Document:

exv10w43

EXHIBIT
10.43

FOURTH AMENDMENT TO LEASE AGREEMENT

     THIS FOURTH AMENDMENT TO LEASE (this “Amendment”) is entered into as of the _th day of
November, 2007, by and between ARI-Commercial Properties, Inc. a California corporation, as agent
for the owners of the property, (“Landlord”) as successor in interest to CB Parkway Business Center
V, LTD. and RealPage, Inc., a Delaware corporation, successor in interest to RealPage, Inc., a
Texas corporation (“Tenant”).

     WHEREAS, CB Parkway Business Center V, LTD. and Tenant entered into that certain Lease
Agreement dated as of July 23, 1999 (the “Lease Agreement”);

     WHEREAS, the Lease Agreement has been amended by that certain First Amendment to Lease
Agreement dated November 29, 1999 (the “First Amendment”), by that certain Second Amendment to
Lease Agreement dated as of January 20, 2006 (the “Second Amendment”), and by that certain Third
Amendment to Lease Agreement dated as of August 28, 2006 (the “Third Amendment”) (the Lease
Agreement, as amended, the “Lease”);

     WHEREAS, Tenant currently leases certain space (the “Premises”) containing an approximate
rentable area of 98,223 square feet in the building located at 4000 International Parkway,
Carrollton, Texas;

     WHEREAS, effective December 15, 2007, Tenant desires to lease an additional 56,075 square feet
of Approximate Rentable Area, representing all of the Rentable Area, located on the third floor of
the Building shown on Exhibit A attached hereto (the “Expansion Premises”), and subject to
the terms and conditions set forth herein, Landlord is willing to Lease the Expansion Premises to
Tenant; and

     WHEREAS, Landlord and Tenant desire to amend the Lease to reflect their agreements as to the
terms and conditions governing the Tenant’s lease of the Expansion Premises.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants between the parties
herein contained, Landlord and Tenant hereby agree as follows:

     1. Lease Term. The Term for the Expansion Premises will commence December 15, 2007.

     2. Premises. The Premises will be expanded to include an additional 56,075 square
feet of Approximate Rentable Area. The total Approximate Rentable Area as of the commencement date
of this amendment will be 154,298 square feet.

     3. Base Rent. Basic Rental for the Expansion Premises will be payable pursuant to
Rental Schedule A below if Tenant does not exercise the Termination Option as to the Termination
Space; however, if Tenant exercises the Termination Option as to the Termination Space, Base Rent
shall be paid in accordance of Rental Schedule B:

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rental Schedule A	 	Termination Right not Exercised	 	Actual SF Occupied
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Pro-Rata
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Rate/SF/	 	Monthly	 	 	 	 	 	 	 	 	 	Share of
	Start	 	End	 	Months	 	SF	 	Year	 	Rent	 	Annual Rent	 	SF	 	Building
	12/15/2007	 	 	12/31/2007	 	 	 	.5	 	 	 	56,075	 	 	$	0.00	 	 	$	0.00	 	 	 	0.00	 	 	 	13,935	 	 	 	9.03	%
	1/1/2008	 	 	6/30/2008	 	 	 	6	 	 	 	56,075	 	 	$	3.73	 	 	$	17,418.75	 	 	$	104,512.50	 	 	 	13,935	 	 	 	9.03	%
	7/1/2008	 	 	12/31/2008	 	 	 	6	 	 	 	56,075	 	 	$	7.46	 	 	$	34,837.50	 	 	$	209,025	 	 	 	27,870	 	 	 	18.06	%
	1/1/2009	 	 	12/31/2009	 	 	 	12	 	 	 	56,075	 	 	$	20.00	 	 	$	93,458.33	 	 	$	1,121,500	 	 	 	56,075	 	 	 	36.34	%
	1/1/2010	 	 	12/31/2010	 	 	 	12	 	 	 	56,075	 	 	$	20.00	 	 	$	93,458.33	 	 	$	1,121,500	 	 	 	56,075	 	 	 	36.34	%
	1/1/2011	 	 	12/31/2011	 	 	 	12	 	 	 	56,075	 	 	$	20.00	 	 	$	93,458.33	 	 	$	1,121,500	 	 	 	56,075	 	 	 	36.34	%
	1/1/2012	 	 	12/31/2012	 	 	 	12	 	 	 	56,075	 	 	$	20.00	 	 	$	93,458.33	 	 	$	1,121,500	 	 	 	56,075	 	 	 	36.34	%
	1/1/2013	 	 	12/31/2013	 	 	 	12	 	 	 	56,075	 	 	$	22.00	 	 	$	102,804.17	 	 	$	1,233,650	 	 	 	56,075	 	 	 	36.34	%
	1/1/2014	 	 	12/31/2014	 	 	 	12	 	 	 	56,075	 	 	$	22.00	 	 	$	102,804.17	 	 	$	1,233,650	 	 	 	56,075	 	 	 	36.34	%
	1/1/2015	 	 	12/31/2015	 	 	 	12	 	 	 	56,075	 	 	$	22.00	 	 	$	102,804.17	 	 	$	1,233,650	 	 	 	56,075	 	 	 	36.34	%
	1/1/2016	 	 	8/31/2016	 	 	 	8	 	 	 	56,075	 	 	$	23.00	 	 	$	107,477.08	 	 	$	1,289,725	 	 	 	56,075	 	 	 	36.34	%
	Total	 	 	 	 	 	 	104	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rental Schedule B	 	Termination Right Exercised	 	Actual SF Occupied
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Pro-Rata
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Rate/SF /	 	Monthly	 	 	 	 	 	 	 	 	 	Share of
	Start	 	End	 	Months	 	SF	 	Year	 	Rent	 	Annual Rent	 	SF	 	Building
	12/15/2007	 	 	12/31/2007	 	 	 	.5	 	 	 	56,075	 	 	$	0.00	 	 	$	0.00	 	 	 	0.00	 	 	 	13,935	 	 	 	9.03	%
	1/1/2008	 	 	6/30/2008	 	 	 	6	 	 	 	56,075	 	 	$	3.73	 	 	$	17,418.75	 	 	$	104,512.50	 	 	 	13,935	 	 	 	9.03	%
	7/1/2008	 	 	12/31/2008	 	 	 	6	 	 	 	56,075	 	 	$	7.46	 	 	$	34,837.50	 	 	$	209,025.	 	 	 	27,870	 	 	 	18.06	%
	1/1/2009	 	 	12/31/2009	 	 	 	12	 	 	 	27,870	 	 	$	20.00	 	 	$	46,450.00	 	 	$	557,400.00	 	 	 	27,870	 	 	 	18.06	%
	1/1/2010	 	 	12/31/2010	 	 	 	12	 	 	 	27,870	 	 	$	20.00	 	 	$	46,450.00	 	 	$	557,400.00	 	 	 	27,870	 	 	 	18.06	%
	1/1/2011	 	 	12/31/2011	 	 	 	12	 	 	 	27,870	 	 	$	20.00	 	 	$	46,450.00	 	 	$	557,400.00	 	 	 	27,870	 	 	 	18.06	%
	1/1/2012	 	 	12/31/2012	 	 	 	12	 	 	 	27,870	 	 	$	20.00	 	 	$	46,450.00	 	 	$	557,400.00	 	 	 	27,870	 	 	 	18.06	%
	1/1/2013	 	 	12/31/2013	 	 	 	12	 	 	 	27,870	 	 	$	22.00	 	 	$	51,095.00	 	 	$	613,140.00	 	 	 	27,870	 	 	 	18.06	%
	1/1/2014	 	 	12/31/2014	 	 	 	12	 	 	 	27,870	 	 	$	22.00	 	 	$	51,095.00	 	 	$	613,140.00	 	 	 	27,870	 	 	 	18.06	%
	1/1/2015	 	 	12/31/2015	 	 	 	12	 	 	 	27,870	 	 	$	22.00	 	 	$	51,095.00	 	 	$	613,140.00	 	 	 	27,870	 	 	 	18.06	%
	1/1/2016	 	 	8/31/2016	 	 	 	8	 	 	 	27,870	 	 	$	23.00	 	 	$	53,417.50	 	 	$	641,010.00	 	 	 	27,870	 	 	 	18.06	%
	Total	 	 	 	 	 	 	104	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

