Document:

EX-10.1

EXHIBIT 10.1

SECOND AMENDMENT TO CREDIT AGREEMENT

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of June 30,
2009, by and among GLADSTONE COMMERCIAL LIMITED PARTNERSHIP, a Delaware limited partnership
(“Borrower”), the “Guarantors” a party hereto (the “Guarantors”), KEYBANK NATIONAL
ASSOCIATION (“KeyBank”), as Agent for itself and the other Lenders from time to time a
party to the Credit Agreement (as hereinafter defined) (KeyBank, in its capacity as Agent, is
hereinafter referred to as “Agent”), and each of the undersigned “Lenders” (hereinafter
referred to collectively as the “Lenders”).

W I T N E S S E T H:

WHEREAS, the Borrower, KeyBank, Agent and the other Lenders, among others, are party to that
certain Senior Secured Revolving Credit Agreement dated as of December 29, 2006, (as the same may
be varied, extended, supplemented, consolidated, amended, replaced, renewed, modified or restated,
the “Credit Agreement”); and

WHEREAS, the Borrower has requested that the Lenders modify the Credit Agreement in certain
respects and the Lenders have agreed to modifications on the terms and conditions set forth below;

NOW, THEREFORE, in consideration of the mutual covenants, promises, and agreements set forth
hereinbelow, and for other good and valuable consideration, the receipt, adequacy, and sufficiency
of which are hereby acknowledged, and as a material inducement to the Lenders to agree to such
modifications, the parties do hereby covenant and agree as follows:

1. Definitions. Capitalized terms used in this Amendment, but which are not otherwise
expressly defined in this Amendment, shall have the respective meanings given thereto in the Credit
Agreement.

2. Modifications of the Credit Agreement. The Borrower, Agent and the Lenders do
hereby modify and amend the Credit Agreement as follows:

(a) By deleting the definition of Funds from Operations in Section 1.1 of the Credit Agreement
in its entirety and inserting in lieu thereof the following:

“Funds from Operations. With respect to any Person for any period, an
amount equal to the Net Income (or Loss) of such Person for such period, computed in
accordance with GAAP, excluding gains (or losses) from extraordinary items or
non-recurring gains or losses (but including gains or losses on sales of Real Estate
in the ordinary course of business, e.g. build to suits), plus real estate
depreciation and amortization, and after adjustments for unconsolidated partnerships
and joint ventures. Adjustments for unconsolidated partnerships and joint ventures
will be recalculated to reflect funds from operations on the same basis. “Funds from
Operations” shall be adjusted to remove any impact of the expensing of acquisition
costs pursuant to FAS 141 (revised), as issued by the Financial Accounting Standards
Board in December of 2007, and becoming effective January 1, 2009, including,
without limitation, (i) the addition to Net Income of costs and expenses related to
ongoing consummated acquisition transactions during such period; and (ii) the
subtraction from Net Income of costs and expenses related to acquisition
transactions terminated during such period.”

(b) By deleting “Twenty Million Dollars ($20,000,000.00)” from Section 2.9(a)(ii) and
inserting in lieu thereof the following:

“Ten Million Five Hundred Thousand and No/100 Dollars
($10,500,000.00)”

3. Commitment Reduction.

(a) Pursuant to the provisions of Section 2.3 of the Credit Agreement, the Borrower hereby
requests a reduction in the Total Commitment from $95,000,000.00 to $50,000,000.00 (the
“Commitment Reduction”) which Commitment Reduction shall also result in the pro rata
reduction of the Lenders’ Commitments.

(b) Borrower hereby acknowledges and agrees that as of the Amendment Effective Date,
Schedule 1.1 of the Credit Agreement shall be deleted in its entirety and Schedule 1.1 attached
hereto shall be inserted in lieu thereof. The amount of each Lender’s Commitment shall be the
amount set forth on Schedule 1.1 attached hereto and the Total Commitment under the Credit
Agreement shall reflect the Commitment Reduction.

(c) No amount of the Total Commitment or of each individual Lender’s Commitment reduced
pursuant to this Commitment Reduction may be reinstated or reborrowed, and the Lenders’ Commitments
to lend such amounts are hereby terminated.

