Document:

Exhibit 10.84

 

FIRST AMENDMENT TO AGREEMENT OF PURCHASE AND SALE

 

THIS FIRST AMENDMENT TO AGREEMENT OF PURCHASE AND SALE OF PARTNERSHIP INTERESTS (the "Amendment") is made this 23rd day of December, 2004 by and among Hudson Street Owners Limited Partnership I, a Delaware limited partnership (“Hudson I”), Hudson Street Owners Limited Partnership II, a Delaware limited partnership (“Hudson II”), Hudson Street Owners SPE, Inc., a Delaware corporation (“Hudson SPE”) and Hudson Street Owners SPE II, Inc, a Delaware corporation (“Hudson SPE II”) (individually, a "Seller" and collectively, the "Sellers") and MC Hudson Holding L.L.C., a New Jersey limited liability company ("Purchaser I") and MC Hudson Realty L.L.C., a New Jersey limited liability company ("Purchaser II”) (individually, a "Purchaser" and collectively, the "Purchasers").

 

	
            BACKGROUND
 

 

A.  Purchasers and Sellers entered into that certain Agreement of Purchase and Sale of Partnership Interests dated as of November 23, 2004 (the “Agreement” capitalized terms used herein without definition shall have the respective meanings ascribed thereto in the Agreement) in connection with the acquisition of the Aggregate Partnership Interests by Purchasers from Sellers subject to and in accordance with the terms and conditions set forth therein; and

 

B.  Purchasers and Sellers desire to modify the Agreement in accordance with their terms and conditions set forth below.

 

AGREEMENTS

 

The parties hereto, in consideration of the foregoing and of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, hereby agree:

 

1.          At Closing, Purchaser I shall receive a credit against the Purchase Price equal to Five Hundred Thousand and 00/100 ($500,000.00) Dollars (the “Due Diligence Credit”).    The Due Diligence Credit shall apply in full against the consideration attributable to the partnership interests owned by Hudson I.    

 

2.          In the event any unresolved notices of violations of health, safety, fire, or building laws, ordinances, codes or regulations issued by the City of Jersey City or any other governmental body with jurisdiction (collectively, “Violations”) are outstanding as of three business days prior to Closing, Purchasers and Sellers shall negotiate in good faith and expeditiously (commencing as soon as such Violations are known) to agree on the cost of remediation of such Violations prior to Closing (such negotiated agreement hereinafter referred to as the “Violations Cost”).  At the Close of Escrow, Sellers shall 

 

 

provide Purchaser I with a credit against the Purchase Price of the partnership interests owned by Hudson I equal to the sum of the agreed upon Violations Cost. If Sellers and Purchasers are unable to agree upon the Violations Cost, then such Violations Cost shall be determined by arbitration in accordance with Paragraph 7 of the Escrow Agreement.

 

3.          Prior to the Closing, the Landlord will attempt to settle or compromise any monetary defaults under the leases of Zaynah Restaurant Group, Inc. and Melito & Adolfson, P.C. (both tenants described on Exhibit D-1 of the Agreement) for amounts accrued prior to the Closing, on terms and conditions to its sole satisfaction; provided, however, that the Landlord shall not compromise any obligations that accrue after the Closing Date or alter any other Lease provision (other than the Lease provisions for pre-Closing obligations) .  All settlement payments relating to the settlement and compromise of such defaults shall inure to the sole benefit of Sellers.   With respect to the defaulted obligations of either such tenant as to which such settlement and
compromise is not achieved prior to the Close of Escrow, Section 7.2(b) of the Agreement shall govern the respective rights of the parties hereto.  Sellers shall provide to Purchasers a copy of any such settlement agreement entered into in connection with the matters described in this Paragraph 3 on or prior to the Closing.

 

4.          Hudson I represents and warrants to Purchasers that (a) no reserves (as defined or referred to in the Fox-Lance Agreement) are required to be paid to the City of Jersey City in connection with the expiration on or about December 24, 2006 or prior termination, of the tax abatement granted under the Fox-Lance Agreement on account of any state of facts in existence on or before the Closing Date, (b) no excess profits (as defined or referred to in the Fox-Lance Agreement) exist under the Fox-Lance Agreement on account of any state of facts in existence on or before the Closing Date and (c) the audited tax returns for Overlandlord for the tax years ending December 31, 1992 through tax year ending December 31, 2003 attached hereto as Exhibit B  are true, accurate and complete in all material respects. 

