Document:

Exhibit 10.4

 

SECOND COLLATERAL ACCOUNT
AGREEMENT

 

THIS
SECOND COLLATERAL ACCOUNT AGREEMENT (this “Agreement”)
is dated as of September 14, 2005 and entered into by and between AmeriVest Chateau Inc., a Texas corporation
(“Chateau”), AmeriVest Greenhill Inc.,
a Texas corporation (“Greenhill”; Chateau and Greenhill are hereinafter
referred to collectively as “Pledgors”), KeyBank National Association, a national banking association,
as Agent (“Secured Party”) and KeyBank National Association, as
depository (“Depository”).

 

RECITALS

 

A.            Pursuant
to that certain First Amended and Restated Unsecured Revolving Credit
Agreement, dated as of October 20, 2004 (as extended, renewed,
supplemented or modified from time to time, the “Credit Agreement”),
Secured Party and the lenders from time to time party to the Credit Agreement
have made a loan to the Pledgors’ parent corporation, AmeriVest Properties
Inc., a Maryland corporation (“Borrower”);

 

B.            Chateau
owns certain real property known as Chateau Plaza located at 2515 McKinney
Avenue, Dallas, Texas (the “Chateau Property”) and has granted a Second
Deed of Trust for the benefit of Secured Party, as security for the Loan;

 

C.            Greenhill
owns certain real property known as Greenhill Park located in Addison, Texas
(the “Greenhill Property”) and has granted a Second Deed of Trust for
the benefit of Secured Party, as security for the Loan;

 

D.            Pursuant
to §5.6 of the Secured Revolving Credit Agreement Chateau and Greenhill have
established the Collateral Account (which is called the “Chateau Plaza Reserve
Account” in the Secured Revolving Credit Agreement); and

 

E.             Borrower
has requested that Secured Party and the lenders that are a party to the Credit
Agreement modify the Credit Agreement, and as a condition thereto, Secured Party
has required that Greenhill be given an undivided interest in the funds in the
Chateau Plaza Reserve Account, and that Secured Party be granted a second
priority lien on the Collateral Account.

 

NOW,
THEREFORE, in consideration of the premises and in order to induce Secured
Party and the Lenders to amend the Credit Agreement, and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, Pledgors, Secured Party and Depository agree as follows:

 

SECTION 1.         Certain
Definitions.  Terms used herein that
are not otherwise defined herein shall have the meanings set forth in the
Credit Agreement.  The following terms
used in this Agreement shall have the following meanings:

 

“Cash
Equivalents” means, as at any date of determination, (i) marketable
securities issued or directly and unconditionally guaranteed by the United
States Government or issued by any agency thereof and backed by the full faith
and

 

 

credit of the United States of America, in
each case maturing within thirty (30) days from such date; (ii) marketable
direct obligations issued by any state of the United States of America or any
political subdivision of any such state or any public instrumentality thereof
maturing within thirty (30) days from such date and, at the time of acquisition
thereof, having the highest rating obtainable from either S&P or Moody’s; (iii) commercial
paper maturing no more than thirty (30) days from such date and, at the time of
acquisition thereof, having the highest rating obtainable from either S&P
or Moody’s; or (iv) certificates of deposit or bankers’ acceptances
maturing within thirty (30) days from such date issued by any commercial bank
organized under the laws of the United States of America or any state thereof
or the District of Columbia having combined capital and surplus of not less
than $250,000,000.

 

“Collateral”
means (i) the Collateral Account, (ii) all amounts on deposit and
investment property from time to time in the Collateral Account, (iii) all
interest, cash, instruments, securities and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for
any or all of the Collateral, (iv) all rights to Distributions and (v) to
the extent not covered by clauses (i) through (iv) above, all
proceeds of any or all of the foregoing Collateral.

 

“Collateral
Account” means, collectively, all accounts established and maintained by
Secured Party at Depository pursuant to Section 2(a).