     Electrical Costs. From January 1, 2008, Tenant will be responsible for it’s pro
rata share of Electrical Costs in Section 4. (b) of the Lease Agreement for the Expansion Premises
as specified in “Pro-Rata Share of Building” columns in the two schedule above. Rental Schedule A
shall be used if Tenant does not exercise the Termination Option as to the Termination Space;
Rental Schedule B shall be used if Tenant exercises the Termination Option as to the Termination
Space.

     4. Termination Option. Tenant, in the sole exercise of its discretion, to be
exercised on or before July 31, 2008, may cancel the Lease as to that portion of the Expansion
Space designated as Phase III on Exhibit A (“Termination Option”) pursuant to Exhibit D hereto.

     5. Tenant’s Proportionate Share. Tenant’s Pro Rata Share in the Lease Agreement
(63.65799%) shall be increased by the Pro-Rata Share of the Expansion Premises. If Tenant does not
exercise the Termination Option as to the Termination Space, Tenant’s Proportionate Share shall be
increased by the percentages listed in Rental Schedule A. If Tenant exercises the Termination

 

 

Option as to the Termination Space, Tenant’s Proportionate Share shall be increased by the
percentages listed in Rental Schedule B.

     6. Operating Base Year Expense Stop. The Operating Base Year Expense Stop for the
Expansion Premises will be the calendar year of 2008.

     7. Parking. Tenant shall have the right to use parking spaces pursuant to Exhibit F
of the original Lease. The number of spaces will be detailed pursuant to Exhibit C attached
hereto.

     8. Tenant’s Preferential Right to Lease, as detailed in Exhibit I of the original
Lease is hereby deleted in its entirety.

     9. Amendment of Exhibit A. Effective January 1, 2008, Exhibit A attached
hereto shall be added to and incorporated into Exhibit A to the Lease.

     10. Delivery of Expansion Premises. SUBJECT TO LANDLORD’S OBLIGATIONS TO MAINTAIN
CERTAIN PORTIONS AND COMPONENTS OF THE BUILDING AND THE PREMISES, TENANT HEREBY ACCEPTS THE
EXPANSION PREMISES AND THE BUILDING (INCLUDING THE SUITABILITY OF THE EXPANSION PREMISES FOR THE
PERMITTED USE) IN “AS IS” CONDITION, SUBJECT TO LANDLORD’S OBLIGATIONS SET FORTH IN SECTION
EXHIBIT B BELOW, WITH ANY AND ALL FAULTS AND LATENT OR PATENT DEFECTS AND WITHOUT RELYING UPON ANY
REPRESENTATION OR WARRANTY (EXPRESS OR IMPLIED) OF LANDLORD OR ANY REPRESENTATIVE OF LANDLORD,
EXCEPT AS SET FORTH IN THIS AMENDMENT. LANDLORD HAS NOT MADE AND DOES NOT HEREBY MAKE AND HEREBY
SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR CHARACTER WHATSOEVER,
EXPRESS OR IMPLIED, WITH RESPECT TO THE BUILDING (INCLUDING THE EXPANSION PREMISES), ITS CONDITION
(INCLUDING WITHOUT LIMITATION ANY REPRESENTATION OR WARRANTY REGARDING QUALITY OF CONSTRUCTION,
STATE OF REPAIR, WORKMANSHIP, MERCHANTABILITY, SUITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE).

