Document:

Ex. 10.1 ESA

EXHIBIT 10.1

THIRD AMENDED AND RESTATED 
EXPENSE SUPPORT AGREEMENT

This Third Amended and Restated Expense Support Agreement (this “Agreement”) is made this 16th day of December, 2014, by and between RREEF Property Trust Inc., a Maryland corporation (the “Company”), and RREEF America L.L.C., a Delaware limited liability company (the “Advisor,” and together with the Company, the “Parties”). Capitalized terms used and not otherwise defined herein shall have the meaning ascribed to them in the Advisory Agreement, dated as of December 21, 2012 (as amended, the “Advisory Agreement”), by and among the Company, Advisor, and RREEF Property Operating Partnership, LP, the Company’s operating partnership (the “Operating Partnership”).
 
WHEREAS, the Company invests in a diversified portfolio of high quality, income-producing real estate properties and other real estate-related assets, primarily with the proceeds from its continuous public offering of shares of its common stock (the “Offering”);
 
WHEREAS, the Company, the Advisor and the Operating Partnership have entered into the Advisory Agreement, which, among other things, provides for the reimbursement by the Company to the Advisor for Organizational and Offering Expenses and other expenses incurred by the Advisor on behalf of the Company and the Operating Partnership; 

WHEREAS, the Company and the Advisor previously entered into that certain Expense Support Agreement, dated May 29, 2013 (the “Original Agreement”), pursuant to which the Advisor may pay a portion of the Company’s Total Operating Expenses and Organizational and Offering Expenses during the Company’s early stages of operations; 

WHEREAS, the Company and the Advisor previously entered into that certain First Amended Expense Support Agreement, dated November 11, 2013 (the “First Amended Agreement”) and that certain Second Amended and Restated Expense Support Agreement, dated May 8, 2014 (the “Second Amended Agreement”); and

WHEREAS, the Company and the Advisor now desire to amend and restate the Second Amended Agreement pursuant to this Agreement. 
 
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the Parties hereto agree as follows:
 
1. Expense Payments. 

The Advisor has, and shall continue to, incur expenses on behalf of the Company, including, without limitation, Organizational and Offering Expenses and Total Operating Expenses. Any such expenses paid to third parties by the Advisor or reimbursed to the Company or to the Operating Partnership by the Advisor pursuant to the preceding sentence shall be referred to herein as an “Expense Payment.” Expense Payments by the Advisor will continue under this Agreement until the earlier of the date the Company receives $200 million in aggregate gross proceeds from the Offering (the “Gross Proceeds Limit”) or the date the aggregate Expense Payments by the Advisor under this Agreement (which, for the avoidance of doubt, includes the Original Agreement, the First Amended Agreement and the Second Amended Agreement) exceed $9.2 million (the “Expense Payment Limit”). The Advisor shall not make any Expense Payment that would adversely affect the Company’s ability to qualify and maintain its qualification as a REIT for federal tax purposes. For the avoidance of doubt, this Section 1 shall not apply to any Organizational and Offering Expenses incurred by the Advisor that are subject to reimbursement by the Company to the Advisor pursuant to Section 12(d) of the Advisory Agreement and such Organizational and Offering Expenses are not deemed Expense Payments.

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2.  Expenses Borne by Company.

(a)    Notwithstanding Section 1 of this Agreement, the Company will continue to incur and pay certain fees and property level expenses (inclusive of acquisition related expenses and interest expense on monies borrowed against the properties), which expenses are not subject to the terms of this Agreement and for which the Company shall not be entitled to reimbursement from the Advisor. 

