Document:

Ex 10.9 Subordination of Mgmt

Exhibit 10.9

FHLMC LOAN NO. 940979209

SUBORDINATION OF MANAGEMENT AGREEMENT
WHEREAS, SIR ESTANCIA, LLC, a Delaware limited liability company (hereinafter referred to as Owner") is the owner of the fee simple title in that property described in Exhibit A, attached hereto and incorporated by reference herein, known as Estancia Apartments located in Tulsa, Tulsa County, Oklahoma (the "Project"); and
WHEREAS, Owner has entered into a Management Agreement dated as of June 29, 2012 (the "Management Agreement"), a copy of which is attached hereto as Exhibit B, with Steadfast Management Company, Inc., a California corporation (herein referred to as "Manager"), for the leasing and management of the Project; and
WHEREAS, Owner is in the process of assuming a loan (the "Loan") which is held by the FEDERAL HOME LOAN MORTGAGE CORPORATION (the "Lender") in the original principal amount of $20,500,000.00; and
WHEREAS, Manager has been requested to subordinate its rights under the Management Agreement to such Loan and the Lender's rights in the Project under the instruments (including a mortgage) which secure the Loan (the "Loan Documents"); 
NOW, THEREFORE, for and in consideration of the sum of One Dollar ($1.00) in hand paid by each party to the other and other good and valuable consideration, it is hereby agreed as follows:
1.    Manager does hereby subordinate all existing and future rights which it may have in and to the Project arising under the Management Agreement to the Loan and Loan Documents, and agrees that all such rights of Manager in and to the Project shall be subordinate to the Loan Documents and the interest in the Project of the Lender under the Loan Documents.
2.    Manager warrants and represents to Lender that the Owner is not in default under the Management Agreement.
3.    Notwithstanding anything to the contrary in the Management Agreement, in the event that Lender, in its sole discretion, requests termination of the Management Agreement, the Management Agreement shall terminate without penalty and be of no further force and effect as of thirty (30) days following Manager’s receipt of written notice of the intent to so terminate from Owner or Lender.

        

4.    Notwithstanding anything to the contrary in the Management Agreement, Owner may not pay and Manager may not collect a management fee in excess of three percent (3.0%) of the effective gross income (the “Excess Management Fee”) unless and until Owner has paid all operating expenses (including the management fee of three percent (3.0%) (the “Management Fee”)), monthly principal, interest, escrows, insurance, reserves or other required items or charges due under the Loan Documents.
5.    After Manager has received notice of or acquires actual knowledge of an Event of Default (a “Default Notice”) under the Multifamily Mortgage, Assignment of Rents and Security Agreement from the predecessor to Owner in favor of Lender securing the Loan (the “Security Instrument”), Manager will not be entitled to receive payment of the Excess Management Fee.  In the event that payment of the Excess Management Fee is included with payment of the Management Fee, Manager must agree that after a Default Notice, it will be entitled to retain only that part of the payment equal to the Management Fee.  Further, if Manager receives payment of the Excess Management Fee after the Default Notice, Manager agrees that such payment will be received and held in trust for Lender, to be applied to amounts due under the Security Instrument.
6.    This Agreement shall inure to the benefit of and be binding upon Owner, Manager and Lender and their respective successors and assigns.
7.    This Agreement may be executed in multiple counterparts, each of which shall constitute an original document and all of which together shall constitute one agreement.

{Signatures on next page}

        

IN WITNESS WHEREOF, the undersigned have hereunto set their hand and seal effective this 29 day of June, 2012.

OWNER:
SIR ESTANCIA, LLC, a Delaware limited 
liability company

By:  Steadfast Income Advisor, LLC
  a Delaware limited liability company
                             its Manager

    	
			
	By:
	/s/ Kevin J. Keating
	(Seal)

	Name:
	Kevin J. Keating
	 

	Title:
	Chief Accounting Officer
	 

{Signatures continued on next page}

        

MANAGER:

STEADFAST MANAGEMENT COMPANY, INC., a California corporation

	
		
	By:
	/s/ Ana Marie del Rio

	Name:
	Ana Marie del Rio

	Title:
	Vice President

[Corporate Seal]

        

Exhibit A
Legal Description
Lot 1 in Block 1 of Estancia, a subdivision in the City of Tulsa, Tulsa County, Oklahoma, according to recorded Plat No. 5938.

        

Exhibit B
Management Agreement

[Provided Separately]ex101.htm

Exhibit 10.1

 

MATURITY DATE EXTENSION

 

Reference is made to that certain Secured Promissory Note (“Note”) dated as of May __, 2012 by Genesis Biopharma, Inc. (the “Company”) in favor of ______________ (the “Holder”) in the initial principal amount of $___________.  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Note.

