Document:

exv10w78

 

Exhibit 10.78

SECOND AMENDMENT TO PURCHASE CONTRACT

     THIS SECOND AMENDMENT TO PURCHASE CONTRACT (the “Amendment”) is entered into effective as of
March 9, 2005, by and between NBS LOUDOUN GATEWAY IV, L.L.C., a Delaware limited liability company
(“Seller”), and CARR CAPITAL CORPORATION, a District of Columbia corporation (“Buyer”).

RECITALS

     A. Seller and Buyer entered into that certain Purchase Contract dated as of February 14, 2005
relating to certain property located at 22980 Indian Creek Drive, Sterling Virginia (the
“Agreement, as amended”).

     B. The parties to this Amendment desire to amend the Agreement to extend the Inspection
Period, upon the terms and conditions set forth below.

AGREEMENT

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows:

          1. Incorporation of Recitals. The foregoing recitals are fully incorporated herein by
this reference as if fully set forth at this point.

          2. Extension of Inspection Period. The Inspection Period (as defined in Section
1.2(d) of the Agreement) shall be and hereby is extended to 5:00 p.m. (local time at the Property)
on March 10, 2005. All references in the Agreement to the Inspection Period shall refer to the
Inspection Period as so extended. Without limiting the generality of the foregoing, Purchaser’s
right to terminate the Agreement before the end of the Inspection Period pursuant to Section 2.3 of
the Agreement, shall refer to the Inspection Period as so extended.

          3. Full Force and Effect; Definitions; Counterparts. Except as amended hereby, the
Agreement remains in full force and effect, any previous termination of the Agreement being hereby
revoked. All capitalized terms used herein which are not defined herein shall have the same
meanings ascribed to them in the Agreement. This Amendment may be signed in identical counterparts
and by the exchange of faxed signatures.

 

 

     IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date first
set forth above.

	 	 	 	 	 
	 	 	SELLER:
	 
	 	 	 	 
	 	 	NBS LOUDOUN GATEWAY IV, L.L.C.,

a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	18 Chai Corp., an IL corp., its manager
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Vice President
	 
	 	 	 	 
	 	 	PURCHASER:
	 
	 	 	 	 
	 	 	CARR CAPITAL CORPORATION, a District of Columbia corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Clinton D. Fisch
	 

	 	 	 	 
	 

	 	 	 	Clinton D. Fisch

Principal

2exv10w79

 

Exhibit 10.79

AGREEMENT OF AMENDMENT TO

AND REINSTATEMENT OF PURCHASE CONTRACT

     THIS AGREEMENT made and entered into this ___day of March, 2005 by and between NBS LOUDOUN
GATEWAY IV, L.L.C., a Delaware limited liability company (“Seller”) and CARR CAPITAL CORPORATION, a
District of Columbia corporation (“Buyer”).

WITNESSETH:

     WHEREAS, the parties hereto did heretofore enter into a certain Purchase Contract as of
February 14, 2005 for the purchase and sale of the property commonly known as 22980 Indian Creek
Drive, Dulles, Virginia, which has heretofore been amended from time to time (“Contract”); and

     WHEREAS, on March 10, 2005, Buyer terminated the Contract pursuant to a certain Notice of
Termination of the Agreement; and

     WHEREAS, it is the intention of the parties to reinstate the Contract and amend same pursuant
to the terms and conditions as are hereinafter set forth.

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, and other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the
parties hereto, it is hereby agreed as follows:

	 	1.	 	Reinstatement. The Notice of Termination of the Agreement sent by the
Buyer to Seller on March 10, 2005 is hereby rescinded and withdrawn and is of no
further force and effect, and the Contract is accordingly hereby reinstated pursuant to
the terms hereinafter set forth.

