First Amendment to Property Management and Services Agreement, by and between Rancon Realty Fund V, a California limited partnership, and Glenborough Properties, L.P., as predecessor to Glenborough, LLC, effective as of September 30, 2005
FIRST AMENDMENT TO PROPERTY MANAGEMENT
AND SERVICES AGREEMENT
This First Amendment to Property Management and Services Agreement (“First Amendment”) is made and entered as of September 30, 2005, by and between Glenborough Properties, L.P., a California limited partnership (“Glenborough”) and Rancon Realty Fund V, a California limited partnership (“Rancon”).
RECITALS
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| This First Amendment is made with reference to the following facts and objectives: |
A. Glenborough and Rancon entered into a Property Management and Services Agreement dated July 30, 2004 (the “Agreement’). Since then the parties have determined that Exhibit A to the Agreement should be modified to more clearly identify the properties subject to the Agreement.
B. Glenborough and Rancon now desire to modify Exhibit A to the Agreement as hereinafter set forth.
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| NOW, THEREFORE, Glenborough and Rancon hereby agree: |
AGREEMENT
1. Exhibit A to the Agreement is deleted and replaced with Exhibit A attached to and incorporated into this First Amendment.
2. All other terms, covenants, and conditions of the Agreement shall remain in full force and effect.
This First Amendment modifies and amends the Agreement. To the extent there are any inconsistencies between this First Amendment and the Agreement, the terms, covenants, and conditions of this First Amendment shall govern.
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IN WITNESS WHEREOF, Glenborough and Rancon have executed this First Amendment as of the date first above written.
GLENBOROUGH:
GLENBOROUGH PROPERTIES, L.P.,
a California limited partnership
| By | Glenborough Realty Trust Incorporated |
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| A Maryland corporation |
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| Its General Partner |
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| By: | /s/ Sandra Boyle |
| Its Executive Vice President |
RANCON:
| RANCON REALTY FUND V, a California limited partnership
By: /s/ Daniel L. Stephenson Daniel L. Stephenson, General Partner |
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By: RANCON FINANCIAL CORPORATION, a California corporation, General Partner |
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By:/s/ Daniel L. Stephenson Daniel L. Stephenson, President
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| Exhibit A: Rancon Realty Fund V | |||||||
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| Proposed - | Developed | Undeveloped | Parcel | Current | Former |
| Current Property Name | Address | Current Use | S.F. | S.F. | Acres | AP # | AP # |
| Brier Corporate Center | 862 Hospitality Lane | Office | 104,049 |
| 5.200 | 281-351-25 | 281-351-14 |
| Carnegie Business Center | 720-732 E. Carnegie Drive | R&D | 50,867 | ----- | 3.740 | 281-351-21 | ---- |
| Bally's Total Fitness | 784 E. Hospitality Lane | Health Club | 25,000 | ----- | 0.929 | 281-371-71 | 281-371-36, 37 |
| Carnegie Plaza Parking | NA | Parking | ----- | ----- | 21.399 | 281-371-72 | 281-371-47 |
| Carnegie Plaza Parking | NA | Parking | ----- | ----- | 6.006 | 281-371-83 | 281-371-48,73 |
| East Lake Restaurant | TBA | Retail | ----- | 9,000 | 0.270 | 281-371-81 | 281-371-45 |
| East Lakeside Tower | TBA | Office-Park | ---- | 200,000 | 0.801 | 281-371-80 | 281-371-44 |
| East Lakeside Tower Parking | NA | Parking | ----- | ----- | 0.863 | 281-371-38 | ----- |
| Lakeside Tower | 650 E. Hospitality Lane | Office | 112,791 | ----- | 0.716 | 281-371-43 | ----- |
| One Carnegie Plaza | 621 & 625 E. Carnegie Drive | Office | 107,278 | ----- | 2.147 | 281-341-12 | ----- |
| One Parkside | 560 E. Hospitality Lane | Office | 70,068 | ----- | 0.628 | 281-371-35 | ----- |
| Outback Restaurant | 620 E. Hospitality Lane | Retail | 6,500 | ----- | 0.333 | 281-371-40 | ----- |
| Pat & Oscar's | 690 E. Hospitality Lane | Retail | 5,100 | ----- | 0.581 | 281-371-82 | 281-371-46 |
| The Lake | NA | Lake | ----- | ----- | 1.374 | 281-371-49 | ---- |
| Three Carnegie Plaza | 735 E. Carnegie Drive | Office | 86,200 | ----- | 1.074 | 281-361-17 | ----- |
| Two Carnegie Plaza | 685 Carnegie Drive | Office | 68,957 | ----- | 1.137 | 281-341-13 | ----- |
| Two Parkside | 550 E. Hospitality | Office | 82,004 | ----- | 0.631 | 281-371-34 | ----- |
| West Lake Office | 630 E. Hospitality | Office | ----- | 72,000 | 0.544 | 281-371-41 | ----- |
| West Lakeside Tower | TBA | Office-Park | ----- | 120,000 | 0.818 | 281-371-42 | ----- |
| West Lakeside Tower Parking | NA | Parking | ----- | ----- | 1.269 | 281-371-39 | ----- |
| Palm Court Retail 3 | 745 E. Hospitality Lane | Retail | 6,004 | ----- | 0.580 | 281-361-14 | ----- |
| Maintenance Associations | Associations 3, 4, 5, 6, 7 |
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