THIRD AMENDMENT TO FIFTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF LEPERCQ CORPORATE INCOME FUND L.P.

 

Exhibit 3.13

THIRD AMENDMENT TO
FIFTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF
LEPERCQ CORPORATE INCOME FUND L.P.

     This THIRD AMENDMENT TO FIFTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF LEPERCQ CORPORATE INCOME FUND L.P. (this “Amendment”) is made and entered into on April 19, 2004, but effective as of December 31, 2003, by Lex GP-1 Trust, as general partner.

     A. Lepercq Corporate Income Fund L.P., a Delaware limited partnership (the “Partnership”), is governed by that certain Fifth Amended and Restated Agreement of Limited Partnership, dated effective as of December 31, 1996, as amended by Amendment No. 1 thereto dated as of December 31, 2000, by First Amendment thereto effective as of June 19, 2003 and by Second Amendment thereto effective as of June 30, 2003 (the “Agreement”). Unless otherwise defined, all capitalized terms used herein shall have such meaning ascribed such terms in the Agreement.

     B. Lex GP-1 Trust, a Delaware statutory trust, is the General Partner of the Partnership.

     C. Pursuant to Sections 4.2(A), 12.1, 12.2, 14.1(B)(2) of the Agreement, the General Partner has the power, without the consent of any other Partner to amend the Agreement as may be required to reflect the admission of Partners in accordance with the Agreement.

     NOW, THEREFORE, pursuant to the authority granted to the General Partner in the Agreement, the General Partner amends the agreement as follows:

     1. Exhibit A. Exhibit A of the Agreement is hereby deleted in its entirety and replaced with Exhibit A hereto for the purposes of admitting the 12/31/2003 Limited Partners as Partners of the Partnership with the rights and obligations of Additional Limited Partners.

     2. Miscellaneous. Except as amended hereby, the Agreement shall remain unchanged and in full force and effect.

 

 

     IN WITNESS WHEREOF, the General Partner has executed this Amendment on behalf of the Partnership in accordance with the provisions of Sections 4.2(A), 12.1, 12.2 and 14.1(B) of the Agreement as of the date first written above.

         
  GENERAL PARTNER:


LEX GP-1 TRUST
 		  
  By:   /s/ Xxxxxxx Xxxxxxx    
    Name:   Xxxxxxx Xxxxxxx   
    Title:   Executive Vice President   
 

 

 

EXHIBIT A

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
General Partner
                
 
                
Lex GP-1 Trust
   $100   217387   0.87%   N/A
 
                
Limited Partner
                
 
                
Lex LP-1 Trust
   $100   21140878   84.28%   N/A
 
                
Preferred Limited Partner
                
 
                
Lex LP-1 Trust
   $52,645,950   2105838   100% (of Series B)   N/A
 
                
Special Limited Partners
           0.43%    
 
                
Xxxxxxx X. Xxxxxxx
   —   6556       N/A
 
                
The LCP Group, L.P.
   —   28057       N/A
 
                
Xxxxx X. Xxxx
   —   4066       N/A
 
                
Xxxxxxx X. Xxxxxxxx Trust dtd. 4/5/90
   —   2608       N/A
 
                
E. Xxxxxx Xxxxxxx Family, L.P.
   —   41813       N/A
 
                
Xxxxxxx X. Xxxxx
   —   16063       N/A
 
                
Xxxxxx X. Xxxxxxx
   —   9001       N/A

A-1

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Property Limited Partners
                
 
                
1) Barngiant Livingston1
           0.25%   Xxxxx 0, 0000
 
                
Xxxxxx X. Xxxxxxx
   0.5   3902        
 
                
Xxxx Xxxxxx
   0.25   1951        
 
                
Xxxxx Xxxxxx
   0.25   1951        
 
                
Estate of Xxxxx X. Xxxxxxxxx
   1   7804        
 
                
Xxxxxxxxx Brothers Oil Co.
   2.5   19510        
 
                
Xxxxx X. Xxxxxx
   1   7804        
 
                
Estate of Xxxxxx X. Xxxx
   0.001   406        
 
                
Xxxxx X. Xxxx
   0.001   000        
 
                
Xxxxxx X. Xxxxxxxxx
   0.5   3902        
 
                
F/B/O Xxxxxxx X. Xxxxxxxxx (Xxxxx Xxxxxxxxx Trust)
   0.5   3902        
 
                
F/B/O Xxxxxxx X. Xxxx (Xxxxx Xxxxxxxxx Trust)
   0.5   3902        
 
                
Xxxx Xxxxxxxxx TTEE
   0.5   3902        
 
                
X. Xxxxxxxx
   0.125   976        
 
                
X. Xxxxxxxx
   0.125   976        
 
                
X. Xxxxxxxx
   0.125   975        
 
                
X. Xxxxxxxx
   0.125   975        
 
                
2) Barnhale Modesto
           0.11%   February 1, 2006
 
                
Xxxxx Xxxxxx
       1655        
 
                
Xxxxxxx Xxxxx
   115.5   4967        

1   For purposes of Section 5.1, Property Limited Partners that contributed interests in Barngiant Xxxxxxxxxx (except for Xxxxxxxxx Brothers Oil Co.) shall be entitled to cash distributions of $2,200 annually in 1996 through 2003, and $350 in 2004.

A-2

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Xxxxxxx Xxxxx
   77   3311        
 
                
Xxxxxxx Xxxxxxxx
       0000        
 
                
Xxxxxx X. Xxxx Xxxxx
       0000        
 
                
Xxxxxx X. Xxxxxxx, Trustee
                
Xxxxxx X. Xxxxxxx Revocable Trust dtd 3/24/92
   38.5   1656        
 
                
Estate of Xxxxxx X. Xxxxxxxxxx
       1655        
 
                
Xxxx Xxxxxx
   77   3311        
 
                
Xxxxxxx X. Rips
   19.25   1655        
 
                
Xxxxx X. Xxxxxxx Xxxxxx Trust
       1655        
 
                
Xxxxxxx X. Xxxxxxxx
   19.25   1656        
 
                
E. Xxxxxx Xxxxxxx (economic interest only)
   20.2   000        
Xxxxxx Properties, Inc. (economic interest only)
   20.2   000        
 
                
0) Xxxxxx Xxxxxxxxx
           0.12%   March 1, 2005
 
                
Xxxxxx X. Xxxx
   1   3672        
 
                
Xxxxxxx X. Xxxxx, Xx.
   1   3672        
 
                
Xxxxxxx X. Xxxxxxx
   1.5   5508        
 
                
Xxxxxxx Xxxxx
   1   3672        
 
                
The Residuary Trust U/W Xxxxxxx X. Xxxxxxxxx
   0.5   1836        
 
                
Estate of Xxxxxx X. Xxxx
   0.001   4        
 
                
Xxxxx X. Xxxx
   0.001   4        
 
                
Xxxxxx Xxxxxxxxx
   1   3672        
 
                
Xxxx Xxxxxxxxx TTEE
   1   3672        
 
                
R. Xxxxx Xxxxxxxx
   1   3672        

A-3

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
4) Barnvyn Bakersfield
           0.07%   January 1, 2003
 
                
Xxxx X. Xxxxxxxx
       6257        
 
                
Xxxxxx Xxxxxx
   1.47   5485        
 
                
(Xxxxxxx X.) Kimpton Revocable Trust
   0.26   978        
 
                
Xxxx Xxxxxxxxxx
       5181        
 
                
5) Barnhech Montgomery2
           0.04%   May 1, 2006
 
                
Crestar Bank, Co-Ttee u/a dtd 1/31/86 Xxxxx X. Linen IV Irrevocable Trust
   1   1703        
 
                
Xxxxxxx X. Xxxxx
   1   1703        
 
                
Xxxxxx Living Trust, dtd 10/7/97 Xxxxxxx X. Xxxxxx III & Xxxxxxx Xxxxxx
   0.5   852        
 
                
Xxxxxxx X. Xxxxxxx, Xx.
   0.5   852        
 
                
Xxxx Xxxxx
   1   1703        
 
                
Xxxx X. Xxxxxx Trust
   0.5   852        
 
                
Xxxxxxxxxx Xxx Xxxxxx
       1703        
 
                
6) Barnward Brownsville
           0.10%   November 2, 2004
 
                
Xxxxx Xxxxx Xxxx
   1   5424        
 
                
Xxxxxx Xxxx
   1   5424        
 
                
Xxxxx Xxxxxxx
   1   5424        
 
                
Xxxxxx X. Xxxxxx
   1   5424        
 
                
E. Xxxxxx Xxxxxxx (economic interest only)
   0.26   1428        

2   For purposes of Section 5.1, Property Limited Partners that contributed interests in Barnhech Xxxxxxxxxx shall be entitled to cash distributions of $490 annually in 1996 through 2005, and $163 in 2006.

