Document:

Exhibit 10.67

EXHIBIT 10.67

SIXTH AMENDMENT TO 

PURCHASE AND SALE AGREEMENT 

THIS SIXTH AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is made as of December
9, 2008, between 180 N. LASALLE II, L.L.C., a Delaware limited liability company (“Seller”), and
YPI 180 N. LASALLE OWNER, LLC, a Delaware limited liability company (“Buyer”).

WITNESSETH:

WHEREAS, Seller and Buyer (as assignee of Younan Properties, Inc.) entered into that certain
Purchase and Sale Agreement dated as of August 12, 2008 (the “Original Agreement”), as amended by
that certain First Amendment to Purchase and Sale Agreement dated as of August 29, 2008 (the “First
Amendment”), that certain Second Amendment to Purchase and Sale Agreement dated as of September 3,
2008 (the “Second Amendment”), that certain Third Amendment to Purchase and Sale Agreement dated as
of September 30, 2008 (the “Third Amendment”), that certain Fourth Amendment to Purchase and Sale
Agreement dated as of October 15, 2008 (the “Fourth Amendment”), and that certain Fifth Amendment
to Purchase and Sale Agreement dated as of November 20, 2008 (the “Fifth Amendment”; the Original
Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth
Amendment and the Fifth Amendment, is hereinafter referred to as the “Agreement”), relating to the
purchase and sale of certain property commonly known as 180 North LaSalle Street, Chicago,
Illinois, and more particularly described in the Agreement (the “Property”); and

WHEREAS, Seller and Buyer desire to further amend certain terms and conditions of the
Agreement as set forth herein;

AGREEMENT:

NOW, THEREFORE, in consideration of the foregoing recitals, the agreements set forth herein
and other good and valuable consideration, the receipt and sufficiency of which are acknowledged,
the Seller and Buyer hereby agree to amend and modify the Agreement as follows:

1. Capitalized Terms. All capitalized terms not separately defined in this Amendment
bear the respective meanings given to such terms in the Agreement.

2. Extension of Scheduled Closing Date. The Scheduled Closing Date, as set forth in
Section 1.1 of the Agreement, is hereby extended to (a) February 18, 2009, or (b) such earlier date
as Buyer may select by providing Seller with written notice specifying the date on which Buyer
seeks to close, provided that (i) such date shall be not less than fifteen (15) days after the
date of such notice, (ii) the two (2)calendar days immediately preceding such date shall be
Business Days, (iii) such date shall be reasonably acceptable to Seller, and (iv) in no event shall
such date be later than February 18, 2009. Unless expressly stated to the contrary, all references
in the Agreement to the Scheduled Closing Date shall be deemed to refer to the date set forth in
the preceding sentence.

 

 

 

3. Extension Consideration. In consideration for the Seller’s agreement to further
extend the Scheduled Closing Date, Buyer agrees to pay to Seller, or to any affiliate of Seller
that Seller may designate by written notice to Buyer, an amount (the “Extension Payment”) equal to
fifty percent (50%) of the amount of property management fees paid to any property manager retained
by Buyer (whether or not such property manager is affiliated with Buyer) for property management
services at the Property (but excluding any other fees such as construction management fees,
leasing commissions, asset management fees and disposition and refinancing fees), at market rates
of not less than 3% of gross revenues, for the period commencing on the Closing Date and continuing
until the earlier of (i) the date Buyer sells the Property to a non-affiliated third party
purchaser in a bona fide arms-length transaction, or (ii) two (2) calendar years after the Closing
Date (the “Payment Period”). The Extension Payment shall be paid to Seller on a monthly basis at
the same time that such property manager receives its fee for managing the Property and shall be
prorated for any partial months within the Payment Period. Seller shall not have the right to
record a memorandum of the agreements contained in this Section 3 against the Property. In the
event Seller files any action or suit against Buyer or any successor owner of the Property to
enforce Buyer’s obligations hereunder, Seller shall be entitled to recover its fees as provided in
Section 18.3 of the Original Agreement. The obligations of Buyer under this Section 3 shall
survive the Closing and the delivery of the Deed and shall not be subject to the limitations set
forth in Section 13.3 of the Original Agreement unless the Closing fails to occur, in which case
the limitations set forth in Section 13.3 of the Original Agreement shall apply.

4. Performics Vacancy Credit. The parties acknowledge that, notwithstanding anything
to the contrary contained in the Agreement, including, without limitation, the Fifth Amendment, due
to the extension of the Scheduled Closing Date beyond December 31, 2008, Buyer shall no longer be
entitled to any credit at Closing in connection with lost rent relating to the Performics vacancy.

5. Full Force and Effect. Each party acknowledges that to its knowledge as of the
date of this Amendment there are no defaults on the part of the other party which would entitle it
to fail to close on the Scheduled Closing Date or to be entitled to a further adjustment of the
Purchase Price. The Agreement, as supplemented and amended by this Amendment, remains in all
respects in full force and effect. In the event of a conflict between the provisions of the
Agreement and the provisions of this Amendment, the provisions of this Amendment shall be
controlling. Additionally, all references in the Agreement or this Amendment to the Agreement
(including references to “herein” or “therein”) shall mean and refer to the Agreement as modified
hereby.

