Document:

Exhibit 10.2

 

SECOND
AMENDMENT TO AMENDED AND RESTATED

UNSECURED REVOLVING CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO AMENDED AND RESTATED
UNSECURED REVOLVING CREDIT AGREEMENT (this “Amendment”)
made as of the 14th day of September, 2005 by and among AMERIVEST PROPERTIES INC., a Maryland
corporation (the “Borrower”) KEYBANK NATIONAL
ASSOCIATION, a national banking association (the “Lender”) and KEYBANK NATIONAL ASSOCIATION, a national
banking association, as agent (the “Agent”).

 

W I T N E S
S E T H:

 

WHEREAS, the
Borrower, the Lender and the Agent entered into that certain First Amended and
Restated Unsecured Revolving Credit Agreement dated October 20, 2004, as
amended by that certain First Amendment to Amended and Restated Unsecured
Revolving Credit Agreement dated March 15, 2005, as effected by a letter
agreement dated August 31, 2005 (as amended, the “Loan Agreement”); and

 

WHEREAS, the
Borrower, the Lender and the Agent have agreed to modify certain provisions of
the Loan Agreement; and

 

NOW, THEREFORE, for
and in consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto do hereby covenant and agree as follows:

 

1.             Definitions.  All the terms used herein which are not
otherwise defined herein shall have the meanings set forth in the Loan
Agreement.

 

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

 

(a)           Notwithstanding
anything contained in the Loan Agreement (including, without limitation, §2
thereof) or any other Loan Document to the contrary, from and after the date
that all Obligations are paid, the Lender shall have no further obligation to make
Loans and the Loan Agreement shall terminate (except for those provisions which
by their terms survive a termination of the Loan Agreement).

 

(b)           By
inserting the following new definitions in §1.1 of the Loan Agreement:

 

“Assignments of Leases and Rents.  The second assignments of rents and leases
from the Mortgagor to the Agent pursuant to which the Mortgagor shall grant and
assign to the Agent as agent for the Lenders a security interest in and
assignment of the Mortgagor’s interest as lessor with respect to all Leases and
rents thereunder of all or any part of the Mortgaged Properties as security for
the Obligations, subject to the liens in favor of the “Agent” under the Secured
Revolving Credit Agreement.

 

 

Chateau. 
AmeriVest Chateau Inc., a Texas corporation.

 

Chateau Plaza Reserve Account.  See §5.4

 

Collateral. 
All of the properties of the Mortgagors that are subject to the security
interests, liens and mortgages created by the Security Documents, including,
without limitation, the Mortgaged Properties and the Leases.

 

Dean Foods Premises.  That portion of the Mortgaged Property
commonly known as Chateau Plaza currently leased to Dean Foods Company
consisting of approximately 120,607 rentable
square feet.

 

Employment Contract.  An employment agreement between Borrower and
Charles Knight, pursuant to which Charles Knight agrees to perform services for
the Borrower as Chief Executive Officer and President, such agreement to have a
term ending not sooner than the repayment of the Loans and otherwise being in
form and substance satisfactory to Agent.

 

First Collateral Account Agreement.  The Collateral Account Agreement as defined
in the Secured Revolving Credit Agreement.

 

Greenhill. 
AmeriVest Greenhill Inc., a Texas corporation.

 

Leases. 
Leases, licenses and agreements whether written or oral, relating to the
use or occupation of space in or on the Mortgaged Properties by persons other
than the applicable Mortgagor.

 

Minimum Release Amount.  See §5.3.

 

Mortgaged Properties.  The (a) Real Estate Assets owned by
Mortgagors, as such Real Estate Assets are more particularly described in the
Security Deeds; and (b) all other property incident to any of same
described in any Security Document.

 

Mortgagor. 
With respect to each of the Mortgaged Properties, Chateau or Greenhill
as the owner thereof.

 

Named Executive.  Charles Knight.

