Document:

EXHIBIT 10.33 

AGREEMENT 

 
        This
Agreement (the “Agreement”) is entered into as of February 22, 2005 by and
between SulphCo, Inc. (“SulphCo”) and OIL-SC, Ltd. (“OIL-SC”).
SulphCo and OIL-SC are sometimes referred to herein as the “Parties” or a
“Party.” 

          A.   WHEREAS,
  SulphCo and OIL-SC desire to enter this Agreement whereby SulphCo shall sell
  to OIL-SC equipment for a Sonocracking(TM) Pilot Plant, and OIL-SC will then
  use such Plant for itself and to demonstrate to others the capabilities of such
  Plant; 

          B.   WHEREAS,
  if through OIL-SC’s demonstrations SulphCo enters into a business arrangement,
  then SulphCo shall pay OIL-SC certain fees as described herein. 

 
        NOW
THEREFORE, In consideration of the mutual agreements contained herein, and for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties agree as follows: 

ARTICLE 1

PURCHASE AND SALE OF ASSETS 

          1.1   Purchase
  and Sale of Assets. SulphCo hereby sells and conveys to OIL-SC and OIL-SC
  hereby purchases, for the Purchase Price (as defined in section 2.1 below) and
  on the other terms and conditions contained in this Agreement, all the processing
  equipment and major laboratory equipment necessary to complete a SonocrackingTM
  Pilot Plant (the “Plant”) with up to a 2,000 bbl/day capacity
  (the “Assets”). Such Assets shall include, but not be limited
  to, those specific items listed on Exhibit A attached hereto. 

          1.2   Excluded
  Items. Processing equipment not included in the Assets consists of, but
  is not limited to, storage tanks, water supply, buildings, foundation, safety
  equipment, and any other materials to house or secure the Plant. Laboratory
  equipment not included in the Assets consists of, but is not limited to, standard
  laboratory equipment or facilities required to operate or house the major laboratory
  equipment included in the Assets, such as glassware, cabinets, and exhaust venting.
  

          1.3   Other
  Items Included in Purchase Price. As part of the Purchase Price, SulphCo
  shall provide design, assembly and start-up assistance relating to the Plant,
  to the extent such assistance is reasonable and necessary. Such assistance includes
  training for OIL-SC personnel, all manuals required for the Plant operation,
  and petroleum feedstock for the Trial (as defined in section 1.6 below). 

          1.4   Shipping
  Fees and Taxes. SulphCo shall be responsible for all shipping fees of the
  Assets to the port of entry in South Korea. OIL-SC shall be responsible for
  all logistics, taxes, duties and shipping charges associated with the Assets
  from the port of entry in South Korea to the final site of the Assets. 

-1- 

          1.5   Use
  of Plant and Assets. Without an additional fee or charge by SulphCo, OIL-SC
  only can use the Plant (a) to upgrade products that it purchases on the open
  market, provided that the Plant and the processing remains in South Korea, and
  (b) to demonstrate the Plant capabilities to prospective users as more fully
  described in Article IV of this Agreement. In the event OIL-SC desires to purchase
  equipment to build another SonocrackingTM Pilot Plant facility from SulphCo,
  OIL-SC shall purchase such equipment at the current market price, and SulphCo
  will not charge a fee for products processed through the second plant up to
  25,000 bbl/day. All other equipment prices and throughput fees will be negotiated
  between the parties at the time of purchase or use. Without the prior written
  consent of SulphCo, OIL-SC shall not purchase from a third party or manufacture
  any Assets other than from SulphCo. Notwithstanding anything in this Agreement
  to the contrary, OIL-SC shall obtain written permission from SulphCo if it desires
  to and before it does process any material other than crude oil in the Plant.
  

