AMENDMENT OF REAL ESTATE MANAGEMENT
AND LEASING AGREEMENT
THIS AMENDMENT OF REAL ESTATE MANAGEMENT AND LEASING AGREEMENT
(this "AGREEMENT") is made as of the 1st day of January, 2005 between
PREIT-XXXXX, INC., successor-in-interest to THE XXXXX ORGANIZATION, INC.
("AGENT") and BELLEVUE ASSOCIATES ("OWNER").
W I T N E S S E T H:
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WHEREAS, by a Real Estate Management and Leasing Agreement
dated as of August 1, 1996 (the "MANAGEMENT AGREEMENT"), Owner employed Agent
exclusively to rent, lease, operate, and manage the Premises, as defined in the
Management Agreement, for a term of years (the "Term") as more fully set forth
in the Management Agreement and Agent is entitled to certain management fees
(the "MANAGEMENT FEE") thereunder; and
WHEREAS, Landlord and Tenant desire to modify the provisions
of the Management Agreement upon the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual promises herein
contained, the parties hereto, intending to be legally bound hereby, covenant
and agree as follows:
1. EXPIRATION DATE. The Expiration Date of the Term, as set
forth in Paragraph 1 of Exhibit B, is hereby extended from "July 31, 2001" to
"December 31, 2016."
2. MANAGEMENT FEE. The Management Fee, as set forth in
Paragraph 6 of Exhibit B, is hereby increased from "two percent (2%)" to "three
percent (3%) of gross cash income and receipts during the applicable period
received by Owner from the ownership and operation of the Premises including,
without limitation, all payments of rent of any kind including minimum rent,
percentage rent, utility income, expense reimbursement, license or concession
payments, miscellaneous income and any payments under any other revenue
contracts for the use, occupation or other utilization of space in the Premises
and insurance proceeds received by Owner in lieu of any or all of the foregoing,
excluding security deposits, unless and until applied as rent."
3. LEASING COMMISSION. The following is hereby added to the
end of Paragraph 7 (A) of Exhibit B: "Notwithstanding the foregoing, for lease
renewals, Owner shall pay to Agent a leasing commission for each lease renewal
in the amount of two percent (2%) of the total rent payable over the renewal
term, payable within twenty (20) days after the date of execution of such lease
renewal.
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4. BUDGET. The second sentence of Section 2.4 is hereby
deleted and replaced with the following: "Such budget will be due fifteen (15)
days prior to the end of each calendar year."
5. Except as herein provided to the contrary, all of the
terms, covenants, conditions and stipulations contained in the Management
Agreement shall be continued with like effect except as herein modified, until
the time of expiration of the Term, and the same is hereby ratified and
confirmed.
6. This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, successors,
administrators, successors and assigns.
IN WITNESS WHEREOF, the parties hereto, each intending to be
legally bound by this writing, have caused this Agreement to be executed the day
and year first above written.
AGENT:
PREIT-XXXXX, INC.
BY: /s/ Xxxxxx X. Xxxxxxxx
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XXXXXX X. XXXXXXXX,
PRESIDENT
OWNER:
BELLEVUE ASSOCIATES
BY: BELLEVUE, INC., ITS GENERAL PARTNER
BY: /s/ Xxxxxx Xxxxx
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XXXXXX XXXXX,
TREASURER AND SECRETARY
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