Document:

exv10w23

 

Exhibit 10.23

HINES-SUMISEI NY CORE OFFICE TRUST II

ARTICLES OF AMENDMENT OF

DECLARATION OF TRUST

          HINES-SUMISEI NY CORE OFFICE TRUST II, a Maryland real estate investment trust (the
“Trust”), hereby certifies to the State Department of Assessments and Taxation of Maryland
as follows:

          FIRST: The Trust desires to amend its Declaration of Trust as currently in effect
(the “Declaration of Trust”).

          SECOND: Section 6.3 of the Declaration of Trust is amended as follows:

          (a) The first two sentences of the first paragraph of Section 6.3 are hereby replaced in their
entirety with the following:

     “59,925 of the Preferred Shares shall be of a class designated “Class A
Preferred Shares” (the “Class A Preferred Shares”), 39,950 of the Preferred
Shares shall be of a class designated “Class B Preferred Shares” (the “Class B
Preferred Shares”), and 125 of the Preferred Shares shall be of a class
designated “12.5% Class C Cumulative Non-Voting Preferred Shares” (the “Class C
Preferred Shares”). The rights, preferences, privileges, and restrictions
granted to and imposed on the Class A Preferred Shares, the Class B Preferred Shares
and the Class C Preferred Shares are set forth below in this Section 6.3 and
elsewhere in this Declaration of Trust.”

          (b) The following is inserted in the Declaration of Trust as Section 6.3(c):

          “(c) Class C Preferred Shares.

          (i) Rank. The Class C Preferred Shares shall, with respect to dividend
rights and rights upon liquidation, dissolution or winding up of the Trust, rank
senior to all classes or series of Common Shares, other classes or series of
Preferred Shares of the Trust (including, without limitation, Class A Preferred
Shares and Class B Preferred Shares), and to all other equity securities issued by
the Trust; provided, however, that the term “equity securities”
shall not include convertible debt securities.

          (ii) Dividends.

               (A) Holders of the then outstanding Class C Preferred Shares shall be entitled
to receive, when and as declared by the Board of Trustees, out of funds legally
available for the payment of dividends, cumulative preferential cash dividends at
the rate of 12.5% of the total of $1,000.00 liquidation preference per annum plus
all accumulated and unpaid dividends thereon. Such dividends shall accrue on a
daily basis and be cumulative from the first date on which any Class C Preferred
Share is issued, such issue date to be contemporaneous with the receipt by the Trust
of subscription funds for the Class C Preferred Shares (the “Original Issue
Date”), and shall be payable semi-annually in arrears on or before June 30 and
December 31 of each year or, if not a business day, the next succeeding business day
(each, a “Dividend Payment Date”). Any dividend payable on the Class C
Preferred Shares for any partial dividend period will be computed on the basis of a
360-day year consisting of twelve 30-day months (it being understood that the
dividend payable on June 30, 2005 will be for less than the full dividend period).
A “dividend period” shall mean, with respect to the first “dividend period,”
the period from and including the Original Issue Date to and including the first
Dividend Payment Date, and with respect to each subsequent “dividend period,”

 

 

the period from but excluding a Dividend Payment Date to and including the next
succeeding Dividend Payment Date or other date as of which accrued dividends are to
be calculated. Dividends will be payable to holders of record as they appear in the shares records of the Trust at the close of business on the applicable record date,
which shall be the fifteenth day of the calendar month in which the applicable
Dividend Payment Date falls or on such other date designated by the Board of
Trustees of the Trust for the payment of dividends that is not more than 30 nor less
than 10 days prior to such Dividend Payment Date (each, a “Dividend Record
Date”).

               (B) No dividends on Class C Preferred Shares shall be declared by the Trust or
paid or set apart for payment by the Trust at such time as the terms and provisions
of any agreement of the Trust, including any agreement relating to its indebtedness,
prohibit such declaration, payment or setting apart for payment or provide that such
declaration, payment or setting apart for payment would constitute a breach thereof
or a default thereunder, or if such declaration or payment shall be restricted or
prohibited by law.