 

5.          The Due Diligence Period is extended through and including December 28, 2004 solely to resolve labor related issues.

 

6.          Sellers shall use best efforts to obtain for Purchasers on or prior to the Closing Date the following: (a) An executed original copy of the lease dated as of December 29, 1989 by and between Landlord and Jersey Hudson Tenant, Inc. (predecessor-in-interest to Merrill, Lynch, Pierce, Fenner and Smith) (collectively, “Merrill Lynch”), without any of the succeeding amendments; or (b) a modification to the estoppel certificate from Merrill Lynch otherwise in accordance with the requirements of Section 4.1(q) of the Agreement to provide in such estoppel certificate that Merrill Lynch initial the first page of a conformed copy of such lease and use commercially reasonable efforts to obtain such initials. Attached hereto as Exhibit C is a copy of the current draft of the Form Amendment; Purchasers
approve the current draft of the Form Amendment and acknowledge and agree that the attached Form Amendment shall supercede and replace the Form Amendment attached to the Agreement as Exhibit N.

 

 

2

 

 

7.          On or before the business day preceding the Closing Date, Sellers shall cause the law firm of Salvo Russell Fichter and Landau to render an opinion in customary form that the Agreement, as amended hereby, as well as the documents delivered to Purchasers at Closing have been duly authorized by the Sellers, that Sellers are authorized to assign the Aggregate Partnership Interests, and that Sellers have obtained all necessary partnership or corporate consents, as applicable. 

 

8.          On or before the business day preceding the Closing date, Sellers shall cause LCOR Asset Management Limited Partnership (“LAMLP”) to deliver an Estoppel and Release Agreement to Purchasers in the form attached hereto as Exhibit A.

 

9.          No Lease Commissions shall be due and payable by Purchasers in connection with the National Union Fire Insurance Company of Pittsburgh, PA lease amendment dated November 17, 2004 (the “NUFIC Lease”).    In connection with the pending Franklin Credit lease negotiation, if such lease is fully executed prior to the Closing Date in accordance with the approval requirements of the Agreement, then LAMLP shall be paid a leasing commission equal to $34,543, payable on or before the Closing Date, all of which commission shall be charged to Purchasers and (if previously paid by Sellers) credited to Sellers pursuant to Section 7.2(f) of the Agreement.  In connection with the pending Franklin Credit lease negotiation, Purchasers shall not unreasonably withhold, condition or delay its approval of such lease.  In connection with the pending Fortis
Financial lease negotiation, if such lease is fully executed prior to the Closing Date in accordance with the approval requirements of the Agreement as modified below, then LAMLP shall be paid a leasing commission equal to $21,209, payable on or before the Closing Date, all of which commission shall be charged to Purchasers and (if previously paid by Sellers) credited to Sellers pursuant to Section 7.2(f) of the Agreement. Purchasers hereby approve the current draft of the Fortis Financial lease in the form last received as of the date hereof.  The foregoing payments shall be without prejudice to the treatment of any leasing commissions due to brokers not affiliated with LAMLP or Sellers, which commissions shall continue to be governed by Section 7.2(f) of the Agreement.

 

10.            Sellers representations and warranties in the Agreement are deemed to exclude those matters known to Purchasers of which Purchasers have provided written notice to Sellers through the date of this Amendment.

 

11.            Hudson I represents and warrants to Purchasers that there is no outstanding written offer made by Landlord or on behalf of Landlord to accept surrender of the premises demised to Savenet, Inc., successor to Cylink Corporation, under the Lease dated ______, 1993, as amended.

 

12.        This Amendment may be signed in any number of counterparts, which counterparts shall be treated as originals for all purposes, and all so executed shall constitute one agreement, binding on all of the parties hereto, notwithstanding that all parties are not signatory to the same counterpart. This Amendment may be executed by facsimile which shall be deemed to have the same force and effect as original signatures.

 

3

 

 

 

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed this Agreement on the day and year first above written.

