Document:

Exhibit 10.31

 

AMENDMENT
TO

 MANAGEMENT SERVICES RIGHTS CONTRIBUTION
AGREEMENT

(PORTALS
I)

 

THIS AMENDMENT TO MANAGEMENT
SERVICES RIGHTS CONTRIBUTION AGREEMENT is entered into as of November 28, 2005
by and among REPUBLIC PROPERTIES CORPORATION, a District of Columbia
corporation (“RPC”), RICHARD L. KRAMER (“Kramer”), STEVEN A. GRIGG (“Grigg”,
together with Kramer and RPC, the “General Partners”)
and REPUBLIC PROPERTY LIMITED PARTNERSHIP, a Delaware limited partnership (the “Operating Partnership”).

 

WHEREAS, the Operating
Partnership and the General Partners previously entered into that certain
Management Services Rights Contribution Agreement dated as of October 24, 2005
(the “Contribution Agreement”); and

 

WHEREAS, the Operating
Partnership and the General Partners desire to amend certain terms of the
Contribution Agreement.

 

NOW
THEREFORE, in consideration of the foregoing and the mutual covenants and
conditions set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

1.             A
new Section 1.4 shall be added to the Contribution Agreement, which shall
provide:

 

1.4           Term.   The term of this Agreement shall continue
until the one year anniversary date of the Closing (as defined in Section 5.1
below) (the “Initial Term”), and, after the
expiration of the Initial Term, this Agreement shall be renewed automatically
for successive additional terms of one (1) year each (the “Subsequent
Term”), in each case unless sooner terminated in the manner provided
in Section 6.9 hereof.

 

2.             Section
6.9 of the Contribution Agreement shall be amended and restated in its
entirety, and shall provide:

 

6.9           Termination
of Management Services Rights.

 

(a)           If
either party materially breaches any provision of this Agreement, the breaching
party shall have the right to cure such breach within thirty (30) days of
receipt of written notice from the non-breaching party specifying the nature of
the alleged breach.  If the non-breaching
party gives the notice set forth in this Section 6.9(a) and the breach is not
cured within such thirty (30) day period, then this Agreement shall be
terminated unless otherwise agreed to in writing by each of the parties hereto.

 

 

(b)           Either
the General Partners, together, or the Operating Partnership shall have the
right to terminate its obligations with respect to the Management Services
Rights upon furnishing the other party with written notice, at least ninety
(90) days prior to the expiration of the Initial Term or any Subsequent Term,
of an intent to terminate this Agreement upon the expiration of such term.

 

3.             All other provisions of the
Contribution Agreement shall continue in full force and effect in accordance
with the terms of the Contribution Agreement.

 

2

 

IN
WITNESS WHEREOF, each of the parties hereto has executed and delivered this Amended
Agreement, or caused the Amended Agreement to be duly executed and delivered on
its behalf, as of the date first set forth above.

 

 

	
   

  	
  REPUBLIC
  PROPERTIES CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven A. Grigg

  	
   

  
	
   

  	
  Name: Steven A. Grigg

  
	
   

  	
  Title: President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  REPUBLIC
  PROPERTY LIMITED

  PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
  By: Republic Property
  Trust, its General

  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark R. Keller

  	
   

  
	
   

  	
  Name: Mark R. Keller

  
	
   

  	
  Title: Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Richard L. Kramer

  	
   

  
	
   

  	
  RICHARD L. KRAMER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Steven A. Grigg

  	
   

  
	
   

  	
  STEVEN A. GRIGG

  

 

[Signature Page to Portals I Amended
Management Services

Rights Contribution Agreement]

 

 

	
   

  	
  REPUBLIC
  PROPERTY TRUST (solely for

  purposes of Section 1.3)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark R. Keller

  	
   

  
	
   

  	
  Name: Mark R. Keller

  
	
   

  	
  Title: Chief Executive
  OfficerExhibit 10.32

 

AMENDMENT
TO

MANAGEMENT
SERVICES RIGHTS CONTRIBUTION AGREEMENT

(PORTALS
II)

 

THIS AMENDMENT TO MANAGEMENT
SERVICES RIGHTS CONTRIBUTION AGREEMENT is entered into as of November 28, 2005
by and among REPUBLIC PROPERTIES CORPORATION, a District of Columbia
corporation (“RPC”), RICHARD L. KRAMER (“Kramer”), STEVEN A. GRIGG (“Grigg”,
together with Kramer and RPC, the “General Partners”)
and REPUBLIC PROPERTY LIMITED PARTNERSHIP, a Delaware limited partnership (the “Operating Partnership”).