               (C) Notwithstanding the foregoing, dividends on the Class C Preferred Shares
shall accrue whether or not the terms and provisions set forth in Section
6.3(c)(ii)(B) hereof at any time prohibit the current payment of dividends, whether
or not the Trust has earnings, whether or not there are funds legally available for
the payment of such dividends and whether or not such dividends are authorized or
declared. Furthermore, dividends will be declared and paid when due in all events
to the fullest extent permitted by law and, if revaluation of the Trust or its
assets would permit payment of dividends which would otherwise be prohibited, then
such revaluation shall be done. Accrued but unpaid dividends on the Class C
Preferred Shares will accumulate as of the Dividend Payment Date on which they first
become payable.

               (D) Except as provided in Section 6.3(c)(ii)(E) below, unless full cumulative
dividends on the Class C Preferred Shares have been or contemporaneously are
declared and paid or declared and a sum sufficient for the payment thereof is set
apart for payment for all past dividend periods and the then current dividend
period, no dividends (other than in Common Shares or in shares of any class or
series of Preferred Shares ranking junior to the Class C Preferred Shares as to
dividends and upon liquidation) shall be declared or paid or set aside for payment
nor shall any other distribution be declared or made upon the Common Shares, or any
Preferred Shares of the Trust ranking junior to the Class C Preferred Shares as to
dividends or upon liquidation, nor shall any Common Shares, or any Preferred Shares
of the Trust ranking junior to the Class C Preferred Shares as to dividends or upon
liquidation be redeemed, purchased or otherwise acquired for any consideration (or
any moneys be paid to or made available for a sinking fund for the redemption of any
such shares) by the Trust (except by conversion into or exchange for other shares of
beneficial interest of the Trust ranking junior to the Class C Preferred Shares as
to dividends and upon liquidation and except for transfers made pursuant to the
provisions of Article VII).

               (E) When dividends are not paid in full (or a sum sufficient for such full
payment is not so set apart) on the Class C Preferred Shares, all dividends declared
upon the Class C Preferred Shares shall be declared pro rata.

               (F) Any dividend payment made on shares of the Class C Preferred Shares shall
first be credited against the earliest accrued but unpaid dividend due with respect
to such shares which remains payable. Holders of the Class C Preferred Shares shall
not be entitled to any dividend, whether payable in cash, property or shares in
excess of full cumulative dividends on the Class C Preferred Shares as described
above.

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          (iii) Liquidation Preference.

               (A) Upon any voluntary or involuntary liquidation, dissolution or winding up of
the affairs of the Trust, the holders of Class C Preferred Shares then outstanding
are entitled to be paid out of the assets of the Trust, legally available for
distribution to its shareholders, a liquidation preference of $1,000.00 per share,
plus an amount equal to any accrued and unpaid dividends to the date of payment,
plus, if applicable, the Redemption Premium (as defined below) then in effect,
before any distribution of assets is made to holders of Common Shares or any class
or series of Preferred Shares of the Trust that ranks junior to the Class C
Preferred Shares as to liquidation rights.

               (B) In the event that, upon any such voluntary or involuntary liquidation,
dissolution or winding up, the available assets of the Trust are insufficient to pay
the amount of the liquidating distributions on all outstanding Class C Preferred
Shares, then the holders of the Class C Preferred Shares shall share ratably in any
such distribution of assets in proportion to the full liquidating distributions to
which they would otherwise be respectively entitled.

               (C) After payment of the full amount of the liquidating distributions to which
they are entitled, the holders of Class C Preferred Shares will have no right or
claim to any of the remaining assets of the Trust.

               (D) Written notice of any such liquidation, dissolution or winding up of the
Trust, stating the payment date or dates when, and the place or places where, the
amounts distributable in such circumstances shall be payable, shall be given by
first class mail, postage pre-paid, not less than 15 nor more than 60 days prior to
the payment date stated therein, to each record holder of the Class C Preferred
Shares at the respective addresses of such holders as the same shall appear on the shares transfer records of the Trust.

