| Preview
Full Doc
 | 2000 |
Exchange Agreement
Exchange Agreement (15K)
Doc #261366: Click preview link for longer preview.
EXCHANGE AGREEMENT
EXCHANGE AGREEMENT, dated as of June 16, 2000, between Stichting
Pensioenfonds ABP, a Dutch pension fund ("ABP") and Reckson Associates Realty
Corp., a Maryland corporation ("Reckson").
W I T N E S S E T H
WHEREAS, Reckson wishes to exchange the Common Shares (as defined
herein) for the Preferred Shares (as defined herein) and ABP wishes to exchange
the Preferred Shares for the Common Shares, on the terms and conditions set
forth herein:
NOW, THEREFORE, in consideration of the premises and the mutual
representations and covenants herein contained and for other good and valuable
consideration, the parties hereto agree as follows:
ARTICLE I.
DEFINITIONS
The following terms shall have the following respective meanings
for all purposes of this Agreement:
"Agreement" means this Exchange Agreement, as it may be from time
to time amended, including the Exhibits hereto.
"Articles of Incorporation" means the Articles of Amendment and
Restatement of Reckson, dated May 22, 1995, as amended through the date hereof.
"Class A Common Stock" means the Class A Common Stock, par value
$.01 per share, of Reckson.
"Class B Common Stock" means the Class B Common Stock, par value
$.01 per share, of Reckson.
"Common Shares" means 4,181,818 shares of Class A Common Stock.
"Other ABP Shares" has the meaning set forth in Article III
hereof.
"Ownership Limit" has the meaning ascribed to such term in the
Articles of Incorporation.
"Preferred Shares" means 4,000,000 shares of Series B Convertible
Cumulative Preferred Stock, of Reckson.
"Shelf Registration Statement" has the meaning ascribed to such
term in the Registration Rights Agreement.
"Registration Rights Agreement" has the meaning set forth in
Article V hereof.
{PAGE}
"Waiver Termination Date" has the meaning set forth in Article VI
hereof.
ARTICLE II.
THE EXCHANGE
Section 2.1 Exchange of Securities. (a) On the terms and subject
to the conditions of this Agreement, (i) ABP shall deliver to Reckson the
Preferred Shares in exchange for the Common Shares and, simultaneously, (ii)
Reckson shall deliver to ABP the Common Shares in exchange for the Preferred
Shares.
(b) The closing (the "Closing") of the exchange of the securities
referred to in clause (a) above shall be held at the offices of Brown & Wood
LLP, One World Trade Center, New York, New York 10048, as soon as practicable on
or after the date hereof, but, in any event, not later than two business days
after the date hereof. At the Closing, (i) ABP shall deliver to Reckson (x) one
or more certificates representing the Preferred Shares with a properly executed
instrument of transfer and (y) an executed copy of the representation letter
with respect to certain tax matters attached hereto as Exhibit A, (ii) Reckson
shall deliver to ABP certificates issued in ABP's name representing the Common
Shares and (iii) the parties will enter into the Registration Rights Agreement
attached hereto as Exhibit B.
ARTICLE III.
REPRESENTATIONS AND WARRANTIES OF ABP
ABP hereby represents and warrants to Reckson that:
Section 3.1 Due Authorization. ABP has full right, power and
authority to enter into this Agreement and the Registration Rights Agreement and
261366
|
Reckson
As referenced in this Exchange Agreement:
Reckson Associates Realty
Corp – EXCHANGE AGREEMENT
{TEXT}
EXCHANGE AGREEMENT
EXCHANGE AGREEMENT, dated as of June 16, 2000, between Stichting
Pensioenfonds ABP, a Dutch pension fund ("ABP") and Reckson Associates Realty
Corp ., a Maryland corporation ("Reckson").
W I T N E S S E T H
WHEREAS, Reckson wishes to exchange the Common Shares (
_____________
RECKSON ASSOCIATES REALTY CORP – PAGE INTENTIONALLY LEFT BLANK]
5
{PAGE}
IN WITNESS WHEREOF, the undersigned have duly executed this
Agreement as of the date set forth above.
RECKSON ASSOCIATES REALTY CORP .