A-4

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Xxxxxx Properties, Inc. (economic interest only)
   0.26   1428        
 
                
Red Butte Limited Partners
           5.0%   May 22, 1998
 
                
Partners of Barnshore Associates
                
 
                
-E. Xxxxxx Xxxxxxx Family L.P.
       4245        
 
                
-Xxxxx X. Xxxx
       2122        
 
                
-Xxxxxxx X. Xxxxx
       2123        
 
                
-Xxxxxx X. Xxxxxxx
       2123        
 
                
-Xxxxxx Xxxxxxxx
       2123        
 
                
-Xxxxx Xxxxxxxx
       1061        
 
                
-Xxxxxxx X. Xxxxxxxx Trust dtd. 4/5/90
       1061        
 
                
Xxxxxx, Xxxx X. Family Trust
       16921        
 
                
Xxxxxx, X.X.
       1811        
 
                
Xxxx, Xxxxxxxx
       33842        
 
                
Xxxxx, Xxxxxx
       8461        
 
                
Xxxxxx, Xxxxxx X.
       16921        
 
                
Xxxxxx Xxxxxxx, Trustee, Xxxxxx Xxxxxxx Marital Trust
       33842        
 
                
Xxxxxxx, Windsor & Xxxx
       16921        
 
                
Xxxxxxxxxxx, Xxxxx X.
       16921        
 
                
Dallas, Xxxxxx X. (Sr.)
       16921        
 
                
Xxxxxx, Xxxxxx (Xxxx X. Xxxxxx, escrow agent)
       33842        
 
                
Xxxxxxx, Xxxxx X. (Xx.)
       00000        
 
                
Xxxxx, X. Xxxxxxx
       16921        

A-5

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Dye Investment Properties #1
       33842        
 
                
Xxxxxxxxxx (Moosa) Family, L.P.
       33842        
 
                
Falconer Family L.P.
       33842        
 
                
Xxxxx, Xxxxxx X. Trust
       16921        
 
                
The Bud and Xxxx Xxx Xxxxxxxxx Partnership
       16921        
 
                
The Xxxxxxx X. and Xxxx Xxxxxxxxx Family Partnership
       16921        
 
                
Xxxxxxx, Xxxxx X.
       5431        
 
                
Xxxxx, Xxxxxxxx X.
       37236        
 
                
Xxxxxxxxxx, Xxxxxx X.
       20315        
 
                
Xxxxxx, Xxxxxx X.
       3734        
 
                
Xxxxx, Tinesley H.
       10862        
 
                
Xxxxxx, Xxxxxxxx
       33842        
 
                
Xxxxxxx, Xxxxxx Max Trust
       16921        
 
                
Xxxxx, Xxxxx Xxx
       5431        
 
                
Xxxxx, X. Xxxxxx
       2716        
 
                
Xxxxxx, Xxxxxxx X.
       0000        
 
                
Xxxxxx Xxxxx
       00000        
 
                
Xxxxxxx, Xxxxx X.
       1810        
 
                
Xxxxxxx, Xxxxx X. (Jr.)
       33842        
 
                
Xxxxxxx, Xxxxx X. (Xx.) XXXX
       00000        
 
                
Xxxxxxx, Xxxxxx X.
       33842        
 
                
Krone, Xxxxxxx X. Living Trust
       8147        
 
                
Xxxxx, Xxxxxx X.
       5431        
 
                
Xxxxxxx, Xxxxxx & Virginia
       33842        
 
                
Maronick, E. Phil
       33842        

A-6

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Xxxxxx, Eff W.
       3734        
 
                
Xxxxxxx, Xxxxxx X.
       16921        
 
                
Mazo, (Xxxxxx)/Trust
       5431        
 
                
McGonacle, Xxxxx & Xxx
       16921        
 
                
Murphy II, Xxxxxxx X. Trustee
       8460        
 
                
Xxxxxx, Xxxxxxxx Trustee
       8460        
 
                
Neiman, H.F.
       0000        
 
                
Xxxxxxxxx, Xxxxx (Xx.)
       00000        
 
                
Xxxx, Xxxxxx X.
       16921        
 
                
Post, Xxxxx X. (Jr.)
       10862        
 
                
Price, Xxxxxx X.
       00000        
 
                
Xxxxx, Xxxxxx of Guy C.
       37236        
 
                
Romney, Xxxxxx Xxxx & Xxxxx TTEE
       20315        
 
                
Xxxxxxxx, Xxxxxx X.
       5431        
 
                
Xxxxxxxx, Xxxxxx X.
       33842        
 
                
Xxxxxxxx, Xxxxxxx X.
       33842        
 
                
Xxxxxx, Xxxxx X.
       5431        
 
                
Xxxxxxxxxx, Xxxxx
       33842        
 
                
Strimatter, Xxxx X.
       8460        
 
                
Xxxx, Geils
       33842        
 
                
Xxxxxx, (The) Xxxxxx Family LLC
       16921        
 
                
Xxxxxx, Xxxxx X.
       16921        
 
                
Xxxxxxxx, Xxxxxx X. (Jr.)
       5431        
 
                
Xxxx X. Xxxxxxxx Trustee, Red Butte Creek Trust
       2716        
 
                
Xxxxx, Xxxxxxx
       5431        

A-7

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
The LCP Group, L.P.
       104704        
 
                
Xxxxxxx X. Xxxxx
       9302        
 
                
 
                
Expansion Limited Partners
                
 
                
1) Toy Properties Associates II
           0.27%   January 15, 1999
 
                
Xxxxxx, Xxxxxx Xx
       854        
 
                
Xxxxxxx, Xxxxxx X.
       569        
 
                
Xxxxxxx X. Xxxxxx
       854        
 
                
Xxx X. Xxxxxx
       854        
 
                
Xxxxxx X. Xxxxxxx
       1707        
 
                
Xxxxxxxx X. Xxxxxx
       1707        
 
                
Xxxxxx X. Xxxxxx
       1707        
 
                
Xx. Xxxx X. Xxxxxx
       1707        
 
                
X.X. Xxxxxxx
       3414        
 
                
Xxxxxx Xxxxx
       0000        
 
                
Xxxxxxxx X. Xxxxxxx
       1707        
 
                
Xxxxxxxx Xxxxxxxx
       569        
 
                
Xxxxx X. Xxxxxx
       0000        
 
                
Xxxxxx X. Xxxx
       0000        
 
                
Xxxxx X. Xxxxxxxx
       1707        
 
                
Xxxxxxxx X. Xxxxxxxx
       1707        
 
                
Xxxxx X. Xxx
       000        
 
                
Xxxxx X. Xxxxxxxx
       0000        
 
                
Dr. Xxxxx Xxxx
       1707        
 
                
Xxxx X. Xxxxxxx, Xx.
       1707        
 
                
Xxxx X. Xxxxxxx
       1707        

A-8

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Xxxxxx X. Xxxxxx
       1707        
 
                
WAT Enterprises Limited Partnership (“Xxxxxxxx”)
       1707        
 
                
Xxxx Xxx Xxxxxx
       1707        
 
                
L. Xxxxx Xxxxxx
       569        
 
                
Zavrski, C . Realty , LLC
       1707        
 
                
O.K.O.W. Investors (Special LP)
       3628        
 
                
(Special LP)
                
 
                
The LCP Group, L.P.
       18065        
 
                
Xxxxxxx X. Xxxxx
       4696        
 
                
E. Xxxxxx Xxxxxxx Family, L.P.
       327        
 
                
Xxxxx X. Xxxx
       163        
 
                
Xxxxxx X. Xxxxxxx
       196        
 
                
Xxxxxxx X. Xxxxxxxx Trust dtd. 4/5/90
       131        
 
                
Xxxxx Xxxxxxxx
       131        
 
                
 
                
2) Toy Properties Associates V
           0.12%   January 15, 1999
 
                
Xxxxxxx X. Xxxxxxxxx, DDS
       778        
 
                
Xxxxxx X. and Xxxxx X. Xxxxx
       778        
 
                
9401 Allied L.P.
       778        
 
                
Xxxx X. Xxxxxxxxxxx, Xx., MD
       778        
 
                
Xxxxxxx X. Xxxxx, DDS
       778        
 
                
Xxxxx X. Bridge, Jr.
       778        
 
                
Xxxx Xxxxxxx Xxxx, MD
       778        
 
                
Xxx X. Xxxxxx
       778        
 
                
Xxxxxx X. and Xxxxx X. Xxxxx
       000        
 
                
Xxxxxx X. Xxxxx
       778        

A-9

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Xxxxxx X. Xxxxxx
       778        
 
                
Xxxxxx X. Xxxxxxx
       778        
 
                
Xxxxxxx X. Xxxxxx
       778        
 
                
Xxxxx X. Xxxxxx
       778        
 
                
W. Xxxx Xxxxxx
       778        
 
                
Miles X. Xxxxxx
       778        
 
                
Xxxxx X. Xxxxx
       778        
 
                
Xxxxxxx X. X’Xxxxx, DDS
       778        
 
                
Xxxx X. Xxxxx
       778        
 
                
Xxxxxx X. Xxxxxxxxxxxx
       778        
 
                
Xxxxxx and Xxxxxxxx Xxxxxxxxx
       778        
 
                
Xxxxxx X. and Xxxxxx X. Xxxx
       000        
 
                
Xxxx X. and Xxxxxx Xxx
       778        
 
                
The LCP Group, L.P.
       9601        
 
                
Xxxxxxx X. Xxxxx
       1958        
 
                
E. Xxxxxx Xxxxxxx Family, L.P.
       238        
 
                
Xxxxx X. Xxxx
       119        
 
                
Xxxxxx X. Xxxxxxx
       146        
 
                
Xxxxxxx X. Xxxxxxxx Trust dtd. 4/5/90
       97        
 
                
Xxxxx Xxxxxxxx
       97        
 
                
Xxxxxxxx Xxxxxxxxxxx
       00        
 
                
0) Xxxx Xxxxxx Partners
           0.75%   January 15, 2006
 
                
Xxxxxxx Xxxxxxx Xxxxx
       2262        
 
                
Xxxxxx X. Xxxxxx
       6855        
 
                
Xxxx X. Xxxxxx
       6855        

A-10

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Xxxxxxxx X. Xxxxxx
       6855        
 