 

“Investments”
means those investments, if any, made by Secured Party pursuant to Section 5.

 

“Loans” shall
have the meaning set forth in the Credit Agreement.

 

“Secured
Obligations” means collectively all Secured Obligations as defined in the
Security Deed from Chateau to Secured Party and the Lenders, and as defined in
the Security Deed from Greenhill to Secured Party and the Lenders.

 

SECTION 2.         Establishment
and Operation of Collateral Account.

 

(a)           Secured
Party is hereby authorized to establish and maintain at Depository at its
office at 127 Public Square, Cleveland, Ohio 
44114-1306 as a blocked account in the name of Secured Party and,
subject to the rights of the secured party under the First Collateral Account
Agreement, under the sole dominion and control of Secured Party, a restricted
deposit account and/or one or more custody accounts, each designated as “KeyBank
as Agent Under Revolving Credit Agreement and Unsecured Revolving Credit
Agreement in trust for AmeriVest Chateau Inc. and AmeriVest Greenhill Inc.
Collateral Account”.

 

(b)           The
Collateral Account shall be operated in accordance with the terms of this
Agreement.  The Collateral Account shall
be assigned the tax identification number of Pledgors which is 84-1240264.  The Collateral Account shall not be evidenced
by a certificate of deposit, passbook or other instrument.  The Collateral Account shall be an interest
bearing

 

2

 

account.  Any interest which may accrue on the amounts
on deposit in the Collateral Account shall be added to and shall become a part
of the balance of the Collateral Account.

 

(c)           By
execution hereof, Chateau transfers to Greenhill an undivided interest in all
amounts at any time held in the Collateral Account.  All amounts at any time held in the
Collateral Account shall, subject to the terms hereof, be beneficially owned by
Pledgors but shall be held by Secured Party (through Depository) hereunder, as
collateral security for the Secured Obligations upon the terms and conditions
set forth herein, subject to the rights of the secured party under the First
Collateral Account Agreement.  Greenhill
acknowledges that the funds in the Collateral Account at all times prior to the
date hereof have been subject to the lien of the secured party under the First
Collateral Account Agreement, and that the funds of Greenhill in the Collateral
Account continue to be subject to such lien. 
Pledgors shall have no right to withdraw, transfer or, otherwise receive
any funds deposited into the Collateral Account except as expressly approved by
Secured Party pursuant to §5.4 of the Credit Agreement and as provided in the
Secured Revolving Credit Agreement and the First Collateral Account Agreement.

 

(d)           Anything
contained herein to the contrary notwithstanding, the Collateral Account shall
be subject to such applicable laws, and such applicable regulations of the
Board of Governors of the Federal Reserve System and of any other appropriate
banking or governmental authority, as may now or hereafter be in effect.

 

SECTION 3.         Deposits
and Disbursements of Cash Collateral.

 

(a)           Chateau
agrees to make the monthly deposits in the Collateral Account in the amount
required by §5.4 of the Credit Agreement. 
All deposits of funds in the Collateral Account shall be made by wire
transfer (or, if applicable, by intra-bank transfer from another account of
Pledgors) of immediately available funds, in each case addressed as follows:

 

	
  Bank Name:

  	
   

  	
  KeyBank
  National Association

  
	
   

  	
   

  	
  1675 Broadway

  
	
   

  	
   

  	
  Denver, Colorado 80202

  
	
  Account No.:

  	
   

  	
  7696811018156

  
	
  ABA No.:

  	
   

  	
  307-070-267

  
	
  Account Title:

  	
   

  	
  KeyBank as Agent under Revolving Credit Agreement and Unsecured
  Revolving Credit Agreement in trust for Chateau Plaza and Greenhill Park

  
	
  Reference:

  	
   

  	
  AmeriVest Chateau Inc. and AmeriVest Greenhill Inc.

  

 

Pledgors
shall, promptly after initiating a transfer of funds to the Collateral Account,
give notice to Secured Party by telefacsimile of the date, amount and method of
delivery of such deposit.

