Document:

Exhibit 10.65

EXECUTION VERSION

EXHIBIT 10.65

FIRST AMENDMENT TO AMENDED AND RESTATED GUARANTY

THIS FIRST AMENDMENT (this “Amendment”) between David Lichtenstein (the “Guarantor”) and
Citicorp USA, Inc. (the “Lender”), is made as of October 31, 2008.

W I T N E S S E T H:

WHEREAS, PGRT ESH, Inc. (the “Borrower”) is a party to that certain Amended and Restated Loan
Agreement dated as of June 6, 2008 (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Loan Agreement”) with the Lender, pursuant to which the Lender
agreed, among other things, to make a loan to the Borrower, subject to the terms and conditions set
forth in the Loan Agreement;

WHEREAS, the Guarantor has guaranteed the liabilities and obligations of the Borrower under
the terms and conditions of that certain Amended and Restated Guaranty dated June 6, 2008 (as
amended, amended and restated, supplemented or otherwise modified from time to time, the
“Guaranty”; capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Guaranty);

WHEREAS, the Loan Parties (as defined in the Loan Agreement) have requested and the Lender has
agreed that certain amendments be made to Loan Agreement in accordance with the terms of that
certain First Amendment to Loan Agreement dated as of October 31, 2008 among the Loan Parties (as
defined in the Loan Agreement) and the Lender (the “First Amendment to Loan Agreement”); and

WHEREAS, it is a condition to the effectiveness of the First Amendment to Loan Agreement that
the Guarantor shall have executed and delivered this Amendment.

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

SECTION 1. Amendments to Guaranty. Effective as of the date hereof, the Guarantor and
the Lender hereby agree the Guaranty is amended as follows:

(a) Paragraph IV is hereby amended as follows:

(i) The first sentence of Paragraph IV is amended by adding “in addition to the covenants set
forth in Schedule 1 hereto,” after “the Undersigned will”.

(ii) Subparagraph (c)(B) is amended by adding “subject to the covenants set forth in Schedule
1,” before “$50,000,000”.

 

 

 

(iii) Subparagraph (o) is amended by deleting “(but after the aggregate outstanding principal
amount of the Loan is equal to or less than $60,000,000, if such a sale or refinancing occurs, the
Undersigned shall cause the Borrower to prepay the Loan by an amount equal to 50% of the Net Cash
Proceeds of such sale or refinancing)”.

(b) Exhibit A hereto is added as Schedule 1 to the Guaranty.

SECTION 2. Miscellaneous. (a) Upon the effectiveness of this Amendment, on and after
the date hereof, each reference in the Guaranty to “this Guaranty,” “hereunder,” “hereof,” “herein”
and words of like import, and such words or words of like import in each reference in the other
Loan Documents, shall mean and be a reference to the Guaranty as amended hereby.

(b) This Amendment shall apply only to the matter specifically referred to above and shall not
be deemed to constitute a waiver or modification by the parties hereto of any other provision of
the Guaranty or any other Loan Document or with respect to any other matter. Except as expressly
set forth above, the Guaranty and the other Loan Documents shall remain in full force and effect
and are hereby ratified and confirmed.

(c) This Amendment is governed by paragraph XI of the Guaranty and shall be deemed to be a
Loan Document. This Amendment may be executed in counterparts, each of which shall constitute an
original, but both of which taken together shall constitute one and the same instrument. Delivery
of an executed counterpart of a signature page to this Amendment by facsimile or other electronic
means shall be effective as delivery of a manually executed original counterpart hereof.

(d) This Amendment shall be governed by, and construed in accordance with, the laws of the
State of New York without giving effect to conflicts of law principles thereof.

 

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment or caused this
Amendment to be executed by its proper and duly authorized officer as of the date first set forth
above.

	 	 	 	 	 	 	 
	 	 	Guarantor	 	 
	 
	 	 	 	 	 	 
	 	 	[s] David Lichtenstein	 	 
	 	 	 	 	 
	 	 	David Lichtenstein	 	 
	 
	 	 	 	 	 	 
	 	 	Lender	 	 
	 
	 	 	 	 	 	 
	 	 	CITICORP USA, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	[s] Diana Yusun	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Diana Yusun

Director	 	 

Signature Page to the DL Guaranty Amendment

 

 

 

