Document:

EX-10.1

Exhibit 10.1

EIGHTH AMENDMENT TO THE

AMENDED AND RESTATED AGREEMENT OF

LIMITED PARTNERSHIP OF UNITED DOMINION REALTY, L.P.

This Eighth Amendment to the Amended and Restated Agreement of Limited Partnership of United
Dominion Realty, L.P., dated as of November 17, 2010 (this “Amendment”), is being executed by UDR,
Inc., a Maryland corporation (the “General Partner”), as the general partner of United Dominion
Realty, L.P., a Delaware limited partnership (the “Partnership”), pursuant to the authority
conferred upon the General Partner by Section 11.01 of the Amended and Restated Agreement of
Limited Partnership of United Dominion Realty, L.P., dated as of February 23, 2004, as amended by
the First Amendment to the Amended and Restated Agreement of Limited Partnership of United Dominion
Realty, L.P., dated as of June 24, 2005, the Second Amendment to the Amended and Restated Agreement
of Limited Partnership of United Dominion Realty, L.P., dated as of February 23, 2006, the Third
Amendment to the Amended and Restated Agreement of Limited Partnership of United Dominion Realty,
L.P., dated as of January 2, 2007, the Fourth Amendment to the Amended and Restated Agreement of
Limited Partnership of United Dominion Realty, L.P., dated as of December 27, 2007, the Fifth
Amendment to the Amended and Restated Agreement of Limited Partnership of United Dominion Realty,
L.P., dated as of March 7, 2008, the Sixth Amendment to the Amended and Restated Agreement of
Limited Partnership of United Dominion Realty, L.P., dated as of December 9, 2008 and the Seventh
Amendment to the Amended and Restated Agreement of Limited Partnership of United Dominion Realty,
L.P., dated as of March 13, 2009 (as amended, the “Agreement”). Capitalized terms used, but not
otherwise defined herein, shall have the respective meanings ascribed thereto in the Agreement.

WHEREAS, the General Partner desires to amend Section 8.05(a) of the Agreement with respect to
the number of Notices of Redemption that a Limited Partner may deliver to the Partnership during a
calendar year.

NOW THEREFORE, the General Partner hereby amends the Agreement as follows:

1. Amendment. Section 8.05(a) of the Agreement is hereby deleted
and replaced in its entirety with the following:

(a) Subject to Sections 8.05(b), 8.05(c), 8.05(d), and 8.05(e), and the provisions of any
agreement between the Partnership and any Limited Partner with respect to Partnership Units held by
such Limited Partners, such Limited Partner, other than the Original Limited Partner, shall have
the right (the “Redemption Right”) to require the Partnership to redeem on a Specified Redemption
Date, or on the Class A Specified Redemption Date with respect to a Class A Partner, all or a
portion of the Partnership Units held by such Limited Partner at a redemption price equal to and in
the form of the Cash Amount to be paid by the Partnership, provided, that such Partnership Units
shall have been outstanding for at least one year. The Redemption Right shall be exercised
pursuant to a Notice of Redemption delivered to the Partnership (with a copy to the General
Partner) by the Limited Partner who is exercising the Redemption Right (the “Redeeming Partner”);
provided, however, that the Partnership shall not be obligated to satisfy such Redemption Right if
the General Partner elects to purchase the Partnership Units subject to the Notice of Redemption
pursuant to Section 8.05(b). A Limited Partner may not exercise the Redemption Right for less than
1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of
the Partnership Units held by such Partner. Except as otherwise provided in Section 8.05(h), the
Redeeming Partner shall have no right, with respect to any Partnership Units so redeemed, to
receive any distribution paid with respect to Partnership Units if the record date for such
distribution is on or after the Specified Redemption Date or the Class A Specified Redemption Date,
as applicable.

2. Miscellaneous. Except as specifically amended hereby, the terms, covenants,
provisions and conditions of the Agreement shall remain unmodified and continue in full force and
effect and, except as amended hereby, all of the terms, covenants, provisions and conditions of the
Agreement are hereby ratified and confirmed in all respects.

[Signature Page Follows]

IN WITNESS WHEREOF, this Amendment has been executed as of the date first written
above.