(b)    Notwithstanding Section 1 of this Agreement, commencing with the fourth calendar quarter of 2014, the Company, as opposed to the Advisor, will incur and pay certain Total Operating Expenses (“Company Operating Expenses”), which expenses, for the avoidance of doubt, will not be Expense Payments under this Agreement and for which the Company will not be entitled to reimbursement from the Advisor. The amount of Company Operating Expenses incurred by the Company during each calendar quarter will be limited to no more than 25% multiplied by an amount equal to the greater of (1) 2.0% of the Company’s Average Invested Assets (as defined in the Advisory Agreement) over the four calendar quarters immediately prior and (2) 25.0% of the Company’s Net Income (as defined in the Advisory Agreement) over the four calendar quarters immediately prior (such amount, the “Quarterly Limit”). Any Company Operating Expenses in excess of the Quarterly Limit for any calendar quarter shall be incurred -by the Advisor and shall be deemed Expense Payments under this Agreement, subject to the Expense Payment Limit and the Gross Proceeds Limit pursuant to Section 1 hereof. 

(c)    Notwithstanding Section 1 of this Agreement, in the fourth calendar quarter of 2014, the Company will pay approximately $350,000 in Organizational and Offering Expenses, which payment, for the avoidance of doubt, will not be an Expense Payment under this Agreement and for which the Company will not be entitled to reimbursement from the Advisor. Thereafter, the Company does not anticipate paying any additional Organizational and Offering Expenses during the term of this Agreement, and any Organizational and Offering Expenses not incurred and paid by the Company shall be incurred and paid by the Advisor and shall be deemed Expense Payments under this Agreement, subject to the Expense Payment Limit and the Gross Proceeds Limit pursuant to Section 1 hereof. In the event that the Company, as opposed to the Advisor, elects to incur and pay any additional Organizational and Offering Expenses in the future, the Parties hereto will amend this Agreement as is appropriate to reflect the Company’s payment of such additional Organizational and Offering Expenses. Notwithstanding anything to the contrary, in no event will the amount of Organizational and Offering Expenses incurred and paid by the Company (and not reimbursed by the Advisor) cause the Company’s total Organizational and Offering Expenses to exceed 15% of the Gross Proceeds (as defined in the Advisory Agreement) from the sale of Shares in the Offering.

3. Reimbursement Payments to the Advisor. 

(a)Following the date that the Expense Payment Limit or the Gross Proceeds Limit is reached, (1) the Advisor will cease incurring Expense Payments, and (2) thereafter, any Organizational and Offering Expenses and Total Operating Expenses incurred by the Advisor on behalf of the Company or the Operating Partnership will be subject to reimbursement to the Advisor by the Company on no less than a monthly basis pursuant to the terms of Section 12(c) of the Advisory Agreement, subject to the limits set forth in Section 12(a) and Section 14 of the Advisory Agreement, as applicable.

(b)Commencing with the first calendar quarter of the calendar year immediately following the calendar year in which either the Expense Payment Limit or the Gross Proceeds Limit is reached, within the first 30 calendar days of such first calendar quarter and within the first 30 days of each subsequent calendar quarter, the Company shall pay to the Advisor an amount in cash calculated pursuant to this Section 3 until the aggregate of all Expense Payments have been reimbursed by the Company. Any payment required to be made by the Company pursuant to this Section 3 shall be referred to herein as a “Reimbursement Payment.” Notwithstanding the foregoing, the Company may, in its sole discretion, reimburse the Advisor for all or any portion of the Expense Payments at any time in advance of the date that such reimbursements would otherwise be due pursuant to this Section 3.

(c)    The amount of the Reimbursement Payment for any calendar quarter in which a Reimbursement Payment is required shall equal the lesser of (i) $250,000 (as adjusted pursuant to this Section 