 

WHEREAS, the Operating
Partnership and the General Partners previously entered into that certain
Management Services Rights Contribution Agreement dated as of October 24, 2005
(the “Contribution Agreement”); and

 

WHEREAS, the Operating
Partnership and the General Partners desire to amend certain terms of the
Contribution Agreement.

 

NOW THEREFORE, in consideration of the foregoing and
the mutual covenants and conditions set forth herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

1.             A
new Section 1.4 shall be added to the Contribution Agreement, which shall
provide:

 

1.4           Term.   The term of this Agreement shall continue
until the one year anniversary date of the Closing (as defined in Section 5.1
below) (the “Initial Term”), and, after the
expiration of the Initial Term, this Agreement shall be renewed automatically
for successive additional terms of one (1) year each (the “Subsequent
Term”), in each case unless sooner terminated in the manner provided
in Section 6.9 hereof.

 

2.             Section
6.9 of the Contribution Agreement shall be amended and restated in its
entirety, and shall provide:

 

6.9           Termination
of Management Services Rights.

 

(a)           If
either party materially breaches any provision of this Agreement, the breaching
party shall have the right to cure such breach within thirty (30) days of
receipt of written notice from the non-breaching party specifying the nature of
the alleged breach.  If the non-breaching
party gives the notice set forth in this Section 6.9(a) and the breach is not
cured within such thirty (30) day period, then this Agreement shall be
terminated unless otherwise agreed to in writing by each of the parties hereto.

 

 

(b)           Either
the General Partners, together, or the Operating Partnership shall have the
right to terminate its obligations with respect to the Management Services
Rights upon furnishing the other party with written notice, at least ninety
(90) days prior to the expiration of the Initial Term or any Subsequent Term,
of an intent to terminate this Agreement upon the expiration of such term.

 

3.             All other provisions of the
Contribution Agreement shall continue in full force and effect in accordance
with the terms of the Contribution Agreement.

 

2

 

IN
WITNESS WHEREOF, each of the parties hereto has executed and delivered this Amended
Agreement, or caused the Amended Agreement to be duly executed and delivered on
its behalf, as of the date first set forth above.

 

 

	
   

  	
  REPUBLIC
  PROPERTIES CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven A. Grigg

  	
   

  
	
   

  	
  Name: Steven A. Grigg

  
	
   

  	
  Title: President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  REPUBLIC
  PROPERTY LIMITED

  PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
  By: Republic Property
  Trust, its General

  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark R. Keller

  	
   

  
	
   

  	
  Name: Mark R. Keller

  
	
   

  	
  Title: Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Richard L. Kramer

  	
   

  
	
   

  	
  RICHARD L. KRAMER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Steven A. Grigg

  	
   

  
	
   

  	
  STEVEN A. GRIGG

  

 

[Signature Page to Portals II Amended
Management Services

Rights Contribution Agreement]

 

 

	
   

  	
  REPUBLIC
  PROPERTY TRUST (solely for

  purposes of Section 1.3)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark R. Keller

  	
   

  
	
   

  	
  Name: Mark R. Keller

  
	
   

  	
  Title: Chief Executive
  OfficerExhibit 10.33

 

LEHMAN BROTHERS BANK FSB.

921 North Orange Street

Wilmington, Delaware 19801

 

October 28, 2005

 

RKB
Washington Propery Fund I L.P.

Presidents
Park I LLC

Presidents
Park II LLC

Presidents
Park III LLC

1280
Maryland Avenue, S.W.

Washington,
D.C.

20024

 

Re:          Property known as Presidents Park I, II, and III in
Herndon, Virginia 

(the “Property”)

 

Dear
Mark Keller:

 

Lehman
Brothers Bank, FSB hereby issues this commitment (the “Commitment”) to make, or
cause an affiliate to make, a first mortgage loan on the Property described
above (the “Loan”) to Presidents Park I LLC, Presidents Park II LLC and
Presidents Park III LLC (collectively “Borrower”), each of which is, and shall
at the time of the closing of the Loan be, a special purpose entity indirectly
owned and controlled by RKB Washington Property Fund I L.P. (the “Sponsor”), or
its successor in interest, on the terms and subject to the conditions described
in this letter and the Mortgage Loan Terms and Conditions attached hereto as Exhibit A
(the “Term Sheet”).  Borrower and Sponsor
expressly acknowledge and agree that Lender’s
obligation to make this Loan is subject to, among other things, Lender’s
satisfactory completion of its due diligence as specified in the Term Sheet and
such other matters as Lender shall determine.

 

If
Borrower’s and Sponsor’s acceptance of this Commitment is not received by 5:00
pm, New York City time on November 2, 2005, this Commitment shall be of no
further force and effect. This Commitment shall expire on January 24, 2006
(unless extended by the mutual agreement of Borrower, Sponsor and Lender, which
agreement shall be in the sole discretion of the respective parties) by which
time the Loan must have closed or this Commitment shall be of no further force
and effect.