          1.6   Warranties.
  Within 30 days of the completion of the Plant facility in South Korea, SulphCo
  will perform a trial run (the “Trial”) for OIL-SC. During the
  Trial, the Plant must meet the standards set forth on Exhibit B attached
  hereto (the “Standards”). If the Standards are accomplished
  during the Trial, both parties shall agree in writing and there will be no further
  obligations owed by SulphCo to OIL-SC relating to the purchase of the Assets.
  If the Standards are not satisfied, then SulphCo shall have 60 days to modify
  the Plant in order to meet the Standards (with full access to the Plant being
  allowed by OIL-SC). If after 60 days the Plant does not achieve the Standards,
  then OIL-SC must either (a) request in writing a refund of any Purchase Price
  paid to date, with the understanding that a return of the Purchase Price by
  SulphCo will hereby grant SulphCo the right to remove the Assets (at its own
  expense), or (b) renegotiate this Agreement in good faith to provide for alternative
  provisions relating to the parties relationship. If the parties cannot reach
  a settlement, subsection (a) above is the default remedy. 

 
        Except
as set forth in this section 1.6 above, SULPHCO MAKES NO EXPRESSED OR IMPLIED
REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, INCLUDING WITHOUT LIMITATION, ANY
REPRESENTATION OR WARRANTY REGARDING THE PERFORMANCE OF THE PLANT OR ITS PRODUCTS, ANY
IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR ANY WARRANTY
OF NON-INFRINGEMENT. OIL-SC is buying the Assets in an “AS-IS” condition. 

ARTICLE II

PURCHASE PRICE 

          2.1   Purchase
  Price for Assets. The aggregate purchase price for the Assets and other
  items described in Article 1 shall be US$1,000,000.00 (the “Purchase
  Price”). 

-2- 

          2.2   Manner
  and Payment of the Purchase Price. OIL-SC shall pay SulphCo the appropriate
  portion of the Purchase Price by cash or wire transfer to such account as SulphCo
  shall designate in accordance with the following schedule: 

	 	
US$300,000.00 on or before March 15, 2005;

US$200,000.00 on or before July 1, 2005;

US$50,000.00 on or before September 1, 2005; and

US$450,000.00 on or before December 1, 2005. 

ARTICLE III

INTELLECTUAL PROPERTY 

          3.1   Ownership
  of Intellectual Property. Both parties understand and agree that the Assets,
  when configured into an operating Plant, constitute valid intellectual property
  of SulphCo (the “IP”), and the right of OIL-SC to use the IP
  is hereby restricted to only those uses expressly stated in this Agreement.
  Any other use of the IP requires written consent from SulphCo. OIL-SC hereby
  agrees that it will not try to manufacture or reverse engineer any of the IP.
  

          3.2   Newly
  Created Intellectual Property. OIL-SC understands and agrees that any new
  discoveries, inventions, know-how, developments, techniques, improvements or
  similar concepts generated by OIL-SC’s use of SulphCo’s IP (the “New
  IP”) shall be the sole property of SulphCo. OIL-SC agrees to execute
  such documents and to perform such other tasks as SulphCo may reasonable request
  to obtain, perfect, and enforce SulphCo’s rights to any New IP. 

ARTICLE IV

DEMONSTRATION RIGHTS 

          4.1   Demonstration
  of IP. SulphCo hereby grants OIL-SC the right to use the Plant and IP to
  demonstrate the capabilities of SulphCo’s IP to South Korean refiners only.
  In limited circumstances and only upon written consent from SulphCo, OIL-SC
  may use the Plant and IP for demonstration to non-South Korean refiners or other
  parties. OIL-SC agrees to allow SulphCo to bring its own potential clients (or
  their products) to the Plant for demonstrations of the IP. It is the intent
  of the parties that such demonstrations will create interest and a market for
  SulphCo’s IP. 

          4.2   Fees
  For OIL-SC If a business arrangement between SulphCo and any party introduced
  to SulphCo’s IP by OIL-SC pursuant to section 4.1 above (the “Third
  Party”) is created for the purpose of such Third Party using the IP,
  then SulphCo shall pay to OIL-SC 10% of the quarterly gross profits received
  by SulphCo from such Third Party relating to the arrangement concerning the
  IP. If a business arrangement between SulphCo and one of its potential clients
  is created due to SulphCo’s use of OIL-SC’s Plant as contemplated
  in section 4.1 above, then SulphCo shall pay to OIL-SC 2.5% of the quarterly
  gross profits received by SulphCo from such client relating to the arrangement
  concerning the IP. All fees under this section (the “Fees”) will be
  paid to OIL-SC by SulphCo 60 days following the end of the quarter. 