 

 

	
            PURCHASER I:
 

 

 

	
            ATTEST:
 	
            MC Hudson Holding L.L.C.,
 	
             

	
             
	
            a New Jersey limited liability company
 

 

By: Mack-Cali Realty, L.P., 

a Delaware limited partnership, its sole member

 

By: Mack-Cali Realty Corporation, 

	
            a Maryland corporation, its general partner
 

 

	
            /s/ Daniel J. Wagner
 	
            By: /s/ Roger W. Thomas
 	
             

	
            Name: Daniel J. Wagner
 	
            Name: Roger W. Thomas
 	
             

	
            Title: Assistant Secretary
 	
            Title:  Executive Vice President
 
	
             
	
            & General Counsel
 	
             

					

[Corporate Seal]

 

	
            PURCHASER II:
 

 

 

	
            ATTEST:
 	
            MC Hudson Realty L.L.C.,
 	
             

	
             
	
            a New Jersey limited liability company
 
				

 

By: Mack-Cali Realty, L.P., 

a Delaware limited partnership, its sole member

 

By: Mack-Cali Realty Corporation, 

	
            a Maryland corporation, its general partner
 

 

 

	
            /s/ Daniel J. Wagner
 	
            By: /s/ Roger W. Thomas
 	
             

	
            Name: Daniel J. Wagner
 	
            Name: Roger W. Thomas
 	
             

	
            Title: Assistant Secretary
 	
            Title:  Executive Vice President
 
	
             
	
            & General Counsel
 	
             

					

 

[Corporate Seal]

 

4

 

 

 

	
            SELLERS:
 

Hudson Street Owners Limited Partnership, I, a Delaware limited partnership        

 

 

	
            By:
 	
            /s/ Eric Eichler
 	
             

	
            Name:
 	
            Eric Eichler
 	
             

	
            Title:
 	
            Authorized Person
 
				

 

 

Hudson Street Owners Limited Partnership II, a Delaware limited partnership

 

 

	
            By:
 	
            /s/ Eric Eichler
 	
             

	
            Name:
 	
            Eric Eichler
 	
             

	
            Title:
 	
            Authorized Person
 
				

 

 

	
            [Corporate Seal]
 	
            Hudson Street Owners SPE, Inc.
 
	
             
	
            a Delaware corporation
 	
             

 

	
            By:
 	
            /s/ Eric Eichler
 	
             

	
            Name:
 	
            Eric Eichler
 	
             

	
            Title:
 	
            Authorized Person
 
				

 

 

	
            [Corporate Seal]
 	
            Hudson Street Owners SPE II, Inc.
 
	
             
	
            a Delaware corporation
 	
             

 

	
            By:
 	
            /s/ Eric Eichler
 	
             

	
            Name:
 	
            Eric Eichler
 	
             

	
            Title:
 	
            Authorized Person
 
				

 

 

 

5Exhibit 10.85

 

SECOND AMENDMENT TO AGREEMENT OF PURCHASE AND SALE

 

THIS SECOND AMENDMENT TO AGREEMENT OF PURCHASE AND SALE OF PARTNERSHIP INTERESTS (the "Amendment") is dated as of February 9, 2005 by and among Hudson Street Owners Limited Partnership I, a Delaware limited partnership (“Hudson I”), Hudson Street Owners Limited Partnership II, a Delaware limited partnership (“Hudson II”), Hudson Street Owners SPE, Inc., a Delaware corporation (“Hudson SPE”) and Hudson Street Owners SPE II, Inc, a Delaware corporation (“Hudson SPE II”) (individually, a "Seller" and collectively, the "Sellers") and MC Hudson Holding L.L.C., a New Jersey limited liability company ("Purchaser I") and MC Hudson Realty L.L.C., a New Jersey limited liability company ("Purchaser II”) (individually, a "Purchaser" and collectively, the "Purchasers").

 

 

	
            BACKGROUND
 

 

A.  Purchasers and Sellers have entered into that certain Agreement of Purchase and Sale of Partnership Interests dated as of November 23, 2004, which agreement has been amended by (i) that certain First Amendment to Agreement of Purchase and Sale dated December 23, 2004 and (ii) that certain letter agreement (the “Labor Letter”) dated as of December 28, 2004 (the agreement, as amended, is hereinafter referred to, collectively, as the “Agreement”). Capitalized terms used herein without definition shall have the respective meanings ascribed thereto in the Agreement; and

 

B.  Purchasers and Sellers desire to modify the Agreement in accordance with their terms and conditions set forth below.

 

AGREEMENTS

 

The parties hereto, in consideration of the foregoing and of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, hereby agree:

 

