Document:

AMENDMENT TO LEASE AGREEMENT

Exhibit 10.36

AMENDMENT TO LEASE AGREEMENT

DORAL BUILDING

 

AGREEMENT made this 13th day of  February 2002 by and between EL MONTE PROPERTIES S.E., hereinafter referred to as the LANDLORD, herein represented by its Agent, Interstate General Properties Limited Partnership S.E., herein represented by Ms. Margarita Rivera Roman, Assistant Vice President Commercial Leasing, and INTERSTATE GENERAL PROPERTIES LIMITED PARTNERSHIP S.E., herein represented by its President, Mr. Carlos R. Rodriguez, hereinafter referred to as the TENANT.

WITNESSETH

That the Lease Agreement dated September 24th, 1997, between the parties hereto (hereinafter referred to as the Lease), covering an area of 9,595 square feet of space marked Office #700 at the 7th floor of the Interstate General Building, as more fully shown in said Lease, for a term that expired on October 31, 2001.

WHEREAS, the parties now wish to extend the Lease Agreement for an additional period of five (5) years commencing November 1, 2001, and terminating October 31, 2006.

NOW THEREFORE, in consideration of the extension of the Lease Agreement and for other valuable consideration, the parties do hereby agree as follows:

FIRST:  The reference in paragraph pertaining to "FIXED MINIMUM MONTHLY RENT" of the Lease, to the Demised Premises is hereby amended to read as follows:

THAT THE FIXED MINIMUM MONTHLY RENT WILL BE:

	 	
Rate/

Sq.Ft.
	
Base

Rent

	 	 	 
	
From November 1, 2001 to October 31, 2003
	
$22.50
	
$17,990.63

	
From November 1, 2003 to October 31, 2004
	
$23.00
	
$18,390.42

SECOND:  The reference in paragraph pertaining to "Pro Rata Share" and "total rentable area of office space in the building" of the Lease, to the Demised Premises is hereby amended to read as follows:

Total rentable area-65,298 square feet

Pro Rata Share-14.6942%

THIRD:  Except as modified herein, the parties hereto hereby certify and confirm all the terms and covenants of the Lease which shall remain in full force and effect, and the Lease and this instrument shall be construed and read as one instrument.

IN WITNESS WHEREOF, the said Landlord and Tenant have each duly executed this instrument as the day and year first above written.

	
INTERSTATE GENERAL PROPERTIES

LIMITED PARTNERSHIP, S.E.
	
INTERSTATE GENERAL PROPERTIES

LIMITED PARTNERSHIP, S.E.

	
As Managing Agent
	 
	
El Monte Properties S.E.
	 
	
a Puerto Rico Special Partnership
	 
	 	 
	
By:  /s/ Margarita Rivera Roman
	
By:  /s/ Carlos R. Rodriguez

	
       Margarita Rivera Roman
	
       Carlos R. Rodriguez

	
       Assistant Vice President
	
       President

	
           (Landlord)
	
            (Tenant)STATE DEPA~TME T 0 ASS 3&~II'IT~

Exhibit 10.37

CERTIFICATE

OF LIMITED PARTNERSHIP

OF

VILLAGE LAKE APARTMENTS LIMITED PARTNERSHIP

 

The undersigned, being desirous of forming a limited partnership pursuant to the laws of the State of Maryland, does hereby certify as follows:

ARTICLE I

The name of the limited partnership is VILLAGE LAKE APARTMENTS LIMITED PARTNERSHIP (the "Partnership").

ARTICLE II

The character of the business to be conducted by the Partnership is to acquire land in the St. Charles Communities, Charles County, Maryland (the "Land"); to construct on the Land a residential apartment project proposed to be comprised of dwelling units and related facilities and services (the "Project"); to obtain financing for the purchase of the Land and construction of the Project; to hold, own and mortgage the Land, the Project and the improvements thereon; and to manage, operate, lease, alter and improve the Land, the Project and the improvements thereon.

ARTICLE III

The location of the principal place of business of the Partnership is at 222 Smallwood Village Center, St. Charles, Maryland 20602, Kimberly H. Carroll, whose address is 222 Smallwood Village Center, St. Charles, Maryland 20602, shall be the resident agent for service of process on the Partnership.

ARTICLE IV

The name and place of residence of the General Partner are Interstate Business Corporation, 222 Smallwood Village Center, St. Charles, Maryland 20602,

ARTICLE V

The term of the Partnership shall commence on the date of the filing of this Certificate of Limited Partnership and shall continue until December 31, 2032 unless sooner terminated upon the occurrence of one or more of the following events:

(a)The death, dissolution, retirement, insanity or bankruptcy of the General Partner and the failure of the Limited Partner within ninety (90) days after such event to elect in writing to continue the business of the Partnership, and if there is no General Partner, to designate one or more persons to be a substitute General Partner or General Partners.

(b)Consent to such termination by the General Partner and the Limited Partner.

(c)The sale or taking in condemnation or by eminent domain of all or substantially all of the Project.

