ADMINISTRATION AND ADVISORY AGREEMENT AMONG LEX-WIN CONCORD LLC, WRP MANAGEMENT LLC AND WRP SUB-MANAGEMENT LLC Dated as of August 2, 2008
AMONG
LEX-WIN
CONCORD LLC,
WRP
MANAGEMENT LLC
AND
WRP
SUB-MANAGEMENT LLC
Dated as
of August 2, 2008
THIS AGREEMENT, made as of
August 2, 2008, among LEX-WIN
CONCORD LLC, a Delaware limited liability company (“Lex-Win”), WRP MANAGEMENT LLC, a Delaware
limited liability company (“Management”), and
WRP SUB- MANAGEMENT LLC,
a Delaware limited liability company (the “Administrative
Manager”)
WITNESSETH:
WHEREAS, Lex-Win is the
managing member of Concord Debt Holdings LLC, a Delaware limited liability
company an entity which is in the business of originating and
acquiring for their own account whole loans, subordinate interests in whole
loans, mezzanine loans and other fixed income real estate
investments;
WHEREAS, Management is a
wholly-owned subsidiary of Lex-Win and pursuant to that certain Collateral
Management Agreement between Concord Real Estate CDO 2006-1, Ltd. (“CDO 2006-1”)
and Management (the “Collateral Management Agreement”), Management has been
retained as the collateral manager for CDO 2006-1;
WHEREAS, Lex-Win and
Management desire to retain the Administrative Manager for the purpose of
providing day-to-day management, collateral management and administrative
services to Lex-Win and Management as described herein on the terms and
conditions hereinafter set forth;
NOW, THEREFORE, in
consideration of the premises and of the mutual agreements herein set forth, the
parties hereto agree as follows:
ARTICLE
I
DEFINITIONS
1.1 Definitions. As used in this
Agreement, the following terms have the meanings set forth below.
“Administrative
Manager” – WRP Sub-Management LLC, a Delaware limited liability
company.
“Cause” –
means: (i) the Administrative Manager’s continuous and intentional
failure to perform its duties under this Agreement after written notice from
Lex-Win or Management to the Administrative Manager of such non-performance;
(ii) the Administrative Manager commits any act of gross negligence in the
performance of its duties under this Agreement; (iii) the Administrative Manager
commits any act of fraud, misappropriation of funds, or embezzlement against the
Company; (iv) the Administrative Manager commits any other willful and
intentional misconduct which is materially injurious to Lex-Win or Management,
monetarily or otherwise; or (v) the Administrative Manager defaults in the
performance or observance of any material term, condition or covenant contained
in this Agreement to be performed or observed on its part, and such default
continues for a period of twenty (20) days after written notice thereof
from Lex-Win or Management specifying such default and requesting that the same
be remedied within such twenty (20) day period; provided, however, the
Administrative Manager shall have an additional sixty (60) days to cure
such default if (A) such default cannot reasonably be cured within twenty
(20) days but can be cured within eighty (80) days, and (B) the
Administrative Manager shall have commenced to cure such default within the
initial twenty (20) day period and thereafter diligently proceeds to cure
the same within eighty (80) days of the date of the original notice of the
default.
“Code” -
Internal Revenue Code of 1986, as amended.
“Company”
– means collectively, Lex-Win, Management and their respective direct and
indirect subsidiaries including, without limitation, Concord and its
subsidiaries.
“Concord”
– means Concord Debt Holdings LLC and all of its direct and indirect
subsidiaries and other entities for which it directly or indirectly serves as
the controlling entity.
“Concord Operating Agreement” – means
that certain Second Amended and Restated Limited Liability Company Agreement of
Concord Debt Holdings LLC, dated August 2, 2008, as the same may be amended or
supplemented from time to time.
"Control" - means the direct or
indirect ownership of at least 51% of the beneficial equity interests and voting
power of an entity.
“Exchange
Act” - Securities Exchange Act of 1934, as amended.
“GAAP” – means generally accepted
accounting principles in the United States of America as of the date
applicable.
“Lex-Win Operating Agreement” – means
that certain Limited Liability Company Agreement of Lex-Win, dated August 2,
2008, as the same may be amended or supplemented from time to time.