4. Conditions. The effectiveness of this Amendment shall be subject to the
satisfaction of the following conditions precedent (the date all such conditions have been
satisfied or waived in writing by the Lenders hereinafter referred to as the “Amendment
Effective Date”):

(a) No Default. There shall exist no Default or Event of Default.

(b) Representations and Warranties. The representations and warranties contained in
Section 6 of the Loan Agreement shall have been true and correct in all material respects when made
and shall also be true and correct in all material respects on the Amendment Effective Date (except
to the extent such representations and warranties specifically relate to an earlier date, in which
case they shall have been true and correct in all material respects as of such earlier date).

(c) Modification Fee. The Borrower shall pay to Agent a modification fee (the
“Modification Fee”) in the aggregate amount of $50,000.00 on the Amendment Effective Date to be
applied pro rata to the accounts of each of the Lenders that have approved this Amendment as of the
Amendment Effective Date by executing the applicable signature page attached hereto. Such fees
shall be fully earned when paid and non-refundable.

(d) Facility Unused Fee. The Borrower shall pay to Agent for the pro rata accounts of
the Lenders the full amount of any facility unused fee under Section 2.2 of the Credit Agreement
then accrued on the amount of the Commitment Reduction.

5. References to Loan Agreement. All references in the Loan Documents to the Credit
Agreement shall be deemed a reference to the Credit Agreement, as modified and amended herein.

6. Consent of Borrower and Guarantors. Borrower and Guarantors hereby acknowledge,
represent and agree that the Loan Documents remain in full force and effect and constitute the
valid and legally binding obligations of the Borrower and the Guarantors enforceable against such
Persons in accordance with their respective terms.

7. Representations. Each of the Borrower and each Guarantor represents and warrants
to Agent and the Lenders as follows:

(a) Authorization. The execution, delivery and performance of this Amendment and the
transactions contemplated hereby (i) are within the authority of the Borrower and such Guarantor,
(ii) have been duly authorized by all necessary proceedings on the part of the Borrower and such
Guarantor, (iii) do not and will not conflict with or result in any breach or contravention of any
provision of law, statute, rule or regulation to which the Borrower or such Guarantor is subject or
any judgment, order, writ, injunction, license or permit applicable to the Borrower or such
Guarantor, (iv) do not and will not conflict with or constitute a default (whether with the passage
of time or the giving of notice, or both) under any provision of the articles of incorporation,
bylaws, operating agreement, partnership agreement, declaration of trust or other charter documents
of, or any agreement or other instrument binding upon, the Borrower or such Guarantor, or any of
their respective properties, (v) do not and will not result in or require the imposition of any
lien or other encumbrance on any of the properties, assets or rights of the Borrower or any
Guarantor, and (vi) do not require the approval or consent of any Person other than those already
obtained and delivered to Agent, except, in the case of clauses (iii), (iv) or (vi) above, to the
extent not reasonably expected to have a Material Adverse Effect.

(b) Enforceability. The execution and delivery of this Amendment are valid and
legally binding obligations of the Borrower and the Guarantors, enforceable in accordance with the
respective terms and provisions hereof, except as enforceability is limited by bankruptcy,
insolvency, reorganization, moratorium or other laws relating to or affecting generally the
enforcement of creditors’ rights and except to the extent that availability of the remedy of
specific performance or injunctive relief is subject to the discretion of the court before which
any proceeding therefor may be brought.

(c) Approvals. The execution, delivery and performance of this Amendment and the
transactions contemplated hereby and thereby do not require the approval or consent of, or filing
with, any governmental agency or authority other than those already obtained.

8. No Default. By execution hereof, the Borrower certifies that no Default or Event
of Default has occurred and is continuing as of the date hereof or as of the Amendment Effective
Date.

9. Waiver of Claims. Each of the Borrower and each Guarantor acknowledges, represents
and agrees that it has no defenses, setoffs, claims, counterclaims or causes of action of any kind
or nature whatsoever with respect to the Loan Documents, the administration or funding of the Loan
or with respect to any acts or omissions of Agent or any Lender, or any past or present officers,
agents or employees of Agent or any Lender, and the Borrower does hereby expressly waive, release
and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if
any.

