Document:

Exhibit 10.3

 

FIRST AMENDMENT TO

PURCHASE AND SALE AGREEMENT

(32 Properties)

 

THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT
(this “Amendment”) is made and entered into this 11th day of May, 2010, by and
between Seller and Purchaser.

 

R E C
I T A L S:

 

A.            Seller and Purchaser have heretofore
entered into that certain Purchase and Sale Agreement dated May 3, 2010
(the “Agreement”), relating to the sale and purchase of the thirty-two (32)
properties described therein.  All
defined terms in the Agreement are used herein with the same meanings those
terms have in the Agreement.

 

B.            Seller and Purchaser desire to amend
the Agreement as set forth herein.

 

NOW, THEREFORE, in consideration of these premises, the
terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereby covenant and agree as follows:

 

A  G
R  E  E  M  E  N  T

 

1.             Recitals.  The recitals set forth above are hereby
incorporated herein.

 

2.             Harborside Purchase and Sale
Agreement.  Section 1.1.15 of
the Agreement is hereby amended and restated in its entirety as follows:

 

“1.1.15 “Harborside Purchase and Sale Agreement”: That
certain Member Interest Purchase and Sale Agreement between Purchaser and
Harborside Seller dated as of May 3, 2010, as amended by that certain
First Amendment to Member Interest Purchase and Sale Agreement dated as of May 11,
2010.”

 

3.             Inspection Period.  Section 1.1.10 of the Agreement is
hereby amended and restated in its entirety as follows:

 

“1.1.10:  “Inspection
Period”:  The period beginning on the
Effective Date and ending on May 21, 2010, subject to extension as
provided in Section 6.1.4(1).”

 

4.             Financing.  Purchaser acknowledges that there shall be no
Financing Commitment Extension Period, and all references thereto in Section 4.3.2
shall be deemed null and void and of no further effect.

 

5.             Counterparts; Facsimile.  This Amendment may be executed and delivered
in any number of counterparts, each of which so executed and delivered shall be
deemed to be an original and all of which shall constitute one and the same
instrument.  For purposes of this
Amendment, any signature transmitted by facsimile or e-mail (in pdf format)
shall be considered to have the same legal and binding effect as any original
signature.

 

 

6.             Ratification.  The Agreement, as amended hereby, remains in
full force and effect and is hereby ratified and confirmed.

 

[Signature
page follows]

 

 

IN WITNESS WHEREOF, Purchaser and Seller have executed
this Amendment as of the date set forth above.

 

	
  PURCHASER:

  
	
   

  	
   

  	
   

  	
   

  
	
  TRT ACQUISITIONS LLC, a Delaware limited liability
  company

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  DCTRT Real Estate Holdco LLC, Its Sole Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  Dividend Capital Total Realty Operating Partnership
  LP, Its Sole Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Dividend Capital Total Realty Trust Inc., Its
  General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Greg Moran

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Greg Moran

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  SVP

  	
   

  
							

 

SELLER:

 

iSTAR CTL SOUTH HAVANA — ENGLEWOOD LLC, a Delaware
limited liability company

 

iSTAR CTL WATERVIEW — DALLAS LLC, a Delaware limited
liability company

 

iSTAR CTL SHADELANDS — WALNUT CREEK LLC, a Delaware
limited liability company

 

iSTAR CTL NORTH GLENVILLE — RICHARDSON LLC, a Delaware
limited liability company

 

iSTAR CTL SHEILA — COMMERCE LLC, a Delaware limited
liability company

 

 

iSTAR CTL COLUMBIA — RICHFIELD LLC, a Delaware limited
liability company

 

iSTAR CTL COTTONWOOD — MILPITAS LLC, a Delaware limited
liability company

 

iSTAR CTL NORTH FAIRWAY DRIVE — VERNON HILLS LLC, a
Delaware limited liability company

 

iSTAR CTL DOOLITTLE — REDONDO BEACH LLC, a Delaware
limited liability company

 

 

iSTAR CTL CROWN COLONY — QUINCY LLC, a Delaware limited
liability company

 

iSTAR CTL RUE FERRARI — SAN JOSE LLC, a Delaware limited
liability company

 

iSTAR CTL CORPORATE CENTER DRIVE — NEWBURY PARK LLC, a
Delaware limited liability company