 

Borrower
and Sponsor represent that (i) the proposed finance transaction described
herein is not the subject of a commitment from another lender and (ii) no
other party has a right of refusal or any other option which could cause the
transaction contemplated herein not to be consummated.  Borrower and Sponsor represent and warrant to
Lender that no broker(s), agent(s) or finder(s) retained or engaged by
Borrower, Sponsor, or any affiliate thereof

 

 

arranged for this Commitment
or were otherwise involved in any manner in the financing or any aspect
thereof.

 

This Commitment, together with the attachments hereto,
and that certain letter agreement dated the date hereof between Sponsor,
Borrower, Republic Properties Corporation, RKB Washington Property Fund I, L.P.,
Republic Property Trust and Lehman Brothers Inc. (the “IPO Letter”), contains
the entire agreement between Borrower, Sponsor and Lender, and any other
agreements shall be deemed to have merged herewith.  The Commitment is for the benefit only of the
parties hereto and their respective affiliates and no third party shall have
any interest herein or in the proceeds of the Loan.  This Commitment and the proceeds thereof are
not assignable by Borrower or Sponsor to any other person, entity or
corporation without Lender’s written consent; provided, however, that this
Commitment may be assigned by Sponsor to Republic Property Trust (“RPT”), a
Maryland real estate investment trust that has been formed to succeed to the
assets and operations of Sponsor, in connection with the consummation of the
initial public offering of common shares of RPT, or to Republic Property
Limited Partnership (“RPLP”), provided that RPT is the sole general partner
thereof and RPLP has succeeded to the assets and operations of the Sponsor, in
which event the Assignee shall become the Sponsor.  The terms and provisions of this Commitment
cannot be waived or modified except in writing and signed by Borrower, Sponsor
and Lender.  Except for the immediate
preceding paragraph and any provisions concerning fees and expenses, the terms
of this Commitment shall not survive the closing of the Loan.  This Commitment may be executed in
counterpart, each of which when executed and delivered shall be an original and
together shall constitute one and the same instrument.  This Commitment shall be governed and
construed in accordance with the laws of the State of New York, without regard
to principles of conflicts of laws.  Each
party hereto hereby submits to the exclusive jurisdiction of the courts of the
State of New York for any legal action or proceeding resulting from the
transaction contemplated herein.  This
Commitment has been negotiated, issued and accepted in New York City, New York.  Each party hereto hereby waives its right to
a trial by jury.

 

Please indicate your acceptance of the matters set
forth herein by signing in the place provided below and returning the executed
Commitment, together with the executed IPO Letter,  to Steve Hentschel at Lehman Brothers, 399
Park Avenue, 8th Floor, New York, New York 10022 or via facsimile transmission
to (646) 758-4460, and delivering the Application Deposit in the amount of
$100,000.00 and a portion of the Origination Fee in the amount of $620,000.00
by wire transfer as provided in the Term Sheet prior to 5:00 PM New York City
time on November 2, 2005.  Please contact
Steve Hentschel at (212) 526-3762 if you have any further questions regarding
this Commitment.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  Lehman Brothers Bank FSB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ken Cohen

  	
   

  
	
   

  	
   

  	
  Name: Authorized Signatory

  

 

 

By
its signature below, the undersigned hereby unconditionally accepts the
Commitment in accordance with the terms and conditions set forth herein and
further agrees that the Loan will be accepted by the undersigned upon the terms
and conditions set forth herein.

 

 

	
   

  	
  Presidents
  Park I LLC

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Mark Keller

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Mark Keller

  
	
   

  	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  	
  Telephone:

  
	
   

  	
   

  	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
  Presidents
  Park II LLC

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Mark Keller

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Mark Keller

  
	
   

  	
   

  	
   

  	
  Title:President

  
	
   

  	
   

  	
   

  	
  Telephone:

  
	
   

  	
   

  	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
  Presidents
  Park III LLC

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Mark Keller

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Mark Keller

  
	
   

  	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  	
  Telephone:

  
	
   

  	
   

  	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
  RKB Washington Property Fund I L.P., by RKB

  Washington Property Fund I LLC, its general

  partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Mark Keller

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
  Telephone:

  
	
   

  	
   

  	
   

  	
  Facsimile:

  

 

 

Please
provide us with the name, address and telephone number of your counsel in the
space below:

 

Eleanor Zappone, Esquire (202-857-6273) (FAX: 202-857-6395)

Joseph M. Fries, Esquire (202-857-6156)

Arent Fox PLLC

1050 Connecticut Avenue, N.W.

Washington, D.C. 20036

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