 

Net Sales Proceeds.  With respect to the sale of any Mortgaged
Property, the gross sales price payable by the purchaser thereof less
all actual costs of sale that are charged to the Mortgagor of such Mortgaged
Property and payable to third parties unrelated to or unaffiliated with
Borrower or Mortgagors, including without limitation, title insurance charges,
escrow fees, legal fees, real estate taxes, transfer taxes, and real estate
brokers’ commissions.  In the event that
any such costs are payable

 

2

 

to a Person
related to or affiliated with Borrower or Mortgagors, such payments shall be
subject to the approval of Agent.

 

Second Collateral Account Agreement.  The Second Collateral Account Agreement
between AmeriVest Chateau Inc., AmeriVest Greenhill Inc., Agent and KeyBank as
depository with respect to the Chateau Plaza Reserve Account.

 

Security Deeds.  The second mortgages, deeds to secure debt
and deeds of trust from each Mortgagor to the Agent pursuant to which such
Mortgagor shall mortgage or convey the Mortgaged Properties as security for the
Obligations, subject to the liens in favor of the “Agent” under the Secured
Revolving Credit Agreement.

 

Security Documents.  The Security Deeds, the Assignments of Rents
and Leases, the Second Collateral Account Agreement, the Subordination,
Attornment and Non-Disturbance Agreements and the UCC-1 financing statements.

 

Subordination, Attornment and Non-Disturbance Agreement.  An agreement among and executed by the Agent,
the Mortgagor and a tenant under a Lease pursuant to which such tenant agrees
to subordinate its rights under the Lease to the lien of a Security Deed and
agrees to recognize the Agent or its successor in interest as landlord under
the Lease in the event of a foreclosure or other transfer under the Security
Deed and the Agent agrees to not disturb the possession of the tenant so long
as there is no default beyond applicable grace periods under the Lease.

 

Termination For Cause.  Termination by Borrower of Named Executive’s
employment by reason of (a) Named Executive’s (i) failure to adhere
to written policies of Borrower, which failure has a material adverse effect on
Borrower, (ii) appropriation (or attempted appropriation) of a material
business opportunity of Borrower, including attempting to secure or securing
any personal profit or benefit in connection with any transaction entered into
on behalf of Borrower, or (iii) misappropriation (or attempted
misappropriation) of any of Borrower’s funds or property, or (b) the
conviction of, the indictment (or its procedural equivalent) for or the entry
of a guilty plea or plea of no contest by Named Executive with respect to, a
felony, the equivalent thereof, or any other crime with respect to which
imprisonment is a possible punishment.”

 

(c)           By
deleting in their entirety the definitions of “Fixed Charges” and “Loan
Documents” in §1.1 of the Loan Agreement, and inserting in lieu thereof the
following:

 

“Fixed Charges.  With
respect to any fiscal period of the Borrower, an amount equal to the sum of (i) Interest
Expense (but excluding any amortization of one-time upfront loan fees included
in Interest Expense for

 

3

 

such period), (ii) regularly
scheduled installments of principal payable with respect to all Indebtedness of
Borrower and the Related Companies, excluding any balloon payments due at the
maturity of such Indebtedness, plus (iii) all dividend payments due to the
holders of any preferred stock of the Borrower.

 

Loan Documents.  This Agreement, the Notes, the Security
Documents, and any and all other agreements, documents and instruments now or
hereafter evidencing, securing or otherwise relating to the Loans.”

 

(d)           By
deleting §3.2 of the Loan Agreement in its entirety and inserting in lieu
thereof the following new §3.2:

 

“§3.2       Mandatory
Repayments of Loan.

 

(a)         If
at any time the sum of the Outstanding Obligations exceeds the Maximum Credit
Amount, then the Borrower shall immediately pay the amount of such excess to
the Agent for the respective accounts of the Lenders for application to the
Loans.

 

(b)        [Intentionally
Omitted.]