               (E) The consolidation or merger of the Trust with or into any other
corporation, trust or entity or of any other entity with or into the Trust, or the
sale, lease or conveyance of all or substantially all of the assets or business of
the Trust, shall not be deemed to constitute a liquidation, dissolution or winding
up of the Trust.

          (iv) Redemption.

               (A) Right of Optional Redemption. The Trust, at its option and upon
not less than 15 nor more than 60 days’ written notice, may redeem shares of the
Class C Preferred Shares, in whole or in part, at any time or from time to time, for
cash at a redemption price of $1,000.00 per share, plus all accrued and unpaid
dividends thereon, whether or not declared, to and including the date fixed for
redemption (except as provided in Section 6.3(c)(iv)(C) below), plus a redemption
premium per share (each, a “Redemption Premium”) as follows: (1) until
December 31, 2006, $200; (2) from January 1, 2007 to December 31, 2007, $150; (3)
from January 1, 2008 to December 31, 2008, $100; (4) from January 1, 2009 to
December 31, 2009, $50; and (5) thereafter, no Redemption Premium. If less than all
of the outstanding Class C Preferred Shares are to be redeemed, the Class C
Preferred Shares to be redeemed shall be selected pro rata (as nearly as may be
practicable without creating fractional shares) or by any other equitable method
determined by the Trust.

               (B) Limitations on Redemption. Unless full cumulative dividends on all
Class C Preferred Shares shall have been, or contemporaneously are, declared and
paid or declared and a sum sufficient for the payment thereof set apart for payment
for all past dividend periods and the then current dividend period, no Class C

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Preferred Shares shall be redeemed unless all outstanding Class C Preferred
Shares are simultaneously redeemed, and the Trust shall not purchase or otherwise
acquire directly or indirectly any Class C Preferred Shares (except by exchange for shares of beneficial interest of the Trust ranking junior to the Class C Preferred
Shares as to dividends and upon liquidation); provided, however,
that the foregoing shall not prevent the purchase by the Trust of shares transferred
to a Charitable Trust (as defined in Section 7.1) pursuant to Article VII in order
to ensure that the Trust remains qualified as a REIT for federal income tax purposes
or the purchase or acquisition of Class C Preferred Shares pursuant to a purchase or
exchange offer made on the same terms to holders of all outstanding Class C
Preferred Shares.

               (C) Rights to Dividends on Shares Called for Redemption. Immediately
prior to or upon any redemption of Class C Preferred Shares, the Trust shall pay, in
cash, any accumulated and unpaid dividends to and including the redemption date,
unless a redemption date falls after a Dividend Record Date and prior to the
corresponding Dividend Payment Date, in which case each holder of Class C Preferred
Shares at the close of business on such Dividend Record Date shall be entitled to
the dividend payable on such shares on the corresponding Dividend Payment Date
notwithstanding the redemption of such shares before such Dividend Payment Date.

               (D) Procedures for Redemption.

                    (I) Notice of redemption will be mailed by or on behalf of the Trust, postage
prepaid, not less than 15 nor more than 60 days prior to the redemption date,
addressed to the respective holders of record of the Class C Preferred Shares to be
redeemed at their respective addresses as they appear on the shares transfer records
of the Trust. No failure to give such notice or any defect therein or in the
mailing thereof shall affect the validity of the proceedings for the redemption of
any Class C Preferred Shares except as to the holder to whom notice was defective or
not given.

                    (II) In addition to any information required by law or by the applicable rules
of any exchange upon which Class C Preferred Shares may be listed or admitted to
trading, such notice shall state: (a) the redemption date; (b) the redemption price;
(c) the number of Class C Preferred Shares to be redeemed; (d) the place or places
where the Class C Preferred Shares are to be surrendered (if so required in the
notice) for payment of the redemption price; and (e) that dividends on the shares to
be redeemed will cease to accrue on such redemption date. If less than all of the
Class C Preferred Shares held by any holder is to be redeemed, the notice mailed to
such holder shall also specify the number of Class C Preferred Shares held by such
holder to be redeemed.