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3(c), the “Maximum Reimbursement”) and (ii) the aggregate amount of all Expense Payments made by the Advisor prior to the last day of such calendar quarter that have not been previously reimbursed by the Company to the Advisor; provided, however, that (1) the amount of the Maximum Reimbursement will be increased (x) from $250,000 to $325,000 commencing with the calendar quarter immediately following the calendar quarter in which the Company raises $850 million in Gross Proceeds from the sale of Shares in the Offering, and (y) from $325,000 to $400,000 commencing with the calendar quarter immediately following the calendar quarter in which the Company raises $1.9 billion in Gross Proceeds from the sale of Shares in the Offering, and (2) the amount of any Reimbursement Payment shall be reduced by an amount necessary to ensure that  (x) such Reimbursement Payment will not cause the aggregate Organizational and Offering Expenses paid by the Company to exceed 15% of the Gross Proceeds from the sale of Shares in the Offering as of the date of the Reimbursement Payment, and (y) the Company’s ability to qualify and maintain its qualification as a REIT for federal tax purposes is not adversely affected. In the event that a Reimbursement Payment is reduced pursuant to this Section 3(c), such Reimbursement Payment shall remain subject to reimbursement by the Company to the Advisor in a future quarter pursuant to this Section 3. For the avoidance of doubt, (i) the amount of the Reimbursement Payment paid in any calendar quarter pursuant to this Section 3(c) will not be aggregated with the Company’s cumulative Total Operating Expenses for any four consecutive calendar quarters that includes the calendar quarter in which such Reimbursement Payment is paid, and instead, the amount of the unreimbursed Expense Payment(s) comprising such Reimbursement Payment shall have been previously aggregated with the Company’s cumulative Total Operating Expenses for the four calendar quarter period(s) ending with the calendar quarter(s) in which such Expense Payments were originally incurred (the “Prior 2%/25% Periods”), and (ii) if an unreimbursed Expense Payment incurred during a Prior 2%/25% Period exceeded the 2%25% Guidelines for such Prior 2%/25% Period, the amount of such excess will only be reimbursed pursuant to this Section 3(c) to the extent that the Company’s independent directors previously approved such excess with respect to the applicable Prior 2%/25% Period.

(d)    Notwithstanding Section 3(c), the Company will reimburse the Advisor in cash for all remaining unreimbursed Expense Payments due under this Agreement (a “Lump Sum Payment”) in the event that, for a period of two consecutive calendar quarters, (i) the Company has positive cash flow for the quarter after the payment of a 5.0% annualized distribution, excluding any reinvestment of distributions, with “cash flow” for these purposes calculated as set forth on Schedule A hereto, and (ii) distributions paid by the Company for such quarters are one hundred percent (100%) or less as a percentage of both the Company’s Funds From Operations, as defined by the National Association of Real Estate Investment Trusts and calculated by the Company in accordance with historical practice, and Modified Funds From Operations, as defined by the Investment Program Association and calculated by the Company in accordance with historical practice, for such quarter ((i) and (ii), collectively, the “Lump Sum Payment Triggers”).  Any Lump Sum Payment made pursuant to this Section 3(d) will be paid by the Company to the Advisor within sixty (60) calendar days after the end of the second consecutive calendar quarter in which the Lump Sum Payment Triggers are satisfied. Notwithstanding the foregoing, the amount of any Lump Sum Payment shall be reduced by an amount necessary to ensure that (x) such Lump Sum Payment will not cause the aggregate Organizational and Offering Expenses paid by the Company to exceed 15% of the Gross Proceeds from the sale of Shares in the Offering as of the date of the Lump Sum Payment, and (y) the Company’s ability to qualify and maintain its qualification as a REIT for federal tax purposes is not adversely affected. For the avoidance of doubt, (i) the amount of any Lump Sum Payment will not be aggregated with the Company’s cumulative Total Operating Expenses for any four consecutive calendar quarters that includes the calendar quarter in which the Lump Sum Payment is made, and instead, the amounts of the unreimbursed Expense Payments comprising the Lump Sum Payment shall have been previously aggregated with the Company’s cumulative Total Operating Expenses for the Prior 2%/25% Periods in which such unreimbursed Expense Payments were originally incurred, and (ii) if an unreimbursed Expense Payment incurred during a Prior 2%/25% Period exceeded the 2%/25% Guidelines for such Prior 2%/25% Period, the amount of such excess will only be reimbursed as part of the Lump Sum Payment pursuant to this Section 3(d) to the extent that the Company’s independent directors previously approved such excess with respect to the applicable Prior 2%/25% Period.

