Document:

THIRD AMENDMENT AND ASSIGNMENT TO

SEVENTH AMENDMENT TO 

RESTATED AND AMENDED PURCHASE AGREEMENT

 

This Seventh Amendment and Assignment to Restated and Amended Purchase Agreement ("Seventh Amendment") is effective as of the /9th/ of May, 2006, between MILLWORKS TOWN CENTER, LLC, an Ohio limited liability company ("Purchaser"), and THE KIRK & BLUM MANUFACTURING COMPANY, an Ohio corporation ("Seller").

WITNESSETH:

WHEREAS, Seller and Trademark Property Company entered into that certain Restated and Amended Purchase Agreement dated June 20, 2005, as amended by that certain First Amendment to Restated and Amended Purchase Agreement dated July 15, 2005 and the Second Amendment to Restated and Amended Purchase Agreement dated September 14, 2005; Seller, Trademark Property Company and Purchaser entered into the Third Amendment and Assignment to Restated and Amended Purchase Agreement dated October 20, 2005; Seller and Purchaser entered into the Fourth Amendment to Restated and Amended Purchase Agreement dated December 29, 2005; Seller and Purchaser entered into the Fifth Amendment to Restated and Amended Purchase Agreement dated March 1, 2006; and Seller and Purchaser entered into the Sixth Amendment to Restated and Amended Purchase Agreement dated April 21, 2006  (as amended, the "Agreement"), covering the sale of two (2) separate parcels of land, as more particularly described therein (unless otherwise defined herein, all defined terms in this Seventh Amendment will have the same meaning as in the Agreement); and 

WHEREAS, Purchaser and Seller have previously agreed that the Closing of Parcel A was extended to occur on or before May 15, 2006;

NOW, THEREFORE, for good and valuable consideration -- which the parties acknowledge receiving -- Seller and Purchaser hereby agree as follows:

	Closing of Parcel A is extended until on or before May 29, 2006, notwithstanding anything in the Agreement to the contrary. 

	Purchaser may extend Closing of Parcel A until on or before June 12, 2006 by delivering to Seller a nonrefundable, but fully applicable to the purchase price, payment of Two Hundred Thousand Dollars ($200,000.00) on or before May 26, 2006 (the "First Delayed Closing Fee").  Purchaser may further extend Closing of Parcel A until on or before June 30, 2006 by delivering to Seller an additional  nonrefundable, but fully applicable to the purchase price, payment of Two Hundred Fifty Thousand Dollars ($250,000.00) on or before June 12, 2006 (the "Second Delayed Closing Fee").

Except as specifically modified by the terms of this Seventh Amendment, all of the terms and provisions of the Agreement shall remain in full force and effect and unmodified and are hereby ratified by the parties.

This Agreement may be executed in any number of counterparts, each of which will be an original, and all of which -- when taken together -- will constitute one (1) document.  Facsimile signatures will be treated as original signatures for all purposes hereunder.  

 

(signature blocks on following page)

EFFECTIVE as of the day and year first above written.

 

 

 
PURCHASER:MILLWORKS TOWN CENTER, LLC,
an Ohio limited liability company

 

By:/s/Kent Arnold

Name:/Kent Arnold/

Its:/Managing Member/

 

 

 

SELLER:THE KIRK & BLUM MANUFACTURING COMPANY, 
an Ohio corporation

 

By:/s/Dennis W. Blazer

Name:/Dennis W. Blazer/

Its:/Treasurer/Exhibit 10.23

    
      

    

     

    

      Exhibit
        10.23

      

      

      KEYBANK
        NATIONAL ASSOCIATION

      1200
        Abernathy Road, NE

      Suite
        1550

      Atlanta,
        Georgia 30328

      

      As
        of May
        8, 2006

      

      Hartman
        REIT Operating Partnership, L.P.

      and
        Hartman REIT Operating Partnership III, L.P.

      1450
        West
        Sam Houston Parkway North

      Suite
        100

      Houston,
        Texas 77043

      Attn:
        Terry Henderson

      

       

      
        	Re:	
                Waiver
                  and Amendment No. 1

                Hartman
                  REIT Operating Partnership, L.P. and Hartman 

                REIT
                  Operating Partnership III, L.P. Revolving Credit
                  Facility

              

      

      

      

      Dear
        Terry:

      

      Reference
        is made to that certain Revolving Credit Agreement with respect to the financing
        of up to $50,000,000 (as from time to time amended and in effect, the “Loan
        Agreement”), dated as of March 11, 2005, among KeyBank National Association
        (“KeyBank” or the “Agent”) and certain other financial institutions acting as
        lenders thereunder (the “Lenders”) in connection with the revolving credit
        facilities provided to Hartman REIT Operating Partnership, L.P. and Hartman
        REIT
        Operating Partnership III LP (together, the “Borrower”). Capitalized terms not
        defined herein shall have the meanings set forth in the Loan Agreement.

