Document:

Exhibit 10.3

 

 

August 9, 2010

 

HPT Management Services, LLC

Behringer Harvard Real Estate Services, LLC

Behringer Harvard Opportunity Management
Services, LLC

15601 Dallas Parkway, Suite 600

Addison, Texas 75001

 

Re:                               Deferral of Property Management Oversight Fee

 

Ladies and Gentlemen:

 

Reference is made to that certain Second Amended
and Restated Property Management and Leasing Agreement, dated as of December 29,
2006, as amended (the “Property Management Agreement”), by and between
Behringer Harvard Opportunity REIT I, Inc., a Maryland corporation (the “Company”),
Behringer Harvard Opportunity OP I, LP, a Texas Limited Partnership (“BHOP”),
HPT Management Services, LLC, a Texas limited liability company (“HPT”),
Behringer Harvard Real Estate Services, LLC, a Texas limited liability company
(“BHRES”) and Behringer Harvard Opportunity Management Services, LLC, a
Texas limited liability company (“BHOMS” and collectively with HPT and
BHRES, “BH Property Management”). 
Capitalized terms used herein but not defined herein shall have the
meanings set forth in the Property Management Agreement.

 

In consideration of the mutual agreements and
covenants contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Company and the
Advisor hereby agree as follows:

 

1.                                       Deferral of Property Management Oversight Fees.  Notwithstanding anything to the
contrary contained in the Property Management Agreement, BH Property
Management, on behalf of itself and its Affiliates, and its and their
respective successors and assigns, hereby defers until March 31, 2011 the
Company’s obligation to pay property management oversight fees accrued during
the months of July 2010 through October 2010.

 

2.                                       Ratification; Effect on Property Management Agreement.

 

(a)                                  Ratification.  The Property Management Agreement, as amended
by this letter agreement, shall remain in full force and effect and is hereby
ratified and confirmed in all respects.

 

(b)                                 Effect on the Property Management.
 On and after the date hereof, each
reference in the Property Management Agreement to “this Agreement,” “herein,” “hereof,”
“hereunder,” or words of similar import shall mean and be a reference to the
Property Management Agreement as amended hereby.

 

	
  

  	
   

  	
  

  

 

 

3.                                       Miscellaneous.

 

(a)                                  Governing Law; Venue.  This letter agreement and the legal relations
between the parties hereto shall be construed and interpreted in accordance
with the internal laws of the State of Texas without giving effect to its
conflicts of law principles, and venue for any action brought with respect to
any claims arising out of this letter agreement shall be brought exclusively in
Dallas County, Texas.

 

(b)                                 Modification.  This letter agreement shall not be changed,
modified, or amended, in whole or in part, except by an instrument in writing
signed by both parties hereto, or their respective successors or assignees.

 

(c)                                  Headings.  The titles and headings of the sections and
subsections contained in this letter agreement are for convenience only, and
they neither form a part of this letter agreement nor are they to be used in
the construction or interpretation hereof.

 

(d)                                 Severability.  The provisions of this letter agreement are
independent of and severable from each other, and no provision shall be
affected or rendered invalid or unenforceable by virtue of the fact that for
any reason any other or others of them may be invalid or unenforceable in whole
or in part.

 

(e)                                  Counterparts.  This letter agreement may be executed in
multiple counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of which shall
together constitute one and the same instrument.  This letter agreement shall become binding
when one or more counterparts hereof, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the
signatories.  This letter agreement, to
the extent signed and delivered by means of electronic mail or a facsimile
machine, shall be treated in all manner and respects as an original agreement
or instrument and shall be considered to have the same binding legal effect as
if it were an original signed version thereof delivered in person.  No party hereto shall raise the use of
electronic mail or a facsimile machine to deliver a signature or the fact that
any signature was transmitted or communicated through the use of electronic
mail or a facsimile machine as a defense to the formation or enforceability of
a contract and each party hereto forever waives any such defense.