(d)Any event which, as a matter of law, would result in the dissolution and termination of the Partnership.

(e)December 31, 2032.

ARTICLE VI

Upon the death, dissolution, retirement, insanity or bankruptcy of the General Partner, the Partnership shall be dissolved and terminated unless within 90 days after such event the Limited Partner shall elect to continue the business of the Partnership and designate one or more persons to be a substitute General Partner or General Partners.

ARTICLE VII

The Partnership is authorized to execute a Note and Mortgage in order to secure a loan to be insured by the Secretary of Housing and Urban Development and to execute a Regulatory Agreement and other documents required by the Secretary in connection with such loan. Any incoming partner shall as a condition of receiving an interest in the Partnership property agree to be bound by the Note, Mortgage and Regulatory Agreement and other documents required in connection with the FHA-insured loan to the same extent and on the same terms as the other Partners. Upon any dissolution, no title or right to possession and control of the Project, and no right to collect the rents therefrom shall pass to any person who is not bound by the Regulatory Agreement in a manner satisfactory to the Secretary.

IN WITNESS WHEREOF, the undersigned has duly made, sworn to, signed, executed and acknowledged this Certificate of Limited Partnership this17th day of May, 1991.

 

	

WITNESS

/s/ D. Dennis O'Connor

	
GENERAL PARTNER:

INTERSTATE BUSINESS CORPORATION,

a Delaware limited partnership

By:  /s/ Charles E. Stuart

Name:  Charles  E. Stuart

Title:  Senior Vice President

 

COUNTY OF CHARLES)

STATE OF MARYLAND)

I hereby certify that on this 17th day of May, 1991, before the subscriber, a Notary Public in and for the State and County aforesaid personally appeared Charles E. Stuart, Senior Vice President of Interstate Business Corporation, and on behalf of said corporation did acknowledge the foregoing instrument to be the act and deed of Interstate Business Corporation.

 

 

	
/s/ Martha Haupt

Notary Public

My Commission Expires:

2/1/93UBE~1 655 FII1

Exhibit 10.38

FIRST AMENDMENT

TO

CERTIFICATE OF LIMITED PARTNERSHIP

OF

VILLAGE LAKE APARTMENTS LIMITED PARTNERSHIP

This FIRST AMENDMENT TO CERTIFICATE OF LIMITED PARTNERSHIP OF VILLAGE LAKE APARTMENTS (this "Amendment") is made and entered into as of the 13 day of May, 1992.

WHEREAS, the undersigned (the "General Partner") and one or more other parties (collectively, the "Limited Partners"), as of May 17, 1991, formed a limited partnership known as Village Lake Apartments Limited Partnership (the "Partnership"), pursuant to the laws of the State of Maryland, and caused their Certificate of Limited Partnership of Village Lake Apartments Limited Partnership (the "Certificate") to be filed among the partnership records of the Maryland State Department of Assessments and Taxation on May 28, 1991; and

WHEREAS, the General Partner and Limited Partners desire to amend the Certificate as set forth herein.

NOW, THEREFORE, in consideration of the foregoing which is incorporated herein by reference as if fully restated, and for and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the General Partner and Limited Partners have agreed as follows:

1. Article V of the Certificate is hereby amended to read as follows:

The term of the Partnership shall commence on the date of the filing of this Certificate and shall continue until December 31, 2040 unless sooner terminated upon the occurrence of one or more of the following events:

(a)The death, dissolution, retirement, insanity or bankruptcy of the General Partner and the failure of the Limited Partner within ninety (90) days after such event to elect in writing to continue the business of the Partnership, and if there is no General Partner, to designate one or more persons to be a substitute General Partner or General Partners.

(b)Consent to such termination by the General Partner and the Limited Partner.

(c)The sale or taking in condemnation or by eminent domain of all or substantial1y all of the Project.

(d)Any event which, as a matter of law, would result in the dissolution and termination of the Partnership.

(e)December 31, 2040.

2. Article VII of the Certificate is hereby amended by adding the following at the end thereof;

Notwithstanding any other provision in this Certificate, so long as the Property is encumbered by a mortgage insured by FHA, the Partnership shall not, without the prior written consent of HUD (i) change the term of the partnership, (ii) be voluntarily dissolved, or (iii) amend the Certificate of Limited Partnership. HUD's written consent sha11 not be unreasonably withheld and shall be deemed granted if HUD has not transmitted its written denial within twenty (20) days after receipt of a written request for consent. In the event that any provision of this Certificate conflicts with any provision(s) of the Regulatory Agreement, the Regulatory Agreement provision(s) shall control.

IN WITNESS WHEREOF, the undersigned has duly made, sworn to, signed, executed and acknowledged this Amendment as of the date first set forth above.

	

WITNESS

By:  /s/ D. Dennis O'Connor

Print:  D. Dennis O'Connor
	
GENERAL PARTNER:

INTERSTATE BUSINESS CORPORATION,

a Delaware corporation

By:  /s/ J. Michael Wilson

Print: J. Michael Wilson

Title: Vice President

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