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34. Termination and Survival. 

(a)    This Agreement shall become effective as of the date of this Agreement and shall continue until terminated pursuant to Section 4(b), 4(c) or 4(d) or by the mutual agreement of the Parties. 

(b)    This Agreement may be terminated by the Advisor at any time, without the payment of any penalty, upon 30 days’ notice. 

(c)     This Agreement may be terminated by the Company at any time, without the payment of any penalty, upon 30 days’ notice.

(d)    This Agreement shall automatically terminate in the event of (i) the termination by the Company of the Advisory Agreement for Cause or (ii) a determination by the Board to dissolve or liquidate the Company. 

(e)    In the event that this Agreement is terminated by the Advisor pursuant to Section 34(b) or automatically terminated pursuant to Section 4(d), the Company shall continue to make Reimbursement Payments to the Advisor pursuant to Section 3(b) for all Expense Payments which have not been previously reimbursed by the Company. In the event that this Agreement is terminated by the Company pursuant to Section 4(c), within 30 days after such termination, the Company shall reimburse the Advisor for all Expense Payments which have not been previously reimbursed by the Company. At the discretion of the Company, such reimbursement may be in the form of cash, a non-interest bearing promissory note with equal monthly principal payments over a term of no more than five years, or any combination thereof.

(f)    Sections 4 and 5 of this Agreement shall survive any termination of this Agreement. 

5. Miscellaneous 

(a)    The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect. 

(b)    This Agreement contains the entire agreement of the Parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. Notwithstanding the place where this Agreement may be executed by any of the Parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. Nothing in this Agreement shall be deemed to require the Company to take any action contrary to the Company’s Articles of Amendment and Restatement or Bylaws, as each may be amended or restated, or to relieve or deprive the board of directors of the Company of its responsibility for and control of the conduct of the affairs of the Company. 

(c)    If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable. 

(d)    The Company shall not assign this Agreement or any right, interest or benefit under this Agreement without the prior written consent of the Advisor. 

(e)    This Agreement may be amended in writing by the mutual consent of the Parties. This Agreement may be executed by the Parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

[Signatures on Following Page]

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IN WITNESS WHEREOF, the Parties hereto have caused this Third Amended and Restated Expense Support Agreement to be executed by their duly authorized representatives as of the date first written above.
RREEF PROPERTY TRUST, INC.

By:  /s/ James N. Carbone _______________                      
James N. Carbone
Chief Executive Officer and President 

                
By: /s/ Julianna S. Ingersoll                          
Julianna S. Ingersoll
Chief Financial Officer and Vice President 

RREEF AMERICA L.L.C.

By:  /s/ Todd Henderson                                  
Todd Henderson
Managing Director

By:  /s/ Aimee Samford                     
Aimee Samford
Director

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SCHEDULE A
“Cash flow” is calculated as follows:

Income from investments (property, real estate securities and real estate loans), less:
- expenses specific to each investment portfolio
- fund level expenses
- fees (advisory fee, performance fee, dealer manager fee, distribution fee)
- offering & organizational costs
- financing costs
- property and fund level interest expense
- reimbursements owed 
- distribution payments (5% annualized yield)
- redemptions