                    (III) If notice of redemption of any Class C Preferred Shares has been given
and if the funds necessary for such redemption have been set aside by the Trust in
trust for the benefit of the holders of any Class C Preferred Shares so called for
redemption, then, from and after the redemption date, dividends will cease to accrue
on such Class C Preferred Shares, such Class C Preferred Shares shall no longer be
deemed outstanding and all rights of the holders of such shares will terminate,
except the right to receive the redemption price. Holders of Class C Preferred
Shares to be redeemed shall surrender such Class C Preferred Shares at the place
designated in such notice and, upon surrender in accordance with said notice of the
certificates for Class C Preferred Shares so redeemed (properly endorsed or assigned
for transfer, if the Trust shall so require and the notice shall so state), such
Class C Preferred Shares shall be redeemed by the Trust at the redemption price plus
any accrued and unpaid dividends payable upon such redemption. In case less than all
the Class C Preferred Shares represented by any such certificate are redeemed, a new
certificate or certificates shall

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be issued evidencing the unredeemed Class C Preferred Shares without cost to
the holder thereof.

                    (IV) The deposit of funds with a bank or trust corporation for the purpose of
redeeming Class C Preferred Shares shall be irrevocable except that:

                         (a) the Trust shall be entitled to receive from such bank or trust corporation
the interest or other earnings, if any, earned on any money so deposited in trust,
and the holders of any shares redeemed shall have no claim to such interest or other
earnings; and

                         (b) any balance of monies so deposited by the Trust and unclaimed by the
holders of the Class C Preferred Shares entitled thereto at the expiration of two
years from the applicable redemption dates shall be repaid, together with any
interest or other earnings thereon, to the Trust, and after any such repayment, the
holders of the shares entitled to the funds so repaid to the Trust shall look only
to the Trust for payment without interest or other earnings.

               (E) Application of Article VII. The Class C Preferred Shares are
subject to the provisions of Article VII, including, without limitation, the
provision for the redemption of shares transferred to the Charitable Trust.

               (F) Status of Redeemed Shares. Any Class C Preferred Shares that shall
at any time have been redeemed or otherwise acquired by the Trust shall, after such
redemption or acquisition, have the status of authorized but unissued Preferred
Shares, without designation as to class or series until such shares are once more
classified and designated as part of a particular class or series by the Board of
Trustees.

          (v) Voting Rights. Holders of the Class C Preferred Shares will not
have any voting rights.

          (vi) Conversion. The Class C Preferred Shares are not convertible into
or exchangeable for any other property or securities of, or interest in, the Trust.”

          THIRD: Section 6.6 of the Declaration of Trust is amended by inserting the following
as Section 6.6(e):

     “(e) Notwithstanding the foregoing provisions of this Section 6.6, no dividends
(other than in Common Shares or in shares of any class or series of Preferred Shares
ranking junior to the Class C Preferred Shares as to dividends and upon liquidation)
shall be paid on the Class A Preferred Shares or the Class B Preferred Shares unless
full cumulative dividends on the Class C Preferred Shares have been or
contemporaneously are declared and paid or declared and a sum sufficient for the
payment thereof is set apart for payment for all past dividend periods and the then
current dividend period.”

          FOURTH: Section 9.4 of the Declaration of Trust is hereby replaced in its entirety
with the following:

     “Transactions Between the Trust and its Trustees, Officers, Employees and
Agents. Subject to any express restrictions in this Declaration of Trust or the
Bylaws, or an express restriction adopted by the Trustees by resolution, the Trust
may enter into any contract or transaction of any kind with any person, including
any Trustee, officer,

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employee or agent of the Trust or any person affiliated with a Trustee,
officer, employee or agent of the Trust, whether or not any of them has a financial
interest in such transaction; provided that the terms of the transactions
are: (i) no less favorable to the Trust than would be obtained in a transaction
with an unaffiliated party; (ii) approved by the Advisory Committee (as defined in
the Fifth Amended and Restated Agreement of Limited Partnership of the Holding
Partnership (the “HP Partnership Agreement”)); or (iii) contemplated by the
HP Partnership Agreement.”