 

[The remainder of this page intentionally
blank]

 

2

 

If the foregoing meets with your approval,
please indicate your acceptance of this letter agreement by countersigning a
copy of this letter agreement in the space indicated below.

 

	
   

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BEHRINGER HARVARD OPPORTUNITY REIT
  I, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert S. Aisner

  
	
   

  	
   

  	
   

  	
  Robert S. Aisner

  
	
   

  	
   

  	
   

  	
  Chief Executive Officer and President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BEHRINGER HARVARD
  OPPORTUNITY OP I, LP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BHO, Inc., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Gerald J. Reihsen, III

  
	
   

  	
   

  	
   

  	
   

  	
  Gerald J. Reihsen, III

  
	
   

  	
   

  	
   

  	
   

  	
  Executive Vice President — Corporate

  
	
   

  	
   

  	
   

  	
   

  	
  Development & Legal

  
	
   

  	
   

  	
   

  
	
  Acknowledged and agreed, as of

  	
   

  	
   

  
	
  the date first written above:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BEHRINGER HARVARD
  OPPORTUNITY MANAGEMENT SERVICES, LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  IMS, LLC, its manager

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald J. Reihsen, III

  	
   

  	
   

  
	
   

  	
   

  	
  Gerald J. Reihsen, III

  	
   

  	
   

  
	
   

  	
   

  	
  Executive Vice President — Corporate

  	
   

  	
   

  
	
   

  	
   

  	
  Development & Legal

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  HPT MANAGEMENT SERVICES,
  LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Gerald J. Reihsen, III

  	
   

  	
   

  
	
   

  	
  Gerald J. Reihsen, III

  	
   

  	
   

  
	
   

  	
  Executive Vice President — Corporate

  	
   

  	
   

  
	
   

  	
  Development & Legal

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BEHRINGER HARVARD
  REAL ESTATE SERVICES, LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Gerald J. Reihsen, III

  	
   

  	
   

  
	
   

  	
  Gerald J. Reihsen, III

  	
   

  	
   

  
	
   

  	
  Executive Vice President — Corporate

  	
   

  	
   

  
	
   

  	
  Development & Legal

  	
   

  	
   

  
								

 

3ex4twelve.htm

 

 

 

EXHIBIT 4.12

 

FIRST AMENDMENT TO

 

AMENDED AND RESTATED LOAN AGREEMENT

 

THIS FIRST AMENDMENT (this “Amendment”) to the Amended and Restated Loan Agreement, made as of March 1, 2007 (the “2007 Loan Agreement”), by and among Guided Therapeutics, Inc. (f/k/a SpectRx, Inc.), a Delaware corporation (the “Company”), and the various holders of the Company’s 13% Senior Secured Convertible Notes issued pursuant thereto (collectively, the “2007 Notes”), is made as of the effective date set forth in Section 3 below.

 

RECITALS:

 

A.           Capitalized terms used in this Amendment and not otherwise defined in this Amendment shall have their respective meanings set forth in the 2007 Loan Agreement.

 

B.           Pursuant to the 2007 Loan Agreement, Noteholders have the right at any time to convert their respective Convertible Notes into shares of Common Stock at the then-effective Conversion Price (currently $0.65) and, under certain circumstances set forth therein, all of the Convertible Notes will automatically convert into shares of Common Stock at the then-effective Conversion Price.

 

C.           The Company and the Noteholders desire to provide that the Convertible Notes will also automatically convert into shares of Common Stock at the then-effective Conversion Price at such time as all of the outstanding shares of the Series A Preferred Stock are converted or reclassified into shares of Common Stock, or warrants therefor, or a combination of both.

 

D.           In order to induce the Noteholders to consent to this Amendment, the Company has agreed to modify the terms of the Warrants, and to further amend the 2007 Loan Agreement to provide the Noteholders with continued participation rights following conversion of all of the Convertible Notes into shares of Common Stock under the circumstances described in the immediately preceding paragraph C., all on the terms set forth in this Amendment.