By: /s/ Jason M. Barnett
--------------------------------------------
Name: Jason M. Barnett
Title: Executive Vice President
STICHTING PENSIOENFONDS ABP
By: ABP Investments US, Inc., as
_____________
dt 143966
;
| Stichting Pensioenfonds ABP
|
| Preview
Full Doc
| 2000 |
Stock Exchange Agreement
Stock Exchange Agreement (32K)
Doc #262723: Click preview link for longer preview.
STOCK EXCHANGE AGREEMENT
THIS STOCK EXCHANGE AGREEMENT is made and entered into as of the ____
day of May, 2000, by and between Stonehaven Realty Trust f/k/a Wellington
Properties Trust, a Maryland real estate investment trust ("Seller") and
Wellington Management Corporation, a Wisconsin corporation ("Buyer").
R E C I T A L S:
A. Stonehaven owns all of the issued and outstanding uncertificated
common stock ("Lake Pointe Shares") of Lake Pointe Apartment Homes, Inc., a
Wisconsin corporation ("Lake Pointe"), which owns an apartment living community
in Schofield, Wisconsin ("Lake Pointe Project");
B. Seller also owns 18 units or member interests ("Highlander Member
Interest") of Highlander Acquisition Company, LLC, a Wisconsin limited liability
company ("Highlander") which owns an apartment living community in Des Moines,
Iowa ("Highlander Project");
C. Buyer owns 95,000 shares of Class B 9% Convertible Preferred Shares
of Seller ("Class B Preferred Shares");
D. Buyer desires to acquire Seller's interest in Lake Pointe and the
Lake Pointe Project represented by the Lake Pointe Shares and Seller's interest
in Highlander and the Highlander Project represented by the Highlander Member
Interest in exchange for the transfer of the Class B Preferred Shares owned by
Buyer, all in accordance with the terms of this Agreement.
{PAGE}
AGREEMENT
1. PURCHASE OF INTERESTS. At the Closing (as hereinafter defined)
Seller shall sell and transfer the Lake Pointe Shares and
Highlander Member Interest to Buyer and Buyer hereby agrees to
acquire the Lake Pointe Shares and Highlander Member Interest
on the terms and conditions set forth in this Agreement.
2. EXCHANGE OF STOCK AS CONSIDERATION. In exchange for the Lake
Pointe Shares and Highlander Member Interest, Buyer shall
transfer the Class B Preferred Shares owned by Buyer to
Seller.
3. REPRESENTATIONS AND WARRANTIES OF SELLER. Seller represents,
warrants and covenants to Buyer that as of the date hereof and
as of the Date of Closing:
3.1: AUTHORITY. Seller has all requisite power and authority
to enter into this Agreement and each agreement, document and
instrument to be executed and delivered by Seller pursuant to
this Agreement and to carry out the transactions contemplated
hereby and thereby. This Agreement and each agreement,
document and instrument to be executed and delivered by Seller
pursuant to this Agreement constitutes, or when executed and
delivered will constitute, the legal, valid and binding
obligation of Seller each enforceable in accordance with their
respective terms.
3.2: LAKE POINTE SHARES. The Lake Pointe Shares are and when
delivered to Buyer will be free and clear of any and all
pledges, claims, restrictions, charges, liens, security
interests, encumbrances or other interests of third parties of
any nature whatsoever created by Seller, except for
restrictions imposed by federal or state securities laws.
3.3: HIGHLANDER MEMBER INTEREST. The Highlander Member
Interest when delivered to Buyer will be free and clear of any
and all pledges, claims, restrictions, charges, liens,
security interests, encumbrances or other interests of third
parties of any nature whatsoever created by Seller, except for
restrictions imposed by federal or state securities laws.
262723
|
Stonehaven
As referenced in this Stock Exchange Agreement:
Stonehaven Realty Trust – STOCK EXCHANGE AGREEMENT
THIS STOCK EXCHANGE AGREEMENT is made and entered into as of the ____
day of May, 2000, by and between Stonehaven Realty Trust f/k/a Wellington
Properties Trust, a Maryland real estate investment trust ("Seller") and
Wellington Management Corporation, a Wisconsin corporation ("Buyer").
R E
_____________
Stonehaven Realty Trust
– personally or by registered or certified mail,
return receipt requested, postage-prepaid, addressed as
follows:
If to the Seller: Duane H. Lund, CEO
Stonehaven Realty Trust
2550 West University Avenue
Suite 240N
St. Paul, MN 55114
With a copy to: William M. Habicht, Esq.