Exhibit A

Schedule 1

	1.	 	At all times prior to, and for the two Business Days1 following, the date on which
the sale of ... [a certain property] ... is consummated ..., and notwithstanding the Guarantor’s
obligations under Paragraph IV(c) of the Guaranty, the Guarantor shall cause any of its
Affiliates or other affiliated Persons (as applicable, the “Account Owners”) to maintain with
Citibank, N.A. or its Affiliates (collectively, the “Deposit Institution”) cash deposits which
aggregate at least $30,000,000 (the “Liquidity Deposits”) less any amount of the Liquidity
Deposits received by the Lenders that has been applied to the Obligations with the consent of
the relevant Account Owner (a “Deposit Application”). Subject to paragraph XII, the Lender
agrees that any amount of Liquidity Deposits maintained with a Deposit Institution shall be
taken into account in calculating the amount of Unencumbered Liquid Assets maintained by the
Guarantors. Notwithstanding anything in the Loan Documents to the contrary, the Liquidity
Deposits shall in no way be Collateral for the Loan or other Obligations and will not be
subject to any levy, pledge, set-off or similar rights whatsoever of the Lender, the Deposit
Institution or any of their Affiliates. The Account Owners shall have the sole and absolute
right to, withdraw or transfer such funds from the Liquidity Deposits at any time whatsoever,
even if such withdrawal or transfer will result in the amount of the Liquidity Deposits to be
less than $30,000,000 (less any Deposit Application) and even if a Default or an Event of
Default has occurred or will occur and be continuing after such withdrawal or transfer, in
which case the Lender’s sole right for such failure to maintain Liquidity Deposits of at least
$30,000,000 (less any Deposit Application) shall be to declare an Event of Default under the
Loan Documents and, in addition to all its other rights and remedies, to proceed against the
Collateral for the Loan and the other Obligations, which shall not include the Liquidity
Deposits, and which Liquidity Deposits shall not in any manner be affected by such Event of
Default.

	2.	 	Within two Business Days after the ... [sale of a certain property] ... and at all times
thereafter, the Guarantor and Lightstone Holdings LLC (collectively, the “Guarantors”) shall
maintain, on a combined basis, but without duplication, Unencumbered Liquid Assets in an
amount not less than $65,000,000, of which at least $30,000,000 shall be owned solely by the
Guarantors and the affiliates of the Guarantor (the “Guarantors’ Affiliates”; which, for the
avoidance of doubt, shall be deemed to include the Borrower) and shall be maintained with the
Deposit Institution (the “Required Deposit”) less any amount of the Required Deposit received
by the Lender that has been applied to the Obligations, which shall occur only at the request
of or with the consent of the relevant Guarantors’ Affiliate (a “Deposit Application”).
Notwithstanding anything in the Loan Documents to the contrary, the Lender agrees that the
amount of the Required Deposit owned by the

 

	 	 	 
	1	 	Capitalized terms used in this Schedule and not
otherwise defined herein shall have the meanings assigned to such terms in
the Amendment to which this Schedule is attached or in the Loan Agreement
referred to therein.

 

 

 

	 	 	Guarantors’ Affiliates (the “Affiliates’ Deposit”)
shall in no way be Collateral for the Loan or the other Obligations and will not be subject to any levy,
pledge, set-off or similar rights whatsoever of the Lender, the Deposit Institution or any
of their Affiliates. The Guarantors’ Affiliates shall have the sole and absolute right to
withdraw or transfer the Affiliates’ Deposit from the Required Deposit at any time
whatsoever, even if such withdrawal or transfer will result in the amount of the Required
Deposit to be less than $30,000,000 (less any Deposit Application) and even if an Event of
Default has occurred or will occur and be continuing after such withdrawal or transfer, in
which case the Lender’s sole right for such failure to maintain the Required Deposit of at
least $30,000,000 (less any Deposit Application) shall be to declare an Event of Default
under the Loan Documents and, in addition to all its other rights and remedies, to proceed
against the Collateral for the Loan and the other Obligations, which shall not include the
Affiliates’ Deposits, and which Affiliates’ Deposits shall not in any manner be affected by
such Event of Default.

	3.	 	If the transaction contemplated ... [above] is not consummated ... [then in certain events a $6.0
million payment will be due on the Loan].

Certain information in this schedule has been omitted. The Company agrees to furnish supplementally
any of the omitted information to the Securities and Exchange Commission upon request.Exhibit 10.66

EXHIBIT 10.66

FIFTH AMENDMENT TO 

PURCHASE AND SALE AGREEMENT 

THIS FIFTH AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is made as of November
20, 2008, between 180 N. LASALLE II, L.L.C., a Delaware limited liability company (“Seller”), and
YPI 180 N. LASALLE OWNER, LLC, a Delaware limited liability company (“Buyer”).