“Loan
Asset” - means a loan or participations therein (whether mortgage or mezzanine
loans), preferred equity in entities holding, directly or indirectly, real
property, mortgage backed securities or other assets acquired directly or
indirectly by Lex-Win or Concord for which the Administrative Manager provides
acquisition services to a Person other than the equity holders of Concord or
their affiliates.
“Person”
- any individual, corporation, partnership, joint venture, limited liability
company, estate, trust, unincorporated association, any federal, state, county
or municipal government or any bureau, department or agency thereof and any
fiduciary acting in such capacity on behalf of any of the
foregoing.
“Securitized Entities” – means
collateralized debt obligations, collateralized mortgage backed securities and
similar securitized entities established by Concord.
“SOX” - The Xxxxxxxx-Xxxxx Act of
2002.
ARTICLE
II
RETENTION
OF ADVISOR
Subject
to the terms and conditions hereinafter set forth, Lex-Win and Management hereby
retain the Administrative Manager as its exclusive agent to manage, operate and
administer the assets, liabilities and business of Lex-Win and Management and
the Administrative Manager hereby agrees to perform each of the duties set forth
herein in accordance with the provision of this Agreement. By its
execution and delivery of this Agreement, the Administrative Manager represents
and warrants that (i) it is duly organized, validly existing, in good standing
under the laws of the state of Delaware and has all requisite power and
authority to enter into and perform its obligations under this Agreement, (ii)
the person signing this Agreement for the Administrative Manager is duly
authorized to execute this Agreement on the Administrative Manager’s behalf,
(iii) the execution and delivery of this Agreement by the Administrative
Manager and the performance by the Administrative Manager of its obligations
hereunder do not violate any provisions of the Administrative Manager’s
constituent documents, constitute a breach or default by the Administrative
Manager under any material agreement to which the Administrative Manager is a
party or cause the Administrative Manager to violate any Federal or New York
law, regulation or rule applicable to the Administrative Manager.
ARTICLE
III
RESPONSIBILITIES
OF ADVISOR
3.1 General
Responsibility. Subject to the supervision of Lex-Win and
Management, the terms of the Collateral Management Agreement and the Concord
Operating Agreement and the limitations on the Administrative Manager’s
authority set forth in the Lex-Win Operating Agreement, the Administrative
Manager shall:
(i) have
the authority to take all such actions on behalf of Lex-Win as has been granted
pursuant to Section 3.4 of the Lex-Win Operating Agreement,
(ii)
provide all services, perform all duties and take all other actions as may be
required for Management to comply with the terms of the Collateral Management
Agreement;
(iii)
provide executive and administrative personnel, office space and office services
required in rendering services to Lex-Win and Management; and
(iv) take
all such other action as may be delegated to it by Lex-Win consistent with the
foregoing.
3.2 Authority. The
Administrative Manager shall have full discretion and authority pursuant to this
Agreement to perform the duties and services specified in Section 3.1 hereof in
such manner as the Administrative Manager reasonably considers appropriate
subject to the terms and restrictions contained in the Lex-Win Operating
Agreement. The Administrative Manager may execute, in the name and on
behalf of Lex-Win all such documents and take all such other actions which the
Administrative Manager reasonably considers necessary or advisable to carry out
its duties hereunder.
3.3 [intentionally
omitted]
3.4 Reporting
Requirements. The Administrative Manager shall prepare and
deliver to Lex-Win all reports as may be required by the terms of the Lex-Win
Operating Agreement or the Concord Operating Agreement. As frequently
as the Administrative Manager may deem necessary or advisable, or at the
direction of Lex-Win, the Administrative Manager shall prepare, or cause to be
prepared, with respect to any investment (i) reports and information on the
Company’s operations and asset performance and (ii) other information
reasonably requested by Lex-Win.
3.5 Devotion
of Time;
Exclusivity. The Administrative Manager will provide a
management team to deliver the administration and advisory services to Lex-Win
and Management hereunder, with the members of such management team devoting such
of their time to such services as the Administrative Manager deems reasonably
necessary and appropriate for the proper performance of all of the
Administrative Manager’s duties hereunder, commensurate with the level of
activity of the Company from time to time. Lex-Win and Management
shall have the benefit of the Administrative Manager’s reasonable judgment and
effort in rendering services and, in furtherance of the foregoing, the
Administrative Manager shall not undertake activities which, in its reasonable
judgment, will substantially adversely affect the performance of its obligations
under this Agreement.