Messerli & Kramer P.A.
_____________
STONEHAVEN REALTY TRUST – blank]
11
{PAGE}
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first above written.
SELLER: BUYER:
STONEHAVEN REALTY TRUST WELLINGTON MANAGEMENT CORPORATION
By: /s/ Duane H. Lund By: /s/ Gregory Leas
----------------------------------- ---------------------------------
Its: Chief Executive Officer Its: Executive Vice President
------------------------ -------------------------
[Agreed as
_____________
dt 138036
;
|
Stonehaven
As referenced in this Stock Exchange Agreement:
Stonehaven Realty Trust – STOCK EXCHANGE AGREEMENT
THIS STOCK EXCHANGE AGREEMENT is made and entered into as of the ____
day of May, 2000, by and between Stonehaven Realty Trust f/k/a Wellington
Properties Trust, a Maryland real estate investment trust ("Seller") and
Wellington Management Corporation, a Wisconsin corporation ("Buyer").
R E
_____________
Stonehaven Realty Trust
– personally or by registered or certified mail,
return receipt requested, postage-prepaid, addressed as
follows:
If to the Seller: Duane H. Lund, CEO
Stonehaven Realty Trust
2550 West University Avenue
Suite 240N
St. Paul, MN 55114
With a copy to: William M. Habicht, Esq.
Messerli & Kramer P.A.
_____________
STONEHAVEN REALTY TRUST – blank]
11
{PAGE}
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first above written.
SELLER: BUYER:
STONEHAVEN REALTY TRUST WELLINGTON MANAGEMENT CORPORATION
By: /s/ Duane H. Lund By: /s/ Gregory Leas
----------------------------------- ---------------------------------
Its: Chief Executive Officer Its: Executive Vice President
------------------------ -------------------------
[Agreed as
_____________
dt 138036
;
Wellington
As referenced in this Stock Exchange Agreement:
Wellington
Properties Trust, – AGREEMENT is made and entered into as of the ____
day of May, 2000, by and between Stonehaven Realty Trust f/k/a Wellington
Properties Trust, a Maryland real estate investment trust ("Seller") and
Wellington Management Corporation, a Wisconsin corporation ("Buyer").
R E C I T A L
_____________
dt 259563
;
More... |
| Preview
Full Doc
| 2001 |
Exchange Agreement
Exchange Agreement (142K)
Doc #264443: Click preview link for longer preview.
EXCHANGE AGREEMENT
between
PRENTISS PROPERTIES ACQUISITION PARTNERS, L.P.,
a Delaware limited partnership
("Prentiss")
and
BRANDYWINE GRANDE B, L.P.,
a Delaware limited partnership
("Grande B")
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
{S} {C}
ARTICLE I. DEFINITIONS............................................................................................1
1.1 Definitions..............................................................................................1
ARTICLE II. EXCHANGE OF PROPERTY; DEPOSIT; EXCHANGE VALUE; STUDY PERIOD...........................................7
2.1 Exchange Property........................................................................................7
2.2 Exchange Value...........................................................................................7
2.3 Deposit..................................................................................................7
2.4 Study Period.............................................................................................7
ARTICLE III. GRANDE B'S REPRESENTATIONS AND WARRANTIES...........................................................12
3.1 Organization and Power..................................................................................12
3.2 Authorization, Execution and Disclosure.................................................................12
3.3 Non-contravention.......................................................................................12
3.4 No Special Taxes........................................................................................13
3.5 Compliance with Existing Laws and Restrictive Covenants.................................................13
3.6 Personal Property.......................................................................................13
3.7 Operating Agreements....................................................................................13
3.8 Condemnation Proceedings; Roadways......................................................................13
3.9 Actions or Proceedings..................................................................................13
3.10 Bankruptcy..............................................................................................14
3.11 Hazardous Substances....................................................................................14
3.12 Parties in Possession...................................................................................14
3.13 Leases..................................................................................................14
3.14 Leased Property.........................................................................................15
3.15 No Unpaid Charges.......................................................................................15
3.16 Condition of Improvements...............................................................................15
3.17 Access..................................................................................................15
3.18 No Commitments..........................................................................................15
3.19 Grande B Is Not a "Foreign Person"......................................................................16
3.20 Leasing Commissions.....................................................................................16
3.21 Other Agreements........................................................................................16
3.22 Existing Secured Indebtedness...........................................................................16
3.23 Employment on "At-Will" Basis...........................................................................16
3.24 LIMITATIONS ON REPRESENTATIONS AND WARRANTIES...........................................................16
ARTICLE IV. PRENTISS' REPRESENTATIONS AND WARRANTIES.............................................................18
4.1 Organization and Power..................................................................................18
4.2 Non-contravention.......................................................................................18
4.3 Litigation..............................................................................................18
4.4 Bankruptcy..............................................................................................18
4.5 Authorization, Execution and Disclosure.................................................................18