                
Xxxxxx Xxxxxxx Xxxxx
       2331        
 
                
Xxxxxx Xx Xxxxx, MD
       6855        
 
                
Xxxxxxx Xxxx
       2285        
 
                
Xxxxxx Xxxx
       9140        
 
                
Xxxxx Xxxxx
       27420        
 
                
Xxxxxx Xxxxxxx Xxxxxxx
       2262        
 
                
Xxxx Xxxxxxxx
       6855        
 
                
Xxxxx X. Xxxxxx
       6855        
 
                
Xxxxx Xxxxx
       6855        
 
                
Xxxxxxxx X. Koenkow
       6855        
 
                
Xxxxxxx and Xxxxxxxx X. Xxxxxxxxxx
       13710        
 
                
Xxxxxxx X. Xxxxxxxx
       6855        
 
                
Xxxxx Xxxxxxxx
       0000        
 
                
Xxxx X. Xxxxxxx
       00000        
 
                
R. Xxxxxxx Xxxxxxx
       00000        
 
                
X. Xxxxxx Xxxx
       6855        
 
                
C. Xxxxxx Xxxxx
       6855        
 
                
Xxxxxxx X. Xxxxxxx
       1662        
 
                
E. Xxxxxx Xxxxxxx
       208        
 
                
Xxxxxxx X. Xxxxx
       4023       January 15, 1999
 
                
The LCP Group, L.P.
       13444       January 15, 1999

A-11

 

     As a result of the merger of the Partnership with Pacific Place Partners Ltd. (“Pacific Place”) on March 10, 1997, the General Partner has authorized the issuance of Partnership Units to all former partners of Pacific Place (the “Pacific Place Limited Partners”) in the amounts specified on Exhibit A-1 attached hereto and made a part hereof. For purposes of applying the terms and conditions of the Partnership Agreement, the Pacific Place Limited Partners shall be Partners of the Partnership with the rights and obligations of Additional Limited Partners.

     For purposes of Section 5.1 of the Partnership Agreement, each Pacific Place Limited Partners shall be entitled to receive distributions with respect to each Partnership Unit equal to the cash dividend payable with respect to each share of LXP common stock, determined at the time of each quarterly distribution.

     For purposes of Sections 6.1A and 6.1B of the Partnership Agreement, allocations of Net Income and Net Loss by the Partnership generally shall be made after giving effect to all allocations of taxable income to the Pacific Place Limited Partners. Taxable income shall be specially allocated to the Pacific Place Limited Partners in an amount equal to, but not in excess of, the cash distributed to the Pacific Place Limited Partners; provided, however, that the Pacific Place Limited Partners shall be allocated taxable income (i) as otherwise required in Exhibit B and C of the Partnership Agreement, and (ii) resulting from the transaction in which the Replacement Property (as defined below) was acquired. For purposes of Section 6.1C of the Partnership Agreement, Nonrecourse Liabilities of the Partnership shall be allocated to account for any income or gain to be allocated to the Pacific Place Limited Partners pursuant to Sections 2.B and 2.D of Exhibit C, in the same priority as Nonrecourse Liabilities are allocated to the Property Limited Partners, the Red Butte Limited Partners, the Expansion Limited Partners and any subsequent Additional Limited Partners that are admitted to the Partnership. The Partnership covenants to retain sufficient Nonrecourse Liabilities to permit the allocation of such Nonrecourse Liabilities to the Pacific Place Limited Partners in an amount sufficient to avoid recapture of tax liability with respect to the Pacific Place Limited Partners’ negative capital accounts.

     For purposes of Section 8.4 of the Partnership Agreement, on April 15, 1999, and on each January 15, April 15, July 15 and October 15 thereafter (each a “Notice Date”), each Pacific Place Limited Partner shall have the right (the “Pacific Place Limited Partner Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date the Partnership Units held by a Pacific Place Limited Partner for the Redemption Amount to be delivered by the Partnership; provided, however, that a Pacific Place Limited Partner must convert a number of Partnership Units equal to at least the lesser of (i) 1,000 Partnership Units, or (ii) all of the Partnership Units held by such Partner. The Pacific Place Limited Partner Redemption Right shall be exercised pursuant to a Notice of Redemption (substantially in the form of Exhibits D-1 through D-4 modified to reflect the Pacific Place Limited Partner) delivered to the General Partner and LXP on a Notice Date by the Pacific Place Limited Partner who is exercising the redemption right (the “Pacific Place Redeeming Partner”). The Pacific Place Redeeming Partner shall have no right, with respect to any Partnership Units so redeemed, to receive any distributions paid after the Specified Redemption Date. The Partnership covenants to cause the registration of any LXP Common Stock issued in connection with a redemption in such a manner as is required so that the shares of LXP Common Stock issued in

A-12

 

connection with such redemption are freely transferable. The Assignee of any Pacific Place Limited Partner may exercise the redemption rights of such Pacific Place Limited Partner, and such Pacific Place Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Assignee. In connection with any exercise of such rights by such Assignee on behalf of such Pacific Place Limited Partner, the Redemption Amount shall be delivered by the Partnership directly to such Assignee and not to such Pacific Place Limited Partner.

     The Partnership Units held by the Pacific Place Limited Partners shall be subject to redemption by the Partnership if otherwise required by the terms of the Partnership Agreement.

     The Partnership hereby covenants not to dispose of its interest in those certain properties located at 0 Xxxxxxxx Xx., Xxx Xxxxxxxx, Pa., 00 X. Xxxx Xx., Xxx Xxxxxxxx, Pa., and 000 Xxxxx Xxxxxx Xx., Xxxxxxxxxxxxx, Pa., (the “Replacement Property”) prior to March 1, 2002 without the prior consent of the holders of fifty one percent (51%) of the Partnership Units held by Pacific Place Limited Partners, except in the event of a foreclosure or in the event the Partnership determines that such a disposition is necessary to ensure its continued qualification as a real estate investment trust. In any event in which the Partnership determines to dispose of the Replacement Property, the Partnership agrees to use its best efforts to structure such a disposition as an exchange that meets the requirements of Code Section 1031. Notwithstanding the foregoing, if the Partnership does dispose of its interest prior to April 15, 1999, then the General Partner shall provide prompt written notification to the Pacific Place Limited Partners of such disposition and each such Pacific Place Limited Partner may exercise its Pacific Place Limited Partner Redemption Right on the last Business Day of the calendar year in which such disposition occurs or, if later, ten (10) Business Days following the consummation of such transaction.

     LXP agrees to enter into a Guaranty Agreement with the Partnership on the date the Pacific Place Limited Partners are admitted to the Partnership, on terms reasonably satisfactory to LXP and the Partnership, pursuant to which LXP shall guaranty the obligations of the Partnership to pay the Redemption Amount on the Specified Redemption Date. Each of the Pacific Place Redeeming Partner, LXP, the Partnership and the General Partner shall treat the transaction between LXP and the Pacific Place Redeeming Partner as a sale of the Pacific Place Redeeming Partner’s Partnership Units to LXP or the General Partner, as the case may be, for federal income tax purposes. Each Pacific Place Redeeming Partner agrees to execute such documents as the Partnership may reasonably require in connection with the issuance of REIT shares upon exercise of the Pacific Place Limited Partner Redemption Right.

A-13

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Pacific Place Limited Partners
           1.57%   April 15, 1999
 
                
Xx. Xxxxxx X. Xxxxx
       1543        
 
                
Xx. Xxxxxxx X. Xxxxx
       772        
 
                
Xx. Xxxxxx X. Xxxx
       1543        
 
                
Xxxxx X. Xxxxx, Trustee u/a dated 12/28/90
       771        
 
                
Xxxxxxx X. Xxxxx, Trust
       772        
 
                
Xxxxxxx X. Xxxxxxx
       1543        
 
                
C. Xxxxx Xxxxx
       1543        
 
                
Xxxxxxx X. Xxxxxxx
       386        
 
                
Shoppers Village Associates x/x Xxxxxx X. Xxxxxx
       0000        
 
                
Xxxxxx X. Caller
       1188        
 
                
Chappy Partners
       72000        
 
                
Xxxxx X. Xxxxxxxx
       772        
 
                
Xxxxx X. Xxxxx
       1543        
 
                
Xxxxxx X. Xxxxx
       1543        
 
                
Xx. Xxxxxx X. Xxxx
       3085        
 
                
Xxxxxx X. Xxxxxxx
       772        
 
                
Xxxxxxx X. Xxxxx
       1543        
 
                
Xxxxxxxxx X. Xxxxxxx
       772        
 
                
Xx. Xxxxxx Xxxxxxxx
       1543        
 
                
Xxxxxx X. Xxxxxxxx
       2314        
 
                
Xxxxx Xxxxxxxxx and Xxxx Xxxxxxx
       1157        
 
                
Dr. & Xxx. Xxxxxxxx Xxxxx
       1543        

A-14

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Xxxxxxx X. Xxxxxx Trust
       1543        
 