 

(b)           For
so long as the First Collateral Account Agreement is in effect, funds may be
disbursed from the Collateral Account pursuant to Borrower’s request only as
provided in the Secured Revolving Credit Agreement and the First Collateral
Account Agreement.  At such time as the
First Collateral Account Agreement is no longer in effect, then provided no

 

3

 

Event of
Default under the Credit Agreement has occurred and is continuing, funds may be
disbursed from the Collateral Account pursuant to Borrower’s requests approved
by Secured Party as provided in §5.4 of the Credit Agreement.  Upon the occurrence and during the
continuance of any Event of Default under the Credit Agreement Secured Party
may, in its sole discretion, apply the amount then on deposit in the Collateral
Account in the same manner as Collateral proceeds under §12.4 of the Credit
Agreement.

 

SECTION 4.         Pledge
of Security for Secured Obligations. 
Each Pledgor hereby pledges and assigns to Secured Party, and hereby
grants to Secured Party a security interest in, all of such Pledgor’s right,
title and interest in and to the Collateral as collateral security for the
prompt payment or performance in full when due of all Secured Obligations,
subject to the rights of the secured party under the First Collateral Account
Agreement.

 

SECTION 5.         Investment
of Amounts in the Collateral Account, Interest on Amounts in the Collateral
Account.

 

(a)           Funds
held by Secured Party (through Depository) in the Collateral Account shall not
be invested or reinvested except as provided in this Section 5.

 

(b)           Any
funds on deposit in the Collateral Account shall, subject to the rights of the
secured party under the First Collateral Account Agreement, be invested by
Secured Party (through Depository) in its own name and in its sole discretion
in (i) interest bearing deposit accounts at KeyBank National Association, (ii) money
market funds or fixed income investments administered by KeyBank National
Association or any of its affiliates, or (iii) Cash Equivalents; provided
that any amounts received by Secured Party (through Depository) after the
applicable cut-off time for such investments may be held until the next
Business Day in a non-interest bearing account. 
Interest bearing deposit accounts at KeyBank National Association shall
be subject to all of the fees, rules and regulations applicable thereto,
including, without limitation any maximum number of transactions per month.

 

(c)           Secured
Party (through Depository)is hereby authorized to sell, and shall sell, all or
any designated part of the securities constituting part of the Collateral if
such sale is necessary to permit Secured Party (through Depository) to perform
its duties hereunder.  Subject to Section 11,
Secured Party and Depository shall have no responsibility for any loss
resulting from a fluctuation in interest rates, the sale or other disposition
of any Cash Equivalent prior to its maturity date or otherwise.

 

(d)           Subject
to Secured Party’s rights under Section 12, any interest received in
respect of securities constituting part of the Collateral, any interest earned
on cash deposits and the net proceeds of the sale or payment of any such
securities shall be deposited directly in and held in the Collateral Account by
Depository pending investment thereof pursuant to Section 5(b).

 

SECTION 6.         Representations
and Warranties.  Each Pledgor
represents and warrants as follows:

 

(a)           Ownership
of Collateral.  Such Pledgor is (or
at the time of transfer thereof to Secured Party will be) the legal and
beneficial owner of the Collateral from time to

 

4

 

time
transferred by such Pledgor to Secured Party, free and clear of any Lien except
for the security interest created by this Agreement and by the First Collateral
Account Agreement.

 

(b)           Governmental
Authorizations.  No authorization,
approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body is required for either (i) the grant by
Pledgors of the security interest granted hereby, (ii) the execution,
delivery or performance of this Agreement by Pledgors; or (iii) the
perfection of or the exercise by Secured Party of its rights and remedies
hereunder (except as may have been taken by or at the direction of Pledgors).

 

(c)           Perfection.  The pledge and assignment of the Collateral
pursuant to this Agreement creates a valid and perfected second priority
security interest in the Collateral (subject only to the First Collateral
Account Agreement), securing the payment of the Secured Obligations.