ARTICLE V. CONDITIONS PRECEDENT..................................................................................18
5.1 As to Prentiss' Obligations.............................................................................18
5.2 As to Grande B's Obligations............................................................................20
{/TABLE}
i
{PAGE}
{TABLE}
{CAPTION}
{S} {C}
ARTICLE VI. COVENANTS OF GRANDE B................................................................................20
6.1 Operating Agreements....................................................................................20
6.2 Warranties and Guaranties...............................................................................21
6.3 Insurance...............................................................................................21
6.4 Operation of Property Prior to Closing..................................................................21
6.5 No Marketing............................................................................................22
6.6 Leased Property.........................................................................................22
ARTICLE VII. CLOSING.............................................................................................23
7.1 Closing.................................................................................................23
7.2 Grande B's Deliveries...................................................................................23
7.3 Prentiss' Deliveries....................................................................................25
7.4 Mutual Deliveries.......................................................................................26
7.5 Closing Costs...........................................................................................26
7.6 Revenue and Expense Allocations.........................................................................26
7.7 Delinquent Rents........................................................................................27
7.8 Costs Associated with Certain Leasing Activities........................................................28
ARTICLE VIII. GENERAL PROVISIONS.................................................................................28
8.1 Condemnation............................................................................................28
8.2 Risk of Loss............................................................................................29
8.3 Broker..................................................................................................29
8.4 Bulk Sale...............................................................................................29
ARTICLE IX. LIABILITY OF PRENTISS; INDEMNIFICATION BY GRANDE B; DEFAULT; TERMINATION RIGHTS......................30
9.1 Liability of Prentiss...................................................................................30
9.2 Indemnification by Grande B.............................................................................30
9.3 Default by Grande B/Failure of Conditions Precedent.....................................................30
9.4 Indemnification by Prentiss.............................................................................31
9.5 Default by Prentiss/Failure of Conditions Precedent.....................................................32
9.6 Costs and Attorneys' Fees...............................................................................32
9.7 Limitation of Liability.................................................................................32
ARTICLE X. MISCELLANEOUS PROVISIONS..............................................................................32
10.1 Completeness; Modification..............................................................................32
10.2 Assignments.............................................................................................32
10.3 Successors and Assigns..................................................................................33
10.4 Days....................................................................................................33
10.5 Governing Law...........................................................................................33
10.6 Counterparts............................................................................................33
10.7 Severability............................................................................................33
10.8 Notices.................................................................................................33
10.9 Escrow Agent............................................................................................34
10.10 Incorporation by Reference..............................................................................35
10.11 Survival................................................................................................35
10.12 Further Assurances......................................................................................35
10.13 No Partnership..........................................................................................35
10.14 Time of Essence.........................................................................................35
10.15 Signatory Exculpation...................................................................................35
10.16 Rules of Construction...................................................................................35
10.17 Like-Kind Exchange......................................................................................36
10.18 SEC Reporting (8-K) Requirements........................................................................36
{/TABLE}
ii
{PAGE}
{TABLE}
{CAPTION}
{S} {C}
10.16 Rules of Construction................................................................................35
10.17 Like-Kind Exchange...................................................................................36
10.18 SEC Reporting (8-K) Requirements.....................................................................36
{/TABLE}
EXHIBITS
Exhibit A - Land
Exhibit B - Exchange Property
Exhibit C - Tenant's Estoppel Certificate
Exhibit D - Excluded Tangible Personal Property
SCHEDULES
Schedule 3.7 Assumed Operating Agreements
Schedule 3.13 Rent Roll and Accounts Receivable Report
Schedule 3.20 Outstanding Leasing Commissions
Schedule 6.4(g) Approved New Leases
iii
{PAGE}
EXCHANGE AGREEMENT
THIS EXCHANGE AGREEMENT (this "Agreement") is made as of this 14th day
of March, 2001, between PRENTISS PROPERTIES ACQUISITION PARTNERS, L.P., a
Delaware limited partnership and/or assigns (collectively, "Prentiss"), and
BRANDYWINE GRANDE B, L.P., a Delaware limited partnership ("Grande B").
