Document:

Exhibit
10.25

 

NEWKIRK REALTY TRUST, INC.

7 Bulfinch Place

Suite 500

Boston, MA 02114

 

October 17, 2005

 

To Each of the Entities Listed on Schedule 1 hereto

 

Re:          Initial
Public Offering of Newkirk Realty Trust, Inc.

 

Gentlemen:

 

Reference is made to that certain
Letter Agreement (the “Letter Agreement”), dated as of August 5, 2005,
among Newkirk Realty Trust, Inc. (the “Corporation”), Apollo Real Estate
Investment Fund III, L.P., (The Newkirk Master Limited Partnership, NKT
Advisors LLC, Vornado Realty Trust, Vornado Realty L.P., VNK Corp., Vornado
Newkirk LLC, and Vornado MLP GP LLC, and WEM-Brynmawr Associates LLC with
respect to the transactions contemplated by, and related to, the initial public
offering by the Corporation of its common stock.  Capitalized terms used herein and not
otherwise defined shall have the meanings ascribed thereto in the Letter
Agreement.

 

The purpose of this letter
agreement is to amend certain provisions of the Letter Agreement.  In this regard, the Letter Agreement is
hereby amended as follows:

 

1.             All
references to the “Registration Statement” shall be deemed references to
Amendment No. 3 to the Registration Statement on Form S-11 filed by
the Corporation with the Securities and Exchange Commission on October 17,
2005.

 

2.             Section 1 is hereby deleted in their
entirety and the following is inserted in lieu thereof:

 

1.             Sale
of MLP Units.

 

a.             By
Vornado.  Vornado shall not sell, nor
shall the Corporation purchase, any units of limited partnership interest in
the MLP held by Vornado in connection with the IPO.

 

b.             By
Apollo.  Simultaneous with the
closing of the IPO, the Corporation shall purchase directly from Apollo and its
affiliates a number of  units of limited
partnership interest in the MLP equal to 147.5 million divided by the per share
IPO price, for which  it  will pay 
$138.5 million. In addition, to the extent that the overallotment option
is exercised, the Corporation will purchase directly from Apollo an additional
number of units of limited partnership interest equal to the number of shares
sold pursuant to the exercise of the overallotment option at a purchase price
equal to the net proceeds received by the Corporation pursuant to the exercise
of the overallotment option, after deducting underwriting commissions..

 

 

c.             By
WEM.  Simultaneous with the closing
of the IPO, the Corporation shall purchase directly from WEM a number of units
of limited partnership interest in the MLP equal to $2.5 million divided by the
per share IPO price for which it will pay $2,347,750 million.

 

Except as modified hereby, the Letter
Agreement remains in full force and effect.

 

Please sign in the space indicated below to
acknowledge your agreement to the foregoing.

 

	
   

  	
  NEWKIRK REALTY TRUST, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/

  	
   

  
	
   

  	
   

  	
  Michael L. Ashner

  
	
   

  	
   

  	
  Chief Executive Officer

  
					

 

	
  AGREED AND ACCEPTED:

  	
   

  
	
   

  	
   

  
	
  APOLLO REAL ESTATE INVESTMENT FUND III, L.P.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  Apollo Real Estate Advisors III, L.P.,

  	
   

  
	
   

  	
  its general partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Apollo Real Estate Capital Advisors III, Inc.,

  	
   

  
	
   

  	
   

  	
  its general partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  THE NEWKIRK MASTER LIMITED PARTNERSHIP

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  MLP GP LLC

  	
   

  
	
   

  	
  its general partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Newkirk MLP Corp.

  	
   

  
	
   

  	
   

  	
  Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  NKT ADVISORS LLC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/

  	
   

  	
   

  
									

 

2

 

	
  Name:

  
	
  Title:

  
	
   

  
	
  VORNADO REALTY TRUST

  
	
   

  
	
   

  
	
  By

  	
  /s/

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
   

  
	
  VNK CORP.

  
	
   

  
	
   

  
	
  By

  	
  /s/

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
  VORNADO NEWKIRK LLC

  
	
   

  
	
   

  
	
  By

  	
  /s/

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
  VORNADO MLP GP LLC

  
	
   

  
	
   

  
	
  By

  	
  /s/

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
  WEM BRYNMAWR ASSOCIATES LLC

  
	
   

  
	
  By

  	
  /s/

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
   

  
	
  /s/

  	
   

  
	
  Michael L. Ashner

  

 

3

 

Schedule 1

 

Apollo Real Estate Investment Fund III, L.P.