-3- 

          4.3   Conditions
  to the Fees. In order for OIL-SC to have a right to the Fees, OIL-SC must
  do the following: 

                   (a)   notify
  SulphCo in writing of all Third Party demonstrations at least ten days prior
  to the demonstration, and allow SulphCo representatives to be present at any
  demonstration; 

                   (b)   cause
  the Third Party to execute a confidentiality agreement, the form and substance
  of which must be approved by SulphCo, before such Third Party has access to
  any of the IP; and 

                   (c)   allow
  SulphCo to do all negotiating with such Third Party relating to any potential
  business relationship relating to the IP, with such assistance from OIL-SC as
  reasonable requested by SulphCo. 

 
        Fees
will not accrue to OIL-SC based upon any now existing or future relationship SulphCo has
with the LG-Caltex Oil Refinery in South Korea. Furthermore, it is understood by OIL-SC
that any business arrangement that SulphCo may enter into based upon section 4.1 will not
be exclusive, will not grant any rights of sublicense or transferability, and will not
have more favorable terms than terms that exist in an arrangement between SulphCo and
ChevronTexaco. 

          4.4   Right
  of Set-Off. If there remains any Purchase Price outstanding at the time
  any Fees are owed to OIL-SC, then SulphCo shall have the right to offset the
  amount of Purchase Price owed to it by any Fee amounts owed to OIL-SC. 

ARTICLE V

LIABILITY 

          5.1   Liability
  for Damages. Each Party acknowledges that it shall be responsible for any
  loss, cost, damage, claim or other charge that arises out of or is caused by
  the actions of that Party or its employees or agents. No Party shall be liable
  for any loss, cost, damage, claim or other charge that arises out of or is caused
  by the actions of the other Party or its employees or agents. SulphCo’s
  liability for other damages resulting from or relating to the Assets or services
  provided shall be limited to direct damages and shall not exceed the amounts
  paid by OIL-SC under this Agreement. OIL-SC shall be solely responsible for
  deciding whether or not the Assets and services are suitable for its purpose
  and for the consequences of any use of the Assets and services. SulphCo shall
  have no liability for any loss or damage suffered by OIL-SC based on (a) the
  reliance by OIL-SC on any results or data obtained from the use of the Assets,
  services, or IP, or (b) OIL-SC’s use of the Plant or IP with products other
  than crude oil. This Agreement shall not be deemed or construed to create any
  enforceable right in any third person, firm, corporation, or other entity. 

-4- 

          5.2   Limitation
  of Liability. No Party shall under any circumstances be liable to the other
  Party for indirect, incidental, special or consequential damages, losses, liabilities,
  costs, or expenses (including but not limited to loss of profits, goodwill,
  opportunity, revenue, or business) resulting from or in any way related to this
  Agreement, or the negotiation or termination of this Agreement, or arising out
  of or alleged to have arisen out of (a) breach of this Agreement, (b) the failure
  by any Party to develop any products in accordance with this Agreement, (c)
  the failure by any Party to devote the resources or effort specified in this
  Agreement, (d) the failure by any Party to comply with the express conditions
  specified in this Agreement, or (e) any event related to the making or performance
  of this Agreement. This limitation applies regardless of whether such damages
  are sought based on breach of contract, breach of warranty, negligence, strict
  liability or any other legal or equitable theory. 

ARTICLE VI

TERM AND TERMINATION 

          6.1   Term.
  The term of this Agreement is until the later expiration date of the last existing
  SulphCo patent in either South Korea or the United States (the “Term”).
  

          6.2   Exclusivity.
  Subject to the termination provisions below, SulphCo agrees that, for a period
  of 24 months, OIL-SC shall be the only entity or person in South Korea that
  it allows to have the demonstration capabilities and resulting Fees arrangement
  relating to the IP. If a Third Party and SulphCo enter into an arrangement that
  creates Fees for OIL-SC within the first 24 months of this Agreement, then SulphCo
  agrees to extend the exclusivity granted to OIL-SC in this section for a five
  year period and any additional periods as may be agreed between the Parties.
  Further, SulphCo agrees that it shall not enter into any agreements providing
  demonstration capabilities and resulting Fees arrangement relating to the IP,
  as it relates to petroleum products, as contemplated herein with any third party
  in Asia on terms more favorable than those contained herein, during the term
  of this Agreement. If SulphCo does not enter into a Third Party business arrangement
  within the first 24 months of this Agreement, then SulphCo has the right to
  seek other persons or entities to demonstrate and market its IP. 

