Document:

Exhibit 10.4

 

FORM
OF AMENDED AND RESTATED VOTING AGREEMENT

 

AMENDED AND RESTATED VOTING
AGREEMENT, dated as of December     , 2002, by and among
Krupp Government Income Trust, a Massachusetts business trust (“GIT”), Krupp
Government Income Trust II, a Massachusetts business trust (“GIT II” and,
collectively with GIT, the “TRUSTS”), and Berkshire Income Realty, Inc.
(“BIR”), a Maryland corporation.

 

WHEREAS, BIR intends to
commence exchange offers pursuant to which it will seek to acquire shares of
beneficial interest, no par value, of each of the Trusts (the “SHARES”) in
exchange for shares of BIR’s Series A Cumulative Redeemable Preferred Stock
(collectively, the “EXCHANGE OFFERS”);

 

WHEREAS, in order to address
concerns that might be raised by the holders of Shares, who decide not to
tender their Shares in the Exchange Offers, that BIR might use the voting power
of the Shares acquired by it in the Exchange Offers in a manner that may not be
consistent with the interests of such holders, the parties entered into the
Voting Agreement, dated as of November 1, 2002 (the “ORIGINAL AGREEMENT”); and

 

WHEREAS, the parties hereto
wish to amend and restate the Original Agreement in its entirety.

 

NOW, THEREFORE, in
consideration of the above recitals and the mutual covenants and agreements
made herein, the parties hereto agree as follows:

 

1. VOTING AGREEMENT. Subject
to Section 2 below, BIR hereby agrees, so long as it or any of its affiliates
has voting power with respect to any Shares (regardless of whether such Shares
have been acquired in the Exchange Offers or otherwise) (the “BIR SHARES”),
that, at any meeting of the holders of Shares of GIT or GIT II, however called,
or in connection with a written consent of the holders of Shares of GIT or GIT
II, BIR shall vote or consent (or cause to be voted or consented) with respect
to any matter brought before such holders of Shares, all of the BIR Shares in
proportion to the votes cast by the other holders of Shares of GIT and GIT II,
respectively.

 

2. EFFECTIVENESS. This
Agreement shall not be effective unless and until the Exchange Offers have been
completed and BIR has acquired Shares pursuant thereto (the “EFFECTIVE DATE”).

 

3. THIRD PARTY
BENEFICIARIES; TERMINATION. Each holder of Shares other than BIR or any affiliate
of BIR (each, an “UNAFFILIATED HOLDER”) is intended to be and is expressly made
a third party beneficiary of this Agreement, and each Unaffiliated Holder is
expressly permitted to enforce all of the provisions hereunder as if each was a
party hereto. This Agreement may not be terminated by the parties after the
Effective Date without the consent of the holders of a majority of the Shares
(exclusive of any Shares not held by Unaffiliated Holders).

 

 

4. AMENDMENTS. From and
after the Effective Date, no amendment of Section 1 of this Agreement shall be
valid and binding unless the same shall be in writing and signed by (1) each of
the Trusts, whose execution may only be authorized with the approval of a
majority of the independent trustees of the Board of Trustees of each of the
Trusts, (2) the holders of a majority of the Shares (exclusive of any Shares
not held by Unaffiliated Holders), and (3) BIR. 

 

5. ASSIGNMENT. This
Agreement may not be assigned by a party without the consent of the other
parties hereto. This Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and permitted assigns.

 

6. ENTIRE AGREEMENT. This
Agreement constitutes the entire agreement among the parties hereto with
respect to the subject matter hereof, and supersedes any and all prior
discussions or agreements, whether written or oral, with respect thereto.

 

7. COUNTERPARTS. This
Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute but one and the
same instrument.

 

8. HEADINGS. The headings
contained in this Agreement are for convenience purposes only and shall not in
any way affect the meaning or interpretation hereof.

 

9. GOVERNING LAW. This
Agreement shall be governed by and construed in accordance with the domestic
substantive laws of The Commonwealth of Massachusetts, without giving effect to
any choice or conflict of law provision or rule that would cause the
application of the laws of any other jurisdiction. 

