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Exhibit 10.1
SIXTH AMENDMENT TO
FIFTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP
OF
LEPERCQ CORPORATE INCOME FUND L.P.
This SIXTH AMENDMENT TO FIFTH AMENDED AND RESTATED AGREEMENT
OF
LIMITED PARTNERSHIP OF LEPERCQ CORPORATE INCOME FUND L.P. (this
"Amendment") is
made and effective as of January 3, 2005 by and among the
entities and
individuals signatory hereto.
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 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, by Second
Amendment thereto
effective as of June 30, 2003, by Third Amendment thereto
effective as of
December 31, 2003, by Fourth Amendment thereto effective as of
October 28, 2004,
and by Fifth Amendment thereto effective as of December 8, 2004
(the
"Agreement"). Unless otherwise defined, all capitalized terms
used herein shall
have such meaning ascribed such terms in the Agreement.
B. Lexington Corporate Properties Trust, a Maryland real
estate
investment trust ("LXP") is the sole unitholder of each of (i)
Lex GP-1 Trust, a
Delaware statutory trust ("Lex GP") and (ii) Lex LP-1 Trust, a
Delaware
statutory trust ("Lex LP"). Lex GP is the general partner of the
Partnership,
Lepercq Corporate Income Fund L.P., a Delaware limited
partnership, and Net 3
Acquisition L.P., a Delaware limited partnership (collectively,
the "Operating
Partnerships"). Lex LP is the Initial Limited Partner of each of
the Operating
Partnerships.
C. Pursuant to that certain Underwriting Agreement, dated as
of
December 2, 2004, by and among Bear, Stearns & Co. Inc. (the
"Underwriter "), on
the one hand, and LXP and the Operating Partnerships, on the
other, and as of
the date hereof, LXP has completed the offer and sale (the
"Offering") to the
Underwriter of an additional 400,000 preferred shares of
beneficial interest,
classified as 6.50% Series C Cumulative Convertible Preferred
Stock, par value
$0.0001 per share, of LXP ("Preferred Shares"), pursuant to a
prospectus
supplement dated December 3, 2004 and the accompanying base
prospectus dated
October 22, 2003.
D. The Preferred Shares carry a (i) cumulative preferred
dividend, (ii) liquidation preference and (iii) conversion
right.
E. Pursuant to Section 4.2 of the Agreement, the Partnership
may
issue additional partnership interests to LXP and its affiliates
in connection
with the issuance of shares by LXP provided LXP makes a capital
contribution to
the Partnership of the proceeds raised in connection with such
issuance.
<PAGE>
F. LXP has agreed to contribute a portion of the proceeds of
the
Offering to the Partnership in exchange for Series C Preferred
Operating
Partnership Units ("Preferred OP Units") in the Partnership to
be issued to an
affiliate of LXP, Lex LP.
G. As required by Section 4.2 of the Agreement, the Preferred
OP
Units have designations, preferences and other rights such that
the economic
interests are substantially similar to the designations,
preferences and other
rights of the Preferred Shares, as further described and set
forth in the
Certificate of Designation for the Preferred OP Units dated as
of December 8,
2004.
H. As of the date hereof, and pursuant to the terms of the
Agreement, the parties hereto desire to amend the Agreement to
reflect the
issuance of an additional 280,150 Preferred OP Units to Lex LP
as well as all
other changes in the ownership of Partnership Units since the
date of the
Agreement by amending and restating Exhibit A to the
Agreement.
NOW, THEREFORE, the undersigned, being desirous of
effectuating
the foregoing and amending the Agreement accordingly, hereby
enter into this
Amendment and amend the Agreement as follows:
1. Preferred OP Units. Lex LP is hereby issued 280,150
Preferred
OP Units and shall have the rights, preferences and privileges
as set forth in
the Certificate of Designation. To the extent there is a
conflict between the
terms of the Certificate of Designation and the terms of the
Agreement, the
terms of the Certificate of Designation shall control.
2. Exhibit A. Exhibit A to the Agreement is deleted in its
entirety and replaced with Exhibit A hereto.