3.6 Bank
Accounts. At the direction of Lex-Win or Management, the
Administrative Manager may establish and maintain as an agent on behalf of
Lex-Win, Management or Concord, as the case may be, one or more bank accounts in
the name of such entity (any such account, a “Company Account”), collect and
deposit funds into any such Company Account and disburse funds from any such
Company Account, under such terms and conditions as Lex-Win or Management may
approve. The Administrative Manager shall from time-to-time render appropriate
accountings of such collections and payments to Lex-Win and Management and, upon
request, its auditors.
3.7 Book and
Records; Confidentiality.
(i) Records. The Administrative
Manager shall maintain appropriate books of account, records data and files
(including without limitation, computerized material) (collectively, “Records”)
relating to the Company and the investments generated or obtained by the
Administrative Manager in performing its obligations under this Agreement, and
such Records shall be accessible for inspection by representatives of Lex-Win at
any time during normal business hours. The Administrative Manager shall have
full responsibility for the maintenance, care and safekeeping of all
Records.
(ii)
Confidentiality The
Administrative Manager shall keep confidential any nonpublic information
obtained in connection with the services rendered under this Agreement and shall
not disclose any such information (or use the same except in furtherance of its
duties under this Agreement), except with (i) the prior written consent of
Lex-Win; (ii) to legal counsel, accountants and other professional advisors;
(iii) to appraisers, financing sources and others in the ordinary course of the
Company’s business; (iv) to governmental officials having jurisdiction over the
Company; (v) in connection with any governmental or regulatory filings of the
Company or disclosure or presentations to Company investors; or (vi) as required
by law or legal process to which the Administrative Manager or any Person to
whom disclosure is permitted hereunder is a party. The foregoing shall not apply
to information which has previously become available through the actions of a
Person other than the Administrative Manager not resulting from Administrative
Manager’s violation of this Section 3.7(b). The provisions of this Section
3.7(b) shall survive the expiration or earlier termination of this Agreement for
a period of one year.
3.8 Obligations of
Administrative Manager; Restrictions.
(i) Internal Control. The
Administrative Manager shall (i) establish and maintain (and require property
managers and other contractors to establish and maintain) a system of internal
accounting and financial controls (including, without limitation, internal
controls to safeguard records and to permit the Company and/or its equity
holders to comply with the Exchange Act and SOX designed to provide reasonable
assurance of the reliability of financial reporting, the effectiveness and
efficiency of operations and compliance with applicable laws, (ii) maintain
records for each Company investment on a GAAP basis, (iii) develop accounting
entries and reports required by the Company to meet its reporting requirements
under applicable laws, (iv) consult with Lex-Win with respect to proposed or new
accounting/reporting rules identified by the Administrative Manager or Lex-Win
and (v) prepare quarterly and annual financial statements as provided in the
Lex-Win Operating Agreement and Concord Operating Agreement and general ledger
journal entries and other information necessary for the Company’s compliance
with applicable laws, including the Exchange Act, Regulation S-X and SOX, in
accordance with GAAP and cooperate with the Company’s and/or its equity holders
independent accounting firm in connection with the auditing or review of such
financial statements, the cost of any such audit or review to be paid by the
Company.
(ii)
Management Letters. The
Administrative Manager shall provide to Lex-Win as soon after the end of each
quarter or year as may be reasonably requested (within deadlines required for
Lex-Win to comply with applicable legal requirements) by Lex-Win, a completed
management questionnaire letter, in such form as Lex-Win may reasonably request
in response to applicable legal requirements, on accounting, reporting, internal
controls and disclosure issues in support of any management representation
letter to be issued by Lex-Win or its equity holders to their respective
independent accounting firm.