          6.3   Termination.
  This Agreement may be terminated at any time prior to the expiration of the
  Term: 

                   (a)   by
  mutual written consent of the Parties; 

                   (b)   by
  either Party if the other Party undergoes a change of control, sale of all or
  substantially all of its assets, or files for bankruptcy or other protection
  from creditors; 

-5- 

                   (c)   by
  an election under section 1.6 to unwind this Agreement, as provided in section
  1.6; 

                   (d)   by
  SulphCo if OIL-SC has failed to introduce SulphCo to a Third Party within 18
  months of execution of this Agreement; or 

                   (e)   by
  either Party if the other breaches the terms of this Agreement, if such breaching
  Party has been given notice of the breach and fails to cure such breach after
  30 days of the notice has lapsed. 

          6.4   Effect
  of Termination. Except for the provisions of Article III and V, in the event
  of termination, this Agreement shall become void; provided, however, nothing
  herein shall relieve one Party from fulfilling any payment obligations due to
  the other prior to the termination. If this Agreement is terminated pursuant
  to 6.3(e) above by SulphCo because of a breach by OIL-SC (a) before any Assets
  are delivered to OIL-SC, then OIL-SC agrees that it is reasonable for SulphCo
  to retain any Purchase Price it has received to date, or (b) after Assets have
  been delivered to OIL-SC, then OIL-SC agrees that SulphCo may retain any Purchase
  Price that it has received to date and may repossess (at its own expense) any
  of the Assets. If this Agreement is terminated pursuant to 6.3(e) above by OIL-SC
  because of a breach by SulphCo, SulphCo agrees that it shall return any Purchase
  Price that it has received to date and may repossess (at its own expense) the
  Assets, as well as pay to OIL-SC as fixed liquidated damage for its breach US$200,000.00.
  

ARTICLE VII

GENERAL PROVISIONS 

          7.1   Publicity.
  Except as otherwise required by law, press releases concerning this transaction
  shall be made only with the prior agreement of both Parties. OIL-SC understands
  and agrees that SulphCo is a publicly traded company and is subject to strict
  disclosure laws in effect in the United States, and, accordingly, shall participate
  and support SulphCo in a reasonable manner upon its requests to comply with
  such laws. 

          7.2   Notices.
  All notices required or permitted to be given hereunder shall be in writing
  and may be delivered by hand, by facsimile or by an international recognized
  private courier. Notices delivered by hand, by facsimile, or by an international
  recognized private courier shall be deemed given on the first business day following
  receipt; provided, however, that a notice delivered by facsimile shall only
  be effective if such notice is also delivered by hand, or deposited in the United
  States or South Korean mail, postage prepaid, registered or certified mail,
  on or before two (2) business days following its delivery by facsimile. All
  notices shall be in English and addressed as follows: 

-6- 

if to SulphCo,
addressed to:

	 	SulphCo,
  Inc.

  850 Spice Islands Drive
Sparks, NV 89431 USA 

if to OIL-SC,
addressed to:

	 	OIL-SC,
Ltd.
Korea, Seoul, Guro-Gu, Guro-Dong 1258
(Jung-ang Yootongdangi Na-Dong 4210) 

or to such other
respective addresses and/or addressees as may be designated by notice given in accordance
with the provisions of this Section 7.2.

          7.3   Fees
  and Expenses. Each Party hereto shall bear all fees and expenses incurred
  by such Party in connection with, relating to or arising out of the execution,
  delivery and performance of this Agreement and the consummation of the transaction
  contemplated hereby, including attorneys’, accountants’, brokers’
  and other professional fees and expenses. All monies paid under this Agreement
  must be paid in United States dollars or such other currency designated by SulphCo
  in its sole discretion. 

          7.4   Entire
  Agreement. This Agreement and the instruments to be delivered by the Parties
  pursuant to the provisions hereof constitute the entire agreement between the
  Parties. Each exhibit shall be considered incorporated into this Agreement.
  