 

IN WITNESS WHEREOF, each of
the undersigned has executed this Agreement as of the date first above written.

 

 

	
   

  	
  KRUPP GOVERNMENT INCOME
  TRUST

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Douglas Krupp

  
	
   

  	
   

  	
  Title: Chairman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KRUPP GOVERNMENT INCOME
  TRUST II

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Douglas Krupp

  
	
   

  	
   

  	
  Title: Chairman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BERKSHIRE INCOME REALTY,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: David Quade

  
	
   

  	
   

  	
  Title: President

  

 

2Exhibit 10.5

 

Berkshire Income Realty, Inc.

One Beacon Street, Suite 1500

Boston, Massachusetts  02108

 

 

	

   

  	

  March 5,

  2003

  
	

   

  	

   

  
	

   

  	

   

  
	

  Krupp

  Government Income Trust

  	

   

  
	

  Krupp

  Government Income Trust II

  	

   

  
	

  One Beacon

  Street

  	

   

  
	

  Boston,

  Massachusetts  02108

  	

   

  

 

Gentlemen:

 

Reference is made to the Waiver

and Standstill Agreement, dated as of August 22, 2002, by and among Krupp

Government Income Trust (“GIT”), Krupp Government Income Trust II

(“GIT II” and, collectively with GIT, the “Trusts”),

Berkshire Income Realty, Inc. and Berkshire Income Realty-OP, L.P. (the “Waiver

Agreement”). This is to confirm our agreement that, notwithstanding the

first sentence of Section 2.3 of the Waiver Agreement, the expiration date

of the exemption granted by the Trusts in Section 2.1 of the Waiver

Agreement is hereby extended from March 31, 2003 to June 30,

2003.  Except for the foregoing, all of

the terms and conditions of the Waiver Agreement remain in full force and

effect.

Kindly confirm the foregoing by

signing below.

 

	

   

  	

  BERKSHIRE

  INCOME REALTY, INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ David C.

  Quade

  	

   

  
	

   

  	

   

  	

  Name:

  	

  David C.

  Quade

  
	

   

  	

   

  	

  Title:

  	

  President

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  BERKSHIRE

  INCOME REALTY-OP, L.P.

  
	

   

  	

  by:

  	

  Berkshire

  Income Realty, Inc., its General Partner

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ David C.

  Quade

  	

   

  
	

   

  	

   

  	

  Name:

  	

  David C.

  Quade

  
	

   

  	

   

  	

  Title:

  	

  President

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  Acknowledged and agreed as of the date first above written:

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  KRUPP

  GOVERNMENT INCOME TRUST

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   /s/ Douglas Krupp

  	

   

  
	

   

  	

   

  	

  Name:

  	

  Douglas

  Krupp

  
	

   

  	

   

  	

  Title:

  	

  Chairman

  
						

 

 

	

   

  	

  KRUPP

  GOVERNMENT INCOME TRUST II

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Douglas

  Krupp

  	

   

  
	

   

  	

   

  	

  Name:

  	

  Douglas

  Krupp

  
	

   

  	

   

  	

  Title:

  	

  Chairman

  
					

 

[Signature Page to Waiver Agreement

Amendment]

 

2Exhibit 10.25

 

FOURTH MODIFICATION AGREEMENT

 

This Fourth Modification Agreement is made and entered into as of the

31st day of December, 2002 by and among KRUPP GOVERNMENT INCOME

TRUST, a Massachusetts business trust (“GIT”), MC NAB-K C 3 LIMITED PARTNERSHIP,

a Massachusetts limited partnership (the “Partnership”), and KRUPP GP, INC., a

Massachusetts corporation, GEORGE KRUPP, an individual and DOUGLAS KRUPP, an

individual (collectively, the “Partners”).