          FIFTH: The amendment to the Declaration of Trust as hereinabove set forth, including
the reclassification and designation of 75 Class A Preferred Shares and 50 Class B Preferred Shares
as Class C Preferred Shares, has been duly advised and approved by the Board of Trustees and
approved by the shareholders of the Trust as required by law and the terms of the Declaration of
Trust.

          SIXTH: The undersigned President acknowledges these Articles of Amendment to be the
act of the Trust and as to all matters or facts required to be verified under oath, the undersigned
President acknowledges that to the best of his knowledge, information and belief, these matters and
facts are true in all material respects and that this statement is made under the penalties for
perjury.

[SIGNATURE PAGE FOLLOWS]

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          IN WITNESS WHEREOF, the Trust has caused these Articles of Amendment to be signed in its name
and on its behalf by its President and attested to by its Secretary on this 27th day of December,
2004.

	 	 	 	 	 
	 	HINES-SUMISEI NY CORE OFFICE TRUST II

 	 
	 	By:  	                                               /s/  Charles N. Hazen
 	 
	 	 	Name:  	Charles N. Hazen 	 
	 	 	Title:  	President 	 
	 

ATTEST:

	 	 	 	 	 
	 	 	 
	 	By:  	/s/  Sherri W. Schugart
 	 
	 	 	Name:  	Sherri W. Schugart 	 
	 	 	Title:  	Secretaryexv10w24

 

Exhibit 10.24

PURCHASE AND SALE AGREEMENT

     This PURCHASE AND SALE AGREEMENT (this “Agreement”) is entered into as of November 23,
2004, by and among Hines U.S. Core Office Capital Associates II Limited Partnership (the “Hines
Limited Partner”), a Delaware limited partnership, Hines REIT Properties, L.P. (the “Hines
REIT OP”), a Delaware limited partnership, and Hines U.S. Core Office Capital LLC (the
“General Partner”), a Delaware limited liability company and the general partner of
Hines-Sumisei U.S. Core Office Fund, L.P. (the “Partnership”), a Delaware limited
partnership.

SUMMARY

     This Agreement provides for the sale by the Hines Limited Partner to the Hines REIT OP of
35,000 Partnership Units (as defined in the Fourth Amended and Restated Agreement of Limited
Partnership, dated August 11, 2004, of the Partnership (the “Partnership Agreement”)) for
$35 million in cash to be paid over time as provided herein. Capitalized terms used and not
otherwise defined herein have the meanings given to them in the Partnership Agreement.

     In consideration of the mutual covenants, representations, and warranties made herein, and
other good and valuable consideration, the receipt and sufficiency of which the parties
acknowledge, the parties hereto agree as follows:

     SECTION 1. Conveyance of Partnership Units. The Hines Limited Partner hereby conveys
to the Hines REIT OP all right, title, and interest in and to 35,000 Partnership Units (the
“Transferred Units”) held by the Hines Limited Partner, free and clear of all liens and
encumbrances other than those created by the Partnership Agreement and this Agreement.

     SECTION 2. Payment for Transferred Units.

     (a) Concurrently with the execution and delivery of this Agreement, the Hines REIT OP shall
pay $19,075,849 to the Hines Limited Partner by wire transfer of immediately available funds to an
account previously designated by the Hines Limited Partner. The Hines REIT OP shall pay to the
Hines Limited Partner an additional $15,924,151 (the “Deferred Purchase Price”) in cash as
soon as it has funds available to make such payment; provided that the Hines REIT OP shall
pay the full amount of the Deferred Purchase Price no later than June 18, 2005. The Hines REIT OP
may pay the Deferred Purchase Price in any number of installments of any size it chooses of $1,000
or more.

     (b) If the Partnership makes any distribution in respect of the Transferred Units with respect
to any period beginning on a date prior to the date of this Agreement (the “Effective
Date”) and ending after the Effective Date, then the Hines REIT OP shall pay to the Hines
Limited Partner a portion of any such distribution in an amount equal to the total amount of such
distribution multiplied by a fraction whose numerator is the number of days in the period beginning
on the first day of the period covered by such distribution and ending on the Effective

 

 

Date and whose denominator is the total number of days in the period covered by such
distribution. Any payment made pursuant to this Section 2(b) shall not be counted toward the
payment of the Deferred Purchase Price.

