Document:

EXHIBIT 10.11

                         AMENDMENT TO SERVICES AGREEMENT

      This amendment ("Amendment") is dated as of July 12, 2006 by and between
Barington Capital Group, L.P., a New York limited partnership with an address at
888 Seventh Avenue, 17th Floor, New York, New York 10019 ("BCG"), and L Q
Corporation, Inc., a Delaware corporation with an address at 888 Seventh Avenue,
17th Floor, New York, New York 10019 (the "Company").

                                    RECITALS:

      WHEREAS, the Company and BCG are parties to that certain Services
Agreement, dated as of November 18, 2004, which agreement was amended as of
January 1, 2005 and May 10, 2006 (as amended, the "Agreement"); and

      WHEREAS, the Company and BCG desire to amend the Agreement to extend the
term of the Agreement as set forth herein.

      NOW, THEREFORE, in consideration of the mutual covenants expressed herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally bound
hereby, agree as follows:

      1.    Section 4 of the Agreement is hereby amended to extend the term of
            the Agreement until December 31, 2007.

      2.    This Amendment shall be effective as of June 30, 2006. The
            Agreement, as amended by this Amendment, is in full force and effect
            and is hereby ratified and confirmed.

      3.    This Amendment may be executed by the parties hereto in separate
            counterparts, each of which when so executed and delivered shall be
            an original, but all such counterparts shall together constitute but
            one and the same instrument.

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their authorized representative as of the date set forth above.

                                         BARINGTON CAPITAL GROUP, L.P.

                                         By: LNA Capital Corp., General Partner

                                         By: /s/ James A. Mitarotonda
                                             ----------------------------------
                                             James A. Mitarotonda
                                             Chairman and CEO

                                         L Q CORPORATION, INC.

                                        By: /s/ James A. Mitarotonda
                                            -----------------------------------
                                            James A. Mitarotonda
                                            Chairmanexv10w3

 

Exhibit 10.3

FIRST AMENDMENT TO

OPERATING AGREEMENT OF

NNN 2003 VALUE FUND, LLC

     THIS FIRST AMENDMENT (“Amendment”) to the Operating Agreement of NNN 2003 Value Fund, LLC, a
Delaware limited liability company (the “Company”), is made as of January 20, 2005.

RECITALS

     WHEREAS, the Company is a Delaware limited liability company subject to that certain undated
Operating Agreement (the “Operating Agreement”);

     WHEREAS, pursuant to Section 7.3.11 of the Operating Agreement, Triple Net Properties, LLC., a
Virginia limited liability company, as the Manager of the Company, has the authority to amend the
Operating Agreement without any action on the part of the Members to cure any ambiguity on mistake,
to correct or supplement any provision therein, or to make any other provision with respect to
matters or questions arising under the Operating Agreement that will not be inconsistent with the
provision of the Operating Agreement;

     WHEREAS, the Manager of the Company desires to amend the Operating Agreement to clarify that
the Company has the authority to enter into loan guaranties and form special purpose entities in
which it is the sole owner for the purpose of carrying out its intended purposes, and to take
certain other actions as described herein;

     WHEREAS, capitalized terms not otherwise defined in this Amendment shall be defined as set
forth in the Operating Agreement; and

     IT IS RESOLVED, that the Operating Agreement is hereby amended as follows:

AGREEMENT

     A. Amendments. The Operating Agreement is hereby amended as follows:

     1. Section 1.3 of the Operating Agreement is deleted in its entirety and replaced with the
following:

     1.3 Business and Purpose of the Company. The sole purpose of the Company is
to, whether directly or indirectly: (a) acquire, own, hold, operate, finance (including
providing loan guaranties or other credit support to facilitate

 

 

financing to acquire Interests or Properties or secured by the Interests or the
Properties), pledge, manager and dispose of the Company’s Interests, (b) form, own and
manage subsidiaries for the purpose of carrying out any of the aforementioned purposes, (c)
enter into a Tenants in Common Agreement or similar document to provide for the
co-ownership of one or more Properties as determined form time to time in the Manager’s
discretion and (d) all such other activities as may be necessary, incidental, or
appropriate in connection therewith as determined by the Manager, in its sole and absolute.
Except as described in clause (d) of this Section, the Company shall not hold or acquire,
directly or indirectly, any ownership interest (legal or equitable) in any real or personal
property other than the Interests, or become a shareholder of, or member or partner in, any
entity which acquires or holds any property other than the Interests.

     2. Section 3.2 of the Operating Agreement is deleted in its entirety.

     3. Section 3.3 of the Operating Agreement is deleted in its entirety.

     4. The definition of “Cunningham Loan” in Exhibit A of the Operating Agreement is deleted in
its entirety:

     5. The following definitions in Exhibit A of the Operating Agreement are deleted in their
entirety and replaced with the following:

     “Interest” or “Interests” shall mean the Company’s direct or indirect ownership interest in a
Property or properties.

     “Management Agreement” shall refer to, with respect to a Property, the Management Agreement
(if any) between a property manager and the Property owners, with respect to the management and
operation of the Property. A form of the Management Agreement is attached as Exhibit B hereto.

     “Mortgage Lien” shall refer to a lien against a Property created by a deed of trust or
mortgage securing any Loan in favor of any Lender.

     “Property” or “Properties” shall refer to the real property or properties or interests therein
acquired or held by the Company or its subsidiary, along with any other owners (if any) of such
property, as described in the Memorandum.

     “Property Manager” shall mean Triple Net Properties Realty, Inc., a California
corporation, or such other property manager engaged by the Company, its subsidiary and any
other owners of a property from time to time.

