be
construed as if such unenforceable provision had never been contained herein.

7. Headings. The headings of the Sections of this Amendment are for convenience of reference only and
shall not, for any purpose, be deemed a part of this Amendment.

(Remainder of Page Intentionally Left Blank)

 

2

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year
first above written.

	 	 	 	 	 
	 	GRUBB AND ELLIS COMPANY

 	 
	 	By:  	
/s/ Thomas P. D'Arcy	 
	 	 	Name:  	Thomas P. D'Arcy	 
	 	 	Title:  	President and Chief Executive Officer 	 

By: CFI GNE WARRANT INVESTOR, LLC

BY: CFI RE HOLDCO, LLC, ITS MANAGING MEMBER

BY: COLONY FINANCIAL, INC., ITS MANAGING MEMBER

	 	 	 	 	 
	 	By:  	/s/ Mark M. Hedstrom	 
	 	 	Name:  	Mark M. Hedstrom 	 
	 	 	Title:  	Vice President 	 

[Signature Page to Warrant Amendment]Exhibit 10.4

Exhibit 10.4

AMENDMENT NO. 1 TO WARRANTS TO PURCHASE

SHARES OF COMMON STOCK

OF

GRUBB & ELLIS COMPANY.

AMENDMENT NO. 1 (this “Amendment”), dated July 22, 2011, to the Warrants to Purchase
Shares of Common Stock of Grubb & Ellis Company, dated: April 15, 2011; April 30, 2011; May 31,
2011; and June 30, 2011 (the “Warrants”), issued by Grubb & Ellis Company, a Delaware
corporation (together with its successors and assigns, the “Issuer”), to CDCF II GNE
Holding, LLC, (“CDCF”)

WHEREAS, the Issuer issued the Warrants pursuant to a Credit Agreement, dated April 15,
2011(as amended, the “Credit Agreement”), among the Issuer, a subsidiary of the Issuer as
borrower, several lenders, and ColFin GNE Loan Funding, LLC, as administrative agent;

WHEREAS, Issuer and CDCF desire to amend the Warrants as set forth below

NOW, THEREFORE, in consideration of the premises and mutual covenants contained in this
Amendment, the undersigned hereby agree as follows:

1. Defined Terms; Interpretation; Etc. Capitalized terms used but not defined in this
Amendment shall have the meanings given to them in the Warrants.

2. Amendments to Warrants. Effective as of the date hereof, each Warrant is hereby
amended as follows:

Section 2(a) of each Warrant is hereby amended by deleting the reference to “One Dollar and
Ten Cents ($1.10)” and replacing it with “Seventy-One Cents ($0.71).”

3. Most Favored Nation. The following shall be in effect for so long as any
Obligation (as defined in the Credit Agreement) is outstanding:

In addition to any adjustments provided in Section 7 of the Warrants, if in connection with
any financing arrangement, the Issuer, its Affiliates or any subsidiary of the Issuer issues any
Options, or other equity linked securities to purchase common stock of the Issuer or any subsidiary
of the Issuer, with an exercise condition that is based on a share price that is lower than the
Trigger Price of the Warrants, then the Trigger Price shall be adjusted downward (but not upward)
to such lower price without any further action on the part of any party.

In addition to any adjustments provided in Section 7 of the Warrants, to the extent that the
Issuer, its Affiliates or any subsidiary of the Issuer issues any equity linked security or
arrangement other than an Option in connection with a financing arrangement, the Trigger Price
shall be equitably adjusted downward as is necessary to provide the Holders the result set forth
above.

 

 

 

4. Amendment and Waiver. Except as expressly set forth herein, this Amendment shall
not alter, modify, amend or in any way affect any of the terms, obligations, covenants or
agreements contained in the Warrant, all of which are ratified and affirmed in all respects and
shall continue in full force and effect. This Amendment shall apply and be effective only
following the Effective Date and only with respect to the provisions of the Warrant specifically
referred to herein. After the Effective Date, any reference in any document to the Warrant shall
mean the Warrant as amended by this Amendment, and this Amendment and the Warrant shall be read
together and construed as a single instrument.

5. Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws of
the State of New York, without giving effect to the conflicts of laws principals thereof that would
require the application of another state’s laws.

6. Modification and Severability. If, in any action before any court or agency legally empowered to enforce any provision
contained herein, any provision hereof is found to be unenforceable, then such provision shall be
deemed modified to the extent necessary to make it enforceable by such court or agency. If any such
provision is not enforceable as set forth in the preceding sentence, the unenforceability of such
provision shall not affect the other provisions of this Amendment, but this Amendment shall be
construed as if such unenforceable provision had never been contained herein.

7. Headings. The headings of the Sections of this Amendment are for convenience of reference only and
shall not, for any purpose, be deemed a part of this Amendment.

(Remainder of Page Intentionally Left Blank)

 

2

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year
first above written.

	 	 	 	 	 
	 	GRUBB AND ELLIS COMPANY

 	 
	 	By:  	/s/ Thomas P. D’Arcy	 
	 	 	Name:  	Thomas P. D’Arcy	 
	 	 	Title:  	President and Chief Executive Officer 	 

	 	 	 	 	 
	 	By: CDCF II GNE Holding, LLC

 	 
	 	By:  	/s/ Mark M. Hedstrom	 
	 	 	Name:  	Mark M. Hedstrom 	 
	 	 	Title:  	Vice President 	 

[Signature Page to Warrant Amendment]

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