(iii)
Restrictions. The
Administrative Manager shall refrain from any action that, in its sole judgment
made in good faith, (i) is not in compliance with the investment guidelines and
policies in effect from time to time, (ii) would adversely affect the status of
Lex-Win or Concord or any equity holder of Lex-Win or Concord as a REIT or its
exclusion from status as an investment company under the Investment Company Act,
or (iii) would violate any law, rule or regulation of any governmental body or
agency having jurisdiction over the Company or that would otherwise not be
permitted by the Company’s governing documents. If the Administrative Manager is
ordered to take any such action by Lex-Win or Management, the Administrative
Manager shall promptly notify Lex-Win of the Administrative Manager’s judgment
that such action would adversely affect such status or violate any such law,
rule or regulation or governing documents. Notwithstanding the foregoing, the
Administrative Manager, its directors, managers, officers, members and employees
shall not be liable to Lex-Win, Management, Concord, or their respective equity
holders for any act or omission by the Administrative Manager, its directors,
managers, officers, members or employees taken in good faith or except as
provided in Section 4.1.
ARTICLE
IV
INDEMNIFICATION
4.1 Indemnity.
(i)
Lex-Win and Management shall indemnify and hold harmless the Administrative
Manager, and its members, officers, affiliates, agents and employees, from and
against any and all liability, claims, demands, expenses and fees, fines, suits,
losses and causes of action of any and every kind or nature arising from or in
any way connected with the performance by the Administrative Manager of its
obligations under this Agreement, other than any liability, claim, demand,
expense, fee, suit, loss or cause of action arising from or in any way connected
with (i) any acts of the Administrative Manager, or its members, officers,
affiliates, agents or employees, outside the scope of the authority of the
Administrative Manager under this Agreement unless such person acted in good
faith and reasonably believed that his conduct was within the scope of authority
of the Administrative Manager under this Agreement except for claims by the
Administrative Managers’ employees relating to terms and conditions of their
employment, or (ii) the gross negligence, willful misconduct or material breach
of this Agreement or the violation of applicable laws by the Administrative
Manager, its members, officers, affiliates, agents or employees. In addition,
Administrative Manager and any sub-advisor retained by Administrative Manager
shall be named as an additional insured on all policies of insurance maintained
by or for the benefit of the Company including, without limitation, the
Commercial General Liability, Comprehensive Automobile Liability, Umbrella and
Excess Liability Insurance policy. Certificates of Insurance evidencing
compliance with the provisions of the immediately preceding sentence shall be
furnished to the Administrative Manager on request.
(ii) The
Administrative Manager shall indemnify and hold harmless Lex-Win and Management
and its directors, officers, affiliates, agents and employees, from and against
any and all liability, claims, demands, expenses and fees, fines, suits, losses
and causes of action of any and every kind or nature arising from third party
actions and connected with the performance by the Administrative Manager of its
obligations under this Agreement to the extent caused by (i) any acts of the
Administrative Manager, or its members, officers, affiliates, agents or
employees, outside the scope of the authority of the Administrative Manager
under this Agreement unless such person acted in good faith and reasonably
believed that his conduct was within the scope of authority of the
Administrative Manager under this Agreement, (ii) the gross negligence, willful
misconduct or material breach of this Agreement or the violation of applicable
laws by the Administrative Manager, its members, officers, affiliates, agents or
employees or (iii) claims by the Administrative Managers’ employees relating to
terms and conditions of their employment.
4.2 Additional
Costs; Survival. The obligation to indemnify set forth in
Section 4.1 above shall include the payment of reasonable attorneys’ fees and
investigation costs, as well as other reasonable costs and expenses incurred by
the indemnified party in connection with any such claim. At the
option of, and upon receipt of notice from, the indemnified party, the
indemnifying party shall promptly and diligently defend any such claim, demand,
action or proceeding. The provisions of Sections 4.1 and 4.2 hereof
shall survive the expiration or earlier termination of this
Agreement.
ARTICLE
V
COMPENSATION
The
Administrative Manager agrees to accept from Lex-Win and Management the
compensation set forth in this Article V as full and complete consideration for
all services to be rendered by the Administrative Manager pursuant to this
Agreement. Except as hereinafter provided, neither the Administrative
Manager nor any of its affiliates shall be entitled to receive any other fees or
compensation relating to the Company or its properties, including but not
limited to leasing commissions, acquisition fees, disposition fees or loan
fees.
5.1 Base
Management Fee. The Administrative Manager shall be entitled
to receive a base management fee equal to five (5) basis points multiplied by
the total assets of the Company based on the weighted average of such assets
during each calendar quarter and based on the cost of the Company’s assets less
any principal payments on such assets, which amount shall be paid quarterly
within 15 days of the end of each calendar quarter or as soon thereafter as the
calculation provided for in this Section 5.1 can be determined.