 

iSTAR CTL COLUMBIA — CAMPBELLSVILLE LLC, a Delaware
limited liability company

 

iSTAR CTL SUNSET HILLS — RESTON LLC, a Delaware limited
liability company

 

iSTAR CTL EAGLE LLC, a Delaware limited liability
company

 

iSTAR CTL SYLVAN WAY — PARSIPPANY LLC, a Delaware
limited liability company

 

iSTAR CTL INVERNESS — ENGLEWOOD LLC, a Delaware limited
liability company

 

iSTAR CTL CORPORATE DRIVE — DIXON LLC, a Delaware
limited liability company

 

iSTAR CTL RIVEREDGE SUMMIT — ATLANTA LLC, a Delaware
limited liability company

 

iSTAR CTL CONNECTION — IRVING LLC, a Delaware limited
liability company

 

iSTAR CTL CHARLESTON — MOUNTAIN VIEW LLC, a Delaware
limited liability company

 

iSTAR CTL DUBLIN LLC, a Delaware limited liability
company

 

iSTAR GT, L.P., a Delaware limited partnership

 

iSTAR NG LP, a Delaware limited partnership

 

iSTAR CTL MAPLE — EL SEGUNDO LLC, a Delaware limited
liability company

 

 

iSTAR CTL SW 80 — PLANTATION LLC, a Delaware limited
liability company

 

 

	
  By:

  	
  /s/ Samantha K. Garbus

  	
   

  
	
  Name:

  	
  Samantha K. Garbus

  	
   

  
	
  Title:

  	
  Senior Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AGREED TO:

  	
   

  
	
   

  	
   

  
	
  iSTAR FINANCIAL INC., a
  Maryland corporation

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Samantha K. Garbus

  	
   

  
	
  Name:

  	
  Samantha K. Garbus

  	
   

  
	
  Title:

  	
  Senior
  Vice PresidentExhibit 10.4

 

SECOND AMENDMENT TO

PURCHASE AND SALE AGREEMENT

(32 Properties)

 

THIS SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT
(this “Amendment”) is made and entered into this 21st day of May, 2010, by and
between Seller and Purchaser.

 

R E C
I T A L S:

 

A.            Seller and Purchaser have heretofore entered into that certain Purchase
and Sale Agreement, dated as of May 3, 2010, relating to the sale and
purchase of the thirty-two (32) properties described therein, as amended by
that certain First Amendment to Purchase and Sale Agreement, dated as of May 11,
2010 (as amended, the “Agreement”). All defined terms in the Agreement are used
herein with the same meanings those terms have in the Agreement.

 

B.            Seller and Purchaser desire to amend the Agreement as set forth herein.

 

NOW, THEREFORE, in consideration of these premises, the
terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereby covenant and agree as follows:

 

A  G
R  E  E  M  E  N  T

 

1.             Recitals.  The recitals set forth above are hereby
incorporated herein.

 

2.             Closing Date.  Section 1.1.11 of the Agreement is
hereby amended and restated in its entirety to read as follows:

 

“1.1.11      “Closing
Date”:  June 24, 2010, or such
earlier date as may be agreed to in writing by Purchaser and Seller.”

 

3.             Harborside Purchase and Sale Agreement.  Section 1.1.15 of the Agreement is
hereby amended and restated in its entirety as follows:

 

“1.1.15        “Harborside
Purchase and Sale Agreement”: That certain Member Interest Purchase and Sale
Agreement between Purchaser and Harborside Seller, dated as of May 3,
2010, as amended by that certain First Amendment to Member Interest Purchase
and Sale Agreement, dated as of May 11, 2010, as further amended by that
certain Second Amendment to Member Interest Purchase and Sale Agreement, dated
as of May 21, 2010.”

 

4.             Properties.  The IBM Property shall no longer be part of
the transaction contemplated by the Agreement. 
The Agreement, including all Schedules thereto, is hereby amended by
deleting all references to IBM and the IBM Property.

 

5.             Purchase Price.  The Purchase Price, as defined in Section 1.1.3
of the Agreement, is hereby amended to $ 1,137,500,000.00.  Schedule 1.1.3 to the Agreement is hereby
amended and restated in its entirety as set forth on Schedule 1.1.3 attached
hereto.  Before the date that is

 

 