 

(d)           Other
Information.  All information
heretofore, herein or hereafter supplied to Secured Party by or on behalf of
Pledgors with respect to the Collateral is accurate and complete in all
material respects as of the date supplied.

 

SECTION 7.         Further
Assurances.  Pledgors agree that from
time to time, at the expense of Pledgors, Pledgors will promptly execute and
deliver all further instruments and documents, and take all further action,
that may be necessary, or that Secured Party may reasonably request, in order
to perfect and protect any security interest granted or purported to be granted
hereby or to enable Secured Party to exercise and enforce its rights and
remedies hereunder with respect to any Collateral.  Without limiting the generality of the
foregoing, Pledgors will:  (a) execute
and/or authorize Secured Party to file such financing or continuation
statements, or amendments thereto, and such other instruments or notices, as
may be necessary, or as Secured Party may reasonably request, in order to
perfect and preserve the security interests granted or purported to be granted
hereby and (b) at Secured Party’s request, appear in and defend any action
or proceeding that may adversely affect Pledgors’ beneficial title to or
Secured Party’s security interest in all or any part of the Collateral.

 

SECTION 8.         Transfers
and other Liens.  Each Pledgor agrees
that it will not (a) sell, assign (by operation of law or otherwise) or
otherwise dispose of any of the Collateral or (b) create or suffer to
exist any Lien upon or with respect to any of the Collateral except for the
security interest under this Agreement or the other Loan Documents and the
subordinate lien granted to KeyBank National Association, as Agent, by Pledgors
pursuant to that certain Second Collateral Account Agreement dated of even date
herewith and the first priority lien granted under the First Collateral Account
Agreement.

 

SECTION 9.         Secured
Party Appointed Attorney-in-Fact. 
Each Pledgor hereby irrevocably appoints Secured Party, such appointment
being coupled with an interest, as such Pledgor’s attorney-in-fact, with full
authority in the place and stead of such Pledgor and in the name of such
Pledgor, Secured Party or otherwise, from time to time in Secured Party’s
discretion to take any action and to execute any instrument that Secured Party
may reasonably deem necessary to accomplish the purposes of this Agreement,
including, without limitation, to file one or more financing or continuation
statements, or amendments thereto, relative to all or

 

5

 

any part of the Collateral without the signature of such Pledgor.  Secured Party shall not exercise its rights
under this Section in a manner contrary to the terms of this Agreement and
the Credit Agreement.  Secured Party is
authorized to file such financing statements as Secured Party deems necessary
to perfect the security interests created hereby.

 

SECTION 10.       Secured
Party May Perform.  If a Pledgor
fails to perform any agreement contained herein as provided herein, Secured
Party may itself perform, or cause performance of, such agreement, and the
reasonable expenses of Secured Party incurred in connection therewith shall be
payable by Pledgors under Section 13.

 

SECTION 11.       Standard
of Care.  The powers conferred on
Secured Party hereunder are solely to protect its interest in the Collateral
and shall not impose any duty upon it to exercise any such powers.  Except for the exercise of reasonable care in
the custody of any Collateral in the possession of Secured Party and Depository
and the accounting for interest earned on and moneys actually received by it
hereunder, neither Secured Party nor Depository shall have any duty as to any
Collateral, it being understood that neither Secured Party nor Depository shall
have any responsibility for (a) taking any necessary steps (other than
steps taken in accordance with the standard of care set forth above to maintain
possession of the Collateral) to preserve rights against any parties with
respect to any Collateral or (b) taking any necessary steps to collect or
realize upon the Secured Obligations or any guarantee therefor, or any part
thereof, or any of the Collateral. 
Secured Party and Depository shall be deemed to have exercised reasonable
care in the custody and preservation of Collateral in its possession if such
Collateral is accorded treatment substantially equal to that which Secured
Party or Depository, as applicable, accords its own property of like kind and
Secured Party’s or Depository’s, as applicable, actions do not constitute gross
negligence or willful misconduct.