GENERAL PARTNER:

UDR, INC.

By:   /s/ Warren L. Troupe

Name: Warren L. Troupe

Title: Senior Executive Vice Presidentmkro_ex101.htm

EXHIBIT 10.1

Board Member Agreement

This agreement dated November 12, 2010 is made by and between Monkey Rock Group, Inc. whose address is PO Box 1030 Sturgis, SD 57785 referred to as "Company", and Ken Hoffman whose address is 10802 Vineyard ct Clermont, Fl 34711 referred to as "Board Member"

1. Engagement of Board Member

1.1 Engagement. Company hereby hires and engages Ken Hoffman as a Director of its Board to perform the service listed in section 1.2. Board Member hereby accepts such engagement and agrees to render such services to Client on the terms and conditions set forth.

1.2 Services. Board Member shall provide restaurant expertise and services to Company in accordance with Appendix A, attached hereto and incorporated herein by this reference. Board Member commits to provide the necessary time and requisite resource to accomplish at minimum, the responsibilities as set forth in Exhibit A.

1.3 Indemnification. Company and Board Member agree to indemnify and hold harmless the other party from and against all damages, losses, judgments and expenses, including fines and/ or penalties imposed by law and fees and court cost, sustained or incurred by the indemnified party as a result of the breach by the other party of its covenants under this Agreement or its actions pursuant to this Agreement.

1.4 Place Where Services Will Be Rendered. The Board Member will perform services in accordance with this contract at the business location In addition to the telephone, computer, consultants office and at such other places as designated by the company or Board Member to perform these services in accordance with this agreement.

1.5 Confidentiality. The Board Member agrees that any information received by the company during any furtherance of the consultant's obligations in accordance with this contract, which concerns the personal, financial or other affairs of the company will be treated by the Board Member in full confidence and will not be revealed to any other persons, firms or organizations.

1.6 Employment of Others. The Company may from time to time request that the Board Member arrange for the services of others. All costs for those services will be paid by the Company.

2. Term

2.1 Contract Term. This agreement shall be effective in perpetuity so long as the Board Member remains a member of the Company’s Board of Directors.

3. Compensation

3.1 Fees Except as otherwise modified by this Agreement, Company shall pay to Board Member a monthly compensation of $5700. A cash fee of $4200, plus $1,500 in new issue, restricted stock. Shares to be valued at whatever share price is at the date of signing and again at the first calendar day of each month of the agreement as full and complete compensation for its services.

Project Basis: The project fee will be based on the scope of work defined in writing in Exhibit A.

  

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3.2 Out of Town Work.

3.2.1 If any out of town work is requested in writing by Client prior to taking place, then reasonable cost for, airfare, hotel, food and car rental, as needed and approved by Agency's Executive Director, shall be paid by Company within 30 days.

3.3 Payments. Payments for services shall be made in advance and on the first day of the month.

3.4 Expenses: All reasonable business related expenses to be paid by Company at the end of each calendar month (ex: day 30 and day 60). Documentation required for accounting purposes.

4. Applicable Law

4.1 This Agreement is made in the State of Florida and is to be governed by the laws of such state in all respects, including matters of validity, construction, performance and remedies.

The Undersigned parties have executed and delivered this Agreement on the day and year first written above.

Ken Hoffman (Board Member)

By: Ken Hoffman, Board Member /s/ Ken Hoffman

Date: November 12, 2010

Monkey Rock Group, Inc.

By: John Dent, CEO /s/ John Dent

Date: November 12, 2010

  

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Appendix A

The following services are to be provided:

 

	
  

	
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Help Collaborate strategy development and negotiations for acquisition targets

	
  

	
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Collaborate with management to create projections/pro-formas

	
  

	
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Collaborate with management and firm on development of operating blueprint and build out of target property(ies)

	
  

	
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Collaborate on the marketing strategy for the target property(ies) and the greater branding strategy moving forward

	
  

	
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Collaboration in the design of the Company's expansion strategy

	
  

	
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Participate in solicitation of investor/lender sources (roadshows, etc.)