ten (10) calendar days
prior to the Closing Date, Purchaser shall have the right to reallocate the
Purchase Price among the Properties, in which event Purchaser and Seller shall
enter into a further amendment to the Agreement solely to reflect the further
revised Schedule 1.1.3; provided, however, in no event shall any such
reallocation of the Purchase Price reduce the Allocated Purchase Price of the
Properties leased by Google, Inc. (collectively, the “Google Property”)
below $90,000,000.00.  The Google
Property and, if the DirecTV, Inc. ROFO Offer (as hereinafter defined) is
sent, the Property leased by DirecTV, Inc. (the “DirecTV Property), are
each referred to herein individually as, a “ROFO Property”. Purchaser
acknowledges that Seller has sent Google, Inc. an offer to purchase the
Google Property pursuant to the right of first offer to purchase provisions
(the “Google ROFO Provisions”) set forth in the lease with Google, Inc.
and that Seller may send DirecTV, Inc. an offer to purchase the DirecTV
Property (the “DirecTV, Inc. ROFO Offer”) pursuant to the right of first
offer to purchase provisions (the “DirecTV ROFO Provisions”; the Google ROFO
Provisions and, if the DirecTV, Inc. ROFO Offer is sent, the DirecTV ROFO
Provisions, are each referred to herein individually as the “ROFO Provisions”)
set forth in the lease with DirecTV, Inc. 
Google, Inc. and, if the DirecTV, Inc. ROFO Offer is sent,
DirecTV, Inc. are each referred to herein individually as a “ROFO Offer
Tenant”.  Notwithstanding anything in the
Agreement to the contrary, if (i) a ROFO Offer Tenant elects to purchase a
ROFO Property pursuant to the applicable ROFO Provisions and (ii) prior to
the Closing Date, Seller and such ROFO Offer Tenant have entered into a
definitive contract for the purchase and sale of the ROFO Property (the “ROFO
Purchase Agreement”), then Purchaser shall proceed with the acquisition of the ROFO
Property pursuant to the terms of the Agreement and, at Closing, Seller shall
assign to Purchaser all of Seller’s right, title and interest in and to the
ROFO Purchase Agreement and the ROFO Property will be conveyed to Purchaser
subject to the ROFO Purchase Agreement; provided, however, (A) Purchaser
and Seller shall cooperate in good faith in drafting the initial draft of the
ROFO Purchase Agreement that is sent to such ROFO Offer Tenant and (B) Seller
shall not enter into the proposed final ROFO Purchase Agreement without
Purchaser’s prior written approval, which Purchaser, provided it has complied
with the negotiation standard contained in the applicable ROFO Provisions, may
withhold in its reasonable discretion. 
Purchaser shall provide Seller with its written approval or disapproval
of the ROFO Purchase Agreement within three (3) business days of Seller’s
written request therefor, which written request shall include a copy of the
final ROFO Purchase Agreement. If Purchaser fails to provide Seller with
Purchaser’s approval or disapproval of the ROFO Purchase Agreement within such
time period, Purchaser shall be deemed to have approved the ROFO Purchase
Agreement.  Notwithstanding the
foregoing, or anything contained in the Agreement to the contrary, if (x) a
ROFO Offer Tenant elects to purchase a ROFO Property pursuant to the ROFO
Provisions and (y) prior to the Closing Date, Seller and such ROFO Offer
Tenant have failed to enter into a definitive contract for the purchase and
sale of the ROFO Property notwithstanding their good faith efforts to do so,
then Purchaser shall proceed with the acquisition of the ROFO Property pursuant
to the terms of the Agreement and shall take the ROFO Property subject to the
ROFO Offer Tenant’s rights under the applicable ROFO Provisions.  Notwithstanding anything contained in the
agreement to the contrary, Purchaser and Seller hereby agree that (a) ROFO
Offer Tenants shall no longer constitute “ROFO Tenants” under the Agreement, (b) Seller
shall no obligation to obtain and deliver ROFO Acknowledgments from a ROFO
Offer Tenant and (c) the delivery of ROFO Acknowledgements from a ROFO
Offer Tenant shall not be conditions to Purchaser’s obligation to close the
transactions contemplated by the Agreement.

 

2

 

6.             Inspection Period.  The parties agree that this Amendment
constitutes the Due Diligence Waiver Notice contemplated by Section 4.3.1
of the Agreement.

 

7.             Financing Commitments.  Section 4.3.2 of the Agreement is hereby
amended and restated in its entirety as follows:

 