     11. Improvements to Expansion Premises. Landlord shall construct the Expansion
Premises subject to Exhibit B attached hereto.

     11. Failure to Deliver the Expansion Premises. Landlord shall not be liable for the
failure to give possession of any of the Expansion Premises by reason of force majeure. Any rent
otherwise due by Tenant with respect to such Expansion Premises shall, however, be abated until
possession is delivered to Tenant and such abatement shall constitute full settlement of all claims
that Tenant might otherwise have against Landlord by reason of any failure of Landlord to timely
give possession of such Expansion Premises to Tenant during such time period as any third party
tenant, tenants or occupants are holding over in such space and/or during such time period as such
force majeure is continuing.

     12. Signage. As of the date of this Amendment, Tenant will have the exclusive right
to signage on the Building, including without limitation, signage on the Northeast corner and the

 

 

Southeast corner of the Building, of a size, placement and prominence at least comparable to that
of the current Tenant signage at the Building. Signage drawings shall be submitted by Tenant to
Landlord for approval, such approval shall not be unreasonable delayed or withheld. The foregoing
notwithstanding, to the extent Tenant intends to use signage on the Northeast corner and the
Southeast corner of the Building identical to that currently used on the Northwest corner and the
Southwest corner of the Building, no such prior approval shall be required. All signage shall be
subject to local municipality approval. All signage shall be at Tenant’s sole cost. At lease
expiration, tenant shall be required to remove its signage and restore the façade of the building.
For avoidance of doubt, Tenant may use a portion of the Construction Allowance for the expense of
signage referenced above. Additionally, as deemed necessary by Landlord, and where Tenant is not
the sole tenant in the Building, Tenant shall install a separate kilowatt-hour meter(s) and
electrical panel(s), if required, for all Building Signage and shall be solely responsible for the
payment of all electricity billed back for the Building Signage on a monthly basis by Landlord.

     13. Brokers. Tenant warrants that it has not retained the services of any real estate
agent or broker for representation in the negations with Landlord of the rental by Tenant of the
Expansion Space. Landlord represents and warrants that it has retained only Peloton Real Estate
Partners to represent it in the negotiations with Tenant of the rental by Tenant of the Expansion
Space. Tenant warrants that it has had no dealings with any real estate broker or agent in
connection with the negotiation of this Amendment other than Peloton Real Estate Partners, who have
represented Landlord as Landlord’s real estate broker or agent, and that it knows of no real estate
brokers or agents who are or might be entitled to a commission in connection with this Amendment.
Landlord agrees to indemnify and hold harmless Tenant from and against any liability or claim
arising in respect to any brokers or agents claiming a commission in connection with this Amendment
other than Peloton Real Estate Partners. Landlord shall pay the commissions due to Peloton Real
Estate Partners in connection with this Amendment pursuant to the terms of a separate written
agreement.

     14. Authority. Tenant and each person signing this Amendment on behalf of Tenant
represents to Landlord as follows: (i) Tenant is a duly formed and validly existing corporation
under the laws of Delaware, (ii) Tenant has and is qualified to do business in Texas, (iii) Tenant
has the full right and authority to enter into this Amendment, and (iv) each person signing on
behalf of Tenant was and continues to be authorized to do so.

     15. Defined Terms. All terms not otherwise defined herein shall have the same meaning
assigned to them in the Lease Agreement.

     16. Ratification of Lease. Except as amended hereby, the Lease is hereby ratified and
confirmed, and shall remain in full force and effect in accordance with its terms and is hereby
ratified. In the event of a conflict between the Lease Agreement and this Amendment, this
Amendment shall control.

     17. Exhibits. Each Exhibit attached hereto is made a part hereof for all purposes.

     18. No Representations. Landlord and Landlord’s agents have made no representations
or promises, express or implied, in connection with the Premises or this Amendment except as
expressly set forth herein.

 

 

     19. Entire Agreement. This Amendment, together with the Lease, contains all of the
agreements of the parties hereto with respect to any matter covered or mentioned in this Amendment
or the Lease, and no prior agreement, understanding or representation pertaining to any such matter
shall be effective for any purpose.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above
written.

	 	 	 	 	 	 	 	 	 	 	 
	LANDLORD:	 	 	 	TENANT:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	ARI-Commercial Properties, Inc.	 	 	 	RealPage, Inc., a Delaware

corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	By: /s/ Stephen T. Winn	 	 
	 
	 	 
	 	 	 	
 
	 	 
	 
	Name:
	 	 	 	 	 	Name:	 	 	 	 
	 
	 	 
	 	 	 	 	 	 
	 	 
	 
	Title:
	 	 	 	 	 	Title: CEO	 	 
	 
	 	 
	 	 	 	
 
	 	 

 

 

EXHIBIT A

EXPANSION PREMISES

     This Exhibit is attached to and a part of that certain Fourth Amendment to Lease Agreement
executed by and between ARI-Commercial Properties, Inc. a California corporation, in its capacity
as agent for Landlord, and RealPage, Inc., a Delaware corporation (the “Amendment”). Any
capitalized term not defined herein shall have the meaning assigned to it in the Amendment.
Landlord and Tenant mutually agree that the attached Floor Plan is the Floor Plan for the Expansion
Premises:

Phase I and II Expansion Premises1

 

			
	1	 	Office and work space configuration is draft. For
rending purposes only

 

 

Phase III Expansion Premises

 

 

Exhibit B

TENANT FINISH-WORK: ALLOWANCE

     1. The Work (hereafter defined) to be performed by Landlord for the Premises shall be
described in Exhibit B, with each Exhibit for Work sequentially identified as Exhibit B-1,
Exhibit B-2, Exhibit B-3, etc. For each Phase of the Work, Landlord shall deliver the Premises in
the condition described on the respective Exhibit B.