 

NOW, THEREFORE, upon satisfaction of the condition precedent to the effectiveness of this Amendment set forth in Section 3 hereof, and in consideration of good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company and the Noteholders do hereby agree as follows:

 

SECTION 1.  AMENDMENTS.

 

(a)           Section 2.3 (Conversion of Convertible Notes) of the Agreement is hereby amended by adding a new Section 2.3(d) thereto, which new Section 2.3(d) shall read as follows:

 

                

“(d)           At such time as all of the outstanding shares of Series A Preferred Stock are converted or reclassified into shares of Common Stock, or warrants to purchase shares of Common Stock, or a combination of both, then the outstanding principal amount of, and the accrued and unpaid interest on, each Convertible Note will, without further action of the Company, the Noteholders or any other party, automatically convert into that number of shares of Common Stock (rounded up to the nearest whole share of Common Stock) as equals the amount being so converted divided by the then-effective Conversion Price.  For the avoidance of doubt, following conversion of the Convertible Notes pursuant to this Section 2.3(d), the sole rights of the Noteholders pursuant to this Agreement shall be solely as set forth in the last two sentences of Section 2.4 (Warrants) and in Exhibit D.”

 

 

 

  

  

  

 

 

(b)           Section 2.4 (Warrants) of the Agreement is hereby amended to add the following two sentences at the end of such Section:

 

“Notwithstanding the foregoing, if all of the then-outstanding Convertible Notes are converted into shares of Common Stock pursuant to Section 2.3(d), then the exercise price for a share of Common Stock issuable upon exercise of each Warrant shall be $0.65 per share (subject to adjustment as provided in Section 2 of the Warrants) and the Warrants will be exercisable through March 1, 2013, at which time they will expire.  Upon the written request of any Warrant holder and surrender of such holder’s outstanding Warrant, the Company shall promptly issue a new Warrant to such holder reflecting the change in exercise price and term provided for in the preceding sentence.”

 

(c)           Section 5.6 (Participation Rights) of the Agreement is hereby amended to add the following sentence at the end thereof, and the Agreement is hereby further amended to add Exhibit D, referenced in such new sentence, in the form attached to this Amendment:

 

“If all of the outstanding Convertible Notes are converted into shares of Common Stock pursuant to Section 2.3(d), then, following such conversion, the Noteholders shall have the participation rights described in Exhibit D.

 

SECTION 2.  WAIVER AND RELEASE.

 

In accordance with Section 11.4 of the 2007 Loan Agreement, by execution of this Amendment, the Agent and the Majority Noteholders, on behalf of the Noteholders, hereby:

 

(a)           fully and irrevocably release and forever discharge the Company, GT and Sterling, and their respective present and former officers, directors, employees, shareholders, agents, consultants and advisors, from any and all claims, complaints, demands, actions, charges, allegations, causes of action, suits, liabilities, obligations, promises, contracts, agreements, damages, losses, expenses and costs (including, without limitation, court costs and attorneys’ fees), of whatever nature and kind, know and unknown, in any such case, arising out of or in connection with any sale of securities by, or loan obtained by, any of the Company, GT or Sterling, or other debt or equity financing completed by any of the Company, GT or Sterling, in any such case, subsequent to March 1, 2007; and

 

(b)           acknowledge that the parties intend that this Section 2 establish a general and unconditional release to include, to the maximum extent permitted by law, a release of unknown claims, and that the Agent and the Majority Noteholders, on behalf of the Noteholders, hereby knowingly, voluntarily, intentionally and expressly waive any and all rights and benefits conferred under any and all laws, statutes, rules, doctrines or judicial decisions of any jurisdiction that purport to limit the scope of a general release.

 

 

 

  

  

  

 

 

(c)           Notwithstanding the foregoing, to the extent that any Noteholder was a lender to, or purchaser of securities from, any of the Company, GT or Sterling in any debt or equity financing completed subsequent to March 1, 2007, nothing in this Section 2 is intended to constitute a waiver of the rights of such Noteholder to enforce the terms of such loan made, or securities purchased, in such subsequent financing in accordance with their respective terms.

