SEC Contract Filing

Filing Date: 2019-10-08

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>a19-19667_1ex10d3.htm
<DESCRIPTION>EX-10.3
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.3<a name="Exhibit10_3_085747"></a></font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDMENT TO</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INDUSTRIAL PROPERTY OPERATING PARTNERSHIP LP</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A DELAWARE LIMITED PARTNERSHIP</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS AMENDMENT</font></b> (this &#147;<b>Amendment</b>&#148;) to the Second Amended and Restated Limited Partnership Agreement of Industrial Property Operating Partnership LP, a Delaware limited partnership (the &#147;<b>Operating Partnership</b>&#148;), is entered into on or about October&nbsp;7, 2019, but shall be effective as of January&nbsp;1, 2019 (the &#147;<b>Effective Date</b>&#148;), by and among (a)&nbsp;Industrial Property Trust,&nbsp;Inc., a Maryland corporation (&#147;<b><u style="font-weight:bold;">General Partner</u></b>&#148;), (b)&nbsp;the Operating Partnership and (c)&nbsp;Industrial Property Advisors Group LLC, a Delaware limited liability company (&#147;<b><u style="font-weight:bold;">Special OP Unitholder</u></b>&#148;).&nbsp;The General Partner, Operating Partnership and the Special OP Unitholder are collectively referred to herein as the &#147;<b><u style="font-weight:bold;">Parties</u></b>&#148; and each a &#147;<b><u style="font-weight:bold;">Party</u></b>.&#148;</p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">W I T N E S S E T H</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS</font>, the Parties are parties to that certain Second Amended and Restated Limited Partnership Agreement of Industrial Property Operating Partnership LP dated August&nbsp;14, 2015 (the &#147;<b><u style="font-weight:bold;">Agreement</u></b>&#148;), which is amended hereby;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS</font>, on August&nbsp;20, 2019, General Partner, Prologis, L.P., a Delaware limited partnership (&#147;<b><u style="font-weight:bold;">PLD</u></b>&#148;), and Rockies Acquisition LLC, a Delaware limited liability company and a wholly-owned subsidiary of PLD, entered into an Amended and Restated Agreement and Plan of Merger (&#147;<b><u style="font-weight:bold;">Merger Agreement</u></b>&#148;) pursuant to which General Partner has elected to engage in an asset sale with PLD and its affiliates, rather than a merger of Rockies Acquisition LLC with and into General Partner, and the board of directors of General Partner has unanimously approved the Asset Sale (as defined below), the Merger Agreement and the other transactions contemplated by the Merger Agreement;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS</font>, the Merger Agreement provides for the sale of substantially all of General Partner&#146;s assets to PLD through (i)&nbsp;two mergers (each, a &#147;<b><u style="font-weight:bold;">Merger</u></b>&#148; and collectively the &#147;<b><u style="font-weight:bold;">Mergers</u></b>&#148;) of Rockies Acquisition LLC or newly formed Delaware limited liability companies that are wholly owned subsidiaries of PLD or an affiliate of PLD with and into newly formed, wholly owned subsidiaries of IPT Real Estate Holdco LLC, a Delaware limited liability company and indirect