     2. Landlord shall construct the Work, and Tenant shall comply with the obligations with regard
to the Work, more fully set forth below, for Work for each of Phase I, Phase II and Phase III, as
well as any other Work performed at the Premises (collectively , the “Improvements”).

     Tenant shall provide to Landlord for its approval final working drawings within a reasonable
period of time prior to commencement of the Work (hereafter defined) prepared by an architect/space
designer reasonable acceptable to Landlord, of all improvements that Tenant proposes to install in
the Premises (or in the case of signage, to any portion of the Building); such working drawings
shall include the partition layout, ceiling plan, electrical outlets and switches, telephone
outlets, drawings for any modification to the mechanical and plumbing systems of the Building, and
detailed plans and specifications for the construction of the improvements called for under this
Exhibit in accordance with all applicable governmental laws, codes, rules, and regulations.
Further, if any of Tenant’s proposed construction work will affect the Building’s heating,
ventilation and air conditioning, electrical, mechanical, or plumbing systems, then the Working
Drawings (hereafter defined) pertaining thereto shall be prepared by the engineer of record for the
Building or other engineer reasonably acceptable to Landlord and Tenant, whom Tenant shall at its
expense engage for such purpose. Landlord either shall approve or reject the Working Drawings
within five (5) business days of receipt from Tenant (“Approval Period”). To the extent Landlord
fails either to approve or reject the Working Drawings within the Approval Period, Landlord shall
be deemed to have approved the Working Drawings. Landlord’s approval of such working drawings
shall not be unreasonably delayed, withheld or conditioned provided that (1) they comply with all
applicable governmental laws, codes, rules, and regulations, (2) such working drawings are
sufficiently detailed to allow construction of the improvements in a good and workmanlike manner,
(3) the improvements depicted thereon conform to the rules and regulations promulgated from time to
time by Landlord for the construction of tenant improvements (a copy of which has been delivered to
Tenant), and (4) they do not adversely affect the Building, its electrical, plumbing, HVAC,
structural, or other systems. As used herein, “Working Drawings” shall mean the final
working drawings approved by Landlord and Tenant, as amended from time to time by any approved
changes thereto, and “Work” shall mean all improvements to be constructed in accordance
with and as indicated on the Working Drawings. Approval by Landlord of the Working Drawings shall
not be a representation or warranty of Landlord that such drawings are adequate for any use,
purpose, or condition, or that such drawings comply with any applicable law or code, but shall
merely be the consent of the Landlord to the performance of the Work. Landlord and Tenant shall
indicate approval of the Working Drawings by signing each page thereof. All changes in the Work

 

 

must receive the prior written approval of Landlord, which approval shall not be unreasonably
delayed, withheld or conditioned, and in the event of any such approved change Tenant shall, upon
completion of the Work, furnish Landlord with an accurate, reproducible “as-built” plan (e.g.,
sepia) of the improvements as constructed, which plan shall be incorporated into this Lease by this
reference for all purposes.

     3. Landlord shall diligently construct the Improvements of the Premises in accordance with the
Working Drawings, in a good and workmanlike manner, retaining individuals or agents to construct
the Improvements having requisite skill, education and experience to perform such Initial
Improvements, and in accordance with all applicable governmental laws, codes, rules, and
regulations, subject only to any remaining items which do not prevent Landlord from obtaining a
Certificate of Occupancy for the Expansion Space, or not materially interfere with or prevent
Tenant from occupying and using the Premises for the permitted uses (i.e., punch-list items), and
deliver possession of the Premises to Tenant on or before the Commencement Date set forth in
Section 3 of this Lease. If a delay in the substantial completion of the Initial Improvements
occurs because of (a) any change by Tenant to the Working Drawings, (b) any specification by Tenant
of materials or installations in connection with the Working Drawings which are in addition to or
other than Landlord’s standard finish-out materials or which materials, and which were not
approved by Landlord either when approving the Working Drawings or any subsequent Change Order ,
because of long lead-time requirements or shortage of supply/availability, will delay substantial
completion of the Initial Improvements beyond the Commencement Date of this Fourth Amendment to
Lease Agreement, or (c) any other cause within Tenant’s reasonable control, then Tenant’s
obligation to pay rent shall commence on the scheduled Commencement Date. The term “Substantial
Completion” or “Substantially Completed” shall mean that, in the opinion of the
architect or space planner that prepared the Working Drawings, the Work has been completed
substantially in accordance with the Working Drawings, subject to completion of minor punch list
items that do not materially interfere with or prevent the issuance of a Certificate of Occupancy
for the Expansion Space or prevent Tenant from occupying and using the Premises for the permitted
uses. As soon as the Work has been substantially completed and Landlord has obtained a Certificate
of Occupancy therefore, Landlord shall notify Tenant in writing that the Commencement Date has
occurred. Within ten days thereafter, Tenant shall submit to Landlord in writing a punch list of
items needing completion or correction. Landlord shall use commercially reasonable efforts to
complete such items within 30 days after it receives such notice. If Tenant or its employees,
agents or contractors engage in acts or omissions that are the sole cause of delay in completion of
the Work, then the Commencement Date shall be the date that, in the Design Professional’s opinion,
substantial completion would have occurred had such delays not occurred. Tenant may from time to
time make changes to the Working Drawings with Landlord’s prior written consent, which shall not be
unreasonably withheld. Each subsequent request shall be set forth in a written notice delivered to
Landlord, specifying in detail the requested change (“Change Order”). If Tenant requests any such
change, then (1) Tenant shall pay all additional costs in designing and constructing the Work as a
result of such changes, (2) all delays in designing and constructing the Work caused by such
changes shall not delay the Commencement Date, and (3) Tenant shall pay to Landlord the estimated
additional costs in designing and constructing the Work that will be caused by such changes before
any such change shall be made.