3. Miscellaneous. Except as amended hereby, the Agreement
shall
remain unchanged and in full force and effect.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
A-2
<PAGE>
IN WITNESS WHEREOF, the parties hereto have executed this
Amendment on behalf of the Partnership in accordance with the
provisions of
Section 14.1 of the Agreement as of the date first written
above.
GENERAL PARTNER:
LEX GP-1 TRUST
By: /s/ T. Wilson Eglin
-------------------------------
T. Wilson Eglin
President
<PAGE>
EXHIBIT A
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Percentage
Name and Address of Partner Capital Partnership Interest of
Redemption
Contribution Units Class Exercise Date
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
General Partner
---------------
Lex GP-1 Trust $100 217,387 0.84731% N/A
Limited Partner
---------------
Lex LP-1 Trust $100 21,487,537.5 83.75165% N/A
Series B Preferred Limited Partner
----------------------------------
Lex LP-1 Trust $52,645,950 2,105,838 100% (of N/A
Series B)
Series C Preferred Limited Partner
----------------------------------
Lex LP-1 Trust $105,708,644.63 2,171,166 100% (of N/A
Series C)
Special Limited Partners 0.42159%
------------------------
Douglas S. Altabef ___ 6,556 N/A
The LCP Group, L.P. ___ 28,057 N/A
Ellen C. Monk ___ 4,065.5 N/A
Terrell R. Peterson Trust dtd. 4/5/90 ___ 2,608 N/A
E. Robert Roskind Family, L.P. ___ 41,813 N/A
Richard J. Rouse ___ 16,063 N/A
Edward C. Whiting ___ 9,001 N/A
Dubuque Limited Partner 15-Jan-99
-----------------------
Wellington Real Estate Investments L.P. 12,893 0.05025%
6-Dec-02
</TABLE>
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Property Limited Partners
-------------------------
1) Barngiant Livingston(1) 0.06020% March 1, 2004
John Heubel 0.25 1,951
Leone Heubel 0.25 1,951
Antony Monk Ins. Trust f/b/o Joanna Monk 0.00033 135
Antony Monk Ins. Trust f/b/o Jonathan Monk0.00033 136
Antony Monk Ins. Trust f/b/o Samantha Monk0.00033 135
Ellen C. Monk 0.001 406
F/B/O Jeffrey W. Pomerantz (Harry 0.5 3,902
Pomerantz Trust)
F/B/O Michele P. Kolz (Harry Pomerantz 0.5 3,902
Trust)
D. Swarzman 0.125 976
J. Swarzman 0.125 975
L. Swarzman 0.125 975
2) Barnhale Modesto 0.11003% February 1, 2006
Roger Brooks 1,655
Jeffrey Caspe 115.5 4,967
Richard Caspe 77 3,311
Richard Jacobson 3,311
Dwight L. Long Trust 1,655
</TABLE>
_____________________________
1 For purposes of Section 5.1, Property Limited Partners
that
contributed interests in Barngiant Livingston (except for
Kirschner
Brothers Oil Co.) shall be entitled to cash distributions of
$2,200
annually in 1996 through 2003, and $350 in 2004.