60 Columbus Circle

20th Floor

New York, New York 10023

Attn:  Lee Neibart

 

 

The Newkirk Master Limited Partnership

7 Bulfinch Place

Suite 500

Boston, Massachusetts 02114

Attn:  Ms. Carolyn Tiffany

 

 

NKT Advisors LLC

Two Jericho Plaza

Wing A

Jericho, New York 11753

Attn:       Michael L. Ashner

 

 

Vornado Realty Trust

Vornado MLP GP LLC

VNK Corp.

Vornado Newkirk LLC

888 Seventh Avenue

New York, New York 10019

Attn:  Clifford Broser

 

 

WEM-Brynmawr Associates LLC

Two Jericho Plaza

Wing A

Jericho, New York 11753

Attn:       Michael L. Ashner

 

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Exhibit 4.1  

	NUMBER	 	UNITS                  
	
U-	
 	

 
	

SEE REVERSE FOR

CERTAIN DEFINITIONS	
 	

 

RESTAURANT ACQUISITION

PARTNERS, INC.  

        CUSIP  

  
 

    UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND TWO WARRANTS EACH TO
  PURCHASE ONE
  SHARE OF COMMON STOCK    
    

        THIS CERTIFIES THAT                        is the owner
of                        Units.
 

        Each
Unit ("Unit") consists of one (1) share of common stock, par value $.0001 per share ("Common Stock"), of Restaurant Acquisition Partners, Inc., a Delaware corporation
(the "Company") and two
(2) warrants (the "Warrants"). Each Warrant entitles the holder to purchase one (1) share of Common Stock for [$5.00/ $6.00] per share (subject to adjustment).
Each Warrant will become exercisable on the later of (i) the consummation by the Company of a merger, capital stock exchange, asset acquisition or other similar business combination, and
(ii)                         , 2006 and will expire unless exercised before 5:00 p.m., New York City Time,
on                        , 2009 or the date fixed for redemption of the Warrants (the
"Expiration Date"). The Common Stock and Warrants comprising the Units represented by this certificate are transferable separately
beginning                        , 2006, subject to earlier separation at the
discretion of Capital Growth Financial, LLC. The terms of the Warrants are governed by a Warrant Agreement, dated as
of                        , 2005, between the Company and Continental Stock
Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by
acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New York, New York 10004, and are available to any Warrant holder on written
request and without cost. 

        This
certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company. 

        Witness
the facsimile seal of the Company and the facsimile signature of its duly authorized officers. 

	By:	 	RESTAURANT ACQUISITION

PARTNERS, INC.

CORPORATE SEAL

2005

DELAWARE	 	 
	
 President	 	 	 	
 Secretary

 
Restaurant Acquisition Partners, Inc.  

        The Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof of the Company and the qualifications limitations, or restrictions of such preferences and/or rights. 

        The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or
regulations: 

	TEN COM—	 	as tenants in common
	

TEN ENT—	
 	

as tenants by the entireties
	

JT TEN—	
 	

as joint tenants with right of survivorship and not as tenants in common
	

UNIF GIFT MIN ACT—	
 	

 	
 	

Custodian	
 	

 	
 	

 	
 	

 
	

 	
 	

 (Cust)	
 	

 	
 	

 (Minor)	
 	

 	
 	

 
	

 	
 	

Under Uniform Gifts to Minors Act	
 	

 	
 	

(State)
	

 	
 	

 	
 	

 	
 	

 	
 	

	
 	

 

Additional
Abbreviations may also be used though not in the above list. 

For value received,                        hereby sell, assign and transfer unto  

(PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE) 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 

        Units
represented by the within Certificate, and do hereby irrevocably constitute and appoint                        Attorney to
transfer the said Units on the books of the within named Company
with full power of substitution in the premises. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	 	 	 
	

 	
 	

 	
 	

	 	 	 	 	Notice:	 	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

Signature(s)
Guaranteed: 

THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND
CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15). 

2

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UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND TWO WARRANTS EACH TO PURCHASE ONE SHARE OF COMMON STOCK

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