 

 

     5. Tenant shall bear the entire cost of performing the Work (including, without limitation,
design of the Work and preparation of the Working Drawings, costs of construction labor and
materials and Project Management Services (hereafter defined) (the “Construction Hard
Costs”), electrical usage during construction (allocated to Tenant as reasonably agreed by
Landlord and Tenant), janitorial services, signage, fees, and related non-ad valorem taxes and
insurance costs, all of which costs are herein collectively called the “Total Construction
Costs”) in excess of the Construction Allowance (hereinafter defined).

     6. Landlord shall provide to Tenant a construction allowance (the “Construction
Allowance”) as specified in Exhibit C. Tenant shall be responsible for the amount by which the
estimated Total Construction Costs exceed the Allowance, such amount to be invoiced by Landlord
upon execution of the construction contract with the contractor, and payable by Tenant to Landlord
within five (5) days of Tenant’s receipt of invoice therefor. Upon Substantial Completion of the
Work and before Tenant occupies the Premises to conduct business therein, Tenant shall pay to
Landlord an amount equal to the Total Construction Costs less (a) the amount of payments already
made by Tenant, and (b) the amount of the Construction Allowance. A minimum of $5.00 per
square foot of Rentable Square Feet of the Construction Allowance must be used for Construction
Hard Costs. Tenant may utilize any remaining Construction Allowance to offset soft costs,
including without limitation, relocation costs and any other expenses of Tenant incurred with
regard to improvement of the Premises or the premises leased by Tenant from Landlord located at
4120 International Boulevard, Carrollton, Texas 75007, including without limitation, office
furniture, cubicles, hardware, networking, telephones and telephone systems.

     7. Landlord or its designee shall coordinate the relationship between the Work, the Building,
and the Building Systems. In consideration for Landlord’s services (“Project Management
Services”), Tenant shall pay to Landlord a construction supervision fee equal to five percent (5%)
of the Total Construction Costs for all improvements and alterations made to the Premises other
than the Shell Construction, which fee shall be paid from the Construction Allowance. The Project
Management Fee shall include all costs incurred with for services performed by Peloton Real Estate
Partners or Billingsley Company regard to the Work and the Improvements for the Premises.

     8. To the extent not inconsistent with this Exhibit, Exhibit D of the Lease shall govern the
performance of the Work and Landlord’s and Tenant’s respective rights and obligations regarding the
improvements installed pursuant thereto.

 

 

EXHIBIT B-1

     To be determined and mutually agreed upon prior to construction of the Phases I, II and III
Phases, and any other construction at the Premises.

 

 

Exhibit C

Construction Allowance

     Tenant will have access to the Construction Allowance as specified in the following Schedule.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Construction	 	 
	Expansion	 	 	 	 	 	 	 	 	 	Construction	 	Construction	 	Allowance -	 	Net
	Premises -	 	SF	 	Date of	 	Allowance Per	 	Allowance	 	(Holdback) /	 	Construction
	Phases	 	Occupied	 	Allowance	 	SF	 	Dollars	 	Credit	 	Allowance
	Phase I and II
	 	 	27,870	 	 	Upon 

Execution	 	$	18.00	 	 	$	501,660	 	 	 	($150,000	)	 	$	351,660	 
	 
	 	 	 	 	 	of 4th 

Amendment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Phase III
	 	 	28,205	 	 	 	8/1/2008	 	 	$	18.00	 	 	$	507,690	 	 	$	150,000	 	 	$	657,690	 

     The Construction Allowance for Phases I and II will be available to Tenant upon full
execution of this Fourth Amendment to Lease Agreement through December 31, 2009.

     Provided, Tenant has not exercised the Termination Option as to the Termination Space pursuant
to Exhibit D of this Fourth Amendment to Lease Agreement, the Phase III Construction Allowance will
be available to Tenant between August 1, 2008 and December 31, 2009; provided however, in
the event Tenant waives its Termination Option prior to August 1, 2008, then at the time of the
waiver of such Option.

 

 

Exhibit D

Option to Terminate Lease as to Phase In of the Expansion Premises

Tenant will have a one time option to terminate the Lease only as to Phase III of the Expansion
Premises provided Tenant notifies Landlord in writing no later than July 31, 2008 of its intent to
terminate the Phase III Expansion Premises. Failure by Tenant to provide such notice shall render
this Termination Option as to the Termination Space null and void. Time is of essence in providing
notice of termination to Landlord by Tenant. Upon Tenant’s exercise of the Termination Option as
provided in this Fourth Amendment to Lease Agreement, the definition of Premises shall be deemed to
be amended to include only Phases I and II on Exhibit A, and Tenant’s obligations with regard to
Phase III shall terminate, be null and void, and of no further force or effect.