R E C I T A T I O N S:
A. Grande B is the owner of certain real properties located in Fairfax
County, Commonwealth of Virginia, as more particularly identified on Exhibit A,
attached hereto and made a part hereof for all purposes.
B. Prentiss is desirous of acquiring such property from Grande B and
Grande B is desirous of conveying such property to Prentiss, upon the terms and
conditions hereinafter set forth, in exchange for the conveyance of certain
property by Prentiss to Grande B in accordance with an Exchange Agreement of
even date herewith between Grande B and Prentiss (the "Second Exchange
Agreement").
NOW, THEREFORE, in consideration of the foregoing premises and in
consideration of the mutual covenants, promises and undertakings of the parties
hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged by the parties, it is
agreed:
ARTICLE I.
DEFINITIONS
1.1 Definitions. The following terms shall have the indicated meanings:
"Act of Bankruptcy" shall mean if a party hereto or any
general partner thereof shall (a) apply for or consent to the appointment of, or
the taking of possession by, a receiver, custodian, trustee or liquidator of
itself or of all or a substantial part of its property, (b) admit in writing its
inability to pay its debts as they become due, (c) make a general assignment for
the benefit of its creditors, (d) file a voluntary petition or commence a
voluntary case or proceeding under the Federal Bankruptcy Code (as now or
hereafter in effect), (e) be adjudicated a bankrupt or insolvent, (f) file a
petition seeking to take advantage of any other law relating to bankruptcy,
insolvency, reorganization, winding-up or composition or adjustment of debts,
(g) fail to controvert in a timely and appropriate manner, or acquiesce in
writing to, any petition filed against it in an involuntary case or proceeding
under the Federal Bankruptcy Code (as now or hereafter in effect), or (h) take
any corporate or partnership action for the purpose of effecting any of the
foregoing; or if a proceeding or case shall be commenced, without the
application or consent of a party hereto or any general partner thereof, in any
court of competent jurisdiction seeking (1) the liquidation, reorganization,
dissolution or winding-up, or the composition or readjustment of debts, of such
party or general partner, (2) the appointment of a receiver, custodian, trustee
or liquidator for such party or general partner or all or any substantial part
of its assets, or (3) other similar relief under any law relating to bankruptcy,
insolvency, reorganization, winding-up or composition or adjustment of debts,
and such proceeding or case shall continue undismissed for a period of ninety
(90) consecutive days; or an order (including an order for relief entered in an
involuntary case under the Federal Bankruptcy Code, as now or hereafter in
effect) judgment or decree approving or ordering any of the foregoing shall be
entered and continue unstayed and in effect, for a period of ninety (90)
consecutive days.
1
{PAGE}
"Applicable Laws" shall mean any applicable building, zoning,
subdivision, environmental, health, safety or other governmental laws, statutes,
ordinances, resolutions, rules, codes, regulations, orders or determinations of
any Governmental Authority or of any insurance boards of underwriters (or other
body exercising similar functions), or any restrictive covenants or deed
restrictions affecting the Property or the ownership, operation, use,
maintenance or condition thereof.
"Assignment and Assumption Agreement" shall mean one or more
assignment and assumption agreements whereby, subject to the allocation
provisions in Section 7.8 hereof, (a) Grande B (1) assigns and Prentiss assumes
the Assumed Operating Agreements, (2) assigns all of Grande B's right, title and
interest in and to the Intangible Personal Property, to the extent assignable,
and (3) indemnifies, defends and holds Prentiss and its agents, employees,
officers, directors, shareholders and contractors harmless with respect to all
defaults, liabilities, claims, costs and expenses (including, without
limitation, reasonable attorneys' fees) relating to acts or omissions accruing
under such Assumed Operating Agreements before the Closing Date; and (b)
Prentiss indemnifies, defends and holds Grande B harmless with respect to all
defaults, liabilities, claims, costs and expenses (including, without
limitation, reasonable attorneys' fees) relating to acts or omissions accruing
under such Assumed Operating Agreements after the Closing Date.