5.2 Origination
Fee. The Administrative Manager shall be entitled to receive a
fee equal to the actual fee paid to originators of Loan Assets which fee shall
be based on the Company’s approved budget, it being acknowledged that the
initial budgeted amount is not to exceed 50 basis points of the gross amount of
the applicable Loan Asset, and will be paid within 10 days of the date on which
the Loan Asset giving rise to such fee is acquired by
Concord.
5.3 Expense
Reimbursement. The Administrative Manager shall be reimbursed
for its actual out-of-pocket expenses incurred by the Administrative Manager in
providing the services hereunder which shall include all costs associated with
employee benefits and workers compensation insurance for employees dedicated
solely to the business of the Company, salaries of all employees dedicated
solely to the business of the Company (other than those deemed loan originators
which are compensated pursuant to Section 5.2 hereof) which are provided for in
the annual budget or which may be otherwise approved by Lex-Win and Management,
office expenses, travel and other day-to-day operating expenses.
5.4 Other
Services. Other than as specifically provided in this
Agreement, or as approved in writing by Lex-Win, the Administrative Manager
shall not be compensated by the Company for services rendered to the
Company. The Administrative Manager shall disclose to Lex-Win the
terms of any sub-contracting arrangement entered into by the Administrative
Manager with third parties with respect to the services to be provided by the
Administrative Manager hereunder.
ARTICLE
VI
EXPENSES
6.1 Expenses
Paid by Administrative Manager. Without regard to the amount
of compensation received hereunder by the Administrative Manager, the
Administrative Manager shall bear the following expenses:
(i) rent,
telephone, utilities, office furniture, equipment and machinery and other office
expenses of the Administrative Manager and the Company; and
(ii) administrative expenses relating to
performance by the Administrative Manager of its duties hereunder other than
payments to third parties as provided in Section 6.2.
6.2 Expenses
paid by the Company. The following expenses relating to the operation and
management of the Company shall be paid by Lex-Win and Management:
(i)
Underwriting, brokerage, listing, reporting, registration and other fees, and
printing, engraving and other expenses and taxes incurred in connection with the
issuance, distribution, transfer, trading, registration and securities exchange
or quotation system listing of the Company’s securities or debt
obligations;
(ii)
Fees, other compensation and expenses paid to independent advisors, consultants
and other agents engaged by or on behalf of the Company;
(iii) The
costs associated with the establishment and maintenance of any credit facilities
and other indebtedness of the Company (including commitment fees, accounting
fee, legal fees, closing costs, etc.);
(iv)
Third party expenses directly connected with the acquisition, disposition,
ownership and operation of assets acquired by the Company;
(v)
Issuance and transaction costs incident to the acquisition, disposition and
financing of investments;
(vi)
Third party expenses connected with payments of dividends or interest or
distributions in cash or any other form made to beneficiaries of the
Company;
(vii) All
third party expenses connected with SOX compliance and communications to the
equity holders of the Company;
(viii)
Transfer agent’s, registrar’s and indenture trustee’s fees and
charges;
(ix)
Legal, investment banking, and external
accounting, auditing and tax return preparation fees and expenses;
(x) The
cost of the liability insurance to indemnify the Company’s directors and
officers;
(xi) All
expenses in connection with communication to holders of the Company’s securities
and in complying with the continuous reporting and other requirements of the
Securities and Exchange Commission and other governmental bodies and in
connection with meetings of equity holders; and
(xii) All
expenses relating to membership of the Company in any trade or similar
association.
ARTICLE
VII
TERM
OF AGREEMENT; TERMINATION
7.1 Term. This
Agreement shall become effective on the date hereof and shall continue in force
for an initial period to expire on December 31, 2009, and thereafter shall be
renewable annually automatically renewed for successive one-year periods unless
terminated in accordance with the provisions of this Agreement.
7.2 Right of
Termination. This Agreement may be terminated (i) by either
party at any time and for any reason or no reason at all upon 45 days’ prior written
notice to the other party or (ii)
immediately for Cause.
7.3 Termination
Fee. Upon termination of this Agreement, the Administrative
Manager shall be entitled only to payment of all earned and unpaid fees and
expenses through the date of termination.