 

 

	 	2.	 	AOL Letter. Except as hereinafter provided, Buyer hereby acknowledges
that it waives its right to terminate this Contract pursuant to Section 2.3, having
satisfied itself as to all matters to be satisfied during the Inspection Period.
Notwithstanding the foregoing, the parties acknowledge that Buyer is in receipt of a
copy of a letter dated March 7, 2005 to Seller from Tenant, alleging certain
outstanding obligations from Seller to Tenant, copy of which is attached hereto as
Exhibit “A” (“AOL Letter”), and Seller has advised Buyer that Seller disputes
the allegations contained in the AOL Letter. It is understood that the Inspection
Period is hereby extended for a period of 30 days from the date hereof (“Extended
Inspection Period”), for the limited and express purpose only of allowing Seller an
opportunity to resolve the matters raised in the AOL Letter with Tenant. Buyer shall
have the option to further extend the Extended Inspection Period for two (2)
consecutive periods of thirty (30) days each, by providing Seller with written notice
of the exercise of its option to extend prior to 5:00 p.m. EST on the last day of the
Extended Inspection Period as it may be extended. In the event Seller is able to
resolve the matters set forth in the AOL Letter to Buyer’s satisfaction, at its sole
discretion, within the Extended Inspection Period as it may be extended, then Buyer
shall thereupon be obligated to deposit the Additional Earnest Deposit pursuant to the
terms of the Contract, and Closing shall be on the date that is fifteen (15) business
days after Buyer’s receipt from Seller of written evidence, satisfactory to Buyer, at
its sole discretion, that the matters raised in the AOL Letter have been satisfactorily
resolved. In the event that Seller is unable to provide such written evidence to Buyer
within the Extended Inspection Period as it may be extended, then Buyer shall be
entitled to provide

2

 

	 	 	 	Seller with a Notice of Termination of the Agreement, in which event the Earnest
Money shall be immediately returned by Escrowee to Buyer, and thereafter neither
Seller nor Buyer shall have any further duties or obligations under the Agreement.

	 	3.	 	Raised Flooring Removal. In the event the Contract is not terminated
as provided in paragraph 2 hereof, at Closing, there shall be retained from Seller’s
proceeds the sum of $160,000.00, which amount shall be deposited in an interest bearing
account with Escrowee pursuant to escrow instructions to be mutually approved by the
parties. Said $160,000.00 and all interest earned thereon shall hereinafter be
referred to as “The Retained Amount”. Upon the date that is sixty (60) days after
the earlier of: the expiration of the initial term of the Lease (i.e., January
31, 2012), or the termination of the Lease (“Outside Date”), if Buyer has not elected,
pursuant to Section 13 of the Lease, to require Tenant to remove the raised flooring
installed on the Premises, or if Buyer has elected to require Tenant to remove such
raised flooring and Tenant has removed such raised flooring and restored the Premises
in compliance with the terms of the Lease, in either such event The Retained Amount
shall be released to Seller. If, however, Buyer has elected pursuant to the terms of
the Lease to require Tenant to remove such raised flooring and perform such
restoration, and Tenant has failed to do so by the Outside Date, then in such event The
Retained Amount shall be released to Buyer, provided however, that Buyer agrees, upon
the release to Buyer of The Retained Amount, to execute any and all documentation
reasonably requested by Seller to subrogate Buyer’s rights under the Lease to recover
from Tenant the cost of the removal of such raised flooring, restoration, and
attorneys’ fees and costs necessary for such recovery as may be

3

 

	 	 	 	allowed by the Lease. It is further agreed that the escrow instructions further
provide that The Retained Amount shall be immediately remitted to Seller upon the
sale by Buyer of the Property to a third party, notwithstanding whether or not any
of the foregoing conditions have occurred. Seller acknowledges that the assignment
of the Contract by Buyer pursuant to the terms of the Contract shall not be deemed
or construed to constitute the sale by Buyer of the Property.

	 	4.	 	ADA Compliance Work. Section 3.12 of the Contract provides, in part,
that Seller agrees to correct, at its sole cost and expense, any non-compliance with
the ADA in connection with the entrances to common area restrooms in the office
building on the Property (the “ADA Compliance Work”). Seller hereby represents that
the scope of the ADA Compliance Work is described by the letter from TVS architects
dated March 9, 2005 and the drawing entitled “Typical Toilet Plan” attached hereto and
made a part hereof as Exhibit “B”.