“4.3.2          Purchaser
has delivered to Seller copies of (a) a term sheet (the “Fixed Rate Loan
Term Sheet”) between Wells Fargo Bank, National Association and Bank of America
N.A. (collectively, the “Fixed Rate Lender”) and Purchaser, pursuant to which
the Fixed Rate Lender will lend Purchaser $292,000,000, secured by fifteen
Properties (the “Fixed Rate Loan”), (b) a term sheet (the “Floating Rate
Loan Term Sheet”) between Wells Fargo Bank, National Association (the “Floating
Rate Lender”) and Purchaser, pursuant to which the Floating Rate Lender will
lend Purchaser $336,030,000, secured by sixteen Properties (the “Floating Rate
Loan”), and (c) a letter (the “Harborside Term Sheet”) from New York Life
Investment Management LLC (the “Harborside Lender”) to Purchaser’s consultant,
pursuant to which the Harborside Lender would lend to the owner of Harborside
$125,000,000, secured by Harborside (the “Harborside Loan”).  Purchaser and Seller shall proceed to Closing
pursuant to the terms and provisions of this Agreement, and iStar shall,
subject to the terms and provisions of this Section 4.3.2, provide the
Mezzanine Loan simultaneously with the closing of the Floating Rate Loan and
the Fixed Rate Loan; provided, however, that the closing of the Floating Rate
Loan, the Fixed Rate Loan and the Harborside Loan on the Closing Date shall be
conditions to Purchaser’s obligations to close hereunder and under the
Harborside Purchase and Sale Agreement (unless the Floating Rate Loan, the
Fixed Rate Loan and/or the Harborside Loan fail to close as a result of (A) Purchaser’s
uncured default under the Floating Rate Term Sheet, the Fixed Rate Term Sheet
and/or the Harborside Term Sheet, (B) the failure of one or more
conditions to close which are within Purchaser’s reasonable control to satisfy,
or (C) Purchaser’s failure to accept documentation for the Fixed Rate Loan
or the Floating Rate Loan that is commercially reasonable for such
transactions).  As used in this Section 4.3.2,
“Mezzanine Loan” shall mean, collectively, a loan from iStar in the amount of
$56,870,000 to the owners of the equity interests in the affiliates of
Purchaser acquiring fee simple title to the Properties encumbered by the Fixed
Rate Loan (the “Fixed Rate Properties Mezzanine Loan”) and a loan from iStar in
the amount of $48,725,000 to the owners of the equity interests in the
affiliates of Purchaser acquiring fee simple title to the Properties encumbered
by the Floating Rate Loan (the “Floating Rate Properties Mezzanine Loan”).  iStar shall provide the Floating Rate
Properties Mezzanine Loan so long as (a) the terms of the Floating Rate
Loan comply with the interest rate, amortization, prepayment and principal
amount (which principal amount may be reduced to the extent this Agreement is
terminated with respect to any Properties pursuant to its terms) terms of the
Floating Rate Term Sheet and otherwise generally comply with the terms of the
Floating Rate Term Sheet, and (b)

 

3

 

the Floating Rate Lender enters into an
intercreditor agreement with iStar on commercially reasonable terms and
provisions, and evidenced by commercially reasonable documents, which terms and
provisions shall include, without limitation, the right but not the obligation
of iStar to cure defaults under the Floating Rate Loan and following an event
of default under the Floating Rate Properties Mezzanine Loan to foreclose on
the collateral securing the Floating Rate Properties Mezzanine Loan.  iStar shall provide the Fixed Rate Properties
Mezzanine Loan so long as (a) the terms of the Fixed Rate Loan comply with
the interest rate, amortization, prepayment and principal amount (which
principal amount may be reduced to the extent this Agreement is terminated with
respect to any Properties pursuant to its terms) terms of the Fixed Rate Term
Sheet and otherwise generally comply with the terms of the Fixed Rate Term
Sheet, and (b) the Fixed Rate Lender enters into an intercreditor
agreement with iStar on commercially reasonable terms and provisions, and
evidenced by commercially reasonable documents, which terms and provisions
shall include, without limitation, the right but not the obligation of iStar to
cure defaults under the Fixed Rate Loan and following an event of default under
the Fixed Rate Properties Mezzanine Loan to foreclose on the collateral
securing the Fixed Rate Properties Mezzanine Loan.”

 

8.             Title Requirements. The Title Company has
provided a letter to Purchaser dated May 21, 2010, pursuant to which the
Title Company has agreed to issue the Title Policies in the form of the “Pro
Forma Policies” (as defined therein), a copy of which is attached hereto as Exhibit J
(the “FATCO Letter”).  Notwithstanding
anything to the contrary set forth in Section 5.3 of the Agreement, Seller
hereby agrees to satisfy all of the “Seller Delivery Requirements” set forth in
Section 1 of Exhibit B to the FATCO Letter and its portion of the “Joint
Delivery Requirements” set forth in Section 3 of Exhibit B to the
FATCO Letter on or before the Closing Date. The definition of “Permitted
Exceptions” in the last sentence of Section 5.3 of the Agreement is hereby
amended and restated as follows:

 

“The term “Permitted
Exceptions” shall mean the exceptions to title set forth in the Pro Formas
Policies as updated by the Title Company as a result of (i) any actions
taken by Seller which are expressly permitted by the terms of this Agreement or
(ii) any acts or failure to act taken by Purchaser.”