                
Xxx X. Xxxxxx
       1543        
 
                
Xxxxxx Xxxxxxx
       771        
 
                
Xx. Xxxxxxx X. Xxxxxxxx
       1543        
 
                
Investment Capital Associates
       1619        
 
                
ICA Pacific Place, Inc.
       3373        
 
                
Xxxx X. Xxxxxx, III Ranch, Ltd.
       1543        
 
                
Xxx X. Xxxxxx Ranch, Ltd.
       1542        
 
                
Xxxxxx Caller Xxxxxx
       1188        
 
                
Xx. Xxxxxxx X. Xxxxx
       771        
 
                
Xxxxx X. Xxxx
       772        
 
                
Xxx Xxxxxxxxx and Xxxx Xxxxxxxxx
       385        
 
                
Xxxx X. Xxxxxxxxx
       772        
 
                
Xxxxxxx X. Xxxxxxxxx
       772        
 
                
King Xxxxxxxx
       1687        
 
                
Xxxxxxx X. Xxxxxxxx
       89300        
 
                
Xxxxxx X. Xxxxxxxxx Revocable Trust
       98906        
 
                
Xxxxx X. Xxxxx
       3085        
 
                
Xxxxxx X. Xxxxx
       772        
 
                
Xxxx XxXxxxxx
       0000        
 
                
Xxxxxxx X. XxXxxxxx
       0000        
 
                
Xxxxxx X. Xxxxx
       1543        
 
                
Xxxxxxx Xxxx
       5399        
 
                
Xx. Xxxxxxxxxxxxx X. Xxxx
       1543        
 
                
Xxxxxxx X. Xxxxxxx
       1543        

A-15

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Pell Holdings
       39100        
 
                
Xxxxxx X. Xxxxxxxx
       1543        
 
                
Xxxx Xxxxx Xxxxxx
       1687        
 
                
Xx. Xxxxx X. Xxxxxx
       1543        
 
                
Xxxxxxxx Xxxxxx
       1296        
 
                
Xxxxxx X. & Xxxx X. Xxxxxx
       1543        
 
                
Xxxxxx Xxxxxxxxxx
       1188        
 
                
Xxxxxx X. Xxxxxxx
       2314        
 
                
Xxxxx Xxxxxxx & Xxxx Xxxxxxxxx
       386        
 
                
Xx. Xxxxxx Xxxxxxxx
       1543        
 
                
Xx. Xxxxxxx X. Xxxxx
       1543        
 
                
Xxxxxxx Xxxxxx
       386        
 
                
Xx. Xxxxxxx X. Xxxxx
       1543        
 
                
Xxxxxx Xxxxxx
       772        
 
                
Xxxxxxx X. Xxxxx
       1543        
 
                
Xx. Xxxxxxx Xxxxxxxxx
       1543        
 
                
Xx. Xxxxxx X. Xxxxxx
       771        
 
                
Xxxxxxx X. Xxxxxx Revocable Trust
       1543        
 
                
Xxxxx X. Xxxxxxx
       1543        
 
                
Xxxxxx X. Xxxxxxx
       771        
 
                
Dr. & Xxx. Xxxxxx Xxxxxxx
       771        
 
                
Mr. & Xxx. Xxxx Xxxxxxx
       1543        
 
                
Xxxxxx X. Xxxxxxx
       1543        

A-16

 

     As a result of the contribution of the interests in the Phoenix Hotel Associates Limited Partnership (“Phoenix”) on January 29, 1998, the General Partner pursuant to Section 4.2.A and Sections 14.1.B(2) and 14.1.B(3) of this Agreement has authorized the issuance of Partnership Units to those former partners of Phoenix (the “Phoenix Limited Partners”) electing to contribute all or a portion of their interests to the Partnership. Each Phoenix Limited Partner shall receive the number of Units specified below. For purposes of applying the terms and conditions of the Partnership Agreement, the Phoenix Limited Partners shall be Partners of the Partnership with the rights and obligations of Additional Limited Partners.

     For purposes of Section 5.1 of the Partnership Agreement, each Phoenix Limited Partner shall be entitled to receive distributions with respect to each Partnership Unit equal to the cash dividend payable with respect to each share of LXP common stock, determined at the time of each quarterly distribution beginning with the distribution payable to shareholders of record of LXP on January 30, 1998.

     For purposes of Sections 6.1A and 6.1B of the Partnership Agreement, allocations of Net Income and Net Loss by the Partnership generally shall be made after giving effect to all allocations of taxable income to the Phoenix Limited Partners. Pursuant to the General Partners’ authority in Section 14.1.B(3), Partnership taxable income shall be specially allocated to the Phoenix Limited Partners in an amount equal to, but not in excess of, all cash distributions to the Phoenix Limited Partners; provided, however, that the Phoenix Limited Partners shall be allocated taxable income (i) as otherwise required in Exhibit B and C of the Partnership Agreement, and (ii) resulting from the transaction in which the Replacement Property (as defined below) was acquired. For purposes of Section 6.1C of the Partnership Agreement, Nonrecourse Liabilities of the Partnership shall be allocated to account for any income or gain to be allocated to the Phoenix Limited Partners pursuant to Sections 2.B and 2.D of Exhibit C, in the same priority as Nonrecourse Liabilities are allocated to the Property Limited Partners, the Red Butte Limited Partners, the Expansion Limited Partners, the Phoenix Limited Partners, the Savannah Limited Partners and any subsequent Additional Limited Partners that are admitted to the Partnership. The Partnership covenants to retain sufficient Nonrecourse Liabilities to permit the allocation of such Nonrecourse Liabilities to the Phoenix Limited Partners in an amount sufficient to avoid recapture of tax liability with respect to the Phoenix Limited Partners’ negative capital accounts.

     For purposes of Section 8.4 of the Partnership Agreement, on January 15, 1999, and on each January 15, April 15, July 15 and October 15 thereafter (each a “Notice Date”), each Phoenix Limited Partner shall have the right (the “Phoenix Limited Partner Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date the Partnership Units held by a Phoenix Limited Partner for the Redemption Amount to be delivered by the Partnership; provided, however, that a Phoenix Limited Partner must convert a number of Partnership Units equal to at least the lesser of (i) 1,000 Partnership Units, or (ii) all of the Partnership Units held by such Partner. The Phoenix Limited Partner Redemption Right shall be exercised pursuant to a Notice of Redemption (substantially in the form of Exhibits D-1 through D-4 modified to reflect the Phoenix Limited Partner) delivered to the General Partner and LXP on a Notice Date by the Phoenix Limited Partner who is exercising the redemption right (the “Phoenix Redeeming Partner”). The Phoenix Redeeming Partner shall have no right, with respect to any Partnership Units so redeemed, to receive any distributions paid after the Specified Redemption Date. The

A-17

 

Partnership covenants to cause the registration of any LXP Common Stock issued in connection with a redemption in such a manner as is required so that the shares of LXP Common Stock issued in connection with such redemption are freely transferable. The Assignee of any Phoenix Limited Partner may exercise the redemption rights of such Phoenix Limited Partner, and such Phoenix Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Assignee. In connection with any exercise of such rights by such Assignee on behalf of such Phoenix Limited Partner, the Redemption Amount shall be delivered by the Partnership directly to such Assignee and not to such Phoenix Limited Partner.

     The Partnership Units held by the Phoenix Limited Partners shall be subject to redemption by the Partnership if otherwise required by the terms of the Partnership Agreement.

     The Partnership hereby covenants not to permit Phoenix to dispose of its interest in those certain properties acquired by Phoenix in connection with its rights under that certain Exchange Agreement dated December 29, 1997 between Phoenix and Security Trust Company (the property so acquired, the “Replacement Property”) prior to January 1, 2003 without the prior consent of the holders of fifty-one percent (51%) of the Partnership Units held by Phoenix Limited Partners, except in the event of a foreclosure or in the event the Partnership determines that such a disposition is necessary to ensure its continued qualification as a real estate investment trust. In any event in which the Partnership determines to cause Phoenix to dispose of the Replacement Property, the Partnership agrees to use its best efforts to cause Phoenix to structure such a disposition as an exchange that meets the requirements of Code Section 1031. Notwithstanding the foregoing, if the Partnership does dispose of its interest prior to January 15, 1999, then the General Partner shall provide prompt written notification to the Phoenix Limited Partners of such disposition and each such Phoenix Limited Partner may exercise its Phoenix Limited Partner Redemption Right on the last Business Day of the calendar year in which such disposition occurs or, if later, ten (10) Business Days following the consummation of such transaction. In addition, if the Code Section 1031 exchange described in the Exchange Agreement does not take place, or if such exchange does not result in a deferral of all of the gain that would have been recognized upon the sale by Phoenix of the Relinquished Property (as defined in the Exchange Agreement), then the General Partner shall provide prompt written notification to the Phoenix Limited Partners and shall cause LCIF to distribute cash to the Phoenix Limited Partners in redemption of the portion of their LCIF Units corresponding to the portion of the value of the Relinquished Property which is treated as transferred in a taxable transaction.

     LXP agrees to enter into a Guaranty Agreement with the Partnership on the date the Phoenix Limited Partners are admitted to the Partnership, on terms reasonably satisfactory to LXP and the Partnership, pursuant to which LXP shall guaranty the obligations of the Partnership to pay the Redemption Amount on the Specified Redemption Date. Each of the Phoenix Redeeming Partner, LXP, the Partnership and the General Partner shall treat the transaction between LXP and the Phoenix Redeeming Partner as a sale of the Phoenix Redeeming Partner’s Partnership Units to LXP or the General Partner, as the case may be, for federal income tax purposes. Each Phoenix Redeeming Partner agrees to execute such documents as the Partnership may reasonably require in connection with the issuance of REIT shares upon exercise of the Phoenix Limited Partner Redemption Right.