     (c) Within 15 days after the Partnership makes a distribution in respect of the Transferred
Units with respect to any period beginning on or after the Effective Date during which any portion
of the Deferred Purchase Price remained unpaid, Hines REIT OP shall pay the Hines Limited Partner
interest on the portion of the Deferred Purchase Price that remained unpaid during such period in
an amount equal to the Distribution Equivalent Amount for such period. For these purposes, the
Distribution Equivalent Amount for a period shall equal that portion of any distribution made by
the Partnership in respect of the period that would have been made to the Hines Limited Partner, if
(A) 15,924.151 of the Transferred Units had not been conveyed on the Effective Date but were
instead conveyed as payments were made in respect of the Deferred Purchase Price, with each payment
resulting in the conveyance of a number of the Transferred Units determined by dividing the amount
paid by $1,000 per Transferred Unit, and (B) allocating a distribution made in respect of any
period ratably to each day in the period and assuming the Partnership made a distribution on each
day during such period in the amount so allocated. Any payments made pursuant to this Section 2(c)
shall not be counted toward the payment of the Deferred Purchase Price.

     (d) It is the intent of the parties that interest be paid by Hines REIT OP to Hines Limited
Partner at a rate of no less than 2.37% per annum on the amount of the Deferred Purchase Price that
remains unpaid from time to time during the period beginning on the Effective Date and ending on
the date the Deferred Purchase Price is paid in full. Accordingly, and notwithstanding anything
herein to the contrary, if the total amount of all payments made by Hines REIT OP pursuant to
Section 2(c) results in a lower rate of interest, then Hines REIT OP shall pay to Hines Limited
Partner the full amount of such deficiency at the time the final payment due under Section 2(c) is
made.

     (e) As long as any portion of the Deferred Purchase Price remains unpaid, the Hines REIT OP
shall not dispose of any of the Transferred Units, unless, concurrently with such disposition, the
unpaid portion of the Deferred Purchase Price is paid in full. The General Partner shall not
consent to or acknowledge or record on the books of the Partnership any disposition of any of the
Transferred Units that violates this Section 2(e).

     SECTION
3. Acknowledgment and Admission

     (a) The General Partner acknowledges and consents to the conveyance of the Transferred Units
to the Hines REIT OP and shall record the same in the books and records of the Partnership. The
Hines REIT OP shall be the owner of all 35,000 of the Transferred Units notwithstanding the
deferral of the Deferred Purchase Price as provided above.

     (b) The General Partner shall amend the Partnership Agreement to provide for the admission of
the Hines REIT to the Partnership as the Non-Managing General Partner as

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provided in Section 5.11 of the Partnership Agreement and shall admit the Hines REIT OP as the
Non-Managing General Partner of the Partnership. All Partnership Units held by the Hines REIT OP
shall be held in respect of its interest as the Non-Managing General Partner.

     SECTION 4. Representations and Warranties of the Hines REIT OP. The Hines REIT OP
represents and warrants to the Hines Limited Partner and the General Partner as follows:

     (a) The Hines REIT OP has been duly formed and is validly existing in good standing under the
jurisdiction of its formation. The Hines REIT OP has full capacity, power, and authority to
execute, deliver, and perform its obligations under this Agreement and to acquire and pay for the
Transferred Units. The Hines REIT OP’s purchase of the Transferred Units and its execution,
delivery, and performance of this Agreement have been authorized by all necessary action on the
Hines REIT OP’s behalf, and this Agreement is the Hines REIT OP’s legal, valid, and binding
obligation, enforceable against the Hines REIT OP in accordance with its terms.

     (b) The Hines REIT OP understands that it must bear the economic risk of an investment in the
Transferred Units for an indefinite period of time because, among other reasons, the offer and sale
of Partnership Units have not been registered under the Securities Act or any state securities law
and, therefore, Partnership Units cannot be sold unless they are subsequently registered under the
Securities Act or any state securities law or an exemption from such registration is available, and
that applicable state securities laws may further restrict transfers. The Hines REIT OP also
understands that there are substantial restrictions on the transferability of the Transferred
Units, and that the Transferred Units may not be sold, exchanged, assigned, or transferred unless
all of the applicable conditions set forth in Article X of the Partnership Agreement are satisfied
or waived.