Landlord will be responsible for, and shall expend, all costs required to make the Building a
multi- tenant Building, including without limitation, installing unique security systems, walls,
doors, and any modifications required by Law. Notwithstanding the forgoing Landlord shall
undertake the aforementioned work at the time that Landlord deems practical and or necessary, but
in no event later than the date of occupancy for any third party occupant of the Expansion
Premises.exv10w44

Exhibit 10.44

Re: 4000 International Parkway

Carrollton, Texas

FIFTH AMENDMENT TO LEASE AGREEMENT

	 	 	 	 	 
	THE STATE OF TEXAS

	 	§

§
	 	KNOW ALL MEN BY THESE PRESENTS:
	COUNTY OF DENTON

	 	§	 	 

     THIS FIFTH AMENDMENT TO LEASE AGREEMENT (this “Amendment”) has been entered into as of
the 4th day of February, 2009 (“Effective Date”), by ARI-COMMERCIAL PROPERTIES,
INC., a California corporation, in its capacity as agent for the tenants in common owners of the
Property (“Landlord”), and REALPAGE, INC., a Delaware corporation, successor-in-interest to
RealPage, Inc., a Texas corporation (“Tenant”).

RECITALS:

     A. CB Parkway Business Center V, Ltd. (“Prior Landlord”) and RealPage, Inc., a Texas
corporation (“Prior Tenant”), have heretofore executed that certain Lease Agreement (the
“Original Lease”), dated July 23, 1999, as amended by (i) First Amendment to Lease
Agreement, dated as of November 29, 1999, (ii) Second Amendment to Lease Agreement, dated as of
January 30, 2006, (iii) Third Amendment to Lease Agreement, dated as of August 28, 2006, and (iv)
Fourth Amendment to Lease Agreement (“Fourth Amendment”), dated as of approximately
November 2007 (such Original Lease, as so amended, is hereinafter called the “Lease”),
pursuant to which Tenant leased certain premises (the “Original Premises”) containing
126,093 rentable square feet located at 4000 International Parkway, Carrollton, Denton County,
Texas, and more particularly described in the Lease (the “Building”). The Original Lease,
as so amended, is hereinafter referred to as the “Lease.” Unless otherwise defined herein,
all initially capitalized terms will have the respective meanings assigned thereto in the Lease.

     B. Landlord has acquired the Building and succeeded to all of Prior Landlord’s interest as
landlord under the Lease. Tenant has assumed and accepted all of Prior Tenant’s interest and
obligations under the Lease.

     C. Landlord and Tenant desire to evidence their Amendment to amend the Lease, subject to the
terms set forth herein.

 

 

     NOW THEREFORE, for and in consideration of the foregoing and other good and valuable
consideration the receipt and sufficiency of which are hereby acknowledged and confessed, Landlord
and Tenant hereby agree as follows:

ARTICLE I

CERTAIN AMENDMENTS

     SECTION 1.01. Addition of Premises. As of the Effective Date, and subject to the
terms and conditions set forth in this Amendment, the Lease shall be amended to reflect that the
Original Premises shall be expanded to include the premises outlined on the cross-hatched floor
plan attached hereto as Exhibit A-1 consisting of approximately 14,103 rentable square feet
on the Southeast Quadrant of the third (3rd) floor (the “Southeast Quadrant Additional
Premises”) and approximately 14,102 rentable square feet on the Northeast Quadrant of the third
(3rd) floor (the “Northeast Quadrant Additional Premises”) as shown on Exhibit A-2
attached hereto for a total of 28,205 rentable square feet on the third (3rd) floor in Suite 3500
of the Building (the Original Premises, the Southeast Quadrant Additional Premises and the
Northeast Additional Premises being collectively referred to as the “Premises”). As of the
Effective Date, Exhibit A to the Lease shall be amended to include Exhibit A-1 and
A-2 attached to this Amendment and, accordingly, the Premises shall consist of approximately
154,298 rentable square feet in the Building (said Southeast Quadrant Additional Premises and the
Northeast Additional Premises being collectively referred to as the “Third Floor Additional
Premises”). As of the Effective Date, Tenant’s Proportionate Share shall be amended to be
100%.

     SECTION 1.02. Term. The Term of the Lease for the Third Floor Additional Premises
shall be coterminous with the Term of the Lease for the Original Premises, commencing on the
Effective Date and expiring August 31, 2016, subject to adjustment or earlier termination as set
forth in the Lease.

     SECTION 1.03. Basic Rental — Third Floor Additional Premises. As of the Effective
Date, the Basic Rental for the Third Floor Additional Premises during the Term of the Lease shall
be as follows:

     Southeast Quadrant Additional Premises:

	 	 	 	 	 	 	 	 	 
	Period:	 	Annual Base Rent per R.S.F.:	 	Monthly Base Rent:
	Effective Date - 6/30/10
	 	$	00.00	 	 	$	00,000.00	 
	7/1/10 - 12/31/10
	 	$	20.00	 	 	$	23,505.00	 
	1/1/11 - 12/31/11
	 	$	20.00	 	 	$	23,505.00	 
	1/1/12 - 12/31/12
	 	$	20.00	 	 	$	23,505.00	 
	1/1/13 - 12/31/13
	 	$	22.00	 	 	$	25,855.50	 
	1/1/14 - 12/31/14
	 	$	22.00	 	 	$	25,855.50	 
	1/1/15 - 12/31/15
	 	$	22.00	 	 	$	25,855.50	 
	1/1/16 - 08/31/16
	 	$	23.00	 	 	$	27,030.75	 

 

 

     Northeast Quadrant Additional Premises:

	 	 	 	 	 	 	 	 	 
	Period:	 	Annual Base Rent per R.S.F.:	 	Monthly Base Rent:
	Effective Date — 12/31/09

	 	$	00.00	 	 	$	00,000.00	 
	1/1/10 — 12/31/10

	 	$	20.00	 	 	$	23,503.33	 
	1/1/11 — 12/31/11

	 	$	20.00	 	 	$	23,503.33	 
	1/1/12 — 12/31/12

	 	$	20.00	 	 	$	23,503.33	 
	1/1/13 — 12/31/13

	 	$	22.00	 	 	$	25,853.67	 
	1/1/14 — 12/31/14

	 	$	22.00	 	 	$	25,853.67	 
	1/1/15 — 12/31/15

	 	$	22.00	 	 	$	25,853.67	 
	1/1/16 — 08/31/16

	 	$	23.00	 	 	$	27,028.83	 

     The Basic Rental shall be due and payable in equal monthly installments, each such monthly
installment due and payable on the first day of each calendar month, in advance, without demand and
without setoff or deduction whatsoever. The Basic Rental for the Original Premises shall remain as
set forth in the Lease.