A-18

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Phoenix Limited Partners
   (Class A Units
Contributed)		       3.56%   January 15, 0000
 
                
Xxxxx Xxxxxxx
   0.25   12272        
 
                
Xxxx Xxxxxxxx Revocable Trust dtd. 5/6/83
   0.5   24546        
 
                
Xxxxxxx Xxxxxx Brody
       0000        
 
                
Xxxxx X. Xxxxxxxx
       000        
 
                
(Xxxxxxx Xxxxx)
                
 
                
Xxxxxx X. Xxxxxxxx
       250        
 
                
Xxxx X. Xxxxxxxx
       000        
 
                
Xxxxxx X. Xxxxxxxx as custodian for Xxxx Xxxxxx Xxxxxxx
       250        
 
                
xxXxxxx Family Trust dtd. 6/21/90
   0.25   12273        
 
                
Xxxxxxx X. Xxxxxx
   0.5   24546        
 
                
Xxxxxxxxx Xxxxx
   0.5   24546        
 
                
Fremar Company
   0.1425   6996        
 
                
Xxxx Xxxxx Xxxx Trust
   0.5   24546        
 
                
Xxxxxx X. Xxxxx, M.D.
   0.5   24546        
 
                
Xxxxxxxx Xxxxxxxxx, M.D.
   1   49093        
 
                
Xxxxxx X. Xxxxxx, Trustee
   1   49093        
 
                
Xxxxxx X. Xxxxxx Rev. Trust u/a/d 4/6/90
                
 
                
Xxxx X. Xxxxxxxx
   0.25   12272        
 
                
Xxxxx X. Xxxx
       6136        
 
                
E. Xxxxxx Xxxxxxx Family, L.P.
   0.25   12272        
 
                
Xxx X. Xxxxxxxxx TTEE
   1   49093        

A-19

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Xxxxxx X. & Xxx X. Xxxxxxxx Marital Trust U/A dtd. 1/7/82
                
 
                
Xxxxxxxxx Seed
       8223        
 
                
Xxxxxxx X. Seed
       3000        
 
                
Xxxxxxxx X. Xxxxx
   0.5   24546        
 
                
Xxxxx Xxxxx TTEE
   0.5   24546        
 
                
Xxxxx X. Xxxxx TTEE
   0.5   24546        
 
                
Xxxxx Xxxxxxx Xxxxx Intervivos Trust
                
 
                
Xxxxx X. Xxxxxx
   0.5   22646        
 
   (Class B Units
Contributed)		            
 
                
E. Xxxxxx Xxxxxxx Family, L.P.
   7.5   344663        
 
                
Xxxxxxx X. Xxxxxxxx Trust dtd. 4/5/90
   1.6   73528        
 
                
Third Lero Corp.
   1% G.P. interest   33957        

A-20

 

     As a result of the contribution of the interests in the Savannah Waterfront Hotel LLC (“Savannah”) on January 29, 1998, the General Partner pursuant to Section 4.2.A and Sections 14.1.B(2) and 14.1.B(3) of this Agreement has authorized the issuance of Partnership Units to those former members of Savannah (the “Savannah Limited Partners”) electing to contribute all or a portion of their interests to the Partnership. Each Savannah Limited Partner shall receive the number of Units specified below. For purposes of applying the terms and conditions of the Partnership Agreement, the Savannah Limited Partners shall be Partners of the Partnership with the rights and obligations of Additional Limited Partners.

     For purposes of Section 5.1 of the Partnership Agreement, each Savannah Limited Partner shall be entitled to receive distributions with respect to each Partnership Unit equal to the cash dividend payable with respect to each share of LXP common stock, determined at the time of each quarterly distribution beginning with the distribution payable to shareholders of record of LXP on January 30, 1998.

     For purposes of Sections 6.1A and 6.1B of the Partnership Agreement, allocations of Net Income and Net Loss by the Partnership generally shall be made after giving effect to all allocations of taxable income to the Savannah Limited Partners. Pursuant to the General Partners’ authority in Section 14.1.B(3), Partnership taxable income shall be specially allocated to the Savannah Limited Partners in an amount equal to, but not in excess of, all cash distributions to the Savannah Limited Partners; provided, however, that the Savannah Limited Partners shall be allocated taxable income (i) as otherwise required in Exhibit B and C of the Partnership Agreement, and (ii) resulting from the transaction in which the Replacement Property (as defined below) was acquired. For purposes of Section 6.1C of the Partnership Agreement, Nonrecourse Liabilities of the Partnership shall be allocated to account for any income or gain to be allocated to the Savannah Limited Partners pursuant to Sections 2.B and 2.D of Exhibit C, in the same priority as Nonrecourse Liabilities are allocated to the Property Limited Partners, the Red Butte Limited Partners, the Expansion Limited Partners, the Savannah Limited Partners, the Phoenix Limited Partners and any subsequent Additional Limited Partners that are admitted to the Partnership. The Partnership covenants to retain sufficient Nonrecourse Liabilities to permit the allocation of such Nonrecourse Liabilities to the Savannah Limited Partners in an amount sufficient to avoid recapture of tax liability with respect to the Savannah Limited Partners’ negative capital accounts.

     For purposes of Section 8.4 of the Partnership Agreement, on January 15, 1999, and on each January 15, April 15, July 15 and October 15 thereafter (each a “Notice Date”), each Savannah Limited Partner shall have the right (the “Savannah Limited Partner Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date the Partnership Units held by a Savannah Limited Partner for the Redemption Amount to be delivered by the Partnership; provided, however, that a Savannah Limited Partner must convert a number of Partnership Units equal to at least the lesser of (i) 1,000 Partnership Units, or (ii) all of the Partnership Units held by such Partner. The Savannah Limited Partner Redemption Right shall be exercised pursuant to a Notice of Redemption (substantially in the form of Exhibits D-1 through D-4 modified to reflect the Savannah Limited Partner) delivered to the General Partner and LXP on a Notice Date by the Savannah Limited Partner who is exercising the redemption right (the “Savannah Redeeming Partner”). The Savannah Redeeming Partner shall have no right, with respect to any Partnership Units so redeemed, to receive any distributions paid after

A-21

 

the Specified Redemption Date. The Partnership covenants to cause the registration of any LXP Common Stock issued in connection with a redemption in such a manner as is required so that the shares of LXP Common Stock issued in connection with such redemption are freely transferable. The Assignee of any Savannah Limited Partner may exercise the redemption rights of such Savannah Limited Partner, and such Savannah Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Assignee. In connection with any exercise of such rights by such Assignee on behalf of such Savannah Limited Partner, the Redemption Amount shall be delivered by the Partnership directly to such Assignee and not to such Savannah Limited Partner.

     The Partnership Units held by the Savannah Limited Partners shall be subject to redemption by the Partnership if otherwise required by the terms of the Partnership Agreement.

     The Partnership hereby covenants not to permit Savannah to dispose of its interest in those certain properties acquired by Savannah in connection with its rights under that certain Exchange Agreement dated December 29, 1997 between Savannah and Security Trust Company (the property so acquired, the “Replacement Property”) prior to January 1, 2003 without the prior consent of the holders of fifty-one percent (51%) of the Partnership Units held by Savannah Limited Partners, except in the event of a foreclosure or in the event the Partnership determines that such a disposition is necessary to ensure its continued qualification as a real estate investment trust. In any event in which the Partnership determines to cause Savannah to dispose of the Replacement Property, the Partnership agrees to use its best efforts to cause Savannah to structure such a disposition as an exchange that meets the requirements of Code Section 1031. Notwithstanding the foregoing, if the Partnership does dispose of its interest prior to January 15, 1999, then the General Partner shall provide prompt written notification to the Savannah Limited Partners of such disposition and each such Savannah Limited Partner may exercise its Savannah Limited Partner Redemption Right on the last Business Day of the calendar year in which such disposition occurs or, if later, ten (10) Business Days following the consummation of such transaction. In addition, if the Code Section 1031 exchange described in the Exchange Agreement does not take place, or if such exchange does not result in a deferral of all of the gain that would have been recognized upon the sale by Savannah of the Relinquished Property (as defined in the Exchange Agreement), then the General Partner shall provide prompt written notification to the Savannah Limited Partners and shall cause LCIF to distribute cash to the Savannah Limited Partners in redemption of the portion of their LCIF Units corresponding to the portion of the value of the Relinquished Property which is treated as transferred in a taxable transaction.

     LXP agrees to enter into a Guaranty Agreement with the Partnership on the date the Savannah Limited Partners are admitted to the Partnership, on terms reasonably satisfactory to LXP and the Partnership, pursuant to which LXP shall guaranty the obligations of the Partnership to pay the Redemption Amount on the Specified Redemption Date. Each of the Savannah Redeeming Partner, LXP, the Partnership and the General Partner shall treat the transaction between LXP and the Savannah Redeeming Partner as a sale of the Savannah Redeeming Partner’s Partnership Units to LXP or the General Partner, as the case may be, for federal income tax purposes. Each Savannah Redeeming Partner agrees to execute such documents as the Partnership may reasonably require in connection with the issuance of REIT shares upon exercise of the Savannah Limited Partner Redemption Right.

A-22

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Savannah Limited Partners
   (Units Contributed)       0.99%   January 15, 1999
 
                
H. Xxxxxxxx Xxxx, Xx.
   1,100   157447        
 
                
Xxxxxxxxx Xxxx Shiftan
   125   17891        
 
                
Xxxxxxx X. Xxxx
   125   17891        
 
                
Xxxxxxx X. Xxxxxxxx Trust dtd. 4/5/90
   125   17891        
 
                
Xxxxx Xxxxx
   275   37361        

A-23

 

     As a result of the Partnership having entered into a Contribution Agreement with RBH Ventures, a Washington general partnership on May 8, 1998, pursuant to which the Partnership acquired 51.31% of the net equity value of certain real property located in the city of Anchorage, Alaska, on which is located a commercial building (the “Anchorage Property”) from RBH, the General Partner pursuant to Section 4.2.A and Sections 14.1.B(2) and 14.1.B(3) of this Agreement has authorized the issuance of Partnership Units to RBH (the “Anchorage Limited Partner”). The Anchorage Limited Partner shall receive the number of Units specified below. For purposes of applying the terms and conditions of the Partnership Agreement, the Anchorage Limited Partner shall be a Partner of the Partnership with the rights and obligations of Additional Limited Partners.