A-2
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Albert J. Mintzer, Trustee
Albert J. Mintzer Revocable Trust dtd
3/24/92 38.5 1,656
Estate of Thomas S. Nurnberger 1,655
Jack Pester 77 3,311
Sheldon I. Rips 19.25 1,655
Renee G. Rubinow Soskin Trust 1,655
William A. Stauffer 19.25 1,656
E. Robert Roskind 20.2 872
(economic interest only)
Barnes Properties, Inc. 20.2 871
(economic interest only)
3) Barnes Rockshire 0.11453% March 1, 2005
Daniel R. Baty 1 3,672
Charles W. Coker, Jr. 1 3,672
Richard M. Durwood 1.5 5,508
William Fromm 1 3,672
The Residuary Trust U/W Isadore L. 0.5 1,836
Krischner
Antony Monk Ins. Trust f/b/o Joanna Monk 0.00050 2
Antony Monk Ins. Trust f/b/o Jonathan Monk0.00025 1
Antony Monk Ins. Trust f/b/o Samantha Monk0.00025 1
Ellen C. Monk 0.001 4
Albert Silverman 1 3,672
Randi C. Halpern TTEE 0.5 1,836
Karin Alyce Silverman TTEE 0.5 1,836
R. James Thornton 1 3,672
</TABLE>
A-3
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
4) Barnvyn Bakersfield 0.06977% January 1, 2003
John P. Jennings 6,257
Robert Miller 1.47 5,485
(William D.) Kimpton Revocable Trust 0.26 978
Jack Brownstein 5,181
5) Barnhech Montgomery(2) 0.03651% May 1, 2006
Crestar Bank, Co-Ttee u/a dtd 1/31/86 1 1,703
James A. Linen IV Irrevocable Trust
Charles R. Perko 1 1,703
Rogers Living Trust, dtd 10/7/97 0.5 852
William A. Rogers III & Shirley Rogers
Herbert G. Roskind, Jr. 0.5 852
Gary Smith 1 1,703
Bruce A. Wallis 0.25 426
Lynda W. Johnson 0.25 426
Jacqueline Gay Gaines 1,703
6) Barnward Brownsville 0.09570% November 2, 2004
Aaron David Bear 1 5,424
Robert Bole 1 5,424
Barry Pidgeon 1 5,424
E. Robert Roskind 0.26 1,428
(economic interest only)
</TABLE>
_____________________________
2 For purposes of Section 5.1, Property Limited Partners
that
contributed interests in Barnhech Montgomery shall be entitled
to cash
distributions of $490 annually in 1996 through 2005, and $163 in
2006.
A-4
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Barnes Properties, Inc. 0.26 1,428
(economic interest only)
Red Butte Limited Partners 4.74797% May 22, 1998
--------------------------
Partners of Barnshore Associates
-E. Robert Roskind Family L.P. 4,245
-Ellen C. Monk 2,122
-Richard J. Rouse 2,123
-Edward C. Whiting 2,123
-Steven Boughner 2,123
-Peter Kinnunen 1,061
-Terrell R. Peterson Trust 1,061
dtd. 4/5/90
Abbott, Mary I. Family Trust 16,921
Babush, R.K. 1,811
Baer, Verdilla 33,842
Barry, Joanne 8,461
Becker, Warren J. 16,921
Sharon Bracken, Trustee, Sharon Bracken 33,842
Marital Trust
Calkins, Windsor & Judy 16,921
Cherrington, James S. 16,921
Dallas, Robert H. (Sr.) 16,921
Danzig, Murray (Alan J. Rubens, escrow 33,842
agent)
Diversi, Henry L. (Jr.) 10,861
Dodds, W. Douglas 16,921
</TABLE>
A-5
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Dye Investment Properties #1 33,842
Ebrahimian (Moosa) Family, L.P. 33,842
Falconer Family L.P. 33,842
Flake, Rodney J. Trust 16,921
The Bud and Mary Lou Flocchini Partnership 16,921
The Armando J. and Lena Flocchini Family 16,921
Partnership
Gilbert, Peter G. 5,431
Golia, Dominick T. 37,236
Harrington, Thomas J. 20,315
Healey, Thomas J. 3,734
Irvin, Tinesley H. 10,862
Jacobs, Randolph 33,842
Jenkins, Edward Max Trust 16,921
Jones, Billy Ray 5,431
Jones, J. Curtis 2,716
Kadish, Rosalyn S. 2,716
Kenyon Trust 38,594
Kornman, Jacob S. 1,810
Kotkins, Henry L. (Jr.) 33,842
Kotkins, Henry L. (Sr.) TTEE 33,842
Kremers, Joseph A. 33,842
Krone, Marilyn R. Living Trust 8,147
Legum, Steven F. 5,431
Manlowe, Donald & Virginia 33,842
Maronick, E. Phil 33,842
</TABLE>
A-6
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Martin, Eff W. 3,734
Mathews, Glenna C. 16,921
Mazo, (Gerald)/Trust 5,431
McGonacle, Linda & Jim 16,921
Murphy Family Trust 8,461
Murphy, Margaret Trustee 8,460
Neiman, H.F. 1,810
Obernauer, Marne (Jr.) 20,315
Obie, Gordon T. 16,921
Post, Allen W. (Jr.) 10,862