1.                 In connection with the defeasance (the “Defeasance”) of the Loan (as hereinafter defined) Sellers are causing Owners to enter into those documents listed on Schedule A attached hereto and made a part hereof (collectively, the “Defeasance Documents”). Purchasers hereby acknowledge receipt of the Defeasance Documents and consent to the execution thereof by Owners; provided, however, the Loan Defeasance Report to be prepared by Grant Thornton has not been finalized and will not be subject to the review or approval of Purchasers. In the event that Owners are required or requested to execute any additional documents in connection with the defeasance of the Loan, Purchasers agree to
not unreasonably withhold, condition or delay their consent to the execution of such documents by Owners. The term “Loan” shall mean that certain loan 

 

 

 

made as of December 31, 1996, made by Nomura Asset Capital Corporation (“Original Lender”) to Owners in the original principal amount of $135,000,000, which Loan has been assigned from Original Lender to LaSalle Bank National Association, as Trustee for the Asset Securitization Corporation Commercial Mortgage Pass-Through Certificates, Series 1997-MD VII (“Current Lender”).

 

2.              Sellers agree to indemnify and hold Owners, Purchasers and Purchaser Indemnified Parties harmless from and against, and agree to reimburse Owners, Purchasers and Purchaser Indemnified Parties with respect to, any and all claims, demands, causes of action, losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and court costs) suffered or incurred by Owners, Purchasers or Purchaser Indemnified Parties relating directly or indirectly to the Defeasance Documents excluding, however those claims, demands, causes of action, losses, damages, liabilities, costs and expenses relating directly or indirectly to the Defeasance Documents that arise from the actions of Purchasers or Owners to the extent Purchasers directed or caused Owners to
take such actions;  provided, however, Sellers’ aggregate liability for any claims, demands, causes of action, losses, damages, liabilities, costs and expenses arising or related to the Defeasance Documents shall be limited to the then-balance of the Post-Closing Funds maintained with Escrow Agent and the terms of revised Section 2.5 below shall govern Sellers’ liability with respect to any Defeasance Claim (as hereinafter defined). Purchasers agree to indemnify and hold Sellers and Seller Indemnified Parties harmless from and against, and, agree to reimburse Sellers and Seller Indemnified Parties with respect to, any and all claims, demands, causes of action, losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and court costs) suffered or incurred by Sellers or Seller Indemnified Parties relating directly or indirectly to the Defeasance
Documents to the extent that such claims, demands, causes of action, losses, damages, liabilities, costs and expenses arise from the actions of Purchasers or Owners to the extent Purchasers directed or caused Owners to take such actions; provided, however, Purchasers’ aggregate liability for any claims, demands, causes of action, losses, damages, liabilities, costs and expenses arising or related to the Defeasance Documents shall be limited to (i) with respect to any Defeasance Claim asserted by Sellers during the period between the date of Closing and the date which is one hundred and eighty (180) days after the Closing Date, Eight Million ($8,000,000) Dollars and (ii) with respect to any Defeasance Claim asserted by Sellers during the period between the date which is one hundred and eighty (180) days after the Closing Date and the Defeasance Payoff Date (as hereinafter defined), Six
Million ($6,000,000) Dollars; provided, however in no event shall Purchasers’ aggregate liability for all Defeasance Claims exceed Eight Million ($8,000,000) Dollars. For the purposes of this Amendment, the bankruptcy or insolvency of Purchasers, Owners, or their successors-in-interest at any time after the Closing Date shall be deemed to be an “action” of Purchasers. The term “Defeasance Claim” shall mean any claim or demand made by any party relating to the other party’s indemnity obligations with respect to the Defeasance Documents. Upon the Defeasance Payoff Date, Purchasers and Sellers shall have no further direct or indirect liability to each other under the Agreement or the Defeasance Documents with respect to any Defeasance Claims, except with respect to Defeasance Claims properly asserted in writing prior to such date.