	
  

	
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Identification of high quality expansion sites

	
  

	
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Serve as a Board Member for Company

3ex10-1.htm

EXHIBIT 10.1

 

PROMISSORY NOTE

	
$25,000

	
Dated: November 5, 2010

1.             Principal.  For value received, Don Marcos Trading Co., a Florida corporation (“Maker”), promises to pay to the order of Scott W. Bodenweber (“Holder”), at the address of Holder known to Maker or at such other place as Holder may from time to time designate in writing, the principal sum of $25,000 (the “Obligation”), which represents the principal amount to be advanced by Holder to Maker.

2.             Interest.  Interest on the unpaid principal amount of the Obligation outstanding from time to time shall accrue at the annualized rate of 1.0%.  Computations of interest shall be made on the basis of a 365 day year, and the actual number of days elapsed.

3.             Payments.  Maker shall pay to Holder the Obligation in the following manner:

(a)           One payment consisting of principal and interest on the Maturity Date (as defined below).

(b)           “Maturity Date” shall mean October 9, 2011.

4.             Transaction.  This Note is the promissory note issued by Maker to Holder to evidence a loan.

5.             Prepayment.  Maker shall be entitled to prepay this Note prior to the Maturity Date without premium or penalty.

6.             Applications of Payments.  Payments received by Holder pursuant to the terms hereof shall be applied in the following manner:  first, to the payment of all expenses, charges, late payment fees, costs and fees incurred by or payable to Holder and for which Maker is obligated pursuant to the terms of this Note, second, to the payment of all interest accrued to the date of such payment; and third, to the payment of principal.

7.             Events of Default.  The occurrence of any of the following events shall constitute an Event of Default hereunder

(a)           Failure of Maker to pay the principal and interest upon the Maturity Date;

(b)           Failure of Maker to pay any amount or perform any other obligation under the Agreement;

(c)           Maker shall admit in writing its inability to, or be generally unable to, pay its undisputed debts as such undisputed debts become due;

 

  

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(d)           Maker shall: (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee, examiner or liquidator of all or a substantial part of its property, (ii) make a general assignment for the benefit of its creditors, (iii) commence a voluntary case under the United States Bankruptcy Code, (iv) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement or winding-up, or composition or readjustment of debts; (v) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against him in an involuntary case under the United States Bankruptcy Code; or (vi)take any action for the purpose of effecting any of the foregoing;

(e)           A proceeding or case shall be commenced, without the application or consent of Maker, in any court of competent jurisdiction, seeking: (i) its financial reorganization, liquidation or arrangement, or the composition or readjustment of its debts; (ii) the appointment of a receiver, custodian, trustee, examiner, liquidator or the like of Maker or of all or any substantial part of its property; or (iii) similar relief in respect of Maker under any law relating to bankruptcy, insolvency, reorganization or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 30 or more days; or an order for relief against Maker shall be entered in an involuntary case under the United States Bankruptcy Code; or

(f)           A final judgment or judgments issued by a court of competent jurisdiction for the payment of money in excess of $25,000 in the aggregate (exclusive of judgment amounts fully covered by insurance where the insurer has admitted liability in respect of such judgment) or in excess of $50,000 in the aggregate (regardless of insurance coverage) shall be rendered by a one or more governmental persons having jurisdiction against Maker and the same shall not be discharged (or provision shall not be made for such discharge), or a stay of execution of the relevant judgment shall not be procured, within 30 days from the date of entry of such judgment and Maker shall not, within that 30-day period, or such longer period during which execution of the same shall have been stayed, appeal from and cause the execution of such judgment to be stayed during such appeal.

8.             Remedies; Late Payment Penalty.  Upon the occurrence of an Event of Default and without demand or notice, Holder may declare the principal amount then outstanding of, and the accrued interest on, the Obligation of Maker to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby expressly waived by Maker and Maker may exercise all rights and remedies available to it under the Agreement or any succeeding agreement).

 

  

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9.             Waiver.  Maker hereby waives diligence, presentment, protest and demand, notice of protest, dishonor and nonpayment of this Note and expressly agrees that, without in any way affecting the liability of Maker hereunder, Holder may extend any maturity date or the time for payment of any installment due hereunder, accept security, release any party liable hereunder and release any security now or hereafter securing this Note.  Maker further waives, to the full extent permitted by law, the right to plead any and all statutes of limitations as a defense to any demand on this Note, or on any deed of trust, security agreement, lease assignment, guaranty or other agreement now or hereafter securing this Note.