Price, Gerald E. 16,921
Rhoad, Estate of Guy C. 37,236
Romney, Gloria Lynn & Clark TTEE 20,315
Schaefer, Robert A. 5,431
Schubach, Robert M. 33,842
Schwartz, Richard J. 33,842
Sherry, Henry I. 5,431
Stephenson, Leroy 33,842
Strimatter, Paul L. 8,460
Thompson Revocable Living Trust 33,842
Weaver, (The) Judith Family LLC 16,921
Weaver, Terry M. 16,921
Whitmore, George M. (Jr.) 5,431
John C. Williams Trustee, Red Butte Creek 2,716
Trust
Young, Raymond 5,431
</TABLE>
A-7
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The LCP Group, L.P. 50,204
The Roskind Family Foundation, Inc. 3,100
Trustees of Columbia University 9,600
Jack Shaffer Scholarship Fund 2,200
Cleveland Clinic Foundation 3,600
Richard J. Rouse 9,302
Expansion Limited Partners
--------------------------
1) Toy Properties Associates II 0.25293% January 15, 1999
Brooks, Bonnie Jo 854
Burnett, Pamela A. 569
Carolyn A. Butler 854
Lee C. Butler 854
Robert C. Dickson 1,707
Patricia E. Dupree 1,707
Robert L. Dupree 1,707
Dr. John M. Gallus 1,707
W.C. Gilbert 3,414
Robert Hecht 1,707
Johnson Living Trust 1,707
Jennifer Kastelic 569
James R. Keller 1,707
Oliver W. Lund 1,707
David L. Mitchell 1,707
Lawrence E. Mulkerin 1,707
Wayne H. Nay 853
</TABLE>
A-8
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
James E. Rottsolk 1,707
Dr. Allen Ruth 1,707
Earl L. Sherron, Jr. 1,707
Joseph F. Sutter 1,707
WAT Enterprises Limited Partnership 1,707
("Thielman")
Mary Lou Tillay 1,707
L. Suzan Watson 569
Zavrski, Lynne 1,707
O.K.O.W. Investors (Special LP) 3,628
(Special LP)
The LCP Group, L.P. 18,065
Richard J. Rouse 4,696
E. Robert Roskind Family, L.P. 327
Ellen C. Monk 163
Edward C. Whiting 196
Terrell R. Peterson Trust dtd. 4/5/90 131
Peter Kinnunen 131
2) Toy Properties Associates V 0.11771% January 15, 1999
Leonard V. Ackermann, DDS 778
George L. and Donna L. Adams 778
9401 Allied L.P. 778
John R. Bedingfield, Jr., MD 778
Stephen P. Boger, DDS 778
James L. Bridge, Jr. 778
John Richard Burg, MD 778
</TABLE>
A-9
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Eva P. Csathy 778
Archie R. and Nancy H. Dykes 778
George W. Flynn 778
Gordon G. Fowler 778
Burton J. Iverson 778
Douglas A. Jensen 778
James P. Larkin 778
W. Jack Lovern 778
Miles A. Nelson 778
Terry O. Noble 778
Michael D. O'Leary, DDS 778
Ruth P. Ruben 778
Thomas T. Schattenberg 778
Robert and Kathleen Schlangen 778
Thomas E. and Connie J. Taff 778
Luis W. and Pacita Tam 778
The LCP Group, L.P. 9,601
Richard J. Rouse 1,958
E. Robert Roskind Family, L.P. 238
Ellen C. Monk 119
Edward C. Whiting 146
Terrell R. Peterson Trust dtd. 4/5/90 97
Peter Kinnunen 97
Francois Letaconnoux 51
3) Fort Street Partners 0.73443% January 15, 2006
</TABLE>
A-10
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Marilyn Anixter Allen 2,262
Robert M. Arnold 6,855
Fred R. Backer 6,855
Thomas E. Burton 6,855
Carole Anixter Cohen 2,331
Donald De Pinto, MD 6,855
Averell Fisk 2,285
Robert Fisk 9,140
James Flood 27,420
The Goddard Revocable Trust 2,262
James W. Gosselin 1,713
Mary Lee Beuregard 1,714
Carol A. Claypool 1,714
Edward W. Gosselin 1,714
Bruce A. Gregga 6,855
David Haley 6,855
Guenther P. Koenkow 6,855
Leonard and Caroline S. Lorberbaum 13,710
Averell H. Mortimer 6,855
David Mortimer 6,855
Gary W. Rollins 13,710
R. Randall Rollins 13,710
W. Dieter Tede 6,855
C. Joseph Tyree 6,855
Stephen P. Glennon 1,662
E. Robert Roskind 208
</TABLE>
A-11
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Richard J. Rouse 208
Richard J. Rouse 3,815 January 15, 1999
The LCP Group, L.P. 13,444 January 15, 1999
</TABLE>
A-12
<PAGE>
Pacific Place Limited Partners Supplement
-----------------------------------------
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
A-13
<PAGE>
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 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 6 Doughton Rd., New
Kingston, Pa., 34 E.