     SECTION 5. Representations and Warranties of the Hines Limited Partner. The Hines
Limited Partner hereby represents and warrants to the Hines REIT OP and the General Partner as
follows:

     (a) The Hines Limited Partner has been duly formed and is validly existing in good standing
under the jurisdiction of its formation. The Hines Limited Partner has full capacity, power, and
authority to execute, deliver, and perform its obligations under this Agreement and to convey the
Transferred Units. The Hines Limited Partner’s conveyance of the Transferred Units to the Hines
RET OP and its execution, delivery, and performance of this Agreement have been authorized by all
necessary action on the Hines Limited Partner’s behalf, and this Agreement is the Hines Limited
Partner’s legal, valid, and binding obligation, enforceable against the Hines Limited Partner in
accordance with its terms.

     (b) Immediately prior to the execution and delivery of this Agreement, the Hines Limited
Partner holds good and valid title to the Transferred Units, free and clear of any

3

 

security interests, options, warrants, purchase rights, contracts, commitments, equities,
claims, demands, or other encumbrances of any kind, except as provided in the Partnership Agreement
and such purchase rights as have previously been granted to the Hines REIT OP.

SECTION 6. Miscellaneous. 

     (a) Remedies. If the Hines REIT OP fails to pay the Deferred Purchase Price in full
by June 18, 2005, then the Hines Limited Partner shall be entitled to recover, in addition to the
portion of the Deferred Purchase Price not paid, costs of collection, including reasonable
attorneys fees.

     (b) Survival of Representations and Warranties. All representations and warranties
contained herein shall survive the execution and delivery of this Agreement and the consummation of
the transaction contemplated hereby.

     (c) Complete Agreement. This Agreement embodies the complete agreement and
understanding among the parties with respect to the subject matter hereof and supersedes and
preempts any prior understandings, agreements, or representations by or among the parties, written
or oral, which may have related to the subject matter hereof in any way.

     (d) Further Assurances. The parties agree to take such further action and execute and
deliver such further documents as may be necessary to more fully give effect to the intentions of
this Agreement.

     (e) Counterparts. This Agreement may be executed in separate counterparts, each of
which shall be deemed to be an original and all of which taken together shall constitute one and
the same agreement.

     (f) Successors and Assigns. Except as otherwise provided herein, this Agreement shall
bind and inure to the benefit of and be enforceable by the parties hereto and their respective
successors and assigns.

     (g) Governing Law. All questions concerning the construction, validity, and
interpretation of this Agreement will be governed by and construed in accordance with the laws of
the State of New York.

     (h) Amendment and Waiver. The provisions of this Agreement may be amended and waived
only with the prior written consent of all the parties hereto.

[signature page follows]

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     IN WITNESS WHEREOF, the parties hereto have executed and delivered this Purchase and Sale
Agreement to be effective as of the date first written above.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	HINES US CORE OFFICE CAPITAL LLC
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By: Hines Interests Limited Partnership
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By: Hines Holdings, Inc.
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By:	 	/s/ Frank Apollo
	

	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	Name:   Frank Apollo
	

	 	 	 	 	 	 	 	 	 	Title:   Vice
President
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	HINES US CORE OFFICE CAPITAL 
ASSOCIATES II LIMITED PARTNERSHIP
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By: Hines Interests Limited Partnership
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By: Hines Holdings, Inc.
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By:	 	/s/ Charles M. Baughn
	

	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	Name:   Charles M.
Baughn
	

	 	 	 	 	 	 	 	 	 	Title:     Executive Vice President
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	HINES REIT PROPERTIES, L.P.
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By: Hines Real Estate Investment Trust, Inc.
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:	 	/s/ Charles N. Hazen
	

	 	 	 	 	 	 	 	 

	

	 	 	 	 	 	 	 	Name:	 	Charles N. Hazen
	

	 	 	 	 	 	 	 	Title:	 	President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]