 

(c)         The
proceeds distributed to or received by or on behalf of the Borrower or any
Related Company or, in the case of any Unconsolidated Entity, the proceeds
actually distributed to or received by or on behalf of the Borrower or any
Related Company by such Unconsolidated Entity, (i) from each and every
sale or refinancing of or other capital event with respect to any asset [(other
than office equipment and furnishings in the ordinary course of business)] of
the Borrower, any Related Company or any Unconsolidated Entity (including a
casualty or condemnation, return of capital or repayment of debt held by the
Borrower or any Related Company with respect to such assets or any of such
Person’s direct or indirect interest therein), less all reasonable and
customary closing costs, expenses and commissions paid to unrelated parties and
less any Indebtedness secured by such asset to be satisfied as a part of such
sale or refinance and (ii) from each and every sale, financing, or
refinancing of, or transaction which results in the dilution of, the Borrower’s,
direct or indirect ownership interest in any of the Related Companies or any
Unconsolidated Entity, shall be promptly paid to the Agent for the account of
the Lenders after receipt thereof by the Borrower such Related Company or such
Unconsolidated Entity as a prepayment of the Loans to the extent of the
outstanding balance of the Loans; provided that until such time as no principal
indebtedness is outstanding under the Secured Revolving Credit Agreement, only
fifty percent (50%) of such proceeds shall be paid to Agent as provided above
(and upon payment in full of the principal indebtedness outstanding under the
Secured Revolving Credit Agreement, all such proceeds shall be paid to Agent
for the account of the

 

4

 

Lenders).  The Borrower agrees
that the Borrower shall, promptly, upon the Borrower’s belief that such event
may occur, provide notice to Agent of any proposed or contemplated event
described in this §3.2(c).  The
provisions of this §3.2(c) shall not apply to any such event occurring
with respect to the Mortgaged Properties.”

 

(e)           By
inserting the following as §5.3 of the Loan Agreement:

 

“§5.3       Release
of Mortgaged Properties.

 

The Borrower may request that the Lenders authorize the Agent to
release any Mortgaged Property from the lien of the Security Documents,
provided that no Default or Event of Default under the Loan Agreement exists or
will be created as a result of the release upon a sale of a Mortgaged Property
to a Person that is not an affiliate of or related to Borrower or Mortgagors
upon: (i) the delivery to Agent of a pro-forma Compliance Certificate
reasonably satisfactory to the Agent demonstrating that the requested release,
once consummated, will not result in a violation of any of the covenants in Section 9.1
through Section 9.6 of the Loan Agreement (as in effect following such
release), and (ii) the payment to Agent for the account of the Lenders of
a Release Price in an amount equal to the Minimum Release Amount, which payment
shall be applied to reduce the principal balance of the Loans.

 

For the purposes hereof, the Minimum Release Amount shall be determined
as follows: (A) in the event that any principal indebtedness is
outstanding under the Secured Revolving Credit Agreement prior to such release,
an amount equal to the Net Sales Proceeds available from such sale, after
payment of any release price due and payable under the Secured Revolving Credit
Agreement; and (B) if no principal indebtedness is outstanding under the
Secured Revolving Credit Agreement immediately prior to such release, an amount
equal to the greater of (1) the Net Sales Proceeds from such sale and (2) $23,000,000.00
(with respect to the Mortgaged Property commonly known as Chateau Plaza) or
$24,000,000.00 (with respect to the Mortgaged Property commonly known as
Greenhill Park).  Borrower shall pay all
reasonable fees and expenses of Agent in connection with any such release.”

 

(f)            By
inserting the following as §5.4 of the Loan Agreement:

 

“§5.4       Chateau Plaza Reserve Account.

