Side Letter Regarding Use of Loan Proceeds between Grubb & Ellis Company and Kojaian Funding, L.L.C.

Summary

This letter agreement is between Grubb & Ellis Company and Kojaian Funding, L.L.C. It confirms that Grubb & Ellis will use the $4,000,000 loan proceeds from Kojaian Funding only for its regular business activities. The funds cannot be used to pay down any amounts owed under a separate credit agreement with Bank of America and other lenders. This document serves as a warranty and affirmation of the intended use of the loan proceeds.

EX-4.11 7 c28242_ex4-11.txt Exhibit 4.11 GRUBB & ELLIS COMPANY 2215 SANDERS ROAD SUITE 400 NORTHBROOK, ILLINOIS 60062 May 9, 2003 Kojaian Funding, L.L.C. 39400 Woodward Avenue Suite 250 Bloomfield Hills, Michigan 48304 Re: $4,000,000 Loan and Security Agreement dated May 9, 2003 (the "Security Agreement") from Kojaian Funding, L.L.C. ("Lender") to Grubb & Ellis Company ("Borrower") Ladies and Gentlemen, The undersigned hereby warrants and affirms that the proceeds from the above-referenced Loan will used only in connection with Borrower's ordinary course of business and will not be used to pay down any amounts due and owing under that certain Amended and Restated Credit Agreement dated as of December 31, 2000 (as amended or otherwise modified, the "CREDIT AGREEMENT") among Borrower, various financial institutions and Bank of America, N.A., as Administrative Agent. GRUBB & ELLIS COMPANY By: _______________________________ Its: ______________________________ ACS;\H:\Kojaian\side ltr.doc