 

 

 

 

 

3.              The last paragraph in Section 2.5 of the Agreement is hereby deleted in its entirety and the following paragraph is inserted in its place and stead: 

 

At Closing, Sellers shall direct Escrow Agent to place Eight Million ($8,000,000) Dollars (the “Post Closing Funds”) of the Purchase Price in escrow, to be held in accordance with the terms of this Agreement and the Escrow Agreement, to be available to pay any post-Closing obligations of any Seller under this Agreement or any closing document hereunder as further detailed below. In the event that unresolved written claims or demands exceeding Six Million ($6,000,000) Dollars in the aggregate (“$6,000,000 Excess Claims”) have not been made by Purchasers prior to the date which is one hundred and eighty (180) days after the Closing Date, then Purchasers and Sellers shall direct the Escrow Agent to deliver to Sellers Two Million ($2,000,000) Dollars from the Post Closing Funds.  In the event that Purchasers fail, within five (5) business days after request by Sellers to
authorize delivery of such funds, to either (i) deliver to Escrow Agent a notice authorizing the delivery of such funds to Sellers or (ii) deliver a notice to Escrow Agent and Sellers stating that Purchasers have made $6,000,000 Excess Claims prior to such one hundred and eightieth (180th) day which remain outstanding as of such date, then Sellers shall have the unilateral right to direct Escrow Agent to release such Two Million ($2,000,000) Dollars to Sellers; provided that Sellers shall provide Purchasers with a copy of any such notice delivered to Escrow Agent.  In the event that no Defeasance Claims have been made by Purchasers prior to the Defeasance Payoff Date, then Purchasers and Sellers shall direct the Escrow Agent to deliver to Sellers the balance of the Post Closing Funds. In the event that Purchasers fail, within five (5) business days after request by Sellers to authorize the release of the remaining Post Closing Funds, to either (i) deliver to Escrow Agent a notice
authorizing the delivery of the balance of the Post Closing Funds to Sellers or (ii) deliver a notice to Escrow Agent and Sellers stating that Purchasers have made a Defeasance Claim prior to the Defeasance Payoff Date which claim remains outstanding as of such date, then Sellers shall have the unilateral right to direct Escrow Agent to release the balance of the Post Closing Funds to Sellers; provided, that Sellers shall provide Purchasers with a copy of any such notice delivered to Escrow Agent.  In the event that a Defeasance Claim has been made by Purchasers prior to the Defeasance Payoff Date, such Defeasance Claim remains unresolved, and such Defeasance Claim is for less than the remaining balance of the Post Closing Funds, then Purchasers and Sellers shall authorize Escrow Agent to release to Sellers the difference obtained by subtracting the claimed amount due from the balance of the Post Closing Funds.  In the event of any disputes regarding the release of the Post Closing
Funds, such disputes shall be subject to arbitration in accordance with Section 7 of the Escrow Agreement.  Notwithstanding anything to the contrary set forth herein, Sellers and Purchasers agree that Purchasers’ sole and exclusive post-Closing recourse for a breach of a representation, warranty or covenant (including, without limitation, for any attorneys’ fees and costs and the breach of any Entity Representation or any Defeasance Claim) shall, subject to any additional limitations set forth herein, 

 

 

 

 

be limited to the then balance of the Post-Closing Funds maintained with Escrow Agent.  In the case of the representations and warranties made in (I) subsections (a) through and including (h), (p), (x), and (aa) through and including (cc) of Section 2.1, (II) subsections (a) through and including (e), (h), and (j) of Section 2.2, (III) subsections (a) through and including (e) and (h) of Section 2.3, and (IV) subsections (a) through and including (e) and (h) of subsection 2.4 (collectively, the “Entity Representations”), Sellers’ and Owners’ liability for a post-Closing breach of any Entity Representations (including, without limitation, any attorneys’ fees and costs) that is first asserted after the first anniversary of  the Closing Date but before the date that is eighteen (18) months after the Closing Date, shall be limited to the lesser of (i) Four Million
($4,000,000) Dollars and (ii) the then balance of the Post-Closing Funds maintained with Escrow Agent. Sellers and Owners shall have no liability or obligation with respect to claims first asserted after the first anniversary of the Closing Date but before the date that is eighteen (18) months after the Closing Date except (i) as provided in Section 11.4 below, (ii) with respect to any Defeasance Claims and (iii) with respect to any breach of an Entity Representation. Upon the eighteenth (18) month anniversary of the Closing Date, Sellers and Owners shall have no further direct or indirect liability under this Agreement or otherwise other than (i) for claims theretofore properly and timely made pursuant to this Section 2.5, (ii) for Defeasance Claims and (iii) as provided in Section 11.4 below.  For any claims being made against the Post Closing Funds (so long as such claims are brought prior to (i) the one (1) year anniversary of the Closing Date with respect to all claims other than
any claimed breach of an Entity Representation or any Defeasance Claim, (ii) the eighteen (18) month anniversary of the Closing Date with respect to all claims other than any Defeasance Claim and (iii) the Defeasance Payoff Date with respect to any Defeasance Claim), such claims are only payable if they are made in accordance with this Section 2.5 and exceed $100,000 in the aggregate, and in such event, the claims shall be payable from the first dollar of such claims.  Notwithstanding the foregoing, in no event shall Sellers or Owners be liable for, under this Agreement or otherwise, on account of changes in statutory, regulatory or common law after the Closing, except to the extent of insurance recoveries available to Purchaser Indemnified Parties pursuant to Section 11.4. The term “Defeasance Payoff Date” shall mean the date that Sellers and Purchasers receive a notice from N 97 MD7 Master Defeasance A LLC (“Successor Borrower”), or other evidence reasonably
satisfactory to Purchasers, advising that all of the Secured Obligations (as such term is defined in the Defeasance Documents) have been paid in full. For the purposes hereof, the Secured Obligations shall be deemed to be paid in full if Successor Borrower has (i) made the final interest and principal payment due under the Defeasance Documents and (ii) paid any and all other sums due and payable in connection with the Defeasance Documents.