 

In accordance with Section 1(e) of the Note, the Holder hereby agrees that the Maturity Date of the Note is hereby extended to September 30, 2012.  However, if the Company does not obtain a similar extension from the holders of all other Notes, or if the Company defaults under any other debt or financial obligation, ceases operations or files bankruptcy, then this Note, at the Holder’s option, will accelerate and become immediately due.  The Holder represents and warrants to the Company that it has the proper authority to enter into this extension, that such extension has been duly authorized by the Holder, and that the Holder has not transferred or assigned any rights in the Note.

 

Except with respect to the extension of the Maturity Date as described above, all of the terms and conditions of the Note shall remain in full force and effect, except that all references to the “Note” shall mean and include the Note as amended hereby.

 

IN WITNESS WHEREOF, the undersigned has executed this extension this __th day of _____, 2012.

 

	  	
HOLDER

 

[FILL IN NAME]__________________

 

	  	  
	  	  
	  	
By:                                                                

Name:                                                           

Title:                                                           

	  	  
	  	  
	
AGREED AND ACCEPTED:

	  
	  	  
	
GENESIS BIOPHARMA, INC.

	  
	  	  
	  	  
	
By:                                                                

Name:                                                           

Title:ex1016.htm

AMENDMENT NO. 2 TO

 

INVESTMENT AGREEMENT

 

This AMENDMENT NO.2 TO INVESTMENT AGREEMENT (this “Amendment”) dated as of July 5, 2012 (the “Effective Date”) is entered into by and among New America Energy Corp., a Nevada corporation with its principal executive office at 3651 Lindell Rd., Ste D#138, Las Vegas, Nevada 89103 (the "Company"), and Fairhills Capital Offshore Ltd, a Cayman Islands exempted company (the "Investor"), with its principal executive officers at 245 Main Street, Suite 302, White Plains, NY 10601.

Recitals

WHEREAS, on March 28, 2012, the Company and the Investor entered into an Investment Agreement, attached hereto as Exhibit A, pursuant to which the Investor agreed to invest up to Three Million Dollars ($3,000,000) in the purchase of the Company's common stock (the “Investment Agreement”); and

WHEREAS, on may 31, 2012, the Company and the Investor entered into Amendment No. 1 to the Investment Agreement, attached hereto as Exhibit A, to amend the Investment Agreement; and

WHEREAS, the Company and the Investor seek to amend the further amend the Investment Agreement to remove language in Section 7.7 of the Investment Agreement;

NOW, THEREFORE, in consideration of the foregoing, and of the mutual representations, warranties, covenants, and agreements herein contained, the parties hereto agree as follows:

 

Agreement

 

Section 1. Defined Terms. Unless otherwise indicated herein, all terms which are capitalized but are not otherwise defined herein shall have the meaning ascribed to them in the Investment Agreement.

 

Section 2. Amendment to Investment Agreement.  The following language shall be deleted from Section 7.7 of the Investment Agreement:

 

“(unless the SEC's concerns have been addressed and Investor is reasonably satisfied that the SEC no longer is considering or intends to take such action)”

Section 3. Ratifications; Inconsistent Provisions. Except as otherwise expressly provided herein, the Investment Agreement, is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that on and after the Effective Date: (i) all references in the Investment Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder” or words of like import referring to the Investment Agreement shall mean the Investment Agreement as amended by this Amendment. Notwithstanding the foregoing to the

 

  

1

  

 

Section 4. contrary, to the extent that there is any inconsistency between the provisions of the Investment Agreement and this Amendment, the provisions of this Amendment shall control and be binding.

 

Section 5. Counterparts. This Amendment may be executed in any number of counterparts, all of which will constitute one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party.  Facsimile or other electronic transmission of any signed original document shall be deemed the same as delivery of an original.

 

[Signatures follow on next page]

 

  

2

  

IN WITNESS WHEREOF, the Fairhills Offshore Capital Ltd. and New America Energy Corp. have caused this Amendment to be duly executed as of the date first written above.

 

FAIRHILLS OFFSHORE CAPITAL LTD

By: 

/s/ Edward Bronson 

Edward Bronson

Senior Managing Member

NEW AMERICA ENERGY CORP.

By:    

        /s/ Rick Walchuk 

Rick Walchuk

Chief Executive Officer

 

  

3

  

Exhibit A

[Investment Agreement]

  

  

  

Exhibit B

[Amendment 1 to the Investment Agreement]

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