SEC Contract Filing

Filing Date: 2024-07-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>centerspace-secondamendmen.htm
<DESCRIPTION>EX-10.2
<TEXT>
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<title>Document</title></head><body><div id="i0cdbccd8e3224726b9d8acbb585c777f_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt">Execution Version</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:14.00pt">Second Amendment to Third Amended and Restated Credit Agreement</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt">This Second Amendment to Third Amended and Restated Credit Agreement (this </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:14.00pt">&#8220;Amendment&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt">) is entered into as of July 26, 2024, among CENTERSPACE, LP (f&#47;k&#47;a IRET PROPERTIES), a North Dakota limited partnership (the </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:14.00pt">&#8220;Borrower&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt">), the Guarantors party hereto, the several financial institutions party hereto, as Lenders, and BANK OF MONTREAL, as Administrative Agent.</font></div><div style="margin-top:18pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:14.00pt">Preliminary Statements</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt">&#160;&#160;&#160;&#160;A.&#160;&#160;&#160;&#160;The Borrower, the Guarantors party thereto, the Lenders party thereto, and the Administrative Agent have heretofore entered into that certain Third Amended and Restated Credit Agreement dated as of September 30, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:14.00pt">&#8220;Credit Agreement&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt">). All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.</font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt">&#160;&#160;&#160;&#160;B.&#160;&#160;&#160;&#160;The Borrower has requested that the Administrative Agent and the Lenders make certain amendments to the Credit Agreement, and the Administrative Agent and the Lenders are willing to do so pursuant to the terms below. </font></div><div style="margin-top:14pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt">&#160;&#160;&#160;&#160;C.&#160;&#160;&#160;&#160;This Amendment shall constitute a Loan Document and these Preliminary Statements shall be construed as part of this Amendment.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt">Now, Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows&#58;</font></div><div style="margin-top:16pt;padding-left:84.95pt;text-indent:-84.95pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt">Section&#160;1.&#160;&#160;&#160;&#160;Amendment to Credit Agreement.</font></div><div style="margin-top:14pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt">&#160;&#160;&#160;&#160;Subject to the satisfaction of the conditions precedent set forth in Section&#160;3 below, the Credit Agreement (including the Schedules and Exhibits thereto) shall be and hereby are amended to delete the struck text (indicated textually in the same manner as the following example&#58; </font><font style="color:#ff0000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt;text-decoration:line-through">struck text</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt">) and to add the double-underlined text (indicated textually in the same manner as the following example&#58; </font><font style="color:#0070c0;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt;text-decoration:underline">double-underlined text</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt">) as set forth in the pages of the Credit Agreement (including the Schedules and Exhibits thereto) attached as </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:14.00pt;text-decoration:underline">Annex I</font><font style="color:#000000;f