Fee and Cost Payment Letter for $4,000,000 Loan 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. regarding a $4,000,000 loan. Grubb & Ellis agrees to pay a $40,000 loan fee to Kojaian Funding immediately and to cover the lender's reasonable legal fees and other costs related to the loan as soon as they are invoiced. The agreement ensures prompt payment of these amounts as part of the loan arrangement.

EX-4.12 8 c28242_ex4-12.txt Exhibit 4.12 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 ("Loan") from Kojaian Funding, L.L.C. ("Lender") to Grubb & Ellis Company ("Borrower") pursuant to a certain letter agreement dated May 7, 2003 between Lender and Borrower ("Agreement"). Ladies and Gentlemen, The undersigned warrants that on today's date it will remit to Lender $40,000.00, constituting the fee for the Loan pursuant to the Agreement, in immediately available funds via overnight delivery courier. The undersigned further warrants that it will immediately remit to Lender those amounts constituting Lender's reasonable legal fees and other costs in connection with the Loan upon Lender's presentation of statements representing those fees and costs. GRUBB & ELLIS COMPANY By: ------------------------------- Its: ------------------------------