 

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6. Counterparts. This Amendment may be executed in any number of counterparts, each
of which will be deemed to be an original and all of which, taken together, shall constitute one
and the same instrument.

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above
written.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	BUYER:	 	YPI 180 N. LaSalle Owner, LLC, a Delaware limited

 liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	[s] Zaya S. Younan	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: Zaya S. Younan	 	 
	 	 	 	 	Title:   President	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	SELLER:	 	180 N. LASALLE II, L.L.C., a Delaware
 limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	180 N. LaSalle Holdings, L.L.C.,
a Delaware

 limited liability company,
its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	PGRT Equity II LLC, a Delaware limited

liability company, its administrative member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Prime Group Realty, L.P., a Delaware limited partnership,
its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	Prime Group Realty Trust, a 
Maryland real estate
investment trust, its sole

general partner	 	 

	 	 	 	 	 	 	 
	 

	 	By:

 
	 	[s] Jeffrey A. Patterson
 

Name: Jeffrey A. Patterson
	 	 
	 

	 	 
	 	Title:   President and CEO	 	 

 

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JOINDER

Younan Properties, Inc. hereby joins in the execution of this Sixth Amendment to Purchase and Sale
Agreement to acknowledge its agreement with the provisions thereof.

Dated: December 9, 2008

	 	 	 	 	 	 	 
	 	 	YOUNAN PROPERTIES, INC.,
a California corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	[s] Zaya S. Younan
 

	 	 
	 

	 	 
	 	Name: Zaya S. Younan	 	 
	 

	 	 
	 	Title:   President	 	 

 

5Exhibit 10.68

Execution Version

EXHIBIT 10.68

SECOND AMENDMENT TO LOAN AGREEMENT

THIS SECOND AMENDMENT TO LOAN AGREEMENT among PGRT ESH, Inc., a Delaware corporation (the
“Borrower”), Lightstone Holdings LLC, a Delaware limited liability company (“Lightstone Holdings”),
David Lichtenstein (together with Lightstone Holdings, the “Guarantors,” and collectively with the
Borrower, the “Loan Parties”), and Citicorp USA, Inc., a Delaware corporation (the “Lender”), is
made as of December 31, 2008.

W I T N E S S E T H :

WHEREAS, the Borrower and the Lender are parties to the Amended and Restated Loan Agreement
dated as of June 6, 2008, as amended by the First Amendment to Loan Agreement (the “First
Amendment”) dated as of October 31, 2008 (the “Loan Agreement”; the terms defined therein being
used herein as therein defined);

WHEREAS, each of the Guarantors guaranteed the liabilities and obligations of the Borrower
under the Loan Agreement on the terms and conditions set forth in an Amended and Restated Guaranty
dated June 6, 2008, each as amended by the First Amendment to Amended and Restated Guaranty dated
as of October 31, 2008 by each of the Guarantors in favor of the Lender; and

WHEREAS, the Loan Parties and the Lender have executed a letter agreement dated the date
hereof pursuant to which the Lender and the Loan Parties have agreed to make certain amendments to
the First Amendment.

SECTION 1. Amendment to Loan Agreement. Effective as of the date hereof, Section
2.2.4 of the Loan Agreement is amended by deleting “December 31, 2008” each time it appears and
substituting “January 30, 2009” therefor.

SECTION 2. Reference to and Effect on the Loan Documents.

(a) Upon the effectiveness of this Amendment, on and after the date hereof, each reference in
the Loan Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” and words of like import,
and such words or words of like import in each reference in the other Loan Documents, shall mean
and be a reference to the Loan Agreement as amended hereby.

(b) Except as specifically amended hereby, all of the terms and provisions of the Loan
Agreement and the other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed.

(c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any right, power or remedy of the Lender under any of the Loan Documents or constitute a waiver
of any provision of any of the Loan Documents, nor shall anything contained herein be deemed to
prejudice the exercise by the Lender of any or all its rights and remedies under the Loan
Documents.

 

 

 

(d) Except as specifically amended hereby, all of the terms and provisions of the Loan
Agreement and the other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed.

(e) This Amendment shall be deemed to be a Loan Document for all purposes.

(f) This Amendment is subject to Section 8.4 of the Loan Agreement.

SECTION 3. Execution in Counterparts. This Amendment may be executed in
counterparts, each of which when so executed and delivered shall be deemed to be an original, and
all of which taken together shall constitute one and the same instrument. This Amendment may be
executed and delivered by telecopier or other electronic means with the same force and effect as if
the same was a fully executed and delivered original manual counterpart.

[Remainder of page intentionally left blank]

 

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	 	 	PGRT ESH, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	[s] David Lichtenstein	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	David Lichtenstein

Chairman	 	 

AGREED TO AND ACCEPTED AS

OF THE DATE FIRST SET FORTH ABOVE:

Lender

CITICORP USA, INC.

	 	 	 	 	 
	By:

	 	[s] Diana Yusan
 

Diana Yusun
	 	 
	 

	 	Director	 	 

Guarantors

	 	 	 
	[s] David Lichtenstein
 

David Lichtenstein

	 	 

LIGHTSTONE HOLDINGS LLC

	 	 	 	 	 
	By:

	 	[s] David Lichtenstein
 

David Lichtenstein
	 	 
	 

	 	Managing Member	 	 

Signature page to Second Amendment

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