Main St., New Kingston, Pa., and 245 Salem Church Rd.,
Mechanicsburg, 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-14
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pacific Place Limited Partners 1.49370% April 15, 1999
------------------------------
Dr. Stuart D. Aaron 1,543
Dr. Kenneth H. Adler 772
Dr. Norman I. Agin 1,543
James J. Akers, Trustee 771
u/a dated 12/28/90
Phyllis M. Akers, Trust 772
Douglas J. Backman 1,543
C. Peter Beler 1,543
William C. Butcher 386
Shoppers Village Associates 1,543
c/o Steven H. Caller
Steven H. Caller 1,188
Chappy Partners 72,000
Louis G. Chiodini 772
Harry S. Cohen 1,543
Robert S. Cohen 1,543
Dr. Robert L. Diaz 3,085
Marvin J. Dolinka 772
William D. Evans 1,543
Elizabeth A. Fendell 772
Dr. Gerald Finerman 1,543
Ronald T. Fredette 2,314
David Freishtat and 1,157
Paul Sandler
Dr. & Mrs. Mithlesh Govil 1,543
</TABLE>
A-15
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Marilyn R. Heller Trust 1,543
Joe M. Henson 1,543
Gloria Hillman 771
Dr. Phillip L. Horowitz 1,543
Investment Capital Associates 1,619
ICA Pacific Place, Inc. 3,373
John C. Isaacs, III Ranch, Ltd. 1,543
Sam S. Isaacs Ranch, Ltd. 1,542
Marsha Caller Jaffee 1,188
Dr. Bernard J. Judis 771
David A. Katz 772
Jay Latterman and 385
Jack Goldsmith
Earl M. Latterman 772
Bernard B. Latterman 772
King Laughlin 1,687
Stephen P. Lawrence 89,300
Martin C. Leibowitz Revocable Trust 88,906
Barry Z. Liber 3,085
Ronald U. Lurie 772
John McCallum 1,620
Richard G. McCauley 1,543
Richard Mrad 5,399
Dr. Vijayachandra S. Nair 1,543
Godfrey P. Padberg Marital Trust 1,543
Pell Holdings 39,100
</TABLE>
A-16
<PAGE>
PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS
<TABLE>
<CAPTION>
Name and Address of Partner Capital Partnership Percentage
Redemption
Contribution Units Interest Exercise Date
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Irving L. Peterson 1,543
John Allen Pierce 1,687
Dr. Sonja S. Pinsky 1,543
Lawrence Raskin 1,296
Ernest E. & Mary B. Renaud 1,543
Irving Rosenstein 1,188
Arthur R. Salomon 2,314
Paul Sandler & David Freishtat 386
Dr. Sylvan Sarasohn 1,543
Dr. Michael J. Schou 1,543
Antonia Shusta 386
Dr. William R. Sloan 1,543
Irving Spivak 772
Jeffrey P. Stern 1,543
Dr. William Sternfeld 1,543
Dr. Norman A. Stokes 771
Marilyn A. Teague Revocable Trust 1,543
James M. Tushman 1,543
Thomas E. Tushman 771
Dr. & Mrs. Irving Waldman 771
Mr. & Mrs. Neil Wolfson 1,543
Andrew S. Wolfson 1,543
</TABLE>
A-17
<PAGE>
Phoenix Limited Partners Supplement
-----------------------------------
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
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