 

SECTION 12.       Remedies.  Upon the occurrence and during the
continuance of an Event of Default, Secured Party may exercise in respect of
the Collateral, in addition to all other rights and remedies otherwise
available to it, all the rights and remedies of a secured party on default
under the Uniform Commercial Code as in effect in the State of Texas (the “Code”).

 

SECTION 13.       Indemnity
and Expenses.

 

(a)           Pledgors
agree to indemnify Secured Party and Depository from and against any and all
claims, losses and liabilities in any way relating to, growing out of or
resulting from this Agreement and the transactions contemplated hereby
(including, without limitation, enforcement of this Agreement), except to the
extent such claims, losses or liabilities result primarily from Secured Party’s
and Depository’s, as applicable, gross negligence or willful misconduct as
finally determined by a court of competent jurisdiction.

 

(b)           Pledgors
shall pay to Secured Party and Depository upon demand the amount of any and all
reasonable costs and expenses, including the reasonable fees and expenses of
its counsel and of any experts and agents, that Secured Party or Depository may
incur in connection with (i) the amendment or modification of, or any
waiver or consent under, this Agreement, (ii) the custody, preservation,
use or operation of, release of or addition to, the perfection of any security
interest in, or the sale of, collection from, or other realization upon, any of
the Collateral, (iii) the exercise or enforcement of any of the rights of
Secured Party or

 

6

 

Depository
hereunder, or (iv) the failure by Pledgors to perform or observe any of
the provisions hereof.

 

SECTION 14.       Continuing
Security Interest; Transfer of Loans. 
This Agreement shall create a continuing security interest in the
Collateral and shall (a) remain in full force and effect until the payment
in full of the Secured Obligations, (b) be binding upon Pledgors, their
successors and assigns, and (c) inure, together with the rights and
remedies of Secured Party and Depository hereunder, to the benefit of Secured
Party and Depository and their successors, transferees and assigns.  Upon the payment in full of all Secured
Obligations, the security interest granted hereby shall terminate and all
rights to the Collateral shall revert to the applicable Pledgors without the
necessity of further action or documentation. 
Upon any such termination Secured Party shall, at Pledgors’ expense,
execute and deliver to Pledgors such documents as Pledgors shall reasonably
request to evidence such termination and Pledgors shall be entitled to close
the Collateral Account and to the return, upon its request and at its expense, of
such of the collateral as shall not have been otherwise applied pursuant to the
terms hereof.

 

SECTION 15.       Notices.  Unless otherwise specifically provided
herein, any notice or other communication herein required or permitted to be
given shall be in writing and shall be given in the manner set forth in §19 of
the Credit Agreement.

 

SECTION 16.       Failure
or Indulgence Not Waiver; Remedies Cumulative.  No failure or delay on the part of the
Secured Party or Depository in the exercise of any power, right or privilege
hereunder shall impair such power, right or privilege or be construed to be a
waiver of any default or acquiescence therein, nor shall any single or partial
exercise of any such power, right or privilege preclude any other or further
exercise thereof or of any other power, right or privilege.  All rights and remedies existing under this
Agreement are cumulative to, and not excusive of, any rights or remedies
otherwise available.

 

SECTION 17.       Severability.  In case any provision in or obligation under
this Agreement shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction,
shall not in any way be affected or impaired thereby.

 

SECTION 18.       Headings.  Section and subsection headings in
this Agreement are included herein for convenience of reference only and shall
not constitute a part of this Agreement for any other purpose or be given any
substantive effect.

 

SECTION 19.       Governing
Law.  THIS AGREEMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF
TEXAS, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.  Unless otherwise defined herein or in the
Credit Agreement, terms used in Articles 8 and 9 of the Uniform Commercial Code
in the State of Texas are used herein as therein defined.