"Assignment of Leases" shall mean the assignment agreement, in
recordable form, whereby, subject to the allocation provisions in Section 7.8
hereof, (a) Grande B (1) assigns and Prentiss assumes all of Grande B's right,
title and interest in and to the Leases, and (2) indemnifies, defends and holds
Prentiss and its agents, employees, officers, directors, shareholders and
contractors harmless with respect to all defaults, liabilities, claims, costs
and expenses (including, without limitation, reasonable attorneys' fees)
relating to acts or omissions accruing under such Leases before the Closing
Date; and (b) Prentiss indemnifies, defends and holds Grande B harmless with
respect to all defaults, liabilities, claims, costs and expenses (including,
without limitation, reasonable attorneys' fees) relating to acts or omissions
accruing under such Leases after the Closing Date.
"Assumed Operating Agreements" shall mean the Operating
Agreements described in Section 3.7 hereto which are to be assigned pursuant to
the Assignment and Assumption Agreement.
"Authorizations" shall mean all licenses, permits and
approvals required by any governmental or quasi-governmental agency, body,
department, commission, board, bureau, instrumentality or officer, any owners
association created pursuant to deed restrictions affecting the Real Property or
otherwise appropriate with respect to the construction, ownership, operation,
leasing, maintenance, or use of the Property or any part thereof.
264443
|
Brandywine
As referenced in this Exchange Agreement:
Brandywine Realty Trust
– aforesaid shall be deemed given or made (as the
case may be) when actually delivered to the intended recipient.
If to Grande B: Brandywine Realty Trust
14 Campus Boulevard, Suite 100
Newtown Square, PA 19073-3780
Attn: Brad A. Molotsky, General Counsel
Fax No.: 610-325-4628
33
{
_____________
Brandywine Realty Trust, – or for any claim based thereon or otherwise in
respect thereof, against any past, present or future trustee, shareholder,
officer or employee of Brandywine Realty Trust, Prentiss Properties Trust,
Prentiss, Grande B or Brandywine OP, whether by virtue of any statute or rule of
law, or by the
_____________
Brandywine Realty Trust, – all indemnities of Grande B in this Agreement and all
documents executed in connection with this Agreement.
BRANDYWINE OPERATING PARTNERSHIP, L.P.
By: Brandywine Realty Trust, its general partner
By: /s/ Gerard H. Sweeney
--------------------------------------
Title: President and Chief Executive Officer
-------------------------------------
37
{PAGE}
RECEIPT OF ESCROW AGENT
Chicago Title
_____________
dt 166136
;
Prentiss
As referenced in this Exchange Agreement:
Prentiss Properties Trust, – claim based thereon or otherwise in
respect thereof, against any past, present or future trustee, shareholder,
officer or employee of Brandywine Realty Trust, Prentiss Properties Trust,
Prentiss, Grande B or Brandywine OP, whether by virtue of any statute or rule of
law, or by the enforcement of any
_____________
Prentiss Properties Trust – of the Securities and Exchange
Commission (the "Commission"), as applicable; (b) any other rule issued by the
Commission and applicable to Prentiss or Prentiss Properties Trust ("PPT"); and
(c) any registration statement, report or disclosure statement filed with the
Commission by PPT; and a representation letter, signed by
_____________
dt 145508
;
|
 Akin Gump
As referenced in this Exchange Agreement:
Akin, Gump – West Northwest Highway, Suite 400
Dallas, Texas 75220
Attn.: J. Kevan Dilbeck, General Counsel
Fax No.: (214) 350-2409
With a copy to: Akin, Gump , Strauss, Hauer & Feld, L.L.P.
1700 Pacific Avenue, Suite 4100
Dallas, Texas 75201-4675
Attn.: Randall M. Ratner, P.C.
Fax
_____________
dt 167547
;
Prentiss Properties Acquisition Partners, L.P.;
Brandywine Grande B, L.P.
|
| Preview
Full Doc
| 2001 |
Exchange Agreement
Exchange Agreement (149K)
Doc #264444: Click preview link for longer preview.