	 	5.	 	Parking Space Discrepancy. The parking lots on the Property currently
contain a total of 409 parking spaces. Seller agrees, at its sole cost and expense, to
re-stripe the portions of the parking lots shown on the drawings attached hereto and
made a part hereof as Exhibit “C” (the “Re-Striping”), such that the parking
spaces identified as “Compact Spaces” on such attached drawings will be reduced in
width from 9 feet to 8 feet (the “Width Reduction”), with the result that the Property
will contain 413 parking spaces. Seller hereby represents to Buyer that (i) Seller has
been advised by The Loudoun County Department of Building and Development, as evidenced
by Exhibit “D” attached hereto, that the Width Reduction is in full compliance
with all Legal Requirements, and (ii) all necessary

4

 

	 	 	 	approvals to perform the Re-Striping and Width Reduction have been obtained. In the
event the Re-Striping and Width Reduction are not completed prior to Closing
hereunder, the cost of the Re-Striping and Width Reduction, as reasonably estimated
by Buyer, shall be deposited by Seller with the Escrowee at Closing to secure the
payment of same. Upon the completion of the Re-Striping and Width Reduction by
Seller, Seller shall provide Buyer with a certification from Seller confirming
completion of such work, and Buyer shall have a reasonable opportunity to confirm
the accuracy of such certification. The terms of this Section 5 shall fully survive
Closing.

	 	6.	 	Binding Effect. Section 11 of the Contract entitled “Binding Effect”
is hereby amended and restated, as follows:

“Binding Effect. The terms and conditions herein
shall bind and inure to the benefit of the parties hereto
and their respective successors and assigns; except that
Buyer may not assign its interest in this Contract except to
(i) an affiliate of Buyer, (ii) an entity directly or
indirectly owned or controlled by Buyer or any of its
owners, or (iii) a REIT sponsored by Buyer, without Seller’s
consent, which consent shall not be unreasonably withheld.”

	 	7.	 	Full Force and Effect. Except as expressly provided for herein, the
Contract shall remain unmodified and in full force and effect.

[Signatures appear on the following page].

5

 

     IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals upon the
date first written.

	 	 	 	 	 
	 	 	SELLER:
	 
	 	 	 	 
	 	 	NBS LOUDOUN GATEWAY IV, L.L.C., a Delaware limited
liability company,
	 
	 	 	 	 
	 

	 	BY:
	 	18-CHAI CORP., an Illinois corporation, its manager,
	 
	 	 	 	 
	 

	 	BY:	 	 
	 

	 	 	 	 
	 

	 	 	 	Vice President
	 
	 	 	 	 
	 	 	BUYER:
	 
	 	 	 	 
	 	 	CARR CAPITAL CORPORATION, a District of

Columbia corporation,
	 
	 	 	 	 
	 

	 	BY:
	 	/s/ Clinton D. Fisch
	 

	 	 	 	 
	 

	 	 	 	Clinton D. Fisch, Principal
	 
	 	 	 	 
	 	 	CONSENTED TO AND APPROVED BY GUARANTOR:
	 
	 	 	 	 
	 	 	NBS LOUDOUN GATEWAY V, L.L.C., a

Delaware limited liability company
	 
	 	 	 	 
	 

	 	BY:
	 	18-CHAI CORP., an Illinois corporation, its
manager,
	 
	 	 	 	 
	 

	 	BY:	 	 
	 

	 	 	 	 
	 

	 	 	 	Vice President

6

 

Exhibit “A”

AOL Letter

(to be attached)

A-1

 

Exhibit “B”

Scope of ADA Compliance Work

(to be attached)

B-1

 

Exhibit “C”

Re-Striping Plan

(to be attached)

C-1

 

Exhibit “D”

Width Reduction Letter from Loudoun County

(to be attached)

D-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]