     SECTION 1.04. Expense Stop. Tenant’s Expense Stop for the Third Floor Additional
Premises shall be the actual costs incurred by Landlord in the calendar year 2009 and said payment
shall commence January 1, 2010. The Expense Stop for the Original Premises shall remain as set
forth in the Lease.

     SECTION 1.05. Parking. As of the Effective Date, Tenant shall be entitled to use an
additional one hundred twelve (112) unreserved and unassigned parking spaces in the parking areas
associated with the Building. Exhibit B sets forth all reserved and assigned, as well as
all unreserved and unassigned parking spaces for the Building to which Tenant shall be entitled for
the Term.

     SECTION 1.06. AS IS. Except as set forth on Exhibit C, Landlord is leasing
the Premises to Tenant “as is” “where is” without representation or warranty, without any
obligation by Landlord to alter, remodel, improve, repair or decorate any part of the Premises.

     SECTION 1.07. Authority. Tenant represents that it is the Tenant under the Lease and
has not assigned or sublet any portion of the Premises to a third party. Tenant and each person
signing this Amendment on behalf of Tenant represents to Landlord as follows: (i) Tenant is a duly
formed and validly existing corporation under the laws of Delaware, (ii) Tenant has and is
qualified to do business in Texas, (iii) Tenant has the full right and authority to enter into this
Amendment, and (iv) each person signing on behalf of Tenant was and continues to be authorized to
do so. Tenant shall deliver to Landlord upon demand evidence of such authority satisfactory to
Landlord.

     SECTION 1.08. Brokerage. Landlord and Tenant each warrant to the other that it has
not dealt with any broker or agent in connection with the negotiation or execution of this
Amendment except that Landlord has retained Peloton Real Estate Partners (hereafter, the
“Broker”). Landlord shall pay to Broker the commission arising out of this Amendment
pursuant to a separate agreement between Landlord and such Broker. Landlord and Tenant hereby
indemnify each other from the payment of any commissions owed to any broker with respect to this
Amendment resulting from the acts of such party, but not otherwise.

 

 

     SECTION 1.09. No Offer. The submission of this Amendment to Tenant shall not be
construed as an offer, nor shall Tenant have any rights under this Amendment unless Landlord
executes a copy of this Amendment and delivers it to Tenant.

     SECTION 1.10. Exhibits. Landlord and Tenant agree that the following exhibits have
been attached hereto and will be deemed a part of this Amendment and the Lease for all purposes and
will be in lieu of any similar rights or provisions currently set forth in the Lease:

     Exhibit A-1 — Southeast Quadrant Additional Premises

     Exhibit A-2 — Northeast Quadrant Additional Premises

     Exhibit B — Parking Spaces and Parking Area

     Exhibit C — Tenant Finish Work: Allowance

     SECTION 1.11. Further Amendments. The Lease shall be and hereby is further amended
wherever necessary, even though not specifically referred to herein, in order to give effect to the
terms of this Amendment. Exhibit I of the Original Lease is deleted. The penultimate sentence of
Section 6(a), Services; Maintenance, of the Original Lease shall be amended to read as follows:
“If Tenant desires heat and air conditioning at any time other than times herein designated, such
services shall be supplied to Tenant upon reasonable advance notice from Tenant to Landlord, or
upon alternate schedule to the extent Tenant and Landlord otherwise agree in writing.”

ARTICLE II

MISCELLANEOUS

     SECTION 2.01. Ratification. The Lease, as amended hereby, is hereby ratified,
confirmed and deemed in full force and effect in accordance with its terms. Each party represents
to the other that it (a) is currently unaware of any default by the other under the Lease; (b) has
full power and authority to execute and deliver this Amendment and this Amendment represents a
valid and binding obligation of such part enforceable in accordance with its terms, except where
such enforcement may be subject to bankruptcy, insolvency, reorganization, moratorium or similar
laws now or hereafter in effect relating to creditor’s rights; (c) except as set forth on
Exhibit C, Landlord has completed all improvements to the Premises in compliance with all
requirements in the Lease; and (d) except as set forth on Exhibit C, all tenant finish
costs or allowances payable by Landlord have been paid and no such costs or allowances are payable
hereafter under the Lease.

 

 

     SECTION 2.02. Notices. All notices to be delivered to Landlord under the Lease or
otherwise with respect to the Premises shall, unless Landlord otherwise notifies Tenant, be
delivered to Landlord in accordance with the Lease at the following address:

Argus Realty Investors, LP

3040 Post Oak Boulevard, Suite 880

Houston, TX 77056

Attention: Asset Manager

     SECTION 2.03. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of Texas.

     SECTION 2.04. Counterparts. This Amendment may be executed in multiple counterparts
each of which is deemed an original but together constitute one and the same instrument. This
Amendment may be executed by facsimile and each party has the right to rely upon a facsimile
counterpart of this Amendment signed by the other party to the same extent as if such party had
received an original counterpart.