 

The Borrower has caused AmeriVest Chateau Inc. and AmeriVest Greenhill
Inc. to establish the Chateau Plaza Reserve Account at KeyBank pursuant to the
Second Collateral Account Agreement. 
Borrower acknowledges that for so long as KeyBank is the Agent
hereunder, the Agent shall be deemed to be in control of the Chateau Plaza
Reserve

 

5

 

Account as
required for perfection of said security interest under Article 9 of the
Uniform Commercial Code, subject to the rights of the secured party under the
First Collateral Account Agreement.  In
the event that the Agent is no longer KeyBank, Borrower, Greenhill, Chateau,
KeyBank and the successor Agent shall enter into a control agreement for
purposes of maintaining such perfection. 
As of August 30, 2005, the balance of the Chateau Plaza Reserve
Account is $2,899,325.36.  For so long as
Chateau Plaza shall be a Mortgaged Property, Borrower shall cause AmeriVest
Chateau Inc. to make monthly deposits on or before the 20th day of each month
into the Chateau Plaza Reserve Account equal to the excess of the Net Operating
Income from the Mortgaged Property commonly known as Chateau Plaza for the
preceding calendar month over the sum of (i) interest for one month on a
principal amount of $15,400,000 at the actual average interest rate on the
Loans during such preceding month and (ii) $45,125.00 which is an assumed
contribution from the Mortgaged Property commonly known as Chateau Plaza toward
the regular quarterly dividend on Borrower’s common stock, provided that in the
event that the current quarterly dividend rate of 13.0 cents per share is
increased or decreased, the monthly sum stated in this clause (ii) shall
be proportionately increased or decreased. 
Such deposits made pursuant to the Secured Revolving Credit Agreement
shall satisfy such requirements.  On or
before the 20th day of each month Borrower shall give to the Agent a written
Deposit Certificate in the form of Exhibit F to the Secured Revolving
Credit Agreement certifying the information used to compute the amount of each
monthly deposit.  Any termination fees or
other consideration paid in connection with the termination of the current
lease of the Dean Foods Premises shall be immediately deposited in the Chateau
Plaza Reserve Account.  If the existing
Lease of the Dean Foods Premises terminates, then so long as Chateau Plaza is a
Mortgaged Property and to the extent that the Mortgagor of Chateau Plaza
executes Leases of portions of the Dean Foods Premises, Borrower may request
periodic disbursements from the Chateau Plaza Reserve Account in amounts needed
to pay leasing commissions and costs of tenant finish improvements constructed
pursuant to the terms of such Leases, and in the event that the First Collateral
Account Agreement is no longer in effect, Agent shall make such disbursements
subject to receipt of lien waivers and other documents reasonably requested by
the Agent; provided that so long as the First Collateral Account Agreement is
in effect, Borrower shall be entitled to disbursements from the Chateau Plaza
Reserve Account in accordance with the terms to the First Collateral Account
Agreement and the Secured Revolving Credit Agreement.  In addition, for so long as Greenhill Park
shall be a Mortgaged Property, then to the extent that the Mortgagor of
Greenhill Park executes Leases of portions of such Mortgaged Property, Borrower
may request periodic disbursements from the Chateau Plaza Reserve Account in
amounts needed to pay leasing commissions and costs of tenant improvements
constructed pursuant to the

 

6

 

terms of such
Leases, and in the event that the First Collateral Account Agreement is no
longer in effect, Agent shall make such disbursements subject to receipt of
lien waivers and other documents reasonably requested by the Agent; provided
that so long as the First Collateral Account Agreement is in effect, Borrower
shall be entitled to disbursements from Chateau Plaza Reserve Account in
accordance with the terms to the First Collateral Account Agreement and the
Secured Revolving Credit Agreement.  If
an Event of Default has occurred and is continuing, the Agent may, in its sole
discretion, apply any or all funds in the Chateau Plaza Reserve Account in the
same manner as Collateral proceeds under §12.4.”

 

(g)           By
inserting the following as §8.11 of the Loan Agreement:

 

“§8.11 Employment Contract. 
Borrower shall not modify or amend in any material respect the
Employment Contract, and shall cause the Employment Contract at all times to
remain in full force and effect.”