          7.5   Non-Waiver.
  The failure in any one or more instances of a Party to insist upon performance
  of any of the terms, covenants or conditions of this Agreement, to exercise
  any right or privilege in this Agreement conferred, or the waiver by said Party
  of any breach of any of the terms, covenants or conditions of this Agreement,
  shall not be construed as a subsequent waiver of any such terms, covenants,
  conditions, right or privileges, but the same shall continue and remain in full
  force and effect as if no such forbearance or waiver had occurred. No waiver
  shall be effective unless it is in writing and signed by an authorized representative
  of the waiving Party. 

          7.6   Applicable
  Law. This Agreement shall be governed and controlled as to validity, enforcement,
  interpretation, construction, effect and in all other respects by the internal
  laws of the State of Nevada applicable to contracts made in that State, without
  regard to any conflict of law principles of the State of Nevada. 

          7.7   Consent
  to Jurisdiction. The Parties hereto irrevocably consent and submit to the
  exclusive jurisdiction of any local, state or federal court within the County
  of Washoe in the State of Nevada for enforcement by of this Agreement. Both
  Parties irrevocably waive any objection they may have to venue in the defense
  of an inconvenient forum to the maintenance of such actions or proceedings to
  enforce this Agreement. 

-7- 

          7.8   Binding
  Effect. This Agreement shall inure to the benefit of and be binding upon
  the Parties hereto, and their successors and permitted assigns. Nothing in this
  Agreement, express or implied, is intended to confer on any person other than
  the Parties hereto, and their respective successors and permitted assigns any
  rights, remedies, obligations or liabilities under or by reason of this Agreement.
  

          7.9   Assignment.
  This Agreement shall not be assignable by OIL-SC without the prior written
  consent of SulphCo. 

          7.10   Amendments.
  This Agreement shall not be modified or amended except pursuant to an
  instrument in writing executed and delivered on behalf of each of the Parties
  hereto. 

          7.11   Severability.
  Whenever possible, each provision of this Agreement shall be interpreted
  in such manner as to be effective and valid under applicable law, but if any
  provision of this Agreement is held to be invalid, illegal or unenforceable
  in any respect under any applicable law or rule in any jurisdiction, such invalidity,
  illegality or unenforceability shall not affect any other provision or any other
  jurisdiction, and this Agreement shall be reformed, construed and enforced in
  such jurisdiction so as to best give effect to the intent of the parties under
  this Agreement. 

          7.12   Counterparts
  and Facsimile. This Agreement may be executed in separate counterparts and
  by facsimile, each of which is deemed to be an original and all of which taken
  together constitute one and the same agreement. 

          7.13   No
  Strict Construction. The Parties hereto jointly participated in the negotiation
  and drafting of this Agreement. The language used in this Agreement shall be
  deemed to be the language chosen by the Parties hereto to express their collective
  mutual intent, this Agreement shall be construed as if drafted jointly by the
  Parties hereto, and no rule of strict construction shall be applied against
  any person or entity. 

          7.14   Disputes.
  If any dispute arises between the parties relating to the interpretation, breach
  or performance of this Agreement or the grounds for the termination thereof,
  and the parties cannot resolve the dispute within 30 days of a written request
  by either party to the other party, the parties agree to hold a meeting, attended
  by the Chief Executive Officer or President or an individual with equivalent
  decision-making authority of each party, to attempt in good faith to negotiate
  a resolution of the dispute prior to pursuing other available remedies. If,
  within 60 days after such written request, the parties have not succeeded in
  negotiating a resolution of the dispute, such dispute will be submitted to final
  and binding arbitration under the then current commercial rules and regulations
  of the American Arbitration Association (“AAA”) relating to voluntary
  arbitrations. The arbitration proceedings will be held in Nevada. The arbitration
  will be conducted by one arbitrator who is knowledgeable in the subject matter
  at issue in the dispute and who will be selected in accordance with the AAA
  rules. In such arbitration, each party will submit in writing to the arbitrator
  and the other party its detailed proposed resolution of dispute (and such clarifications
  as the arbitrator may request). In making its decision, the arbitrator will
  have authority to award punitive, indirect, incidental or consequential damages.
  The arbitrator will prepare and deliver to the parties a written, reasoned opinion
  conferring its decision. The decision of the arbitrator will be final and binding
  on the parties. Judgment on the award so rendered may be entered in any court
  having competent jurisdiction thereof. Each party will bear its own costs and
  will share equally the arbitrator’s fees and expenses. 

