Document:

Exhibit 10

 

Exhibit 10.32

AMERICAN SPECTRUM REALTY,

INC.

1800 EAST DEERE AVENUE

SANTA ANA, CA 92705

 

October 15, 2001

 

 

Pasadena Autumn Ridge LP

c/o CGS Real Estate Company, Inc.

1800 East Deere Avenue

Santa Ana, California 92705

 

                Re:          Agreement and Plan of Merger Between
                                American

Spectrum Realty, Inc. and
                                Pasadena

Autumn Ridge LP

 

Gentlemen:

The following sets forth our agreement with respect to the Amendment of

the Agreement and Plan of Merger (the “Agreement”) dated August 6, 2000.

In accordance with the Agreement, Pasadena Autumn Ridge LP (“Pasadena”)

was to be merged with and into American Spectrum Realty, Inc. or American

Spectrum Realty Operating Partnership, L.P. (the “Operating Partnership”).  The parties have determined that it would be

in the best interests of the parties if, instead of a merger, American Spectrum

Realty, Inc. acquired all of the limited partnership interests of Pasadena

Autumn Ridge LP, from the limited partner CGS Real Estate Company, Inc.

(“CGS”), and that the general partner, S-P Properties, Inc. assign its interest

to American Spectrum Holdings (Pasadena), LLC, which is a wholly-owned

subsidiary of the Operating Partnership. 

Accordingly, the parties have agreed to amend the Agreement as follows:

1.             CGS, the limited

partner of Pasadena, will assign all of its right, title and interest in and to

all of the limited partner interests in Pasadena to the Operating

Partnership.  CGS represents that it

owns all of the limited partner interests in Pasadena free and clear of all

liens, claims and encumbrances and have full power and authority to execute and

deliver this agreement and perform its obligations hereunder.  S-P Properties, Inc., the general partner,

will assign all of its right, title and interest in Pasadena to American

Spectrum Holdings (Pasadena), LLC.  S-P

Properties, Inc. represents that it owns its interest in Pasadena free and

clear from all liens, claims and encumbrances and has full power and authority

to execute and deliver this agreement and perform its obligations hereunder.

2.             The closing of the transfer (“Transfer”), pursuant to

the Agreement, shall take place simultaneously with the Closing of the

Consolidation, as defined in the Agreement.

 

 

3.             At the closing, CGS

shall deliver to the Operating Partnership an assignment, assigning all of its

right, title and interest in and to the limited partnership interests in

Pasadena to the Operating Partnership. 

S-P Properties, Inc. shall deliver to American Spectrum Holdings

(Pasadena), LLC, an assignment, assigning all of its right, title and interest

in and to the general partnership interest in Pasadena to American

Spectrum  Holdings (Pasadena), LLC.

4.             At the closing, the

Operating Partnership shall deliver to CGS and S-P Properties pro rata, in

accordance with their percentage ownership of partnership interests,

certificates certifying that they are the owners of 89,295 Operating

Partnership Units in the Operating Partnership, representing the Exchange Value

(as defined in the final Prospectus/Consent Solicitation Statement) of Pasadena

of $1,339,437 divided by $15.

5.             The partners and

the Operating Partnership shall execute a signature page to the Operating

Partnership Agreement admitting them as partners in the Operating Partnership.

6.             The limited partner

and the Operating Partnership shall execute all other instruments which may be

necessary or desirable to reflect the admission of CGS as a partner in the

Operating Partnership and to reflect the admission of the Operating Partnership

as the sole limited partner of Pasadena. 

The general partner and the Operating Partnership shall execute all

other instruments which may be necessary or desirable to reflect the admission

of the general partner as a partner in the Operating Partnership and to reflect

the admission of American Spectrum Holdings (Pasadena), LLC as the sole general

partner of Pasadena.

7.             Except as modified

hereby, the Agreement shall remain in full force and effect.  All defined terms used herein and not

otherwise defined shall have the meaning set forth in the Agreement.

8.             All parties need not execute the same copy of this

agreement.  This agreement may be

executed in one or more counterparts and all such counterparts, taken together,

shall constitute one instrument, and be effective as if all signatures were contained

on one page.

 

2

 

Please confirm your

acceptance of and agreement with the foregoing by executing a copy of this

letter in the space provided below.

 

	

  AMERICAN

  SPECTRUM REALTY

  
	

  OPERATING

  PARTNERSHIP, L.P.

  
	

   

  	

   

  
	

   

  	

   

  
	

  BY:

  	

  AMERICAN

  SPECTRUM REALTY, INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

  By:

  	

   

  

 

 

 

Accepted and Agreed to as of

this 15th Day of October, 2001

 

 

	

  CGS REAL ESTATE COMPANY, INC.