 

9.             Casualty.  Section 6.2 of the Agreement is hereby
modified as follows:

 

(a)           clause (B) of the fourth sentence of Section 6.2 of the
Agreement is hereby deleted in its entirety; and

 

(b)           the last sentence of Section 6.2 of the Agreement is hereby amended
and restated in its entirety as follows:

 

“Notwithstanding anything
contained herein to the contrary, if a Casualty shall occur to any Property
and, as a result of such Casualty, the lender providing the Fixed Rate Loan or
the Floating Rate Loan will not close the

 

4

 

Fixed Rate Loan or the
Floating Rate Loan, as applicable, with respect to such Property, then, subject
to the limitations of Sections 7.2.1(4) and 7.2.2(9), this Agreement shall
automatically terminate with respect to such Property and the Purchase Price
shall be reduced by the Allocated Purchase Price of such Property.”

 

10.           Condemnation.  (a)  Notwithstanding anything to the
contrary in Section 6.3 of the Agreement, the parties acknowledge that a
deposit in the amount of $77,400 is being held in an interest-bearing account
by the Registry of the Court with respect to the Aurora, Colorado, Property
occupied by CEVA, pursuant to that certain Order Granting Immediate Possession
entered on April 15, 2010 by the District Court, Adams County, Colorado in
Case No. 2010CV170, entitled Public Services Company of
Colorado v. iStar CTL Eagle, LLC, et a (the “CEVA Condemnation
Action”).  If an award in the CEVA
Condemnation Action is paid to Seller prior to Closing, then Seller shall pay
such award, after deducting all of Seller’s out-of-pocket costs, including,
without limitation, all attorneys’ fees, incurred in connection with CEVA
Condemnation Action, but subject to the provisions of the Lease with CEVA
(collectively, the “Condemnation Costs”), to Purchaser at Closing, subject to
the terms of the Lease with CEVA with respect to any rights of CEVA to such
award.  If said award is not paid to
Seller prior to Closing, then (i) at Closing, Seller shall assign to
Purchaser, without representation or warranty by or recourse against Seller,
all of Seller’s right, title and interest in and to such deposit and any award,
subject to the terms of the Lease with CEVA with respect to any rights of CEVA
to such award and (ii) promptly following Closing, Seller shall notify
Purchaser of Seller’s Condemnation Costs. 
Within five (5) calendar days of Purchaser’s receipt of such
award,  Purchaser shall notify Seller of
Purchaser’s receipt of such award and reimburse Seller for Seller’s
Condemnation Costs; provided, however, if Seller has not previously notified
Purchaser of Seller’s Condemnation Costs, then Purchaser shall have ten (10) calendar
days from the date on which Purchaser receives notification from Seller of
Seller’s Condemnation Costs to reimburse Seller for Seller’s Condemnation
Costs.  Purchaser shall have no
obligation to reimburse Seller for either any amount greater than Seller would
have been entitled to pursuant to the terms of the Lease with CEVA or any
amount greater than the award received by Purchaser.  The two immediately preceding sentences shall
survive the Closing.

 

(b)           the last sentence of Section 6.3 of the Agreement is hereby amended
and restated in its entirety as follows:

 

“Notwithstanding anything
contained herein to the contrary, if a Condemnation shall occur to any Property
and, as a result of such Condemnation, the lender providing the Fixed Rate Loan
or the Floating Rate Loan will not close the Fixed Rate Loan or the Floating
Rate Loan, as applicable, with respect to such Property, then, subject to the
limitations of Section 7.2.1(4) and 7.2.2(9), this Agreement shall
automatically terminate with respect to such Property and the Purchase Price
shall be reduced by the Allocated Purchase Price of such Property.”

 

11.           SNDAs.  The first sentence of Section 6.4.3 of
the Agreement is hereby amended and restated in its entirety as follows:

 

5

 

“If requested by the Fixed
Rate Lender and/or the Floating Rate Lender, or if required pursuant to the
terms of the applicable Lease, Seller shall promptly after such request send to
such tenants of the Improvements designated by such lenders a request for a
subordination, non-disturbance and attornment agreement in a form approved by
such lenders or required by such Lease (such subordination, non-disturbance and
attornment agreements are referred to herein individually as, an “SNDA” and
collectively as, the “SNDAs”).”

 

12.           DirecTV/Traffic Signal.  Pursuant to that certain (i) Traffic
Signal Escrow Agreement dated April 14, 2000 and recorded on June 8,
2000 at Reception No. B0068913, and (ii) Escrow Contract and Security
Agreement dated May 23, 2000 and recorded June 8, 2000 at Reception No. B0068915,
each in Arapahoe County, Colorado, a predecessor-in-interest to Seller
deposited a sum estimated to be $150,000 (the “DirecTV Deposit”) with U.S. Bank
National Association to cover such predecessor owner’s estimated share of the
cost of installation of a traffic signal at the intersection of Inverness Drive
West and Inverness Terrace West near the Englewood, Colorado, Property occupied
by DirecTV. To Seller’s knowledge, the DirecTV Deposit is currently held by
U.S. Bank National Association. At Closing, Seller shall quitclaim to
Purchaser, without representation or warranty by or recourse against Seller,
all of Seller’s right, title and interest, if any, in and to the DirecTV
Deposit.