 

SECTION 20.       Consent
to Jurisdiction and Service of Process. 
PLEDGORS AGREE THAT ANY SUIT BY IT FOR THE ENFORCEMENT OF THIS AGREEMENT
MAY BE

 

7

 

BROUGHT IN THE COURTS OF THE STATE OF TEXAS OR ANY FEDERAL COURT
SITTING THEREIN AND PLEDGORS CONSENT TO THE NONEXCLUSIVE JURISDICTION OF SUCH
COURT FOR ANY SUIT BY SECURED PARTY OR DEPOSITORY AND THE SERVICE OF PROCESS IN
ANY SUCH SUIT BEING MADE UPON PLEDGORS BY MAIL AT THE ADDRESS SPECIFIED IN THE
CREDIT AGREEMENT.  PLEDGORS HEREBY WAIVE
ANY OBJECTION THAT EITHER OF THEM MAY NOW OR HEREAFTER HAVE TO THE VENUE
OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN
INCONVENIENT COURT.  IN ADDITION TO THE
COURTS OF TEXAS OR ANY FEDERAL COURT SITTING THEREIN, THE SECURED PARTY OR
DEPOSITORY MAY BRING ACTION(S) FOR ENFORCEMENT ON A NONEXCLUSIVE BASIS
WHERE ANY COLLATERAL EXISTS AND PLEDGORS CONSENT TO THE NONEXCLUSIVE
JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING
MADE UPON PLEDGORS BY MAIL AT THE ADDRESS SPECIFIED IN THE CREDIT AGREEMENT.  ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST
PLEDGORS ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY BE BROUGHT IN
ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE OF TEXAS, AND
BY EXECUTION AND DELIVERY OF THIS AGREEMENT PLEDGORS ACCEPT FOR THEMSELVES AND
IN CONNECTION WITH THEIR PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE
NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVE ANY DEFENSE OF
FORUM NON CONVENIENS AND IRREVOCABLY AGREE TO BE BOUND BY ANY JUDGMENT RENDERED
THEREBY IN CONNECTION WITH THIS AGREEMENT. 
Pledgors hereby agree that service of all process in any such proceeding
in any such court may be made by registered or certified mail, return receipt
requested, to Pledgors at their address provided in Section 15, such
service being hereby acknowledged by Pledgors to be sufficient for personal
jurisdiction in any action against Pledgors in any such court and to be
otherwise effective and binding service in every respect.  Nothing herein shall affect the right to serve
process in any other manner permitted by law or shall limit the right of
Secured Party or Depository to bring proceeding against Pledgors in the courts
of any other jurisdiction.

 

SECTION 21.       Waiver
of Jury Trial.  EACH PLEDGOR, HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN
RESPECT OF ANY CLAIM BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT
LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF
AGENT RELATING TO THE ADMINISTRATION OF THE COLLATERAL ACCOUNT OR ENFORCEMENT
HEREOF, AND AGREES THAT NO PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH
ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED.

 

SECTION 22.       Control
of Account.  Pledgors acknowledge
that Depository is the bank with which the Collateral Account is maintained
pursuant to Section 9-104 (a) of the Uniform Commercial Code and that
Secured Party has control of the Collateral Account and Depository shall comply
with the instructions originated by Secured Party directing the disposition of
funds

 

8

 

in the Collateral Account and any entitlement orders from Secured Party
without further consent by the Pledgors. 
Secured Party is authorized to give instructions and entitlement orders
to Depository as Secured Party deems necessary to effectuate this
Agreement.  Texas shall be deemed to be
the location and jurisdiction (within the meaning of Section 9 304 of the
Uniform Commercial Code) of Depository and the Collateral Account.

 

SECTION 23.       Counterparts.  This Agreement may be executed in any number
of counterparts which shall together constitute but one and the same agreement.

 

[Signatures On Next Page]

 

9

 

IN WITNESS
WHEREOF, Pledgors, Secured Party and Depository have caused this Agreement to
be duly executed and delivered as of the date first written above.