7.4 Continued
Responsibility. Notwithstanding termination of this Agreement
as provided above, the Administrative Manager agrees to use its best efforts in
the performance of its duties under this Agreement until the effective date of
the termination of this Agreement.
7.5 Responsibilities
upon Termination. Upon termination of this Agreement, the
Administrative Manager shall forthwith deliver the following to Lex-Win and
Management, as applicable, on the effective date of termination:
(i) A
final accounting reflecting the balance of funds held on behalf of the Company
as of the date of termination;
(ii) All
files, records, documents and other property of any kind relating to the
Company, including, but not limited to, computer records, contracts, leases,
warranties, bank statements, rent rolls, employment records, plans and
specifications, inventories, correspondence, tenant records, receipts, paid and
unpaid bills or invoices, maintenance records; and
(iii) Agreements
to terminate all property management, construction management and other
agreements with affiliates of the Administrative Manager and third parties
retained on a subcontracting basis by the Administrative Manager, in each case,
with respect to the services to be provided by the Administrative Manager
hereunder.
ARTICLE
VIII
MISCELLANEOUS
PROVISIONS
8.1 Notice. Any
notice required or permitted under this Agreement shall be in writing and shall
be given by being delivered to the following addresses or fax numbers of the
parties hereto:
To
Lex-Win or Management:
Lex-Win Concord LLC
WRP Management LLC
Two
Xxxxxxx Xxxxx
Xxxx X
Xxxxx 000
Xxxxxxx,
Xxx Xxxx 00000
Telephone No.: (000)
000-0000
Telecopier No.: (000)
000-0000
Attention: Xxxxx
Xxxxxxxxx
With a
copy to: Lexington Realty Trust
Xxx Xxxx Xxxxx
Xxxxx 0000
Xxx Xxxx, Xxx
Xxxx 00000
Telephone No.: (000)
000-0000
Telecopier No.: (000)
000-0000
Attention: Xxxxxx
Xxxxxxxxx
To the
Administrative Manager:
WRP Sub-management LLC
Two Xxxxxxx Xxxxx
Xxxx X
Xxxxx 000
Xxxxxxx,
Xxx Xxxx 00000
Telephone No.: (000)
000-0000
Telecopier No.: (000)
000-0000
Attention: Xxxxxxx X.
Xxxxxx
or to
such other address or fax number as may be specified from time to time by such
party in writing.
8.2 No Joint
Venture. Nothing in this
Agreement shall be construed to make Lex-Win, Management and the Administrative
Manager partners or joint venturers or impose any liability as such on either of
them.
8.3 Release
of Money or Other Property upon Written Request. The
Administrative Manager agrees that any money or other property of the Company
held by the Administrative Manager under this Agreement shall be held by the
Administrative Manager as custodian for the Company, and the Administrative
Manager’s records shall be clearly and appropriately marked to reflect the
ownership of such money or other property by the Company. Upon the receipt by
the Administrative Manager of a written request signed by a duly authorized
officer of Lex-Win requesting the Administrative Manager to release to the
Company any money or other property then held by the Administrative Manager for
the account of the Company under this Agreement, the Administrative Manager
shall release such money or other property to the Company within a reasonable
period of time, but in no event later than thirty (30) days following such
request. The Administrative Manager, its directors, officers, managers and
employees will not be liable to the Company, the Administrative Manager any of
their directors, officers, stockholders, managers, owners or partners for any
acts or omissions by the Company in connection with the money or other property
released to the Company in accordance with the terms hereof. Lex-Win
and Management shall indemnify the Administrative Manager and its Affiliates,
officers, directors, members, employees, agents and successors and assigns against any and all expenses, losses, damages,
liabilities, demands, charges and claims of any nature whatsoever which arise in
connection with the Administrative Manager’s release of such money or other
property to the Company in accordance with the terms of this
Section 9.3.
8.4 Entire
Agreement; Amendment. This Agreement contains the entire
agreement of the parties hereto with respect to the subject matter
hereof. This Agreement shall not be amended or modified in any
respect unless agreed to in writing by the parties hereto.
8.5 Governing
Law. This Agreement shall be construed, interpreted and
applied in accordance with, and shall be governed by, the laws of the State of
New York without reference to principles of conflicts of law.
