Document:

THIRD AMENDMENT TO PROPERTY MANAGEMENT

            AND SERVICES AGREEMENT

            This Third Amendment to Property Management and Services Agreement (“Third Amendment”) is made and entered as of May 1, 2006 (the “Effective Date”), by and between Glenborough Properties, L.P., a California limited partnership (“Glenborough”) and Rancon Realty Fund V, a California limited partnership
            (“Rancon”).

            RECITALS

            This Third Amendment is made with reference to the following facts and objectives:

            A.        GLENBOROUGH and Rancon are parties to Property Management and Services Agreement dated as of June 30, 2004, as amended as of September 30, 2005, and December 1, 2005 (the “Agreement”), under which GLENBOROUGH provides certain Management, Administration and Consulting (each as defined in the Agreement)
            services to Rancon.

            
                	
                             

                        	
                            B.

                        	
                            The parties wish to extend the term of the Agreement.

                        

            

            NOW, THEREFORE, Glenborough and Rancon hereby agree as follows:

            AGREEMENT

            1.         Article 2, Section 2.1 of the Agreement is hereby deleted and replaced with the following:

            2.1       Term of Agreement. The term of this Agreement (“Term”) shall be four (4) years, commencing on January 1, 2005 (“Commencement Date”) and ending at 11:59 p.m., December 31, 2008; provided, however, that the Term shall be automatically extended for up to a maximum of
            five (5) additional consecutive one (1) year periods of time, without further act by any party hereto, unless, not later than one hundred twenty (120) days prior to the last day of the Term, or any one year extension thereof, a party to this Agreement gives the other party written notice of termination of this Agreement and, in such event, this Agreement shall terminate at the end of the then current Term, or extension thereof.

            2.         All other terms, covenants, and conditions of the Agreement shall remain in full force and effect.

             

            
                1

                

            

             

            
                

            

            

            3.         To the extent there are any inconsistencies between this Third Amendment and the Agreement, the terms, covenants, and conditions of this Third Amendment shall govern.

            IN WITNESS WHEREOF, Glenborough and Rancon have executed this Third Amendment as of the date first above written.

            

            
                	
                            GLENBOROUGH:

                             

                            GLENBOROUGH PROPERTIES, L.P.,

                            a California limited partnership

                            By:       Glenborough Realty Trust Incorporated

                            A Maryland corporation

                            Its General Partner

                            By: /s/ Sandra Boyle

                            Its Executive Vice President

                             

                        	
                            RANCON:

                             

                            RANCON REALTY FUND V,

                            a California limited partnership

                             

                            By: /s/ Daniel L. Stephenson

                            Daniel L. Stephenson,

                            General Partner

                             

                            By: RANCON FINANCIAL CORPORATION, a

                            California corporation, General Partner

                             

                            By:/s/ Daniel L. Stephenson

                            Daniel L. Stephenson, President

                             

                        

            

             

            
                2FOURTH AMENDMENT TO PROPERTY MANAGEMENT AND SERVICES AGREEMENT

             

            This Fourth Amendment to Property Management and Services Agreement (“Fourth Amendment”) is made and entered into as of March 1, 2009 (the “Effective Date”) by and between Glenborough, LLC, a Delaware limited liability company (“Glenborough”) and Rancon Realty Fund V, a California limited partnership (“Rancon”).

             

            RECITALS

             

            Rancon and Glenborough’s predecessor in interest Glenborough Properties, L.P. entered into that certain Property Management and Services Agreement dated July 30, 2004 (the “Original Agreement”), which agreement has been modified to date by that certain First Amendment to Property Management and Services Agreement dated as of September 30, 2005 (the “First
            Amendment”), that certain Second Amendment to Property Management and Services Agreement dated as of December 1, 2005 (the “Second Amendment”), and that certain Third Amendment to Property Management and Services Agreement, dated as of May 1, 2006 (the “Third Agreement”). The term “Agreement”, as modified by this Fourth Amendment, will refer to the Original Agreement as modified by the First, Second and Third Amendments.

             

            Glenborough Properties, L.P.’s rights and obligations under the Agreement were assigned to Glenborough, LLC by way of that certain Assignment dated as of November 29, 2006.

             

            Glenborough and Rancon now desire to further modify and amend the Agreement as follows:

             

            AGREEMENT

             

            
                	
                             

                        	
                            1.

                        	
                            The Asset and Partnership Services Fee as described in Section 7.1.2 of the Agreement shall be reduced from $300,000 per year to $250,000 per year, effective as of the date first above written.

                        

            

             

            
                	
                             

                        	
                            2.

                        	
                            The Property Management Fee as described in Section 7.1.1 of the Agreement shall be reduced from 3% of Gross Rental Revenue to 2.5% of Gross Rental Revenue, effective as of the date first above written.

                        

            

             

            
                	
                             

                        	
                            3.

                        	
                            The fee payable for lease renewals and expansions as described in Section 7.1.3(a)(2) shall be reduced from 2.5% of base rent due during the renewal period and/or attributable to the expansion area during the term of the lease to 2% of such amounts, effective as of the date first above written.

                        

            

             

            
                

            

            

            
                	
                             

                        	
                            4.

                        	
                            The Sales Fee previously payable to Glenborough per Section 7.1.3(b) shall be reinstated effective as of the date hereof and shall remaining place throughout the term of the Agreement, but in an amount equal to 1% on all property sales, rather than 2% on improved property or 4% on unimproved property.

                        

            

             

            
                	
                             

                        	
                            5.

                        	
                            The Term of the Agreement as defined in Section 2.1 is hereby extended to the earlier to occur of (i) 11:59 p.m. on December 31, 2015 or (ii) the completion of the sale of all of the real property assets of Rancon and its subsidiaries to unaffiliated third parties and the payment to Glenborough of the Dissolution Fee described in Section 7.1.3(d) of
                            the Agreement, and any references to annual renewal/termination rights are hereby deleted.

                        

            

             

            
                	
                             

                        	
                            6.

                        	
                            Exhibit A to the Agreement is hereby deleted and replace with the Exhibit A attached hereto.

                        

            

             

            
                	
                             

                        	
                            7.

                        	
                            Except to the extent modified herein, all other terms, covenants and conditions of the Agreement shall remain in full force and effect.

                        

            

             

            
                	
                            GLENBOROUGH:

                        	
                            RANCON:

                        

            

             

            
                	
                            GLENBOROUGH, LLC

                        	
                            RANCON REALTY FUND V,

                        

            

            
                	
                            A Delaware limited liability company

                        	
                            a California limited partnership

                        

            

             

            
                	
                            By:

                        	
                            /s/ Andrew Batinovich

                        	
                            By:

                        	
                            /s/ Daniel L. Stephenson

                        

            

            
                	
                             

                        	
                            Andrew Batinovich

                        	
                            Daniel L. Stephenson

                        

            

            
                	
                             

                        	
                            President and CEO

                        	
                            General Partner

                        

            

             

             

            
                	
                             

                        	
                            By:

                        	
                            RANCON FINANCIAL CORPORATION, a California corporation, General Partner

                            

                            By: /s/ Daniel L. Stephenson

                                   Daniel L. Stephenson

                                   President

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