 

13.           Conditions to Seller’s Obligations to Close.  Section 7.2.1(4) of
the Agreement is hereby amended and restated in its entirety as follows:

 

“(4)     Property.  It shall be a condition to
Seller’s obligation to close hereunder that this Agreement and the Harborside
Purchase and Sale Agreement (as applicable) shall not have been terminated with
respect to more than two (2) Properties (including Harborside) (it being
understood that a termination of this Agreement with respect to one or more of
the separate sites constituting the Goodyear Properties or one or more separate
sites constituting the CEVA Properties shall be deemed in both cases to be a
termination of this Agreement with respect to only one Property notwithstanding
the Goodyear Lease and the CEVA Lease cover multiple Properties); provided,
however, that a termination of this Agreement with respect to a Property by
reason of the exercise of a right to purchase such Property by a ROFO Tenant
shall be disregarded for purposes of the application of the provisions of this Section 7.2.1(4).  For clarification, the parties agree that
while both this Agreement and the Harborside Purchase and Sale Agreement must
both proceed towards Closing at the same time, or both terminate at the end of
the Inspection Period together, it is possible for a closing condition under
the Harborside Purchase and Sale Agreement not to be satisfied (for example,
the bankruptcy of Schwab) which would allow Purchaser not to close and to
terminate with respect Harborside but proceed to closing under this Agreement.”

 

6

 

14.           Conditions to Purchaser’s Obligations to Close.

 

(a)         Section 7.2.2(6) of
the Agreement is hereby amended and restated in its entirety as follows:

 

“(6)     Closing of Fixed Rate Loan,
Floating Rate Loan and Mezzanine Loan.  (A) The closing of the Mezzanine Loan
simultaneously with (1) the Closing and (2) the closing of the Fixed
Rate Loan and the Floating Rate Loan and (B) the closing of the Fixed Rate
Loan and the Floating Rate Loan on the Closing Date (unless the Fixed Rate Loan
or the Floating Rate Loan fails to close as a result of (x) Purchaser’s
uncured default under the Fixed Rate Term Sheet or the Floating Rate Term
Sheet, as the case may be, (y) the failure of one or more conditions to
close which are within Purchaser’s reasonable control to satisfy, or (z) Purchaser’s
failure to accept documentation for the Fixed Rate Loan or the Floating Rate
Loan that is commercially reasonable for such transactions), shall be
conditions to Purchaser’s obligation to close hereunder;”

 

(b)           Section 7.2.2(8) of the Agreement is hereby amended by adding
the following after the word “Policies” in the second line:

 

“(in the forms of the Pro Forma Policies as updated by
the Title Company as a result of (i) any actions taken by Seller which are
expressly permitted by the terms of this Agreement or (ii) any acts or
failure to act taken by Purchaser). Notwithstanding the foregoing, Purchaser
and Seller agree that in no event shall the Title Company’s failure to deliver
the Title Policies in the forms of the Pro Forma Policies be a failure of a
condition to Purchaser’s obligation to Close if such failure to issue the Title
Policies in the forms of the Pro Forma Policies results from the Title Company
not receiving such documents and instruments, which are (i) required by
the Title Company to issue the Title Policies in the forms of the Pro Forma
Policies and (ii) not required to be obtained and delivered by Seller to
Purchaser, the Title Company or otherwise pursuant to the terms of this
Agreement.”

 

(c)           Section 7.2.2(9) of the Agreement is hereby amended and restated
in its entirety as follows:

 

“(9)     Property.  It shall be a condition to
Purchaser’s obligation to close hereunder that this Agreement or the Harborside
Purchase and Sale Agreement (as applicable) shall not have been terminated with
respect to more than two (2) Properties (including Harborside) (it being
understood that a termination of this Agreement with respect to one or more of
the separate sites constituting the Goodyear Properties or one or more separate
sites constituting the CEVA Properties shall be deemed in both cases to be a
termination of this Agreement with respect to only one Property notwithstanding
the Goodyear Lease and the CEVA Lease cover multiple Properties); provided,
however, that a termination of this Agreement with respect to a Property by
reason of the exercise of a right to purchase such

 

7

 

Property by a ROFO Tenant shall be disregarded for
purposes of the application of the provisions of this Section 7.2.1(9).  For clarification, the parties agree that
while both this Agreement and the Harborside Purchase and Sale Agreement must
both proceed towards Closing at the same time, or both terminate at the end of
the Inspection Period together, it is possible for a closing condition under
the Harborside Purchase and Sale Agreement not to be satisfied (for example,
the bankruptcy of Schwab) which would allow Purchaser not to close and to
terminate with respect Harborside but proceed to Closing under this Agreement;
and”