8.6 Arbitration. Any
dispute or controversy between the Administrative Manager or any of its
employees and Lex-Win, Management or any of their affiliates arising in
connection with this Agreement, any amendment thereof, or the breach thereof
shall be determined and settled by arbitration in New York, New York, by a panel
of three arbitrators in accordance with the rules of the American Arbitration
Association. Any award rendered therein shall be final and binding
upon the parties, their affiliates and the their respective legal
representatives and judgment may be entered in any court having jurisdiction
thereof. The expenses of such arbitration shall be paid by the party against
whom the award shall be entered, unless otherwise directed by the arbitrators.
8.7 Assignment. This
Agreement may not be assigned by any party hereto without the prior written
consent of the other parties hereto; provided, however, that the Administrative
Manager shall be permitted to assign this Agreement or any of its rights
hereunder, and delegate any and all of its responsibilities and obligations
hereunder, to an affiliate of Administrative Manager, provided that the
Administrative Manager shall be fully responsible to us for all errors or
omissions of such assignee.
8.8 Binding
Nature of Agreement; Successor and Assigns. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective heirs, personal representatives, successors and permitted assigns as
provided in this Agreement.
8.9 Indulgences,
Not Waivers. Neither the failure nor any delay on the part of
a party to exercise any right, remedy, power or privilege under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of
any right, remedy, power or privilege preclude any other or further exercise of
the same or of any other right, remedy, power or privilege, nor shall any waiver
of any right, remedy, power or privilege with respect to any occurrence be
construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and
is signed by the party asserted to have granted such waiver.
8.10 Titles
Not to Affect Interpretation. The titles of sections,
paragraphs and subparagraphs contained in this Agreement are for convenience
only, and they neither form a part of this Agreement nor are they to be
used in the construction or interpretation of this Agreement.
8.11 Execution
in Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original as against any
party whose signature appears thereon, and all of which shall together
constitute one and the same instrument. This Agreement shall become binding when
one or more counterparts of this Agreement, individually or taken together,
shall bear the signatures of all of the parties reflected hereon as the
signatories.
8.12 Provisions
Separable. The provisions of this Agreement are independent of
and separable from each other, and no provision shall be affected or rendered
invalid or unenforceable by virtue of the fact that for any reason any other or
others of them may be invalid or unenforceable in whole or in part.
8.13 Principles
of Construction. Words used herein regardless of the number
and gender specifically used, shall be deemed and construed to include any other
number, singular or plural, and any other gender, masculine, feminine or neuter,
as the context requires. All references to recitals, sections, paragraphs and
schedules are to the recitals, sections, paragraphs and schedules in or to this
Agreement unless otherwise specified.
[signatures
on following page]
IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
and year first above written.
| LEX-WIN CONCORD LLC | WRP MANAGEMENT LLC | ||||||||||
| By: | The Lexington Master Limited Partnership, a member | By: | Lex-Win Concord LLC, its sole member | ||||||||
| By: | Lex GP-1 Trust, its General Partner | By: | The Lexington Master Limited Partnership, a member | ||||||||
| By: | /s/ Xxxxxx X. Xxxxxxxxx | By: | Lex GP-1 Trust, its General Partner | ||||||||
| Xxxxxx X. Xxxxxxxxx | |||||||||||
| Senior Vice President | By: | /s/ Xxxxxx X. Xxxxxxxxx | |||||||||
| Xxxxxx X. Xxxxxxxxx | |||||||||||
| By: | WRT Realty, L.P., a member | Senior Vice President | |||||||||
| By: | Winthrop Realty Trust | By: | WRT Realty, L.P., a member | ||||||||
| its General Partner | |||||||||||
| By: | Winthrop Realty Trust | ||||||||||
| By: | /s/ Xxxxx Xxxxxxxxx | its General Partner | |||||||||
| Xxxxx Xxxxxxxxx | |||||||||||
| President | By: | /s/ Xxxxx Xxxxxxxxx | |||||||||
| Xxxxx Xxxxxxxxx | |||||||||||
| President | |||||||||||
| WRP SUB-MANAGEMENT LLC | |||||||||||
| By: | /s/ Xxxxxxx X. Xxxxxx | ||||||||||
| Xxxxxxx X. Xxxxxx | |||||||||||
| Chief Executive Officer | |||||||||||