10. Ratification. Except as hereinabove set forth, all terms, covenants and
provisions of the Credit Agreement remain unaltered and in full force and effect, and the parties
hereto do hereby expressly ratify and confirm the Loan Documents and the Credit Agreement as
modified and amended herein. Nothing in this Amendment shall be deemed or construed to constitute,
and there has not otherwise occurred, a novation, cancellation, satisfaction, release,
extinguishment or substitution of the indebtedness evidenced by the Notes or the other obligations
of the Borrower or any Guarantor under the Loan Documents.

11. Amendment as Loan Document. This Amendment shall constitute a Loan Document.

12. Counterparts. This Amendment may be executed in any number of counterparts which
shall together constitute but one and the same agreement.

13. Miscellaneous. This Amendment shall, pursuant to New York General Obligations Law
Section 5-1401, be construed and enforced in accordance with the laws of the State of New York.
This Amendment shall be effective upon the execution hereof by Borrower, Guarantors, Agent and the
Lenders and shall be binding upon and shall inure to the benefit of the parties hereto and their
respective permitted successors, successors-in-title and assigns as provided in the Credit
Agreement. All captions in this Amendment are included herein for convenience of reference only
and shall not constitute part of this Amendment for any other purpose.

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SCHEDULE 1

LENDERS AND COMMITMENTS

	 	 	 	 	 	 	 	 	 
	Name and Address	 	Commitment	 	Commitment Percentage
	KeyBank National Association

127 Public Square

Cleveland, Ohio 44114-1306

Attention: Jason Weaver

Facsimile: 216/689-4997

	 	$18,420,000

	 	36.84%

	LIBOR Lending Office

Same as above

	 	

	 	

	Emigrant Realty Finance LLC

6 East 43rd Street, 22nd Floor

New York, New York 10017

Attn: Michael A. Walsh

Facsimile: (212) 850-4608

	 	$10,525,000

	 	21.05%

	LIBOR Lending Office

Same as above

	 	

	 	

	Branch Banking and Trust Company

8200 Greensboro Drive, Suite 1000

McLean, Virginia 22102

Attn: Robert J. Madeja

Facsimile: (703) 442-4025

	 	$13,160,000

	 	26.32%

	LIBOR Lending Office

Same as above

	 	

	 	

	M&T Bank

25 S. Charles Street, 17th Floor

Baltimore, Maryland 21201

Attn: Matt Lind

Facsimile: (410) 545-2385

	 	$7,895,000

	 	15.79%

	LIBOR Lending Office

Same as above

	 	

	 	

	TOTAL

	 	$	50,000,000	 	 	 	100	%EX-10.1

FIRST AMENDMENT

TO

FOURTH AMENDED AND COMPLETELY RESTATED LOAN AGREEMENT

THIS FIRST AMENDMENT TO FOURTH AMENDED AND COMPLETELY RESTATED LOAN AGREEMENT is dated to be
effective as of the 26th day of June, 2009 and executed by and among Synovus Bank, a
Florida banking corporation (“Lender”), MMA Capital Corporation, a Michigan corporation (“MCC”),
MMA Mortgage Investment Corporation, a Florida corporation (“MMIC”), MMA Construction Finance, LLC,
a Maryland limited liability company (“MMCF”), Municipal Mortgage & Equity LLC, a Delaware limited
liability company (“MMA”), MMA Financial Holdings, Inc., a Florida corporation (“MFH”) and MMA
Financial, Inc., a Maryland corporation (“MMA Financial”). For convenience MCC, MMIC and MMCF
shall be herein collectively called, the “Borrowing Group” and MMA, MFH and MMA Financial shall be
herein collectively called, the “Guarantor(s)”.

R E C I T A L S

	1.	 	There is that certain Fourth Amended and Completely Restated Loan Agreement (“Loan
Agreement”) dated as of February 23, 2007 made by and among Lender, the Borrowing Group and
Guarantors. For convenience all capitalized terms used but not defined herein shall have the
meaning assigned to such terms in the Agreement. Further, all references to “Sections” shall
refer to Sections of the Agreement.