     For purposes of Section 5.1 of the Partnership Agreement, the Anchorage Limited Partner shall be entitled to receive distributions with respect to each Partnership Unit equal to the cash dividend payable with respect to each share of LXP common stock, determined at the time of each quarterly distribution beginning with the distribution payable to shareholders of record of LXP on July 30, 1998.

     For purposes of Sections 6.1A and 6.1B of the Partnership Agreement, allocations of Net Income and Net Loss by the Partnership generally shall be made after giving effect to all allocations of taxable income to the Anchorage Limited Partner. Pursuant to the General Partner’s authority in Section 14.1.B(3), Partnership taxable income shall be specially allocated to the Anchorage Limited Partner in an amount equal to, but not in excess of, all cash distributions to the Anchorage Limited Partner; provided, however, that the Anchorage Limited Partner shall be allocated taxable income as otherwise required in Exhibit B and C of the Partnership Agreement. For purposes of Section 6.1C of the Partnership Agreement, Nonrecourse Liabilities of the Partnership shall be allocated to account for any income or gain to be allocated to the Anchorage Limited Partner pursuant to Sections 2.B and 2.D of Exhibit C, in the same priority as Nonrecourse Liabilities are allocated to the Property Limited Partners, the Red Butte Limited Partners, the Expansion Limited Partners, the Savannah Limited Partners, the Phoenix Limited Partners and any subsequent Additional Limited Partners that are admitted to the Partnership. The Partnership covenants to retain sufficient Nonrecourse Liabilities to permit the allocation of such Nonrecourse Liabilities to the Anchorage Limited Partner in an amount sufficient to avoid recapture of tax liability with respect to the Anchorage Limited Partner’s negative capital accounts.

     For purposes of Section 8.4 of the Partnership Agreement, on July 15, 1999, and on each July 15, October 15, January 15 and April 15 thereafter (each a “Notice Date”), the Anchorage Limited Partner shall have the right (the “Anchorage Limited Partner Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date the Partnership Units held by the Anchorage Limited Partner for the Redemption Amount to be delivered by the Partnership; provided, however, that the Anchorage Limited Partner must convert a number of Partnership Units equal to at least the lesser of (i) 1,000 Partnership Units, or (ii) all of the Partnership Units held by such Partner. The Anchorage Limited Partner Redemption Right shall be exercised pursuant to a Notice of Redemption (substantially in the form of Exhibits D-1 through D-4 modified to reflect the Anchorage Limited Partner) delivered to the General Partner and LXP on a Notice Date by the Anchorage Limited Partner who is exercising the redemption right (the “Anchorage Redeeming Partner”). The Anchorage Redeeming Partner shall have no

A-24

 

right, with respect to any Partnership Units so redeemed, to receive any distributions paid after the Specified Redemption Date. The Partnership covenants to cause the registration of any LXP Common Stock issued in connection with a redemption in such a manner as is required so that the shares of LXP Common Stock issued in connection with such redemption are freely transferable. The Assignee of the Anchorage Limited Partner may exercise the redemption rights of the Anchorage Limited Partner, and the Anchorage Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Assignee. In connection with any exercise of such rights by such Assignee on behalf of the Anchorage Limited Partner, such Redemption Amount shall be delivered by the Partnership directly to such Assignee and not to such Anchorage Limited Partner.

     The Partnership Units held by the Anchorage Limited Partner shall be subject to redemption by the Partnership if otherwise required by the terms of the Partnership Agreement.

     LXP agrees to enter into a Guaranty Agreement with the Partnership on the date the Anchorage Limited Partner is admitted to the Partnership, on terms reasonably satisfactory to LXP and the Partnership, pursuant to which LXP shall guaranty the obligations of the Partnership to pay the Redemption Amount on the Specified Redemption Date. Each of the Anchorage Redeeming Partner, LXP, the Partnership and the General Partner shall treat the transaction between LXP and the Anchorage Redeeming Partner as a sale of the Anchorage Redeeming Partner’s Partnership Units to LXP or the General Partner, as the case may be, for federal income tax purposes. The Anchorage Redeeming Partner agrees to execute such documents as the Partnership may reasonably require in connection with the issuance of REIT shares upon exercise of the Anchorage Limited Partner Redemption Right.

A-25

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Anchorage Limited Partner
               July 15, 1999
Xxxxxx X. Xxxxxxxx
       97816   0.39%    

A-26

 

     As a result of the Partnership having entered into a Contribution Agreement with Trademark Lancaster L.P., a Texas limited partnership (“Trademark Lancaster”) on June 19, 1998, pursuant to which the Partnership acquired from Trademark Lancaster the right, title and interest as a purchaser in the Contract of Sale and Joint Escrow Instructions dated December 16, 1997 between Michaels Stores, Inc. as seller and Trademark Acquisition and Development, Inc. as purchaser (the “Lancaster Contract”), which has as its subject matter all that certain plot, piece, or parcel of land comprising 36.95 acres, together with the buildings and improvements constructed thereon consisting of a one story distribution facility comprising approximately 432,000 square feet (collectively, the “Lancaster California Property”), the General Partner pursuant to Section 4.2.A and Sections 14.1.B(2) and 14.1.B(3) of this Agreement has authorized the issuance of Partnership Units to Trademark Lancaster (the “Trademark Lancaster Limited Partner”). The Trademark Lancaster Limited Partner shall receive the number of Units specified below. For purposes of applying the terms and conditions of the Partnership Agreement, the Trademark Lancaster Limited Partner shall be a Partner of the Partnership with the rights and obligations of Additional Limited Partners.

     For purposes of Section 5.1 of the Partnership Agreement, the Trademark Lancaster Limited Partner shall be entitled to receive distributions with respect to each Partnership Unit equal to the cash dividend payable with respect to each share of LXP common stock, determined at the time of each quarterly distribution beginning with the distribution payable to shareholders of record of LXP on July 30, 1998.

     For purposes of Sections 6.1A and 6.1B of the Partnership Agreement, allocations of Net Income and Net Loss by the Partnership generally shall be made after giving effect to all allocations of taxable income to the Trademark Lancaster Limited Partner. Pursuant to the General Partner’s authority in Section 14.1.B(3), Partnership taxable income shall be specially allocated to the Trademark Lancaster Limited Partner in an amount equal to, but not in excess of, all cash distributions to the Trademark Lancaster Limited Partner; provided, however, that the Trademark Lancaster Limited Partner shall be allocated taxable income as otherwise required in Exhibit B and C of the Partnership Agreement. For purposes of Section 6.1C of the Partnership Agreement, Nonrecourse Liabilities of the Partnership shall be allocated to account for any income or gain to be allocated to the Trademark Lancaster Limited Partner pursuant to Sections 2.B and 2.D of Exhibit C, in the same priority as Nonrecourse Liabilities are allocated to the Property Limited Partners, the Red Butte Limited Partners, the Expansion Limited Partners, the Savannah Limited Partners, the Phoenix Limited Partners, the Anchorage Limited Partner and any subsequent Additional Limited Partners that are admitted to the Partnership. The Partnership covenants to retain sufficient Nonrecourse Liabilities to permit the allocation of such Nonrecourse Liabilities to the Trademark Lancaster Limited Partner in an amount sufficient to avoid recapture of tax liability with respect to the Trademark Lancaster Limited Partner’s negative capital accounts.

     For purposes of Section 8.4 of the Partnership Agreement, on March 1, 1999, and on each March 1, June 1, September 1, and December 1 thereafter (each a “Notice Date”), the Trademark Lancaster Limited Partner shall have the right (the “Trademark Lancaster Limited Partner Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date the Partnership Units held by the Trademark Lancaster Limited Partner for the Redemption Amount to be delivered by the Partnership; provided, however, that the Trademark Lancaster

A-27

 

Limited Partner must convert a number of Partnership Units equal to at least the lesser of (i) 1,000 Partnership Units, or (ii) all of the Partnership Units held by such Partner. The Trademark Lancaster Limited Partner Redemption Right shall be exercised pursuant to a Notice of Redemption (substantially in the form of Exhibits D-1 through D-4 modified to reflect the Trademark Lancaster Limited Partner) delivered to the General Partner and LXP on a Notice Date by the Trademark Lancaster Limited Partner who is exercising the redemption right (the “Trademark Lancaster Redeeming Partner”). The Trademark Lancaster Redeeming Partner shall have no right, with respect to any Partnership Units so redeemed, to receive any distributions paid after the Specified Redemption Date. The Partnership covenants to cause the registration of any LXP Common Stock issued in connection with a redemption in such a manner as is required so that the shares of LXP Common Stock issued in connection with such redemption are freely transferable. The Assignee of the Trademark Lancaster Limited Partner may exercise the redemption rights of the Trademark Lancaster Limited Partner, and the Trademark Lancaster Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Assignee. In connection with any exercise of such rights by such Assignee on behalf of the Trademark Lancaster Limited Partner, such Redemption Amount shall be delivered by the Partnership directly to such Assignee and not to such Trademark Lancaster Limited Partner.