 

4.              In accordance with Section 10.2 of the Agreement, Sellers hereby elect to adjourn the "Closing Date" to March 2, 2005, TIME BEING OF THE ESSENCE with respect to such Closing Date. Purchasers hereby consent to such adjournment.  Notwithstanding anything to the contrary set forth in the Agreement, the parties hereby 

 

 

 

agree that the Closing will occur in accordance with the terms of that certain Closing Instruction Letter attached hereto as Exhibit B. 

 

5.              Sellers hereby advise Purchasers that, despite using their best efforts, Sellers have been unable to either (i) locate an original copy of that certain lease dated as of December 29, 1989 (the “Merrill Lynch Lease”) by and between Landlord and Jersey Hudson Tenant, Inc. (predecessor-in-interest to Merrill Lynch, Pierce, Fenner and Smith) (“Merrill Lynch”) or (ii) have Merrill Lynch initial the first page of a conformed copy of the Merrill Lynch Lease. Purchasers hereby agree to accept a certificate signed by Hudson I attaching a true and correct copy of the Merrill Lynch Lease as full satisfaction of Sellers’ delivery requirements under the Agreement.

 

6.              In accordance with the terms of the Labor Letter, Sellers hereby notify Purchasers that Sellers have elected to deliver to Purchasers a Sellers’ CBA Indemnity (as defined in the Labor Letter).

 

7.              Sellers have advised Purchasers that the Merrill Extension will not be delivered to Purchasers until after the Defeasance has been completed in order to avoid having to obtain Current Lender’s approval of the Merrill Extension. Notwithstanding anything to the contrary set forth in Section 5.1(e) of the Agreement, Purchasers and Sellers hereby acknowledge that the Merrill Extension shall be released in accordance with the terms of that certain Escrow Agreement dated as of January 20, 2005 by and between 101 Hudson Leasing Associates, Sullivan & Cromwell LLP and Merrill Lynch,  as amended by that certain First Amendment to Escrow Agreement dated as of February 18, 2005 (the agreement, as amended, is hereinafter referred to as the “Merrill Escrow
Agreement”). Accordingly, Purchasers hereby waive the requirement that the delivery of the Merrill Extension prior to Closing be a condition precedent to Purchasers’ obligation to close so long as the Merrill Extension is delivered to Purchasers prior to Closing. 

 

8.              Purchasers hereby agree to pay for all reasonable third party fees and expenses incurred by Sellers in connection with the preparation of audited financial statements for Owners and Sellers that comply with Regulation 210.3-14 (Instruction for Real Estate Operations to be Acquired) of Regulation S-X (the “3-14 Financial Statements”) by Sellers’ accountants, KPMG LLP (“KPMG”).  Purchasers shall pay to Sellers any such fees and expenses within thirty (30) days of Sellers’ request for payment.  Sellers’ request for payment shall be accompanied by statements or invoices evidencing the fees and expenses incurred in connection with the preparation of the 3-14 Financial Statements. Purchasers’ obligations under this Paragraph 8 shall
expressly survive Closing. Sellers agree to use their commercially reasonable efforts to cause KPMG to deliver the 3-14 Financial Statements by March 15, 2005. Sellers hereby advise Purchasers that the estimated cost for the preparation of the 3-14 Financial Statements for fiscal year 2004 by KPMG is $20,000; provided, however, that such estimate shall not be binding in any respect on Sellers.