 

SECTION 3.  CONDITION TO EFFECTIVENESS OF FIRST AMENDMENT.

 

In accordance with Section 11.4 of the 2007 Loan Agreement, this Amendment will become effective when counterpart signature pages to this Amendment have been duly executed by the Company, the Agent and Noteholders constituting the Majority Noteholders.

 

SECTION 4.  MISCELLANEOUS.

 

(a)           The descriptive headings of the various Sections or parts of this Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.

 

(b)           This Amendment shall be governed in all respects by the internal laws of the State of Georgia without reference to the principles of conflict of laws under Georgia law.

 

(c)           This Amendment may be executed in any number of counterparts, each executed counterpart constituting an original, but all together only one agreement.

 

[Signatures appear on following pages.]

 

 

 

 

  

  

  

[Signatures to First Amendment to Amended and Restated Loan Agreement]

 

 

 

	 	 GUIDED THERAPEUTICS, INC.	 
	 	 	 
	 	 By:    /s/ Mark L. Faupel	 
	 	 	 
	 	 Printed Name:  Mark Faupel	 
	 	 	 
	 	 Title:  Chief Executive Officer	 
	 	 	 
	 	 AGENT	 
	 	 	 
	 	 By:    /s/ Richard Blumberg	 
	 	 Richard Blumberg	 

 

 

 

ACCEPTED AND AGREED TO:

Noteholders:

21st Century Digital Industries Fund, LP

By:        /s/  Richard Stewart                                                                

Printed Name:     Richard Stewart

Title:  Managing Partner

Date:  10-20-2009

By:       /s/  Andrew Lenza                                                      

Printed Name:  Andrew Lenza

Date:  11-3-2009

By:      /s/ Brian Smouha                                                      

Printed Name:  Brian Smouha

Date:  12-28-2009

Hart Management

By:     /s/  Ronald W. Hart                                                      

Printed Name:  Ronald W. Hart

Title:  General Manager

Date:  10-12-2009

 

 

 

  

  

  

Kuekenhof Equity Fund, LP

By:     /s/ Michael C. James                                                                

Printed Name:  Michael C. James

Title:  General Partner

Date:  10-8-2009

By:      /s/ Lavorsia D. Jordan                                                                

Printed Name:  Lavorsia D. Jordan

Date:  10-13-2009

By:      /s/ Alan Hoberman                                                      

Printed Name:  Alan Hoberman

Date:  11-2-2009

Nangarhil LLC

By:      /s/ Paul Hilf                                                      

Printed Name:  Paul Hilf

Title:  Authorized Representative

Date:  11-3-2009

By:      /s/ Walter J. Weadock                                                                

Printed Name:  Walter J. Weadock

Date:  10-15-2009

By:      /s/ W. B. Combs                                                      

Printed Name:  William Bryce Combs

Date:  10-26-2009

By:      /w/ Bob Bowie                                                      

Printed Name:  Bob Bowie

Date:  10-8-2009

By:      /s/ John Edwin Imhoff                                                                

Printed Name:  John E. Imhoff

Date:  10-8-2009

 

 

 

 

  

  

  

 

By:     /s/ R. Fowler                                                      

Printed Name:  Richard Fowler

Date:  10-9-2009

By:      /s/ Saul Schwartzman                                                                

Printed Name:  Saul Schwartzman

Date:  10-27-2009

By:      /s/ Susan M.Imhoff                                                      

Printed Name:  Susan M. Imhoff

Date:  10-24-2009

By:      /s/ Barbara Jo Bristol                                                                

Printed Name:  Barbara Jo Bristol

Date:  10-31-09

By:      /s/ Benny H. Screws                                                                

Printed Name:  Benny H. Screws

Date:  10-13-2009

By:      /s/ Carol Brubaker                                                      

Printed Name:  Carol Brubaker

Date:  10-21-2009

By:      /s/ Dolores Maloof                                                      

Printed Name:  Dolores Maloof

Date:  10-9-09

By:      /s/ George Goll                                                      

Printed Name:  George Goll

Date:  10-20-2009

By:      /s/ Gregory S. Petrie                                                                

Printed Name:  Gregory S. Petrie

Date:  10-14-2009

  