 

	
   

  	
  PLEDGORS:

  
	
   

  	
   

  
	
   

  	
  AMERIVEST CHATEAU INC., a Texas

  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles
  K. Knight

  
	
   

  	
  Name:

  	
  Charles K.
  Knight

  
	
   

  	
  Title:

  	
  President
  and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AMERIVEST GREENHILL INC., a Texas

  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles
  K. Knight

  
	
   

  	
  Name:

  	
  Charles K.
  Knight

  
	
   

  	
  Title:

  	
  President
  and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SECURED PARTY:

  
	
   

  	
   

  
	
   

  	
  KEYBANK NATIONAL ASSOCIATION, as

  Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel
  P. Stegemoeller

  
	
   

  	
  Name:

  	
  Daniel P.
  Stegemoeller

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEPOSITORY:

  
	
   

  	
   

  
	
   

  	
  KEYBANK NATIONAL ASSOCIATION,

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel
  P. Stegemoeller

  
	
   

  	
  Name:

  	
  Daniel P.
  Stegemoeller

  
	
   

  	
  Title:

  	
  Vice
  President

  
							

 

10Exhibit 10.5

 

September 14, 2005

 

 

KeyBank National Association,
as Lender and Agent

127 Public Square

Cleveland, Ohio 44114-1306

Attention: Real Estate -
Capital Services

 

KeyBank National Association,
as Lender and Agent

1200 Abernathy Road, N.E.

Suite 1550

Atlanta, Georgia  30328

Attn:  Dan Stegemoeller

 

Re:                             Secured
Revolving Loan (the “Secured Revolving Loan”)
from KeyBank National Association (“KeyBank”),
both individually and as Agent for various lenders (collectively, “Secured Revolver Lender”), to AmeriVest
Properties Inc., a Maryland corporation (“Borrower”);
and Unsecured Revolving Loan (the “Unsecured
Revolving Loan”) from KeyBank, both individually and as Agent for
various lenders (collectively, “Unsecured
Revolver Lender”), to Borrower

 

Ladies and Gentlemen:

 

Pursuant to Sections 8.4(c) of the Loan Agreement, as amended, for
the referenced Secured Revolving Loan and the Loan Agreement, as amended, for
the referenced Unsecured Revolving Loan, attached is the Plan of Transfer
referenced in Paragraph 2(k) of the Fifth Amendment to Revolving Credit
Agreement for the Secured Revolving Loan and referenced in Paragraph 2(m) of
the Second Amendment to the Amended and Restated Unsecured Revolving Credit
Agreement.  The amounts set forth under
the heading “Sales Price” in the Plan of Transfer shall also be the minimum
gross sales price for each asset for purposes of Section 8.12 of the Loan
Agreement, as amended, for the Unsecured Revolving Loan.

 

Please sign and return a copy of this letter to the undersigned to
indicate your receipt of the Plan of Transfers.

 

	
   

  	
  AMERIVEST
  PROPERTIES INC.,

  
	
   

  	
  a Maryland
  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles
  K. Knight

  
	
   

  	
  Name:

  	
  Charles K.
  Knight

  
	
   

  	
  Title:

  	
  President
  and CEO

  
					

 

 

****The
confidential portion of this Agreement has been omitted and filed separately
with the Securities and Exchange Commission

 

 

	
  Received
  this        day of September, 2005:

  
	
   

  
	
  KEYBANK
  NATIONAL ASSOCIATION,

  
	
  a national
  banking association, as Lender and Agent

  
	
   

  
	
  By:

  	
  /s/ Daniel
  P. Stegemoeller

  	
   

  
	
  Name:

  	
  Daniel P. Stegemoeller

  	
   

  
	
  Title:

  	
  Vice
  President

  	
   

  
					

 

 

Plan
of Transfer

 

	
  Asset

  	
   

  	
  Location

  	
   

  	
  Sales Price

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [****[

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  

 

****The
confidential portion of this Agreement has been omitted and filed separately
with the Securities and Exchange Commission

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]