WITNESSETH:

WHEREAS, Seller and Buyer (as assignee of Younan Properties, Inc.) entered into that certain
Purchase and Sale Agreement dated as of August 12, 2008 (the “Original Agreement”), as amended by
that certain First Amendment to Purchase and Sale Agreement dated as of August 29, 2008 (the “First
Amendment”), that certain Second Amendment to Purchase and Sale Agreement dated as of September 3,
2008 (the “Second Amendment”), that certain Third Amendment to Purchase and Sale Agreement dated as
of September 30, 2008 (the “Third Amendment”), and that certain Fourth Amendment to Purchase and
Sale Agreement dated as of October 15, 2008 (the “Fourth Amendment”; the Original Agreement, as
amended by the First Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment,
is hereinafter referred to as the “Agreement”), relating to the purchase and sale of certain
property commonly known as 180 North LaSalle Street, Chicago, Illinois, and more particularly
described in the Agreement (the “Property”); and

WHEREAS, Seller and Buyer desire to further amend certain terms and conditions of the
Agreement as set forth herein;

AGREEMENT:

NOW, THEREFORE, in consideration of the foregoing recitals, the agreements set forth herein
and other good and valuable consideration, the receipt and sufficiency of which are acknowledged,
the Seller and Buyer hereby agree to amend and modify the Agreement as follows:

1. Capitalized Terms. All capitalized terms not separately defined in this Amendment
bear the respective meanings given to such terms in the Agreement.

2. Reduction in Purchase Price. The Purchase Price shall be reduced in the amount of
$4,000,000, from $124,000,000 to $120,000,000.

3. Scheduled Closing Date. The parties acknowledge that the Scheduled Closing Date is
December 17, 2008. Section 4 of the Fourth Amendment, titled “Option to Extend Scheduled Closing
Date”, is hereby deleted in its entirety.

 

 

 

4. Performics Vacancy Credit. This credit for lost rent in connection with the
Performics vacancy, as set forth in Section 10.4(f) of the Original Agreement, shall be reduced
from $30,459.00 to $5,783.00 to reflect the fact that the Performics vacancy will affect only 15
days of Buyer’s period of ownership due to the extension of the Scheduled Closing Date from October
15, 2008 to December 17, 2008.

5. Full Force and Effect. Each party acknowledges that to its knowledge as of the
date of this Amendment there are no defaults on the part of the other party which would entitle it
to fail to close on the Scheduled Closing Date or to be entitled to a further adjustment of the
Purchase Price. The Agreement, as supplemented and amended by this Amendment, remains in all
respects in full force and effect. In the event of a conflict between the provisions of the
Agreement and the provisions of this Amendment, the provisions of this Amendment shall be
controlling. Additionally, all references in the Agreement or this Amendment to the Agreement
(including references to “herein” or “therein”) shall mean and refer to the Agreement as modified
hereby.

6. Counterparts. This Amendment may be executed in any number of counterparts, each
of which will be deemed to be an original and all of which, taken together, shall constitute one
and the same instrument.

[Signature Page Follows]

 

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

	 	 	 	 	 	 	 	 	 	 	 	 	 
	BUYER:	 	YPI 180 N. LaSalle Owner, LLC, a Delaware limited

 liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	[s] Zaya S. Younan	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: Zaya S. Younan	 	 
	 	 	 	 	Title:   President	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	SELLER:	 	180 N. LASALLE II, L.L.C., 

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	180 N. LaSalle Holdings, L.L.C., 

a Delaware limited liability company,
its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	PGRT Equity II LLC, a Delaware limited

liability company, its administrative member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Prime Group Realty, L.P.,
a Delaware limited partnership,
its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	Prime Group Realty Trust,

 a Maryland real estate
investment trust, its sole general partner	 	 

	 	 	 	 	 	 
	 

	 	By:
	 	[s] Jeffrey A. Patterson
	 

	 	 	 	 
	 

	 	 	 	Name: 
	Jeffrey A. Patterson
	 

	 	 	 	Title:
	President and Chief Executive
Officer

 

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JOINDER

Younan Properties, Inc. hereby joins in the execution of this Fifth Amendment to Purchase and Sale
Agreement to acknowledge its agreement with the provisions thereof.

Dated: November 20, 2008

	 	 	 	 	 	 	 
	 	 	YOUNAN PROPERTIES, INC.,
a California corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	[s] Zaya S. Younan	 	 
	 

	 	 	 	 	 	 
	 

	 	 
	 	Name: Zaya S. Younan	 	 
	 

	 	 
	 	Title:   President	 	 

 

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