     SECTION 2.05. WAIVER OF JURY TRIAL. TENANT AND LANDLORD WAIVE ANY RIGHT TO TRIAL BY
JURY OR TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR
OTHERWISE BETWEEN LANDLORD AND TENANT ARISING OUT OF THE LEASE OR ANY OTHER INSTRUMENT, DOCUMENT,
OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED HERETO.

     SECTION 2.06. OFAC. Neither Tenant nor any of its affiliates, is a person or entity
with whom U.S. persons or entities are restricted from doing business under regulations of the
Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including those
named on OFAC’s Specially Designated and Blocked Persons List) or under any statute, executive
order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other
governmental action.

 

 

     IN WITNESS WHEREOF, this Amendment has been executed as of the date and year first above
written.

	 	 	 	 	 
	 	LANDLORD:

ARI-COMMERCIAL PROPERTIES, INC., a 

California corporation, in its capacity as agent

for the tenants in common owners of the Property

 	 
	 	By:  	/s/
Signature
 Illegible 	 
	 	 	Name: 	Name Illegible 	 
	 	 	Title: 	VP
Asset Mgmt	 
	 

	 	 	 	 	 
	 	TENANT:

REALPAGE, INC.,

a Delaware corporation

 	 
	 	By:  	/s/
Tim Barker 	 
	 	 	Name: 	Tim Barker 	 
	 	 	Title: 	CFO	 

 

 

	 	 	 	 	 

EXHIBIT A-1

SOUTHEAST QUADRANT ADDITIONAL PREMISES

 

 

EXHIBIT A-2

NORTHEAST QUADRANT ADDITIONAL PREMISES

 

 

EXHIBIT B

PARKING SPACES AND PARKING AREA

BLDG 5 — 4000 INTERNATIONAL PARKWAY, PLANO, TX 75093

 

 

 

 

EXHIBIT C

TENANT FINISH-WORK: ALLOWANCE

     1. Except as set forth on this Exhibit, Tenant accepts the Premises “AS-IS” and acknowledges
that Landlord has no obligation to make or otherwise pay for any improvements, alterations or
repairs thereto.

     2. Tenant will have prepared the Working Drawings for the Third Floor Additional Premises.
Landlord will review and approve the Working Drawings within ten (10) business days following
receipt thereof. As used herein, “Working Drawings” shall mean the final working drawings
approved by Landlord, as amended from time to time by any approved changes thereto, and
“Work” shall mean all improvements to be constructed in accordance with and as indicated on
the Working Drawings, which may include Work to other portions of the building leased and occupied
by Tenant. Approval by Landlord of the Working Drawings shall not be a representation or warranty
of Landlord that such drawings are adequate for any use, purpose, or condition, or that such
drawings comply with any applicable law or code, but shall merely be the consent of Landlord to the
performance of the Work. All changes in the Work must receive the prior written approval of
Landlord, and in the event of any such approved change Tenant shall, upon completion of the Work,
furnish Landlord with an accurate, reproducible “as-built” plan (e.g., sepia) of the improvements
as constructed, which plan shall be incorporated into this Lease by this reference for all
purposes. Tenant shall be responsible for obtaining Landlord’s prior written approval for any Work
performed by Tenant. Landlord shall provide to Tenant a Tenant Improvement Allowance (the
“Tenant Improvement Allowance”) equal to $24.32 per square foot of Rentable Square Feet
(28,205 rsf) or $685,894.00 to be paid by Landlord to Tenant as follows:

	 	•	 	$400,000 on the earlier to occur of: (a) sixty (60) days following the date
of full execution and delivery of this Amendment or (b) within ten (10) business
days following Landlord’s receipt of a joint check payable to Landlord and
Tenant, said check to be endorsed over to Tenant, such endorsement to be made
without any representation or warranty to the collectibility; and
	 
	 	•	 	$285,894 on the earlier to occur of: (a) July 1, 2009, or (b) within ten (10)
business days following Landlord’s receipt of a joint check payable to Landlord
and Tenant, said check to be endorsed over to Tenant, such endorsement to be
made without any representation or warranty to the collectibility.

     Tenant shall bear the entire cost of performing the Work (including, without limitation,
design of the Work and preparation of the Working Drawings, costs of construction labor and
materials (the “Construction Hard Costs”), electrical usage during construction (allocated
to Tenant as reasonably agreed by Landlord and Tenant), janitorial services, signage, fees, and
related non-ad valorem taxes and insurance costs, all of which costs are herein collectively called
the “Total Construction Costs”).

 

 

     The entire $24.32 per Rentable Square Feet of the Tenant Improvement Allowance may be used for
any construction hard costs for the Premises as well as for those Construction Hard Costs for the
Premises at the 4120 International Boulevard Building on the Property, incurred both prior to and
after the Effective Date of this Amendment; provided however, and notwithstanding the
foregoing, Tenant may elect to use any remaining portion of the Tenant Improvement Allowance
for cubicles, workstations, furniture, appliances, cabling and wiring at the Premises as well at
the 4120 International Boulevard Building on the Property, incurred both prior to and after the
Effective Date of this Amendment (the “Furniture Allowance”).

     6. For avoidance of doubt, Tenant may use the Tenant Improvement Allowance for Construction
Hard Costs and Furniture Allowance for expenditures at both the Premises as well as at the 4120
International Boulevard Building on the Property, for expenses incurred both prior to and after the
Effective Date of this Amendment. Tenant shall pay to Landlord a construction supervision fee
equal to three percent (3%) of the Construction Hard Costs to the Third Floor Additional Premises
(not to exceed $18,000), which may be deducted from the Construction Allowance.

     3. To the extent not inconsistent with this Exhibit, the Lease, including, without limitation,
Section 7, shall govern the performance of the Work and the Landlord’s and Tenant’s respective
rights and obligations regarding the improvements installed pursuant thereto.

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