  
	

   

  
	

   

  
	

  By:

  	

   

  	

   

  
	

   

  
	

   

  
	

  S-P PROPERTIES, INC.

  
	

   

  
	

   

  
	

  By:

  	

   

  	

   

  
	

   

  
	

   

  
	

  AMERICAN SPECTRUM  HOLDINGS

  (PASADENA), LLC

  
	

   

  
	

   

  
	

  By:

  	

   

  	

   

  
	

   

  
	

   

  
	

  PASADENA AUTUMN RIDGE LP

  
	

   

  
	

  By:

  	

   

  	

   

  

 

3Exhibit 10

 

Exhibit 10.33

 

AMERICAN

SPECTRUM REALTY, INC.

1800

EAST DEERE AVENUE

SANTA

ANA, CA 92705

 

 

October

15, 2001

 

 

Third Coast LLC

c/o CGS Real Estate Company, Inc.

1800 East Deere Avenue

Santa Ana, Ca 92705

 

 

Re:                               Agreement and

Plan of Merger Between American Spectrum Realty, Inc. and Third Coast LLC

 

Gentlemen:

 

The

following sets forth our agreement with respect to the Amendment of the

Agreement and Plan of Merger (the “Agreement”) dated August 6, 2000.

 

In accordance with the

Agreement, Third Coast LLC (“Third Coast”) was to form a new subsidiary limited

liability company (the “Subsidiary LLC”) to which it was to contribute its

interests in the properties known as Richardson Plaza and Sierra Technologies

which would be merged with and into American Spectrum Realty, Inc. or American

Spectrum Operating Partnership L.P. (the “Operating Partnership”).  The parties have determined that it would be

in the best interests of the parties if instead of a merger, American Spectrum

Realty Operating Partnership L.P. (the “Operating Partnership”) acquired all of

the membership interests of the Subsidiary LLC from Third Coast, its sole

member.  Accordingly, the parties have

agreed to amend the Agreement as follows:

 

1.                                       Third Coast

will form the Subsidiary LLC and contribute to the Subsidiary LLC the property

known as Richardson Plaza and its interest as the sole member of Third Coast

Sierra Technology, LLC.  Third Coast,

the sole member of Subsidiary LLC, will assign all of its right, title and

interest in and to all of the membership interests in Subsidiary LLC to the

Operating Partnership.  Third Coast

represents that it will own all of the membership interests in Subsidiary LLC

free and clear of all liens, claims and encumbrances and has full power and

authority to execute and deliver this agreement and perform its obligations

hereunder.

 

2.                                       The closing of

the transfer (“Transfer”), pursuant to the Agreement, shall take place on the

Closing Date.

 

 

 

3.                                       At the closing,

Third Coast shall deliver to the Operating Partnership an assignment, assigning

all of its right, title and interest in and to the membership interests in

Subsidiary LLC to the Operating Partnership.

 

4.                                       At the closing,

the Operating Partnership shall deliver to Third Coast certificates certifying

that they are the owner of the number of Operating Partnership Units in the

Operating Partnership, representing the Exchange Value (as defined in the final

Prospectus/Consent Solicitation Statement) of Richardson Plaza and Sierra

Technology divided by $15.

 

5.                                       Each of Third

Coast and the Operating Partnership shall execute a signature page to the

Operating Partnership Agreement admitting Third Coast as a partner in the

Operating Partnership.

 

6.                                       Each of Third

Coast and the Operating Partnership shall execute all other instruments which

may be necessary or desirable to reflect the admission of Third Coast as a

partner in the Operating Partnership and to reflect the admission of the

Operating Partnership as the sole member of Subsidiary LLC.

 

7.                                       Except as

modified hereby, the Agreement shall remain in full force and effect.  All defined terms used herein and not

otherwise defined shall have the meaning set forth in the Agreement.

 

Please confirm your

acceptance of and agreement with the foregoing by executing a copy of this

letter in the space provided below.

 

	

  AMERICAN

  SPECTRUM REALTY OPERATING PARTNERSHIP. L.P.

  
	

   

  	

   

  
	

   

  	

   

  
	

  BY:

  	

  AMERICAN

  SPECTRUM REALTY, INC.

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  

 

 

Accepted

and Agreed to as of

this

15th Day of October, 2001

 

 

	

  THIRD

  COAST LLC

  
	

   

  
	

   

  
	

  By:

  	

   

  	

   

  

 

2

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