6Ex. 10.2 LOC

EXHIBIT 10.2

SECOND AMENDMENT TO CREDIT AGREEMENT
THIS SECOND AMENDMENT TO CREDIT AGREEMENT, dated as of December 17, 2014 (this “Amendment”), is entered into by and among RREEF PROPERTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership (the “Borrower”), RREEF PROPERTY TRUST, INC., a Maryland corporation (the “Parent”), the other Guarantors (as defined in the Credit Agreement, and together with the Borrower and the Parent, the “Loan Parties”) party hereto, the Lenders (as defined in the Credit Agreement described below) party hereto, and REGIONS BANK, in its capacity as Administrative Agent and Issuing Bank (each as defined in the Credit Agreement).  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement (as defined below) as amended hereby.
RECITALS
A.    The Loan Parties, the Lenders, the Issuing Bank and the Administrative Agent have entered into that certain Credit Agreement dated as of May 1, 2013 (as previously amended, restated, increased, extended, supplemented or otherwise modified, the “Credit Agreement”).
B.    The Loan Parties have requested that the Lenders agree to certain amendments to the Credit Agreement.
C.    The Required Lenders, on behalf of the Lenders, have agreed to such amendments on the terms and conditions set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Amendments to Credit Agreement.

(a)The following definition is hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical order:

“Second Amendment Effective Date” shall mean December 17, 2014.
(b)Section 1.1 of the Credit Agreement is hereby amended by restating the following definitions in their entirety and inserting such definitions in the appropriate alphabetical order:

“Applicable Margin” means (a) from the Closing Date through the date one (1) Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.1(c) for the Fiscal Quarter ending June 30, 2013, the percentage per annum based upon Pricing Level I in the table set forth below, and (b) thereafter, the percentage per annum determined by reference to the table set forth below using the Consolidated Leverage Ratio as set forth in the Compliance Certificate most recently delivered to the Administrative Agent pursuant to Section 7.1(c), with any increase or decrease in the Applicable Margin resulting from a change in the Consolidated Leverage Ratio becoming effective on the date one (1) Business Day immediately following the date on which such Compliance Certificate is delivered.

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	Pricing Level
	Consolidated Leverage Ratio
	Adjusted LIBOR Rate Loans and Letter of Credit Fee
	Base Rate Loans

	I
	<40%
	2.20%
	1.20%

	II
	≥40% and <50%
	2.35%
	1.35%

	III
	≥50%
	2.50%
	1.50%

Notwithstanding the foregoing, (w) from and after the Second Amendment Effective Date through the date one (1) Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.1(c) that demonstrates Tangible Net Worth, as of the last day of the applicable Fiscal Quarter, of at least $50,000,000, Pricing Level III as set forth in the table above shall apply and shall remain in effect, (x) if at any time a Compliance Certificate is not delivered when due in accordance herewith, then, upon the request of the Required Lenders, Pricing Level III as set forth in the table above shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered, (y) if at any time and for so long as either of the following shall have occurred and be continuing: (i) the Expense Support Agreement shall have expired or been terminated and not otherwise extended or replaced with another expense support or other similar agreement reasonably satisfactory to the Required Lenders, or (ii) any other event shall have occurred such that the expenses of Parent and its Subsidiaries (other than such expenses that, pursuant to the Expense Support Agreement, are expressly payable by the Parent or such Subsidiaries and not contractually subject to payment thereunder by RREEF America, L.L.C. or another Affiliate of the Parent satisfactory to the Required Lenders (RREEF America, L.L.C. or such an Affiliate, a “Support Party”)) are or will no longer be contractually subject to payment by a Support Party, then the Applicable Margin otherwise determined in accordance with the foregoing shall be increased by 1.00%, and (z) the determination of the Applicable Margin for any period shall be subject to the provisions of Section 2.7(e).  For purposes of calculating the Unused Fee for any applicable period, “Applicable Margin” shall mean (i) 0.30%, if the Usage Percentage for such period is equal to or less than 50%, or (ii) 0.20%, if the Usage Percentage for such period is greater than 50%.
“Expense Support Agreement” shall mean that certain Expense Support Agreement dated as of May 29, 2013 by and among the Borrower, the Parent and RREEF America L.L.C. (the “Advisor”), as amended and restated as of November 11, 2013, and as otherwise amended, restated, extended, supplemented or otherwise modified in accordance with the provisions of that certain Subordination and Intercreditor Agreement dated as of June 11, 2014 by and among the Borrower, the Parent, the Advisor and the Administrative Agent.
(c)Section 2.11(d) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