  

  

 

 

Guided Medical Solutions, LLC

By:      /s/ George Donegan                                                                

Printed Name:  George Donegan

Title:  Chief Executive Officer

Date:  10-9-2009

International Developers Group #1, LLC

By:      /s/ Paul D’Agnese                                                      

Printed Name:  Paul D’Agnese

Title:  Managing Member

Date:  10-11-2009

By:      /s/ James H. Webster                                                                

Printed Name:  James H. Webster

Date:  10-14-2009

By:      /s/ Jerry Fulks                                                                

Printed Name:  Jerry S. Fulks

Date:  10-29-2009

By:      /s/ Jill Gentile                                                                

Printed Name:  Jill Gentile

Date:  10-18-2009

By:      /s/ J. E. Funderburke                                                                

Printed Name:  J. E. Funderburke

Date:  10-7-2009

By:      /s/ L. Peter Reininger                                                                

Printed Name:  L. Peter Reininger

Date:  10-8-2009

By:      /s/ Lynne Weksler                                                      

Printed Name:  Lynne Weksler

Date:  10-19-2009

 

 

 

  

  

  

By:      /s/ Mark E. Brennan     

By:      /s/ Maureen C. Brennan                                                      

Printed Name:  Mark E. & Maureen C. Brennan, Jt. Tenants

Date:  10-23-2009

By:      /s/ Michael P. Moore                                                                

Printed Name:  Michael Moore

Date:  10-9-2009

By:      /s/ Peter M. Mondalek                                                                

Printed Name:  Peter M. Mondalek

Date:  10-20-2009

Ressler & Tesh, PLLC

By:      /s/ Allen Ressler                                                      

Printed Name:  Allen Ressler

Title:  Partner

Date:  10-21-2009

By:     /s/ Richard Blumberg                                                                

Printed Name:  Richard Blumberg

Date:  10-9-2009

By:      /s/ Robert P. Brubaker                                                                

Printed Name:  Robert Brubaker

Date:  10-21-2009

By:      /s/ Ronald W. Allen                                                                

Printed Name:  Ronald W. Allen

Date:  10-8-2009

By:      /s/ Sherman C. Wade                                                                

Printed Name:  Sherman C. Wade

Date:  10-13-2009

  

  

  

 

 

Sternfeld Family Trust

By:     /s/ Daniel Sternfeld                                                      

Printed Name:  Daniel Sternfeld

Title:  Trustee

Date:  10-7-2009

TABAS, LLLP

By:      /s/ Albert M. Ashkouti                                                      

Printed Name:  Albert M. Ashkouti

Title:  General Partner

Date:  10-13-2009

By:      /s/ William Zachary                                                                

Printed Name:  William Zachary

Date 10-8-2009

 

 

 

 

 

 

 

 

 

 

  

  

  

Exhibit D (Post-Conversion Participation Rights)

 

(a)           Following conversion of all of the Convertible Notes into shares of Common Stock pursuant to Section 2.3(d), the Noteholders shall have the participation rights set forth in this Exhibit D.

 

(b)           For purposes of this Exhibit D, the following capitalized terms have the respective meanings set forth below:

 

“Debt Financing” means a financing of the Company in which debt securities are issued by, or loans are made to, the Company; however, a Debt Financing shall exclude (i) any financing included in the definition of Equity Financing, and (ii) the issuance of securities in connection with a business acquisition of or by the Company, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, or in connection with any other strategic transaction, or any financing or leasing transaction or a consulting relationship.