	2.	 	The parties wish to modify and amend the Loan Agreement as hereinafter set forth.

NOW, THEREFORE, IN CONSIDERATION OF the mutual covenants and agreements hereinafter set forth
as well as for other good and valuable consideration, the receipt and sufficiency whereof is hereby
acknowledged, the parties do hereby agree to supplement and amend the Loan Agreement in the
following respects and particulars:

	1.	 	No Further Borrowings/L.O.C.’s. Sections 3.01, 3.02 and 3.04 are hereby deleted in their
entirety. Lender shall no longer be obligated to advance further sums under the Loan
Agreement. Further, Lender shall no longer be obligated to issue Letters of Credit; provided
that Lender shall renew/replace the Letters of Credit listed in Exhibit A which is attached
hereto and by reference made a part hereof. No such renewed/replaced Letter of Credit shall
have an expiration date later than November 30, 2010.

	2.	 	Renewal Promissory Note. Attached hereto as Exhibit B and by reference made a part hereof is
a Renewal Promissory Note (“Renewal Note”) in the original principal amount of $41,772,096.61.
The Borrowing Group will make, execute and deliver the Renewal Note. To the extent that the
terms of the Renewal Note differ from the terms of the Loan Agreement (by way of illustration
and not by way of limitation, with respect to the interest rate and minimum interest rate) the
terms of the Renewal Note shall prevail.

	3.	 	Financial Statements. Section 6.06 (a) is hereby deleted and the following 6.06 (a) is
hereby substituted in lieu thereof:

6.06 (a) As soon as practical, and in any event within sixty (60) days after the end of
each fiscal quarter (other than the last quarter of the year), each member of the Borrowing
Group (other than MCC) and each Guarantor shall furnish to Lender their quarterly unaudited
financial statements, including balance sheets and income statements, for the fiscal
quarter just ended, certified by an Authorized Officer. As soon as practical, and in any
event within one hundred and twenty (120) days after the end of each fiscal year, each
member of the Borrowing Group, MMA Financial and MFH shall furnish to Lender their
respective management-prepared unaudited annual financial statements, prepared in
accordance with GAAP and practices applied on a basis consistently maintained throughout
the period involved, for the twelve (12) month period just ended. Borrowing Group
represents that each member of the Borrowing Group’s fiscal year is the same as the
calendar year.

	4.	 	Financial Covenants. Sections 6.23 through and including Section 6.27, and Section 9.01(b)
are hereby deleted in their entirety.

	5.	 	Ratification. Except as is herein specifically set forth to the contrary, the Loan Agreement
and the Loan Documents are hereby ratified and reaffirmed in all of their respects and
particulars.

	6.	 	Authorization. Each member of the Borrowing Group and each Guarantor hereby warrants and
represents that i) all representations and warranties set forth in the Loan Agreement are
true, accurate and complete as of the date hereof, ii) the existing outstanding principal
amount of the Loan as of the date hereof is $41,772,096.61 and iii) Lender is not in default
with respect to any of the terms of any of the Loan Documents.

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1

IN WITNESS WHEREOF, the undersigned executed this First Amendment to the Fourth Amended and
Completely Restate Loan Agreement to be effective as of the day and year first above set forth.

MMA CAPITAL CORPORATION

/s/ Gary A. Mentesana

By: Gary A. Mentesana, EVP

MMA MORTGAGE INVESTMENT CORPORATION

/s/ Gary A. Mentesana

By: Gary A. Mentesana, EVP

MMA CONSTRUCTION FINANCE, LLC

/s/ Gary A. Mentesana

By: Gary A. Mentesana, EVP

MUNICIPAL MORTGAGE & EQUITY LLC

/s/ Gary A. Mentesana

By: Gary A. Mentesana, EVP

MMA FINANCIAL HOLDINGS, Inc.

/s/ Gary A. Mentesana

By: Gary A. Mentesana, EVP

MMA FINANCIAL, INC.

/s/ Gary A. Mentesana

By: Gary A. Mentesana, EVP

SYNOVUS BANK

/s/ Cathy Swanson

By: Cathy Swanson, EVP

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