 

(h)           by
inserting the following as Section 8.12 of the Loan Agreement:

 

“§8.12  Sale of Other Assets.

 

Borrower shall not, and shall not permit any of the Related Companies
or any Controlled Unconsolidated Entity to, enter into any contract for the
sale or disposition of any of the following described assets, nor sell or
otherwise dispose of any of the following described Real Estate Assets if the
gross sales price for such asset is less than the amount set forth under the
heading ‘Sales Price’ in the separate plan of transfers delivered to Agent
contemporaneously herewith.”

 

 

[Remainder of Page Intentionally Left
Blank]

 

7

 

By deleting §9.5 of the Loan Agreement in its entirety, and inserting
in lieu thereof the following:

 

“§9.5            EBITDA to Fixed
Charges.  The Borrower will not
permit the ratio of its EBITDA to Fixed Charges to be less than 1.25 to 1.0 for
any period of two fiscal quarters annualized, calculated as of the end of each
fiscal quarter.  Notwithstanding the
foregoing, extraordinary gains and losses shall not be annualized for purposes
of the foregoing calculations if, and to the extent, approved by Agent in its
reasonable discretion.”

 

(i)            By
deleting §12.1(o) of the Loan Agreement in its entirety, and inserting in lieu
thereof the following:

 

“(o)              The Named Executive
shall cease to hold the positions of Chief Executive Officer and President of
Borrower; provided, however, that an Event of Default shall not be deemed to
have occurred if the Named Executive is terminated as a result of a Termination
for Cause or is terminated as a result of death or disability and Borrower (A) presents
a plan for the replacement of the Named Executive reasonably acceptable to the
Majority Lenders within twenty (20) Business Days of such event, and (B) a
competent and experienced successor for the Named Executive is approved by the
Majority Lenders within ninety (90) days of such event causing the termination
of such employment, which approval may be granted or withheld by the Majority
Lenders in their sole and absolute discretion;”

 

(j)            By
deleting in its entirety §12.4 of the Loan Agreement, and inserting in lieu
thereof the following:

 

“§12.4          Distribution of
Collateral Proceeds.  In the event
that, during the continuance of any Default or Event of Default, the Agent or
any Lender as the case may be, receives any monies in connection with the
enforcement of any of the Loan Documents, or otherwise with respect to the
realization upon any of the Collateral or any assets of Borrower, such monies
shall be distributed for application as follows:

 

(a)         First,
to the payment of, or (as the case may be) the reimbursement of the Agent for
or in respect of all reasonable costs, expenses, disbursements and losses which
shall have been incurred or sustained by the Agent in connection with the
collection of such monies by the Agent, for the exercise, protection or
enforcement by the Agent of all or any of the rights, remedies, powers and
privileges of the Agent or the Lenders under this Agreement or any of the other
Loan Documents or in respect of the Collateral or in support of any provision
of adequate indemnity to the Agent against any taxes or liens which by law shall
have, or may have, priority over the rights of the Agent to such monies;

 

8

 

(b)        Second,
to all other Obligations in such order or preference as the Majority Lenders
may determine; provided, however, that distribution in respect of such
Obligations shall be made among the Lenders pro rata in accordance with each
Lender’s respective Facility Percentage; and provided, further, that the Agent
may in its discretion make proper allowance to take into account any Obligations
not then due and payable;

 

(c)         Third,
upon payment and satisfaction in full or other provisions for payment in full
satisfactory to the Lenders and the Agent of all of the Obligations, and to the
payment of any obligations required to be paid pursuant to applicable laws
applicable to such enforcement; and

 

(d)        Fourth,
the excess, if any, shall be returned to the Borrower or to such other Persons
as are legally entitled thereto.”