 

9.              Purchasers have requested that Sellers terminate the existing maintenance contract (the “Elevator Contract”) by and between 101 Hudson Leasing Associates and 

 

 

 

 

Otis Elevator Company (“Otis”). Sellers hereby agree to cause Linpro-CP Hudson Street Limited Partnership to send out a termination letter as of the Closing Date terminating the Elevator Contract in the form attached hereto as Exhibit A. Purchasers agree to indemnify and hold Sellers, Linpro-CP Hudson Street Limited Partnership and Seller Indemnified Parties harmless from and against, and, agree to reimburse Sellers, Linpro-CP Hudson Street Limited Partnership and Seller Indemnified Parties with respect to, any and all claims, demands, causes of action, losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and court costs) suffered or incurred by Sellers, Linpro-CP Hudson Street Limited Partnership or Seller Indemnified Parties relating directly or indirectly to the termination of the Elevator Contract. 

 

10.           Notwithstanding anything to the contrary set forth in Section 11.1(c) of the Agreement, on or before March 31, 2005, Sellers shall prepare and file with the City of Jersey City for the fiscal year 2004 the Fox-Lance operating statement together with any other Fox-Lance filings that are due on or before March 31, 2005 for the fiscal year 2004. On or before March 21, 2005, Sellers shall provide Purchasers with copies of such statements in substantially the form to be filed with the City of Jersey City; provided that such statements and other filings shall not be subject to Purchasers’ approval thereof.  On or before August 15, 2005, Sellers shall provide Purchasers with audit or accounting work papers, cash balances, income and expense statements and such other supporting
information or statements for the period beginning January 1, 2005 and ending on the Closing Date as shall be reasonably required or reasonably necessary for Purchasers to prepare the Fox-Lance operating statement required to be filed for the fiscal year 2005; provided, however, that notwithstanding the foregoing, Sellers shall not be responsible  for any unusual or unforeseeable delays with respect to any information or documentation that is prepared by Owners’ outside auditor so long as such documents and/or information are delivered no later than sixty (60) days after the foregoing deadlines.

 

11.           Notwithstanding anything to the contrary set forth in Section 11.1(c) of the Agreement, (i) on or before June 30, 2005, Sellers shall provide to Purchasers copies of the combined audited financial statements of Owners and Owners’ federal and state tax returns for the fiscal year 2004, (ii) on or before August 15, 2005, Sellers shall provide to Purchasers copies of the combined audited financial statements of Owners and Owners’ federal and state tax returns for the period beginning January 1, 2005 and ending on the Closing Date and (iii) Sellers shall provide Purchasers with the original combined audited financial statements of Owners within ten (10) days following receipt thereof from Owners but in no event later than the foregoing deadlines; provided, however, that
notwithstanding the foregoing, Sellers shall not be responsible  for any unusual or unforeseeable delays in review or approval of such financial statements by Owners’ outside auditor so long as such documents and/or information are delivered no later than sixty (60) days after the foregoing deadlines.

 

12.           With respect to the filing of the New Jersey partnership tax returns of Owners for fiscal year 2004 and Owners’ New Jersey tax liability for fiscal year 2004, 

 

 

 

 

Sellers shall file such tax returns and pay any such tax due on or before April 15, 2005 and shall provide Purchasers with copies of such returns and evidence of payment of any taxes within ten (10) business days of filing such tax returns and paying such taxes. Sellers hereby advise Purchasers that Sellers’ good faith estimate of Owners’ New Jersey tax liability for fiscal year 2004 is Two Thousand Seven Hundred ($2,700) Dollars.

 

13.           Notwithstanding anything to the contrary set forth in Section 4.1(n) and 3.1(o) of the Agreement, the terms of Exhibit C attached hereto and made a part hereof shall govern Sellers’ and LCOR Asset Management Limited Partnership’s obligations with respect to the delivery to Purchasers of accounting and financial records.

 

14.           With respect to those Fox-Lance documents listed on Exhibit D attached hereto and made a part hereof, Hudson I hereby certifies to Purchasers that it has provided Purchasers with true, correct and complete copies of those documents listed on Exhibit D.