(d)    Mandatory Commitment Reductions.
If, as of the earlier of (x) the last day of the Fiscal Quarter in which a Specified Covenant Trigger Event occurs and (y) December 31, 2014, Tangible Net Worth is less than $30,000,000 or the Consolidated Fixed Charge Coverage Ratio calculated as of such date is less than 1.50 to 1.00, the Available Commitment of each Lender may, at the request of the Required Lenders, be permanently reduced to zero ($0), and, upon such request, the amount of each Lender’s Revolving Commitment shall be permanently reduced to an amount equal to the principal amount of such Lender’s Revolving Credit Exposure outstanding as of such date.  Notwithstanding any provisions to the contrary set forth herein or in any other Credit Document, the Borrower shall not be permitted to re-borrow, and no Lender (including the Swingline Lender) shall be obligated to re-lend, any amounts repaid or prepaid (or, in the case of any outstanding Letter of Credit, the amount of such Letter of Credit following the expiration thereof) with respect to any such outstanding Revolving Credit Exposure hereunder following the date on which the Available Commitments and Revolving Commitments are permanently reduced pursuant to this Section 2.11(d).  Without limiting the foregoing, the Borrower shall not request 

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the issuance or extension of, and the Issuing Bank shall not be obligated to issue or extend, any Letters of Credit following the date on which the Available Commitments and Revolving Commitments are permanently reduced pursuant to this Section 2.11(d).
2.Effectiveness; Conditions Precedent.  This Amendment shall be effective as of the date hereof upon satisfaction of the following conditions:

(a)The Administrative Agent shall have received counterparts of this Amendment duly executed by each of the Loan Parties and the Required Lenders, and acknowledged by the Administrative Agent.

(b)The Administrative Agent shall have received a copy of that certain Third Amended and Restated Expense Support Agreement, dated on or prior to the effective date of this Amendment, between the Parent and RREEF America L.L.C., duly executed on behalf of each of the parties thereto and otherwise in form and substance reasonably acceptable to the Administrative Agent.

3.Representations of the Loan Parties.  Each of the Loan Parties represents and warrants to the Administrative Agent, the Issuing Bank and the Lenders as follows:

(a)It has taken all necessary action to authorize the execution, delivery and performance of this Amendment and any other documents delivered by it in connection herewith.

(b)This Amendment and each other document delivered by it in connection herewith has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

(c)No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment.

(d)The execution and delivery of this Amendment or any other document delivered by it in connection herewith does not (i) violate, contravene or conflict with any provision of its organizational documents or (ii) materially violate, contravene or conflict with any Laws applicable to it or any of its Subsidiaries.

(e)After giving effect to this Amendment, (i) the representations and warranties of the Loan Parties set forth in Section 6 of the Credit Agreement are true, accurate and complete in all material respects on and as of the date hereof to the same extent as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date and (ii) no event has occurred and is continuing which constitutes a Default or an Event of Default.

4.Release.  In consideration of the Required Lenders’ willingness to enter into this Amendment, the Loan Parties hereby release the Administrative Agent, the Issuing Bank, the Lenders and each of their respective officers, employees, representatives, Affiliates, agents, counsel and directors from any and all actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, now known or unknown, suspected or unsuspected to the extent that any of the foregoing arises from any action or failure to act in connection with the Credit Documents on or prior to the date hereof.

5.Reaffirmation of Guaranty.  Each Guarantor hereby (a) acknowledges and consents to all of the terms and conditions of this Amendment, (b) affirms all of its obligations under the Credit Agreement and other Credit Documents to which it is a party and (c) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge such Guarantor’s obligations under the Credit Agreement and such other Credit Documents.

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6.Expenses.  Upon demand therefor, the Loan Parties shall pay all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including without limitation the reasonable fees and out-of-pocket expenses of counsel) in connection with or related to the obligations of the Loan Parties under the Credit Documents, including the negotiation, drafting, and execution of this Amendment and the transactions contemplated hereby.