-8- 

          7.15   Force
  Majeure. No Party shall be liable for any damages due to any unforeseeable
  event beyond its reasonable control not caused by the fault or negligence of
  such Party, which causes such party to be unable to perform its obligations
  under this Agreement (and which it has been unable to overcome by the exercise
  of due diligence), including, but not limited to flood, drought, earthquake,
  storm, fire, pestilences, lightning and other natural catastrophes, epidemic,
  power failure, war, riot, civic disturbance or disobedience, strikes, labor
  dispute, or failure, threat of failure, or sabotage of the Party’s or its
  subcontractor’s facilities, or any order of injunction made by a court
  or public agency (“Force Majeure”). In the event of the occurrence
  of such a Force Majeure event, the Party unable to perform shall promptly notify
  the other Party in writing. It shall further use its reasonable efforts to resume
  performance as quickly as possible and shall suspend performance only for such
  period of time as is necessary as a result of the Force Majeure event. In the
  event that the Party evoking Force Majeure is not able to resume performance
  of this Agreement within sixty (60) days from the receipt of the written notification
  to the other Party, then the other Party may terminate this Agreement or amend
  this Agreement. 

[signature page
follows] 

-9- 

 
        IN
WITNESS WHEREOF, duly authorized officers or representatives of the Parties have signed
this Agreement to be effective on the date indicated above. 

	SulphCo, Inc.

By: /s/ Rudolf W. Gunnerman
Name: Rudolf W. Gunnerman
Title: Chairman-CEO	OIL-SC, Ltd.

By: /s/ Sang Ok Lee
Name: Sang Ok Lee
Title: President

-10- 

EXHIBIT A 

The following items
are specifically included in the Assets:

PROCESSING EQUIPMENT

Static mixer
Ultrasonic probe, reactor chamber, electrical cabinet and associated wiring

Water-oil separation equipment
Associated petroleum  related controls, motors, pumps,
piping, gauges, meters, fittings,
flanges, and process  tanks.

LABORATORY EQUIPMENT

Fully automated distillation column
Gas chromatograph
Standard petroleum  testing
equipment for sulfur content, API Gravity, viscosity and
water content.

-11- 

EXHIBIT B 

	 	Standards
for Trial: 

	 	 	Arab Medium Crude	SonocrackingTM Treated
Arab Medium Crude
	 
	 	Gravity API 	30.6	33.6
	 	Sulfur Wt % 	2.55	1.8
	 	Nitrogen PPM 	1570	1100
	 
	 	Distillation LV%	Arab Medium Crude	SonocrackingTM Treated
Arab Medium Crude
	 
	 	St--300 F 	20	22
	 	300--650 F 	32	38
	 	650 F+ 	48	40

-12-exv4w1

 

FORTY-FIFTH AMENDMENT TO THE

THIRD AMENDED AND RESTATED AGREEMENT OF

LIMITED PARTNERSHIP OF AIMCO PROPERTIES, L.P.

     This FORTY-FIFTH AMENDMENT TO THE THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP
OF AIMCO PROPERTIES, L.P., dated as of February 18, 2005 (this “Amendment”), is being executed by
AIMCO-GP, Inc., a Delaware corporation (the “General Partner”), as the general partner of AIMCO
Properties, L.P., a Delaware limited partnership (the “Partnership”), pursuant to the authority
conferred on the General Partner by Section 7.3.C(3) of the Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., dated as of July 29, 1994, as amended and/or
supplemented from time to time (the “Agreement”). Capitalized terms used, but not otherwise
defined herein, shall have the respective meanings ascribed thereto in the Agreement.

     WHEREAS, pursuant to Section 7.3.C(3) of the Agreement, the General Partner has the power,
without the consent of the Limited Partners, to amend the Agreement to reflect a change that is of
an inconsequential nature and does not adversely affect the Limited Partners in any material
respect, or to cure any ambiguity, correct or supplement any provision in the Agreement not
inconsistent with law or with other provisions, or make other changes with respect to matters
arising under the Agreement that will not be inconsistent with law or with the provisions of the
Agreement.