 

15.           Sellers agree to deliver to Purchasers prior to consummation of Closing a copy of the Omnibus Consent executed by Eric Eichler on behalf of Linpro-CP Hudson Street Limited Partnership and Hudson Street Owners SPE, II, Inc.  Purchasers acknowledge receipt of a copy of a fully executed Omnibus Consent signed on behalf of Eric Eichler by Glenn Madere pursuant to that certain Special Power of Attorney dated January 14, 2005.  

 

16.           The third sentence in Section 2.1(e) of the Agreement is hereby deleted in its entirety and the following sentence shall be inserted in its place and stead:

 

”Overlandlord is a duly formed and qualified Urban Renewal Entity in accordance with the requirements of NJSA 40:55C-44.1 and 40:55C-55.1.”

 

17.           Notwithstanding anything to the contrary set forth in the Agreement, Purchasers hereby waive the requirement that Sellers provide Purchasers with a copy of the certificate of formation of the Overlandlord.

 

18.           This Amendment may be signed in any number of counterparts, which counterparts shall be treated as originals for all purposes, and all so executed shall constitute one agreement, binding on all of the parties hereto, notwithstanding that all parties are not signatory to the same counterpart. Signatures delivered by facsimile transmission shall constitute originals for all purposes of this Amendment.  

 

 

 

 

 

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed this Amendment on the day and year first above written.

 

 

	
            PURCHASER I:
 

 

	
            MC Hudson Holding L.L.C.,
 	
             

	
            a New Jersey limited liability company
 

 

By: Mack-Cali Realty, L.P., 

a Delaware limited partnership, its manager

 

By: Mack-Cali Realty Corporation, 

	
            a Maryland corporation, its general partner
 

 

	
            By: /s/ Roger W. Thomas
 	
             

	
            Name: Roger W. Thomas
 	
             

	
            Title:
 	
            Executive Vice President &
 
	
             
	
            General Counsel
 	
             

				

 

	
            PURCHASER II:
 

 

 

	
            MC Hudson Realty L.L.C.,
 	
             

	
            a New Jersey limited liability company
 

 

By: Mack-Cali Realty, L.P., 

a Delaware limited partnership, its manager

 

                                      

By: Mack-Cali Realty Corporation, 

	
            a Maryland corporation, its general partner
 

 

 

	
            By: /s/ Roger W. Thomas
 	
             

	
            Name: Roger W. Thomas
 	
             

	
            Title:
 	
            Executive Vice President &
 
	
             
	
            General Counsel
 	
             

				

 

 

 

 

 

 

 

	
            SELLERS:
 	
                Hudson Street Owners Limited Partnership, I, a Delaware limited partnership          
 

                

 

	
            By:
 	
            /s/ Peter Gilpatric
 	
             

	
            Name:
 	
            Peter Gilpatric
 	
             

	
            Title:
 	
            Authorized Person
 
				

 

 

Hudson Street Owners Limited Partnership II, a Delaware limited partnership

 

 

	
            By:
 	
            /s/ Peter Gilpatric
 	
             

	
            Name:
 	
            Peter Gilpatric
 	
             

	
            Title:
 	
            Authorized Person
 
				

 

 

	
            Hudson Street Owners SPE, Inc.
 
	
            a Delaware corporation
 	
             

 

	
            By:
 	
            /s/ Peter Gilpatric
 	
             

	
            Name:
 	
            Peter Gilpatric
 	
             

	
            Title:
 	
            Authorized Person
 
				

 

 

	
            Hudson Street Owners SPE II, Inc.
 
	
            a Delaware corporation
 	
             

 

	
            By:
 	
            /s/ Peter Gilpatric
 	
             

	
            Name:
 	
            Peter Gilpatric
 	
             

	
            Title:
 	
            Authorized Person
 
				

 

 

 

 

SIGNATURE PAGE FOR ESCROW AGENT

 

Escrow Agent hereby acknowledges that this Amendment modifies the Agreement (as such term is defined in Paragraph A of the first page of this Amendment).

 

ESCROW AGENT:

 

Commonwealth Land Title Insurance Company,

A Pennsylvania corporation

 

By: /s/ Mark S. Baillie

Name: Mark S. Baillie

Title: Vice President

 

Date of Execution: March 1, 2005

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}]]