 

15.           Tax Appeals. The following Section 8.10
is hereby added to the end of Article 8 of the Agreement:

 

“8.10           Tax Appeals.  Subject to the rights of tenants under
Leases, following the Closing, (i) Purchaser shall have the right to
pursue all tax appeals in progress as of the Closing Date which relate to the
year of Closing and all subsequent years and (ii) Seller shall have the
right to pursue all tax appeals in progress as of the Closing Date which relate
to all years prior to the year of Closing (the “Pre-Closing Tax Appeals”) and
any proceeds of the Pre-Closing Tax Appeals shall be the property of Seller
unless such proceeds are required to be paid to the tenant under the applicable
Lease, in which case, Seller shall promptly upon receipt of such proceeds remit
to Purchaser such proceeds less Seller’s out-of-pocket costs, including,
without limitation, reasonable attorney’s fees, incurred in connection with
such Pre-Closing Tax Appeal, but in no event less than the amounts owed to the
tenant under the applicable Lease.  Notwithstanding
the foregoing, in no event shall Seller settle any Pre-Closing Tax Appeal
without the prior consent of Purchaser, not to be unreasonably withheld,
conditioned or delayed, unless Seller is required to settle such Pre-Closing
Tax Appeal pursuant to the terms of the applicable Lease.  If Seller elects not to pursue any
Pre-Closing Tax Appeal, Seller shall so notify Purchaser within a reasonable
period after the Closing, and Purchaser, at its option, may elect to pursue
such Pre-Closing Tax Appeal, unless Purchaser is required to pursue such
Pre-Closing Tax Appeal pursuant to the terms of the applicable Leases, in which
case Purchaser shall pursue such Pre-Closing Tax Appeal.  With respect to (i) any Pre-Closing Tax
Appeal which Seller elects not to pursue and which Purchaser elects or is
obligated to pursue, and (ii) any tax appeal in progress as of the Closing
Date with respect to the year of Closing, Seller shall cooperate with
Purchaser, including, without limitation, substituting counsel, making Seller’s
experts available to Purchaser and providing Purchaser with copies of such
appeals and any relevant documentation. 
The provisions of this Section 8.10 shall survive the Closing.”

 

16.           Purchaser’s Representations.

 

(a)           Purchaser hereby confirms to Seller that Purchaser has obtained the

 

8

 

approval and authorization of
its board of directors contemplated by Section 9.2.1 of the Agreement.

 

(b)           Section 9.2.7 of the Agreement is hereby amended and restated in its
entirety as follows:

 

“9.2.7          Availability of Funds.
Subject to obtaining the financing contemplated by the Fixed Rate Term Sheet,
the Floating Rate Term Sheet and the Mezzanine Loan as provided in Section 4.3.2,  Purchaser currently has available and will at the Closing
have available sufficient funds to pay the Purchase Price and to pay any and
all other amounts payable by Purchaser pursuant to this Agreement and to effect
the transactions contemplated hereby.”

 

17.           Purchaser’s Remedies. Section 10.2
of the Agreement is hereby amended as follows: 
the clause “$1,700,000.00” appearing in the fifteenth line thereof is
hereby amended by adding the following at the end thereof: “plus such all-in
rate lock costs (including, without limitation, swap and credit spreads) as
Purchaser may have incurred in connection with the loan contemplated by the
Fixed Rate Loan Term Sheet”.

 

18.           Entirety and Amendments. Section 12.6
of the Agreement is hereby amended and restated in its entirety as follows:

 

“12.6           Entirety and Amendments. The
exclusivity obligations and covenants set forth in that certain letter of
intent dated April 2, 2010 between iStar Financial Inc., on behalf of
Seller, and Purchaser are hereby incorporated herein and made a part of this
Agreement. This Agreement embodies the entire agreement between the parties and
supersedes all prior agreements and understandings relating to the Property.
This Agreement may be amended or supplemented only by an instrument in writing
executed by the party against whom enforcement is sought. All Schedules and
Exhibits hereto are incorporated herein by this reference for all purposes. All
information disclosed on any one Schedule and not disclosed on the other
Schedules shall, to the extent applicable, be deemed to be disclosed on such
other Schedules.”

 

19.           Schedules.  Schedules 4.3.2 and 9.1.5 of the Agreement
are hereby amended and restated in their entirety as set forth on Schedules
4.3.2 and 9.1.5 attached hereto, respectively.

 

20.           Counterparts; Facsimile.  This Amendment may be executed and delivered
in any number of counterparts, each of which so executed and delivered shall be
deemed to be an original and all of which shall constitute one and the same
instrument.  For purposes of this
Amendment, any signature transmitted by facsimile or e-mail (in pdf format)
shall be considered to have the same legal and binding effect as any original
signature.