     The Partnership Units held by the Trademark Lancaster Limited Partner shall be subject to redemption by the Partnership if otherwise required by the terms of the Partnership Agreement.

     LXP agrees to enter into a Guaranty Agreement with the Partnership on the date the Trademark Lancaster Limited Partner is admitted to the Partnership, on terms reasonably satisfactory to LXP and the Partnership, pursuant to which LXP shall guaranty the obligations of the Partnership to pay the Redemption Amount on the Specified Redemption Date. Each of the Trademark Lancaster Redeeming Partner, LXP, the Partnership and the General Partner shall treat the transaction between LXP and the Trademark Lancaster Redeeming Partner as a sale of the Trademark Lancaster Redeeming Partner’s Partnership Units to LXP or the General Partner, as the case may be, for federal income tax purposes. The Trademark Lancaster Redeeming Partner agrees to execute such documents as the Partnership may reasonably require in connection with the issuance of REIT shares upon exercise of the Trademark Lancaster Limited Partner Redemption Right.

A-28

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
Trademark Lancaster Limited Partner
               March 1, 1999
None
           0    

A-29

 

Columbia Limited Partners Supplement

     As a result of the Partnership having entered into (i) a Contribution Agreement with Columbia Property Associates, a Maryland limited partnership (“CPA”) on December 31, 1998, pursuant to which the Partnership acquired an estate-for-years interest in a parcel of real property located in Columbia, Maryland (the “Columbia Property”) from CPA, (ii) a Contribution Agreement with The E. Xxxxxx Xxxxxxx Irrevocable Trust on December 3, 1998 pursuant to which the Partnership acquired a remainder interest in the Columbia Property, (iii) a Contribution Agreement with The LCP Group, L.P. on December 3, 1998, (iv) a Contribution Agreement with The LCP Group, L.P. on December 3, 1998, and (v) a Contribution Agreement with The LCP Group, L.P., Xxxxxx Page, Inc., Xxxxx X. Xxxxxxxx and Xxxxxxx X. Xxxxxxxx Trust on December 3, 1998, the General Partner pursuant to Section 4.2.A and Sections 14.1.B(2) and 14.1.B(3) of this Agreement has authorized the issuance of Partnership Units to all former partners of CPA, The LCP Group, L.P., Xxxxxx Page, Inc., Xxxxx X. Xxxxxxxx, Xxxxxxx X. Xxxxxxxx Trust and The E. Xxxxxx Xxxxxxx Irrevocable Trust (the “Columbia Limited Partners”). The Columbia Limited Partners shall receive the number of Units specified below. For purposes of applying the terms and conditions of the Partnership Agreement, the Columbia Limited Partners shall be a Partner of the Partnership with the rights and obligations of Additional Limited Partners.

     For purposes of Section 5.1 of the Partnership Agreement, each Columbia Limited Partner shall be entitled to receive distributions with respect to each Partnership Unit equal to the cash dividend payable with respect to each share of LXP common stock, determined at the time of each quarterly distribution beginning with the distribution in respect to the first quarter of 1999.

     For purposes of Sections 6.1A and 6.1B of the Partnership Agreement, allocations of Net Income and Net Loss by the Partnership generally shall be made after giving effect to all allocations of taxable income to the Columbia Limited Partners. Pursuant to the General Partner’s authority in Section 14.1.B(3), Partnership taxable income shall be specially allocated to the Columbia Limited Partners in an amount equal to, but not in excess of, all cash distributions to the Columbia Limited Partners; provided, however, that the Columbia Limited Partners shall be allocated taxable income as otherwise required in Exhibit B and C of the Partnership Agreement. For purposes of Section 6.1C of the Partnership Agreement, Nonrecourse Liabilities of the Partnership shall be allocated to account for any income or gain to be allocated to the Columbia Limited Partners pursuant to Sections 2.B and 2.D of Exhibit C, in the same priority as Nonrecourse Liabilities are allocated to the Property Limited Partners, the Red Butte Limited Partners, the Expansion Limited Partners, the Savannah Limited Partners, the Phoenix Limited Partners, the Anchorage Limited Partner, the Trademark Lancaster Limited Partner and any subsequent Additional Limited Partners that are admitted to the Partnership. The Partnership covenants to retain sufficient Nonrecourse Liabilities to permit the allocation of such Nonrecourse Liabilities to the Columbia Limited Partners in an amount sufficient to avoid recapture of tax liability with respect to the Columbia Limited Partners’ negative capital accounts.

     For purposes of Section 8.4 of the Partnership Agreement, on December 1, 1999, and on each December 1, March 1, June 1 and September 1 thereafter (each a “Notice Date”),

A-30

 

each Columbia Limited Partner shall have the right (the “Columbia Limited Partner Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date the Partnership Units held by a Columbia Limited Partner for the Redemption Amount to be delivered by the Partnership; provided, however, that a Columbia Limited Partner must convert a number of Partnership Units equal to at least the lesser of (i) 1,000 Partnership Units, or (ii) all of the Partnership Units held by such Partner. The Columbia Limited Partner Redemption Right shall be exercised pursuant to a Notice of Redemption (substantially in the form of Exhibits D-1 through D-4 modified to reflect the Columbia Limited Partner) delivered to the General Partner and LXP on a Notice Date by the Columbia Limited Partner who is exercising the redemption right (the “Columbia Redeeming Partner”). The Columbia Redeeming Partner shall have no right, with respect to any Partnership Units so redeemed, to receive any distributions paid after the Specified Redemption Date. The Partnership covenants to cause the registration of any LXP Common Stock issued in connection with a redemption in such a manner as is required so that the shares of LXP Common Stock issued in connection with such redemption are freely transferable. The Assignee of the Columbia Limited Partner may exercise the redemption rights of the Columbia Limited Partner, and the Columbia Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Assignee. In connection with any exercise of such rights by such Assignee on behalf of such Columbia Limited Partner, such Redemption Amount shall be delivered by the Partnership directly to such Assignee and not to such Columbia Limited Partner.

     The Partnership Units held by the Columbia Limited Partners shall be subject to redemption by the Partnership if otherwise required by the terms of the Partnership Agreement.

     The Partnership hereby covenants not to dispose of its interest in the Columbia Property prior to January 1, 2004 except in the event of a foreclosure or in the event the Partnership determines that such a disposition is necessary to ensure its continued qualification as a real estate investment trust.

     LXP agrees to enter into a Guaranty Agreement with the Partnership on the date the Columbia Limited Partners are admitted to the Partnership, on terms reasonably satisfactory to LXP and the Partnership, pursuant to which LXP shall guaranty the obligations of the Partnership to pay the Redemption Amount on the Specified Redemption Date. Each of the Columbia Redeeming Partner, LXP, the Partnership and the General Partner shall treat the transaction between LXP and the Columbia Redeeming Partner as a sale of the Columbia Redeeming Partner’s Partnership Units to LXP or the General Partner, as the case may be, for federal income tax purposes. The Columbia Redeeming Partner agrees to execute such documents as the Partnership may reasonably require in connection with the issuance of REIT shares upon exercise of the Columbia Limited Partner Redemption Right.

A-31

 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
Columbia Limited Partners
   (Units Contributed)       0.75%   December 1, 1999
 
                
The LCP Group, L.P.
       86014        
 
                
Xxxxx X. Xxxxxxxxxx
       393        
 
                
E. Xxxxxx Xxxxxxx Irrevocable Trust
       19231        
 
                
Xxxxx X. Xxxxxxxx
       7159        
 
                
Xxxxxxx X. Xxxxxxxx Trust
       1349        
 
                
Xxxxx Xxxx
   0.5   3866        
 
                
Xxxxxxx X. Xxxxxxx Family Trust
   1   7731        
 
                
Xxxxxxxxx Xxxxx
   0.5   3866        
 
                
Xxxxx X. Xxxxxx
   0.5   3866        
 
                
Xxxxx X. Xxxx
   1   7731        
 
                
Xxxxx Xxxxxx
   0.5   3866        
 
                
Xxxxxxx X. Xxxxxxxxx
   1   7731        
 
                
Xxxxxxxx X. Xxxxxxxx
   1   7731        
 
                
Xxxxxxx Xxxx
   0.5   3866        
 
                
Xxxxx Xxxxxx
   0.5   3866        
 
                
Xxxxxx Xxxxx
   0.5   3866        
 
                
Xxxxxx Xxxxx
   1   7731        
 
                
Xxxxx X. Xxxxxx
   0.5   3866        
 
                
Xxxx X. Xxxxx
   0.5   3866        

A-32

 

LPM Limited Partners Supplement

     As a result of the contribution of 9,900 Class B non-voting shares of common stock (the “Stock”) in Leased Properties Management, Inc., a Delaware corporation (“LPM”) on June 23, 2000, the General Partner pursuant to Section 4.2.A and Sections 14.1.B(2) and 14.1.B(3) of this Agreement has authorized the issuance of Partnership Units to the former holders of the Stock (the “LPM Limited Partner”). The LPM Limited Partner shall receive the number of Units specified below. For purposes of applying the terms and conditions of the Partnership Agreement, the LPM Limited Partner shall be a Partner of the Partnership with the rights and obligations of Additional Limited Partners.

     For purposes of Section 5.1 of the Partnership Agreement, the LPM Limited Partner shall be entitled to receive distributions with respect to each Partnership Unit equal to the cash dividend payable with respect to each share of LXP common stock, determined at the time of each quarterly distribution beginning with the distribution payable to shareholders of LXP in respect of the second quarter of 2000.