 

(k)           Notwithstanding
anything in the Loan Agreement to the contrary, the Obligations shall be
secured by (i) a perfected second priority lien and security interest to
be held by the Agent (subject only to Permitted Liens and the liens granted to
the “Agent” under the Secured Revolving Credit Agreement) in the Mortgaged Properties,
pursuant to the terms of the Security Documents, and (ii) a perfected
second priority lien and security interest to be held by the Agent in the
Leases and rents from the Mortgaged Properties pursuant to the Assignments of
Leases and Rents (subject only to Permitted Liens and the liens granted to the “Agent”
under the Secured Revolving Credit Agreement).

 

(l)            For
the purposes of §8.4(c) of the Loan Agreement, the Lenders approve of the
plan of transfers set forth in the separate plan delivered to Agent
contemporaneously herewith, provided that such approval shall not affect
Borrower’s obligation pursuant to §8.4(c) of the Loan Agreement to provide
a Compliance Certificate with updated calculations prior to any such transfer.

 

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

 

4.             Consent
of the Borrower.  By execution of
this Amendment, the Borrower hereby acknowledges represents and agrees that the
Loan Documents remain in full force and effect and constitute the valid and
legally binding obligations of the Borrower enforceable against the Borrower in
accordance with their respective terms, and that the execution and delivery of this
Amendment and any other modification documents do not constitute, and shall not
be deemed to constitute, a release, waiver or satisfaction of Borrower’s
obligations under the Loan Documents.

 

5.             Representations.  Borrower 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, (ii) have been duly authorized by all necessary
proceedings on the part of the Borrower, (iii) do not and will not
conflict with or result in any breach or contravention of any

 

9

 

provision of law, statute, rule or regulation to which any of such
Persons is subject or any judgment, order, writ, injunction, license or permit
applicable to such Persons, (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 partnership agreement or certificate,
certificate of formation, operating agreement, articles of incorporation or
other charter documents or bylaws of, or any mortgage, indenture, agreement,
contract or other instrument binding upon, the Borrower or any of its properties
or to which the Borrower is subject (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.

 

(b)           Enforceability.  The execution and delivery of this Amendment
are valid and legally binding obligations of the Borrower 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 the effect of general principles of equity.

 

(c)           Approvals.  The execution, delivery and performance of
this Amendment and the transactions contemplated hereby do not require the
approval or consent of any Person or the authorization, consent, approval of or
any license or permit issued by, or any filing or registration with, or the
giving of any notice to, any court, department, board, commission or other
governmental agency or authority other than those already obtained.

 

6.             No
Default.  By execution hereof, the
Borrower certifies that it is and will be in compliance with all covenants
under the Loan Documents after the execution and delivery of this Amendment,
and that no Default or Event of Default has occurred and is continuing under
the Loan Documents, as amended by this Amendment.

 

7.             Waiver
of Claims. The Borrower 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 Loans or with respect to any acts or omissions of Agent or the
Lenders, or any past or present officers, agents or employees of the Agent or
the Lenders, and the Borrower does hereby expressly waive, release and
relinquish any and all such defenses, setoffs, claims, counterclaims and causes
of action, if any.

 

8.             Ratification.  Except as hereinabove set forth, all terms,
covenants and provisions of the Loan Documents, including, without limitation,
the Loan Agreement, remain unaltered and in full force and effect, and the
parties hereto do hereby expressly ratify and confirm, the Loan Documents and
the Loan 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 under
the Loan Documents.

 

9.             Effective
Date.  This Amendment shall be deemed
effective and in full force and effect upon (a) the execution and delivery
of this Amendment by the Borrower, the Agent and the Lenders, (b) the
execution and delivery of the Fifth Amendment to Revolving Credit Agreement by
the Borrower, the guarantors under the Secured Revolving Credit Agreement, the

 

10

 

Agent and the
lenders a party thereto, (c) the delivery to Agent of the Employment
Contract, which shall be in full force and effect, and (d) the delivery to
Agent of such other documents as Agent may reasonably require.