 

 

     “Tenants in common” shall refer to, with respect to a Property held by the Company and
other Tenants in Common, the agreement among the Tenants in Common governing the
relationships among them as co-owners of the Property.

     “Tenants in Common Agreement” shall refer to, with respect to a Property held by the Company
and other Tenants in Common, the agreement among the Tenants in Common governing the relationships
among them as co-owners of the Property.

     6. The introduction to Exhibit B, the Management Agreement, is deleted in its entirety and
replaced with the following.

     The MANAGEMENT AGREEMENT (the “Agreement’) is dated as of this ___day of ___, 200_,
between and among the party or parties whose signatures appear at the end hereof ([collectively,]
the “Owner(s)”, and [Triple Net Properties Realty, Ind., a California corporation (the “Property
Manager”).

     7. References in Exhibit B, the Management Agreement, to the defined term “Tenants in common”
are replaced with the defined term “Owner(s),” with the corresponding changes to grammar and syntax
as required.

     8. Section 12 of Exhibit B, the Management Agreement, is amended by replacing references to
“Louis J. Rogers, Esquire” as a notice party with “David F. Belkowitz, Esquire.”

     B. Ratification of the Operating Agreement. Except as modified by this Amendment, the
Operating Agreement remains unchanged and is hereby ratified and reaffirmed in its entirety.

     WITNESS the following signature:

	 	 	 	 	 	 	 
	MANAGER:	 	TRIPLE NET PROPERTIES, LLC,	 	 
	 	 	a Virginia limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Louis Rogers	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Louis Rogers	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:
	 	Presidentexv10w4

 

Exhibit 10.4

FIRST AMENDMENT TO

MANAGEMENT AGREEMENT

     THIS FIRST AMENDMENT TO THE MANAGEMENT AGREEMENT (the “Amendment”) is made effective as of May
1, 2005, by and between Triple Net Properties Realty, Inc., a California corporation (“the Property
Manger”), and NNN 2003 Value Fund, LLC, a Delaware limited liability company (“2003 Value Fund”).

     WHEREAS, the Property manger and 2003 Value Fund entered into a property management agreement
(the “management Agreement”) for the provision of certain property management services by the
Property Manager to 2003 Value fund; and

     WHEREAS, the Property manager and 2003 Value Fund desire to revise and amend certain of the
provisions of the Management Agreement;

     NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Management
Agreement is hereby amended as follows:

MANAGEMENT AGREEMENT

     A. Amendment. The Management Agreement is hereby amended as follows:

     Section 9.1 of the Agreement is deleted in its entirety and replaced with the following:

	 	9.1	 	Property Management Fee. Property Manager, or an affiliate, shall
receive, for its services in managing the Property in accordance with the terms of the
Agreement, a monthly management fee (the “Property Management Fee”), of up to five
percent (5%) of Gross Revenues (defined below), which Property Management Fee shall be
in addition to out-of-pocket and on-site personnel costs that are reimbursable
pursuant to Section 7, and the other fees provided in this agreement. “Gross
Revenues” shall be all gross billings from the operations of the Property, including
rental receipts and reimbursements by tenants for common area expenses, operating
expenses and taxes and similar pass-through, obligations paid by tenants, but
excluding (a) security deposits received from tenants and interest accrued thereon for
the benefit of the tenant until such deposits interest are included in the taxable
income of the Tenants in Common, (b) advance rents until the month in which payments
are to apply as rental income, (c) reimbursements by tenant’s for work done for that
particular tenant, (d) insurance proceeds received by the Tenants in Common as a
result of any insured loss (except proceeds from rent insurance), (e) condemnation
proceeds not attributable to rent, (f) capital contributions made by the Tenants in
Common, (g) proceeds from capital financing and any other transaction not in the
ordinary course of the operation of the Property, (h) income derived from interest on
investments or otherwise, (i) abatement of taxes, awards arising out of takings by
eminent domain, discounts and dividends on insurance policies, (j) rental concessions
not paid by third parties, and (k) proceeds form the sale or other disposition of all
or any part of the Property. The Property Management Fee shall be

 

 

	 	 	 	payable monthly, following calculation thereof, upon submission of a monthly
statement from the Operating Account or from other funds timely provided by the
Tenants in Common. Upon termination of this Agreement, the parties will prorate
the property Management Fee on a daily basis to the effective date of such
cancellation or termination. If Property Manager engages local property managers
or other parties to provide property management services in accordance with Section
2.14, Property Manager shall be obligated to pay such third parties, it being
intended that the Property management Fee shall be inclusive of such third party
fees.

     B. Ratification of the Management Agreement. Except as modified by this Amendment,
the Management Agreement is ratified and reaffirmed in its entirety.

     WITNESS the following signatures:

	 	 	 	 	 
	PROPERTY MANAGER	 	 
	 
	 	 	 	 
	TRIPLE NET PROPERTIES REALTY, INC.,

a California corporation	 	 
	 
	 	 	 	 
	By:

	 	/s/ Anthony W. Thompson	 	 
	 

	 	 	 	 
	 

	 	Anthony W. Thompson, president	 	 
	 
	 	 	 	 
	TENANTS IN COMMON:	 	 
	 
	 	 	 	 
	NNN 2003 VALUE FUND, LLC,

A Delaware limited liability company	 	 
	 
	 	 	 	 
	By:

	 	TRIPLE NET PROPERTIES, LLC,

a Virginia limited liability company

Its: Manager	 	 
	 
	 	 	 	 
	By:

	 	/s/ Anthony W. Thompson	 	 
	 

	 	 	 	 
	 

	 	Anthony W. Thompson, Chief Executive Officer

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