7.Reference to and Effect on Credit Documents.  Except as specifically modified herein, the Credit Documents shall remain in full force and effect.  The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent, the Issuing Bank or the Lenders under any of the Credit Documents, or constitute a waiver or amendment of any provision of any of the Credit Documents, except as expressly set forth herein.  The breach of any provision or representation under this Amendment shall constitute an immediate Default under the Credit Agreement, and this Amendment shall constitute a Credit Document.
8.Further Assurances.  The Administrative Agent, the Issuing Bank, the Lenders and the Loan Parties each agree to execute and deliver, or to cause to be executed and delivered, all such instruments as may reasonably be requested to effectuate the intent and purposes, and to carry out the terms, of this Amendment.

9.GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

10.Miscellaneous.

(a)This Amendment shall be binding on and shall inure to the benefit of the Loan Parties, the Administrative Agent, the Issuing Bank, the Lenders and their respective successors and permitted assigns.  The terms and provisions of this Amendment are for the purpose of defining the relative rights and obligations of the Loan Parties, the Administrative Agent, the Issuing Bank and the Lenders with respect to the transactions contemplated hereby and there shall be no third party beneficiaries of any of the terms and provisions of this Amendment.
(b)Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.
(c)Wherever possible, each provision of this Amendment shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.
(d)Except as otherwise provided in this Amendment, if any provision contained in this Amendment is in conflict with, or inconsistent with, any provision in the Credit Documents, the provision contained in this Amendment shall govern and control.
(e)This Amendment may be executed in any number of separate counterparts, each of which shall collectively and separately constitute one agreement.  Delivery of an executed counterpart of this Amendment by telecopy shall be effective as an original.

11.Entirety.  This Amendment and the other Credit Documents embody the entire agreement between the parties and supersede all prior agreements and understandings, if any, relating to the subject matter hereof.  This Amendment and the other Credit Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.

[remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
		
	BORROWER:
	RREEF PROPERTY OPERATING PARTNERSHIP, LP

By:  RREEF Property Trust, Inc.,
its General Partner

By:  /s/ James N. Carbone    
Name:  James N. Carbone    
Title:  CEO            

By:  /s/ Eric Russell        
Name:  Eric Russell        
Title:  Assistant Treasurer    

		
	GUARANTORS:
	RREEF PROPERTY TRUST, INC.,

a Maryland corporation

By:  /s/ James N. Carbone    
Name:  James N. Carbone    
Title:  CEO            

By:  /s/ Eric Russell        
Name:  Eric Russell        
Title:  Assistant Treasurer    

RPT HERITAGE PARKWAY, LLC

By:  /s/ Eric Russell        
Name:  Eric Russell        
Title:  Assistant Treasurer    

RPT WALLINGFORD PLAZA, LLC

By:  /s/ Eric Russell        
Name:  Eric Russell        
Title:  Assistant Treasurer    

RPT 1109 COMMERCE BOULEVARD, LLC

By:  /s/ Eric Russell        
Name:  Eric Russell        
Title:  Assistant Treasurer    

[signature pages continue]

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RPT ANAHEIM HILLS OFFICE PLAZA, LLC

By:  /s/ Eric Russell        
Name:  Eric Russell        
Title:  Assistant Treasurer    

RPT TERRA NOVA PLAZA, LLC

By:  /s/ Eric Russell        
Name:  Eric Russell        
Title:  Assistant Treasurer    

[signature pages continue]

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ADMINISTRATIVE AGENT:            REGIONS BANK,
as Administrative Agent

By:  /s/ Lori Chambers    
Name:  Lori Chambers    
Title:  Vice President        

LENDERS:                    REGIONS BANK,
as a Lender and as Issuing Bank

By:  /s/ Lori Chambers    
Name:  Lori Chambers    
Title:  Vice President            

[Signature pages end]

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