     WHEREAS, pursuant to its authority, the General Partner seeks to amend Exhibit O to the
Agreement, which Exhibit O was adopted pursuant to the Second Amendment to the Agreement, and has
determined that the amendments set forth herein cure certain ambiguities in the Second Amendment
and are not inconsistent with law or with other provisions of the Agreement.

     NOW, THEREFORE, in consideration of the foregoing, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

     1. The Agreement is hereby amended by the addition of a new exhibit, entitled “Exhibit
WW,” in the form attached hereto, which shall be attached to and made a part of the Agreement.

     2. Except as specifically amended hereby, the terms, covenants, provisions and conditions of
the Agreement shall remain unmodified and continue in full force and effect and, except as amended
hereby, all of the terms, covenants, provisions and conditions of the Agreement are hereby ratified
and confirmed in all respects.

 

 

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

	 	 	 	 	 	 	 
	GENERAL PARTNER:
	 	 
	 
	 	 	 	 	 	 
	AIMCO-GP, INC.

	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	/s/ Paul J. McAuliffe
	 
	 	 
	

	 	Name:
	 	Paul J. McAuliffe	 	 
	

	 	Title:
	 	Executive Vice President and

Chief Financial Officer	 	 

 

 

EXHIBIT WW

AMENDMENT TO THE PARTNERSHIP UNIT DESIGNATION OF THE

CLASS ONE PARTNERSHIP PREFERRED UNITS OF AIMCO PROPERTIES, L.P.

The Second Amendment (the “Second Amendment”) to the Third Amended and Restated Agreement of
Limited Partnership of AIMCO Properties, L.P., a Delaware limited partnership (the “Partnership”),
dated as of July 29, 1994, as amended (the “Partnership Agreement”), designated the Class One
Partnership Preferred Units of the Partnership pursuant to Exhibit O (“Exhibit O”) to the
Partnership Agreement. Exhibit O to the Partnership Agreement is hereby amended as follows:

1. The definition of “Cash Amount” in Exhibit O is amended to read in its entirety as follows:

“‘Cash Amount’ shall mean, with respect to any Tendered Units, cash in an amount equal to
the product of the number of Tendered Units multiplied by 91.43 (which is the quotient
obtained by dividing $8 by 8.75%).”

2. The definition of “Dividend Yield” in Exhibit O is deleted in its entirety

3. Section 5(a) in Exhibit O is amended to read in its entirety as follows:

“Upon any voluntary or involuntary liquidation, dissolution or winding up of the
Partnership, before any allocation of income or gain by the Partnership shall be made to or
set apart for the holders of any Junior Partnership Units, to the extent possible, the
holders of Preferred Units shall be entitled to be allocated income and gain to effectively
enable them to receive a liquidation preference (the “Liquidation Preference”) per
Preferred Unit equal to the sum of (i) 91.43 (which is the quotient obtained by dividing $8
by 8.75%), plus (ii) any accumulated, accrued and unpaid distributions (whether or not
earned or declared) to the date of final distribution to such holders; but such holders
will not be entitled to any further payment or allocation. Until all holders of the
Preferred Units have been paid the Liquidation Preference in full, no allocation of income
or gain will be made to any holder of Junior Partnership Units upon the liquidation,
dissolution or winding up of the Partnership.”

4. Section 6(d) in Exhibit O is amended to read in its entirety as follows:

“The Partnership shall have no obligation to effect any redemption unless and until a
Tendering Party has given the Partnership a Notice of Redemption. Each Notice of Redemption
shall be sent by hand delivery or by first class mail, postage prepaid, to AIMCO
Properties, L.P., c/o AIMCO-GP, Inc., c/o 55 Beattie Place, PO Box 2347 Greenville, South
Carolina 29602, Attention: Transfer Services, or to such other address as the Partnership
shall specify in writing by delivery to the holders of the Preferred Units in the same
manner as that set forth above for delivery of the Notice of Redemption. At any time prior
to the Specified

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Redemption Date for any Redemption, any holder may revoke its Notice of Redemption.”

5. Except as specifically amended hereby, the terms, covenants, provisions and conditions of the
Agreement shall remain unmodified and continue in full force and effect and, except as amended
hereby, all of the terms, covenants, provisions and conditions of the Agreement are hereby ratified
and confirmed in all respects.

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