 

WHEREAS, the Partnership agreed to pay additional interest to GIT

pursuant to a Subordinated Promissory Note (the “Subordinated Note”) made by

the Partnership in favor of GIT, which is secured by a Subordinated Multifamily

Mortgage, Assignment of Rents and Security Agreement (the “Subordinated

Mortgage”) dated December 28, 1990 (collectively, the “Subordinated Loan

Documents”);

 

WHEREAS, the Partners have executed an Additional Loan Agreement and an

Additional Loan Note evidencing additional indebtedness of the Partners to GIT

of Two Million Four Hundred Seventy-One Thousand Two Hundred Ninety-Four and

No/100 Dollars ($2,471,294.00) (the “Additional Loan”), which Additional Loan

is secured by Pledge and Security Agreements and UCC financing statements with

all documents dated December 28, 1990 (collectively, the “Additional Loan

Documents”);

 

WHEREAS, certain terms of the Subordinated Loan Documents and the

Additional Loan Documents have been modified in the Modification Agreement

dated May 1997, the Extension and Second Modification to the Additional Loan Agreement

and Additional Loan Note dated July 1, 2002 and the Extension of and Third

Modification to the Additional Loan Agreement and Additional Loan Note dated

September 1, 2002 (collectively, the “Modification Agreements”);

 

WHEREAS, in accordance with the terms of the Subordinated Loan

Documents, the Additional Loan Documents and the Modification Agreements,

unless extended, the terms of the Additional Loan Note expire on December 31,

2002;

 

WHEREAS, the undersigned parties have mutually agreed to extend the

terms of the Additional Loan Documents and to further modify the terms of the

Subordinated Loan Documents and the Additional Loan Documents;

 

NOW THEREFORE, in consideration of the foregoing recitals, the mutual

covenants hereinafter set forth, and other good and valuable consideration, the

receipt and sufficiency of which are hereby acknowledged, intending to be

legally bound, the undersigned parties hereby agree as follows:

 

1.             Extension of Additional Loan Note

 

Section A of the Additional Loan Note, which previously has been

amended in certain of the Modification Agreements, is amended to read in its

entirety as follows:

 

A.      Unless otherwise

accelerated as provided herein or in the Additional Loan Agreement, the

outstanding principal balance shall be payable on December 31, 2003 (the

“Payment Date”).

 

2.             Acceleration of Maturity

 

Section 3.A. of the Subordinated Promissory Note is hereby amended to

reduce from twelve (12) calendar months to six (6) calendar months the period

by which GIT must give written notice to the Partnership of GIT’s decision to

accelerate the Maturity Date of the Subordinated Note in accordance with

Section 3 of the Subordinated Note.

 

1

 

Section 6. of the Additional Loan Agreement is hereby amended to reduce

from twelve (12) calendar months to six (6) calendar months the period by which

GIT must give written notice to the Partners of GIT’s decision to accelerate

the Payment Date of the Additional Loan Note in accordance with Section 6 of

the Additional Loan Agreement.

 

3.             Determination of Project Value

 

Notwithstanding any provision to the contrary contained in the

Subordinate Loan Documents, the Additional Loan Documents or the Modification

Agreements, the undersigned parties agree that the value of the Project, for

purposes of determining the Payment Obligations under the Section 6 of the

Modification Agreement shall be as follows:

 

•                  A.            In the event that the Project is

sold, the Payment Obligation shall be based on the sales price of the Project,

provided there is an executed purchase and sale agreement for a bone fide

arms-length transaction with a non-related third party purchaser no later than

July 1, 2003.  If the Project is not

under such a purchase and sale agreement by July 1, 2003, the Payment

Obligation shall be based on the greater of any ensuing sales price or a

$19,000,000 Value.

 

•                  B.            In the event that the Project is

refinanced, the Payment Obligation shall be based on the greater of the value

of the Project as determined by an appraisal that is prepared in accordance

with the Subordinate Loan Documents at the time of the refinancing transaction

or a $19,000,000 Value.  At that time,

GIT may exercise discretion as to whether it will agree to an appraised value

prepared for the refinancing lender in lieu of requiring a separate appraisal.