10.           Attorneys’ Fees; Costs.  Maker agrees to pay to Holder all costs and expenses including attorneys’ fees and costs, incurred by Holder in connection with the negotiation, preparation or execution of the loan and this Note.  If this Note is not paid when due or if any Event of Default occurs, Maker promises to pay all costs of enforcement and collection, including but not limited to, Holder’s attorneys’ fees, whether or not any action or proceeding is brought to enforce the provisions hereof.

11.           Severability.  Every provision of this Note is intended to be severable.  In the event any term or provision hereof is declared by a court of competent jurisdiction, to be illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the balance of the terms and provisions hereof, which terms and provisions shall remain binding and enforceable.

12.           Interest Rate Limitation.  Holder and Maker stipulate and agree that none of the terms and provisions contained herein or in the Agreement shall ever be construed to create a contract for use, forbearance or detention of money requiring payment of interest at a rate in excess of the maximum interest rate permitted to be charged by the laws of the State of California.  In such event, if any Holder of this Note shall collect monies which are deemed to constitute interest which would otherwise increase the effective interest rate on this Note to a rate in excess of the maximum rate permitted to be charged by the laws of the State of Nevada, all such sums deemed to constitute interest in excess of such maximum rate shall, at the option of Holder, be credited to the payment of the sums due hereunder or returned to Maker.

13.           Number and Gender.  In this Note the singular shall include the plural and the masculine shall include the feminine and neuter gender, and vice versa, if the context so requires.

14.           Headings.  Headings at the beginning of each numbered paragraph of this Note are intended solely for convenience and are not to be deemed or construed to be a part of this Note.

15.           Choice of Law.  This Note shall be governed by and construed in accordance with the laws of the State of California.  Any action to enforce this Note shall be brought in state or federal courts located in Orange County, California.

 

  

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16.           Miscellaneous.

(a)           All notices and other communications provided for hereunder shall be in writing and shall be delivered by United States mail, certified or registered, return receipt requested to the respective party at the address provided in the Agreement or otherwise provided for such purpose.

(b)           No failure or delay on the part of Holder or any other holder of this Note to exercise any right, power or privilege under this Note and no course of dealing between Maker and Holder shall impair such right, power or privilege or operate as a waiver of any default or an acquiescence therein, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  The rights and remedies herein expressly provided are cumulative to, and not exclusive of, any rights or remedies, which Holder would otherwise have.  No notice to or demand on Maker in any case shall entitle Maker to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right of Holder to any other or further action in any circumstances without notice or demand.

(c)           Maker and any endorser of this Note hereby consent to renewals and extensions of time at or after the maturity hereof, without notice, and hereby waive diligence, presentment, protest, demand and notice of every kind.

(d)           Maker may not assign its rights or obligations hereunder without prior written consent of Holder.  Subject to compliance with applicable federal and state securities laws, Holder may (i) assign all or any portion of this Note without the prior consent of Maker or (ii) sell or agree to sell to one or more other persons a participation in all or any part of the Note without the prior consent of Maker.  Upon surrender of the Note, Maker shall execute and deliver one or more substitute notes in such denominations and of a like aggregate unpaid principal amount or other amount issued to Holder and/or to Holder’s designated transferee or transferees.  Holder may furnish any information in the possession of Holder concerning Maker, or any of its respective subsidiaries, from time to time to assignees and participants (including Prospective assignees and participants).

 

  

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IN WITNESS WHEREOF, Maker has caused this Note to be duly executed and delivered as of the day and year and at the place first above written.

 

	 	 	 
MAKER:

Don Marcos Trading Co.,

a Florida corporation

 

/s/ Earl T. Shannon                                       

BY: Earl T. Shannon

ITS: President

 

 

HOLDER:

Scott W. Bodenweber

 

/s/ Scott W. Bodenweber                    

Scott W. Bodenweber, an individual

 

 

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