     For purposes of Sections 6.1A and 6.1B of the Partnership Agreement, allocations of Net Income and Net Loss by the Partnership generally shall be made after giving effect to all allocations of taxable income to the LPM Limited Partner. Pursuant to the General Partner’s authority in Section 14.1.B(3), Partnership taxable income shall be specially allocated to the LPM Limited Partner in an amount equal to, but not in excess of, all cash distributions to the LPM Limited Partner; provided, however, that the LPM Limited Partner shall be allocated taxable income as otherwise required in Exhibit B and C of the Partnership Agreement. For purposes of Section 6.1C of the Partnership Agreement, Nonrecourse Liabilities of the Partnership shall be allocated to account for any income or gain to be allocated to the LPM Limited Partner pursuant to Sections 2.B and 2.D of Exhibit C, in the same priority as Nonrecourse Liabilities are allocated to the Property Limited Partners, the Red Butte Limited Partners, the Expansion Limited Partners, the Pacific Place Limited Partners, the Phoenix Limited Partners, the Savannah Limited Partners, the Anchorage Limited Partner, the Trademark Limited Partners, the Columbia Limited Partners and any subsequent Additional Limited Partners that are admitted to the Partnership. The Partnership covenants to use its best efforts during the five-year period ending June 22, 2005 to retain sufficient Nonrecourse Liabilities to permit the allocation of such Nonrecourse Liabilities to the LPM Limited Partner in an amount sufficient to avoid recapture of tax liability with respect to the LPM Limited Partner’s negative capital accounts.

     For purposes of Section 8.4 of the Partnership Agreement, on June 23, 2002, and on each June 23, September 23, December 23 and March 23 thereafter (each a “Notice Date”), the LPM Limited Partner shall have the right (the “LPM Limited Partner Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date the Partnership Units held by the LPM Limited Partner for the Redemption Amount to be delivered by the Partnership; provided, however, that the LPM Limited Partner must convert a number of Partnership Units equal to at least the lesser of (i) 1,000 Partnership Units, or (ii) all of the Partnership Units held by such Partner. The LPM Limited Partner Redemption Right shall be exercised pursuant to a Notice of Redemption (substantially in the form of Exhibits D-1 through D-4 modified to reflect

A-33

 

the LPM Limited Partner) delivered to the General Partner and LXP on a Notice Date by the LPM Limited Partner who is exercising the redemption right (the “LPM Redeeming Partner”). The LPM Redeeming Partner shall have no right, with respect to any Partnership Units so redeemed, to receive any distributions paid after the Specified Redemption Date. The Partnership covenants to cause the registration of any LXP Common Stock issued in connection with a redemption in such a manner as is required so that the shares of LXP Common Stock issued in connection with such redemption are freely transferable. The Assignee of the LPM Limited Partner may exercise the redemption rights of the LPM Limited Partner, and the LPM Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Assignee. In connection with any exercise of such rights by such Assignee on behalf of the LPM Limited Partner, such Redemption Amount shall be delivered by the Partnership directly to such Assignee and not to such LPM Limited Partner.

     The Partnership Units held by the LPM Limited Partner shall be subject to redemption by the Partnership if otherwise required by the terms of the Partnership Agreement.

     LXP agrees to enter into a Guaranty Agreement with the Partnership on the date the LPM Limited Partner is admitted to the Partnership, on terms reasonably satisfactory to LXP and the Partnership, pursuant to which LXP shall guaranty the obligations of the Partnership to pay the Redemption Amount on the Specified Redemption Date. Each of the LPM Redeeming Partner, LXP, the Partnership and the General Partner shall treat the transaction between LXP and the LPM Redeeming Partner as a sale of the LPM Redeeming Partner’s Partnership Units to LXP or the General Partner, as the case may be, for federal income tax purposes. The LPM Redeeming Partner agrees to execute such documents as the Partnership may reasonably require in connection with the issuance of REIT shares upon exercise of the LPM Limited Partner Redemption Right.

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS

                 
    Capital   Partnership   Percentage   Redemption
Name and Address of Partner   Contribution   Units   Interest   Exercise Date
 
 
                
LPM Limited Partner
               June 23, 2002
 
                
The LCP Group, L.P.
       83400   0.33%    

A-34

 

12/31/03 Limited Partners Supplement

     As a result of the Partnership having entered into a Contribution Agreement with The LCP Group, L.P., the beneficiaries of the Estate of Xxxxxx X. Xxxx listed below, Xxxxx X. Xxxxxxxx, Xxxxxxxx Xxxxxxxxxxx, Xxxxxxx X. Xxxxxxxx, E. Xxxxxx Xxxxxxx, Xxxxxxx X. Xxxxx and Xxxxxx X. Xxxxxxx (each a “12/31/2003 Limited Partner”), the General Partner has authorized the issuance of Partnership Units to each 12/31/2003 Limited Partner in the amount specified below. For purposes of applying the terms and conditions of the Agreement, each 12/31/2003 Limited Partner shall be a Partner of the Partnership with the rights and obligations of Additional Limited Partners, subject to the terms and conditions of this supplement.

     Notwithstanding Section 5.1.A of the Agreement, each 12/31/2003 Limited Partner shall be entitled to receive distributions with respect to each Partnership Unit equal to the cash dividend payable with respect to each share of LXP common stock, determined at the time of each quarterly distribution beginning with the distribution payable to shareholders of record of LXP in February, 2004.

     Partnership taxable income shall be specially allocated to each 12/31/2003 Limited Partner in an amount equal to, but not in excess of, the cash distributed to each such 12/31/2003 Limited Partner; provided, however, that each such partner shall be allocated taxable income as otherwise required in Exhibit B and C of the Partnership Agreement.

     For purposes of Section 8.4 of the Partnership Agreement, beginning on January 15, 2006, and on each January 15, April 15, July 15 and October 15 thereafter (each a “Notice Date”), each 12/31/2003 Limited Partner shall have the right (the “12/31/2003 Limited Partner Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date the Partnership Units held by such 12/31/2003 Limited Partner for the Redemption Amount to be delivered by the Partnership; provided, however, that each 12/31/2003 Limited Partner must convert a number of Partnership Units equal to at least the lesser of (i) 1,000 Partnership Units, or (ii) all of the Partnership Units held by such partner. The 12/31/2003 Limited Partner Redemption Right shall be exercised pursuant to a Notice of Redemption (substantially in the form of Exhibits D-1 through D-4) delivered to the General Partner and LXP on a Notice Date by the 12/31/2003 Limited Partner who is exercising the redemption right (the “12/31/2003 Redeeming Partner”). The 12/31/2003 Redeeming Partner shall have no right, with respect to any Partnership Units so redeemed, to receive any distributions paid after the Specified Redemption Date. The Partnership covenants to cause the registration of any LXP Common Stock issued in connection with a redemption in such a manner as is required so that the shares of LXP Common Stock issued in connection with such redemption are freely transferable. The Assignee of any 12/31/2003 Limited Partner may exercise the redemption rights of such 12/31/2003 Limited Partner, and such 12/31/2003 Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Assignee. In connection with any exercise of such rights by such Assignee on behalf of such 12/31/2003 Limited Partner, the Redemption Amount shall be delivered by the Partnership directly to such Assignee and not to such 12/31/2003 Limited Partner.

A-35

 

     The Partnership Units held by a 12/31/2003 Limited Partner shall be subject to redemption by the Partnership if otherwise required by the terms of the Partnership Agreement.

     LXP agrees to enter into a Guaranty Agreement with the Partnership on the date the 12/31/2003 Limited Partners are admitted to the Partnership, on terms reasonably satisfactory to LXP and the Partnership, pursuant to which LXP shall guaranty the obligations of the Partnership to pay the Redemption Amount on the Specified Redemption Date.

     Each of the 12/31/2003 Limited Partners, LXP, the Partnership and the General Partner shall treat the transaction between LXP and each 12/31/2003 Limited Partner as a sale of the 12/31/2003 Redeeming Partner’s Partnership Units to LXP or the General Partner, as the case may be, for federal income tax purposes. Each 12/31/2003 Limited Partner agrees to execute such documents as the Partnership may reasonably require in connection with the issuance of REIT shares upon exercise of its Redemption Right.

     
    Partnership
Name and Address of Partner   Units
 
 
    
12/31/2003 Limited Partners
   231,763
 
    
 
 
    
The LCP Group, L.P.
   91,137
 
    
Xxxxxx Xxxx Insurance Trust
U/A/D 5/13/92, F/B/O Monk
Children, Xxxxx Xxxx, Trustee
   44,762
 
    
Trust F/B/O Xxxxxxxx Xxxx,
U/A 2/28/89, Xxxxx Xxxx, Trustee
   2,704
 
    
Trust f/b/o Xxxxxx Xxxx
U/A 2/28/89, Xxxxx Xxxx, Trustee
   2,704
 
    
Trust f/b/o Xxxxxxxx Xxxx
U/A 2/28/89, Xxxxx Xxxx, Trustee
   2,704
 
    
Xxxxx X. Xxxx
   14,932
 
    
Xxxxx X. Xxxxxxxx
   11,126
 
    
Xxxxxxxx Xxxxxxxxxxx
   4,356
 
    
Xxxxxxx X. Xxxxxxxx Trust dtd. 4/5/90
   11,126
 
    
E. Xxxxxx Xxxxxxx
   17,010

A-36

 

     
    Partnership
Name and Address of Partner   Units
 
    
Xxxxxxx X. Xxxxx
   12,515
 
    
Xxxxxx X. Xxxxxxx
   16,687

A-37

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Filed: March 16th, 2005
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