 

21.           Ratification.  The Agreement, as amended hereby, remains in
full force and effect and is hereby ratified and confirmed.

 

9

 

IN WITNESS WHEREOF, Purchaser and Seller have executed
this Amendment as of the date set forth above.

 

	
  PURCHASER:

  
	
   

  	
   

  	
   

  	
   

  
	
  TRT ACQUISITIONS LLC, a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  DCTRT Real Estate Holdco LLC, Its Sole Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  Dividend Capital Total Realty Operating Partnership
  LP, Its Sole Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Dividend Capital Total Realty Trust Inc., Its
  General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Greg Moran

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Greg Moran

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  SVP

  	
   

  
							

 

SELLER:

 

iSTAR CTL SOUTH HAVANA — ENGLEWOOD LLC, a Delaware
limited liability company

 

iSTAR CTL WATERVIEW — DALLAS LLC, a Delaware limited
liability company

 

iSTAR CTL SHADELANDS — WALNUT CREEK LLC, a Delaware
limited liability company

 

iSTAR CTL NORTH GLENVILLE — RICHARDSON LLC, a Delaware
limited liability company

 

iSTAR CTL SHEILA — COMMERCE LLC, a Delaware limited
liability company

 

 

iSTAR CTL COLUMBIA — RICHFIELD LLC, a Delaware limited
liability company

 

iSTAR CTL COTTONWOOD — MILPITAS LLC, a Delaware limited
liability company

 

iSTAR CTL NORTH FAIRWAY DRIVE — VERNON HILLS LLC, a
Delaware limited liability company

 

 

iSTAR CTL DOOLITTLE — REDONDO BEACH LLC, a Delaware
limited liability company

 

iSTAR CTL CROWN COLONY — QUINCY LLC, a Delaware limited
liability company

 

iSTAR CTL RUE FERRARI — SAN JOSE LLC, a Delaware limited
liability company

 

iSTAR CTL CORPORATE CENTER DRIVE — NEWBURY PARK LLC, a
Delaware limited liability company

 

iSTAR CTL COLUMBIA — CAMPBELLSVILLE LLC, a Delaware
limited liability company

 

iSTAR CTL SUNSET HILLS — RESTON LLC, a Delaware limited
liability company

 

iSTAR CTL EAGLE LLC, a Delaware limited liability
company

 

iSTAR CTL SYLVAN WAY — PARSIPPANY LLC, a Delaware
limited liability company

 

iSTAR CTL INVERNESS — ENGLEWOOD LLC, a Delaware limited
liability company

 

iSTAR CTL CORPORATE DRIVE — DIXON LLC, a Delaware
limited liability company

 

iSTAR CTL RIVEREDGE SUMMIT — ATLANTA LLC, a Delaware
limited liability company

 

iSTAR CTL CONNECTION — IRVING LLC, a Delaware limited
liability company

 

iSTAR CTL CHARLESTON — MOUNTAIN VIEW LLC, a Delaware
limited liability company

 

iSTAR CTL DUBLIN LLC, a Delaware limited liability
company

 

iSTAR GT, L.P., a Delaware limited partnership

 

iSTAR NG LP, a Delaware limited partnership

 

2

 

iSTAR CTL MAPLE — EL SEGUNDO LLC, a Delaware limited
liability company

 

iSTAR CTL SW 80 — PLANTATION LLC, a Delaware limited
liability company

 

 

	
  By:

  	
  /s/
  Samantha K. Garbus

  	
   

  
	
  Name:

  	
  Samantha
  K. Garbus

  	
   

  
	
  Title:

  	
  Senior
  Vice President

  	
   

  

 

 

AGREED TO:

 

iSTAR FINANCIAL INC., a Maryland corporation

 

	
  By:

  	
  /s/
  Samantha K. Garbus

  	
   

  
	
  Name:

  	
  Samantha
  K. Garbus

  	
   

  
	
  Title:

  	
  Senior
  Vice President

  	
   

  

 

AGREED TO WITH RESPECT TO iSTAR’S PUT RIGHTS WITH
RESPECT TO THE FIXED RATE PROPERTIES MEZZANINE LOAN AND THE FLOATING RATE
PROPERTIES MEZZANINE LOAN AS SET FORTH IN SCHEDULE 4.3.2:

 

DIVIDEND CAPITAL TOTAL REALTY TRUST

 

	
  By:

  	
  /s/ Greg Moran

  	
   

  
	
  Name:

  	
  Greg Moran

  	
   

  
	
  Title:

  	
  SVP

  	
   

  

 

3

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