 

•                  C.            In the event that the Project is

neither sold nor refinanced prior to the Payment Date, the Payment Obligation

shall be based on a $19,000,000 Value if a permitted prepayment occurs prior to

July 31, 2003 or based on the greater of an appraisal that is prepared in

accordance with the Subordinate Loan Documents at the time of the prepayment or

a $19,000,000 Value.

 

4.             Conditions

Precedent

 

Notwithstanding any contrary provision, this document is not effective

unless and until GIT receives counterparts of this document executed by each

party named on the signature page or pages of this document.

 

5.             Ratifications

 

To induce GIT to enter into this document, the Partnership and the

Partners (a) ratify and confirm all provisions of the Subordinate Loan

Documents, the Additional Loan Documents and the Modification Agreements as

amended by this document, (b) ratify and confirm that all guaranties,

assurances, and Liens (as defined in the Subordinate Loan Documents, the

Additional Loan Documents and the Modification Agreements) granted, conveyed,

or assigned to GIT under the Subordinate Loan Documents, the Additional Loan

Documents and the Modification Agreements (as they have been renewed, extended,

and amended) are not released, reduced, or otherwise adversely affected by this

document and continue to guarantee, assure, and secure full payment and

performance of the present and future indebtedness arising hereunder, and (c)

agree to perform those acts and duly authorize, execute, acknowledge, deliver,

file, and record those additional documents as GIT may request in order to

create, perfect, preserve, and protect those guarantees, assurances, and Liens.

 

6.             Representations

 

To induce GIT to enter into this document, the Partnership and Partners

represent and warrant to GIT that 

 

2

 

as of the date of this document (a) the Partnership and Partners have

all requisite authority and power to execute, deliver and perform their

respective obligations under this document, which execution, delivery, and

performance have been duly authorized by all necessary corporate action in the

case of Krupp GP, Inc., require no action by or filing with any governmental

authority, do not violate any of Krupp GP, Inc.’s organizational documents or

violate any law applicable to any of the Partnership’s or Partners or any

material agreement to which they or their assets are bound, (b) upon execution

and delivery by all parties to it, this document will constitute the

Partnership’s and Partners’ legal and binding obligation, enforceable against

each of them in accordance with this document’s terms except as that

enforceability may be limited by debtor relief laws and general principles of

equity, (c) all other representations and warranties in the Subordinated Loan

Documents, the Additional Loan Documents and the Modification Agreements are

true and correct in all material respects except to the extent that any of them

speak to a different specific date, and (d) no Default or Event of Default

exists.

 

7.             Miscellaneous

 

Except as specifically amended and modified in this document, the

Subordinate Loan Documents, the Additional Loan Documents and the Modification

Agreements are unchanged and continue in full force and effect.

 

The parties hereto have caused this Fourth Modification Agreement to be

duly executed as of the date first written above.

 

3

 

	

  Partnership:

  	

   

  
	

   

  	

   

  
	

  McNab-K C 3 Limited Partnership, a Massachusetts limited partnership

  	

   

  
	

   

  	

   

  
	

  By:

  	

   

  	

  Krupp GP, Inc., a Massachusetts corporation, general partner

  	

   

  
	

   

  	

   

  
	

  By:

  	

   

  	

   

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

  Partners:

  	

   

  
	

   

  	

   

  
	

  Krupp GP, Inc., a Massachusetts corporation

  	

   

  
	

   

  	

   

  
	

  By:

  	

   

  	

   

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  George Krupp, an individual

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  Douglas Krupp, an individual

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

  GIT:

  	

   

  
	

   

  	

   

  
	

  Krupp Government Income Trust, a Massachusetts business trust

  	

   

  
	

   

  	

   

  
	

  By:

  	

   

  	

  Berkshire Mortgage Advisors Limited Partnership, its advisor

  	

   

  
	

  By:

  	

  BRF Corporation, its general partner

  	

   

  
	

   

  	

   

  
	

  By:

  	

   

  	

   

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
						

 

4

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