 

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

 

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

 

12.           Miscellaneous.  This Amendment shall be construed and
enforced in accordance with the law of State of Georgia (excluding the laws
applicable to conflicts of choice of law). 
This Amendment 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 Loan Agreement.

 

13.           Expenses.  Borrower shall pay the reasonable fees and
expenses of Agent and Lenders in connection with the negotiation, execution and
delivery of this Amendment.

 

[Remainder of Page Intentionally Left Blank; Signatures on
Following Page]

 

11

 

IN WITNESS WHEREOF,
the parties hereto have hereto set their hands and affixed their seals as of
the day and year first above written.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  AMERIVEST PROPERTIES INC., a Maryland

  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles K.
  Knight

  
	
   

  	
  Name:

  	
  Charles K.
  Knight

  
	
   

  	
  Title:

  	
  President
  and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
  [CORPORATE SEAL]

  
						

 

12

 

	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  KEYBANK NATIONAL ASSOCIATION, a

  national banking association

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel
  P. Stegemoeller

  
	
   

  	
  Name:

  	
  Daniel P. Stegemoeller

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AGENT:

  
	
   

  	
   

  
	
   

  	
  KEYBANK NATIONAL ASSOCIATION, a

  national banking association, as Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel
  P. Stegemoeller

  
	
   

  	
  Name:

  	
  Daniel P.
  Stegemoeller

  
	
   

  	
  Title:

  	
  Vice
  President

  
						

 

13Exhibit 10.3

 

FIRST AMENDED AND RESTATED
COLLATERAL ACCOUNT AGREEMENT

 

THIS
FIRST AMENDED AND RESTATED 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
Revolving Credit Agreement, dated as of November 12, 2002 (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 Deed of Trust for the benefit
of Secured Party, as assigned to Secured Party from Fleet National Bank, as
Agent, as security for Chateau’s Guaranty of the Loan;

 

C.            Pursuant to §5.6 of the
Credit Agreement Chateau has established the Collateral Account (which is
called the “Chateau Plaza Reserve Account” in the Credit Agreement) with
Depository subject to a first priority lien in favor of Secured Party and
Borrower has agreed to cause the Chateau Property’s net operating income,
subject to certain deductions, to be deposited therein monthly; and

 

D.            Chateau and Fleet National
Bank, as predecessor to Secured Party, entered into that certain Collateral
Account Agreement dated as of November 25, 2002, as modified by that
certain Amendment of Collateral Account Agreement dated October 4, 2004
(as amended, the “Original Collateral Account Agreement”);

 

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

 

F.             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 which are subject to a lien in favor of Secured Party to be
used for the purposes set forth herein and in the Credit Agreement; and

 

G.            The parties hereto desire to
amend and restate the Original Collateral Account Agreement in its entirety.

 

 

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 hereby amend and restate
the Original Credit Agreement in its entirety and 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 Obligations as defined in the Guaranty from
Chateau to Secured Party and the Lenders, and as defined in the Guaranty from
Greenhill to Secured Party and the Lenders.

 

2

 

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 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”.  The parties hereto acknowledge that
Depository has been acting as depository pursuant to the Original Collateral
Account Agreement, and that the parties hereto are clarifying such roles in
this Agreement in connection with the granting by Pledgors of a subordinate
lien in the 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 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. 
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 Original 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 §5.6 of the Credit
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 §5.6 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

  

 

3

 

	
  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)           Provided no 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 §5.6 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.

 

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 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

 

4

 

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

 

(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 first priority security
interest in the Collateral, 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.

 

5

 

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 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 possession of Secured Party or 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 or Depository’s, as
applicable, gross negligence or willful misconduct as finally determined by a
court of competent jurisdiction.

 

6

 

(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 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 respective
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

 

7

 

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 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

 

8

 

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 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

  
							

 

10

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