 

“Equity Financing” means a financing of the Company in which capital stock, securities convertible or exercisable into the Company’s capital stock, debt convertible into such capital stock, or debt with options or warrants exercisable into such capital stock are offered; however, an Equity Financing shall exclude (i) the grant of options, warrants or other rights to purchase shares of Common Stock issued pursuant to a stock option plan approved by the Company’s Board of Directors and the issuance of Common Stock upon exercise thereof, (ii) the issuance of Common Stock upon the exercise of Warrants, (iii) the issuance of securities in connection with a business acquisition of or by the Company, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, or in connection with any other strategic transaction, or any financing or leasing transaction or a consulting relationship, (iv) securities offered pursuant to any employee benefit plan approved by the Board of Directors, and (v) shares of Common Stock issued upon conversion of the Series A Preferred Stock.

 

(c)           The Company hereby grants to each Noteholder the right to purchase, on the same terms and conditions as the other investors in the Equity Financing, the percentage of the total securities sold in any Equity Financing that is equal to the percentage of the Company’s fully-diluted Common Stock owned by such Noteholder as a result of conversion of such Noteholder’s Convertible Notes pursuant to Section 2.3(d).  The Company shall provide each Noteholder with not less than ten business days’ advance notice of any Equity Financing, which notice shall include the terms of the Equity Financing in sufficient detail to permit each Noteholder to make an informed investment decision whether or not to participate.  The participation rights provided for in this paragraph (c) will not apply to any Equity Financing reasonably anticipated by the Company to have gross proceeds of less than $100,000.  The participation rights provided for in this paragraph (c) will expire on the earlier to occur of (i) the first anniversary of conversion of the Convertible Notes pursuant to Section 2.3(d) and (ii) consummation by the Company of Equity Financings to which the participation rights provided for in this paragraph (c) apply with aggregate gross proceeds of $10,000,000.

 

 

 

  

  

  

 

 

(d)           The Company hereby grants to each Noteholder the right to purchase or loan, on the same terms and conditions as the other investors in the Debt Financing, the percentage of the total debt securities sold, or loans made, in any Debt Financing that is equal to the percentage of the Company’s fully-diluted Common Stock owned by such Noteholder as a result of conversion of such Noteholder’s Convertible Notes pursuant to Section 2.3(d).  The Company shall provide each Noteholder with not less than ten business days’ advance notice of any Debt Financing, which notice shall include the terms of the Debt Financing in sufficient detail to permit each Noteholder to make an informed investment decision whether or not to participate.  The participation rights provided for in this paragraph (d) will not apply to any Debt Financing reasonably anticipated by the Company to have gross proceeds of less than $100,000.  The participation rights provided for in this paragraph (d) will expire on the earlier to occur of (i) the first anniversary of conversion of the Convertible Notes pursuant to Section 2.3(d) and (ii) consummation by the Company of Debt Financings or Equity Financings, or a combination of both, to which the participation rights provided for in paragraph (c) above or this paragraph (d) apply, with aggregate gross proceeds of $10,000,000.

 

(e)           The Noteholders acknowledge that, in order to comply with the rights of the Noteholders provided for in this Exhibit D, it may be necessary for the Company to communicate material, non-public information regarding the Company to the Noteholders, including, without limitation, information regarding contemplated Debt Financings and Equity Financings, the proposed terms thereof, and other confidential information regarding the Company, its business and operations, in order to provide the Noteholders with sufficient information to decide whether to participate.  Each Noteholder agrees not to disclose to any other Person any non-public information so communicated by the Company to it, and not to sell or purchase securities of the Company (other than from the Company pursuant to exercise of such Noteholder’s rights set forth herein) while in the possession of material, non-public information regarding the Company.  Any Noteholder may, upon written notice to the Company, elect to waive in advance its right to participate in Debt Financings and Equity Financings in accordance with the terms set forth herein, and to waive its right to receive advance notice of any contemplated Debt Financings and Equity Financings and other information and materials in connection therewith.

 

*           *           *           *           *

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