      

      You
        have
        informed us that the Borrower has failed to comply with and observe the
        covenants contained in Section 9.6 of the Loan Agreement with respect to
        Distributions for the annual rolling four-quarter period ending December
        31,
        2005 (the “Distributions Default”), which such failure constitutes an “Event of
        Default” under Section 14.1(c) of the Loan Agreement.

      

      
        
          
          

        

        
           

          
            

          

        

        
          
          

        

      

      You
        have
        requested on behalf of the Borrower that the Lenders waive the foregoing
        Distributions Default under the Loan Agreement and reset the Distributions
        test
        under the Loan Agreement through the period ending December 31, 2006. This
        Waiver
        and Amendment No. 1 will
        confirm that the Agent and the Lenders are willing to waive the Distributions
        Default and, effective for any Distributions test under Section 9.6 for the
        fiscal quarters ending on or after March 31, 2006 through December 31, 2006,
        the
        annual Distributions limitation shall be as follows: (i) for the rolling
        four
        quarter periods ending on March 31, 2006 and June 30, 2006, declared
        Distributions shall not exceed 107% of “funds from operations”; (ii) for the
        rolling four quarter period ending on September 30, 2006, declared Distributions
        shall not exceed 104% of “funds from operations”; and (iii) for the rolling four
        quarter period ending on December 31, 2006, declared Distributions shall
        not
        exceed 100% of “funds from operations”. Thereafter, commencing with the rolling
        four quarter period ending March 31, 2007, the declared Distributions shall
        not
        exceed 95% of “funds from operations”, in accordance with the Loan
        Agreement.

      

      This
        is a
        one-time waiver only, and does not constitute a waiver of (i) any breach
        of the
        Loan Agreement other than the initial Distributions Default, or (ii) any
        of the
        Agent’s or Lenders’ rights and remedies with respect to such other or subsequent
        Defaults or Events of Default. Other
        than as expressly set forth above, the Loan Agreement remains unmodified
        and in
        full force and effect. 

      

      This
        Waiver and Amendment No. 1 shall be a Loan Document and any breach by the
        Borrower of the terms set forth herein shall be an immediate Event of Default
        under Section 14.1(c) thereof. This Waiver and Amendment No. 1 shall be governed
        by and construed in accordance with the laws of the Commonwealth of
        Massachusetts, without giving effect to any provisions relating to conflicts
        of
        laws.

      

      

      [Signature
        Page(s) Attached]

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      If
        you
        are in agreement with the foregoing, please execute and return to the Agent
        a
        copy of this Waiver and Amendment No. 1. This Waiver and Amendment No. 1
        supersedes all of our prior letters and communications to you, if any, regarding
        the subject matter hereof.

      

      
        	 	
                Sincerely,

              
	 	 
	 	
                KEYBANK
                  NATIONAL ASSOCIATION, 

              
	 	
                as
                  AGENT

              
	 	 
	 	 
	 	
                By:  /s/
                  Meredith Hall

              
	 	
                Meredith
                  Hall

              
	 	
                Title:  Vice
                  President

              
	 	 

      

      

      Agreed
        and accepted:

      

      

      

      
        	
                HARTMAN
                  REIT OPERATING PARTNERSHIP, L.P.

              
	 
	
                By:
                   Hartman
                  Commercial Properties REIT,

              
	
                its
                  sole general partner

              
	 
	
                By:  /s/
                  Allen R. Hartman 

              
	
                Allen
                  R. Hartman, President

              
	 

      

      

      

      
        	
                HARTMAN
                  REIT OPERATING PARTNERSHIP III LP 

              
	 
	
                By:     
                  Hartman
                  REIT Operating Partnership III GP LLC, a Texas limited
                  liability

                          
                  company, its sole general partner

              
	
                By:     
                  Hartman
                  REIT Operating Partnership, L.P., a

                                          
                  Delaware
                  limited partnership, its sole member

              
	
                 

                                       
                  By:     Hartman
                  Commercial Properties REIT, a 

                                              
                     Maryland
                  real estate investment trust, its sole general 

                                                 
                  partner

                 

                                               
                  By:
                    /s/
                  Allen R. Hartman 

                  Allen
                  R. Hartman, President

              
	 

      

      
 

       

       

       

      -3-

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