EXCHANGE AGREEMENT
between
PRENTISS PROPERTIES ACQUISITION PARTNERS, L.P.,
a Delaware limited partnership
("Prentiss")
and
BRANDYWINE GRANDE B, L.P.,
a Delaware limited partnership
("Grande B")
{PAGE}
TABLE OF CONTENTS
Page
ARTICLE I. DEFINITIONS.........................................................1
1.1 Definitions.............................................................1
ARTICLE II. EXCHANGE OF PROPERTY; DEPOSIT; EXCHANGE VALUE; STUDY PERIOD;
CONVEYANCE SUBJECT TO EXISTING NOTES AND
LIENS..........................................................................8
2.1 Exchange Property.......................................................8
2.2 Exchange Value; Conveyance Subject to Existing Notes and Liens..........8
2.3 Deposit.................................................................8
2.4 Study Period............................................................9
ARTICLE III. PRENTISS' REPRESENTATIONS AND WARRANTIES.........................13
3.1 Organization and Power.................................................13
3.2 Authorization, Execution and Disclosure................................13
3.3 Non-contravention......................................................14
3.4 No Special Taxes.......................................................14
3.5 Compliance with Existing Laws and Restrictive Covenants................14
3.6 Personal Property......................................................14
3.7 Operating Agreements...................................................14
3.8 Condemnation Proceedings; Roadways.....................................15
3.9 Actions or Proceedings.................................................15
3.10 Bankruptcy.............................................................15
3.11 Hazardous Substances...................................................15
3.12 Parties in Possession..................................................16
3.13 Leases.................................................................16
3.14 Leased Property........................................................16
3.15 No Unpaid Charges......................................................16
3.16 Condition of Improvements..............................................16
3.17 Access.................................................................17
3.18 No Commitments.........................................................17
3.19 Prentiss Is Not a "Foreign Person".....................................17
3.20 Leasing Commissions....................................................17
3.21 Other Agreements.......................................................17
3.22 Existing Secured Indebtedness..........................................17
3.23 Employment on "At-Will" Basis..........................................17
3.24 Ground Lease...........................................................18
3.25 LIMITATIONS ON REPRESENTATIONS AND WARRANTIES..........................18
ARTICLE IV. GRANDE B'S REPRESENTATIONS AND WARRANTIES.........................19
4.1 Organization and Power.................................................19
4.2 Non-contravention......................................................20
4.3 Litigation.............................................................20
4.4 Bankruptcy.............................................................20
4.5 Authorization, Execution and Disclosure................................20
ARTICLE V. CONDITIONS PRECEDENT...............................................20
5.1 As to Grande B's Obligations...........................................20
5.2 As to Prentiss' Obligations............................................22
i
{PAGE}
ARTICLE VI. COVENANTS OF PRENTISS.............................................22
6.1 Operating Agreements...................................................23
6.2 Warranties and Guaranties..............................................23
6.3 Insurance..............................................................23
6.4 Operation of Property Prior to Closing.................................23
6.5 No Marketing...........................................................25
6.6 Leased Property........................................................25
ARTICLE VII. CLOSING..........................................................25
7.1 Closing................................................................25
7.2 Prentiss' Deliveries...................................................26
7.3 Grande B's Deliveries..................................................28
7.4 Mutual Deliveries......................................................28
7.5 Closing Costs..........................................................28
7.6 Revenue and Expense Allocations........................................29
7.7 Delinquent Rents.......................................................30
7.8 Costs Associated with Certain Leasing Activities.......................30
ARTICLE VIII. GENERAL PROVISIONS..............................................31
8.1 Condemnation...........................................................31
8.2 Risk of Loss...........................................................31
8.3 Broker.................................................................32
8.4 Bulk Sale..............................................................32
ARTICLE IX. LIABILITY OF GRANDE B; INDEMNIFICATION BY PRENTISS;
DEFAULT; TERMINATION RIGHTS......................32
9.1 Liability of Grande B..................................................32
9.2 Indemnification by Prentiss............................................33
9.3 Default by Prentiss/Failure of Conditions Precedent....................33
9.4 Indemnification by Grande B............................................34
9.5 Default by Grande B/Failure of Conditions Precedent....................34
9.6 Costs and Attorneys' Fees..............................................35
9.7 Limitation of Liability................................................35
ARTICLE X. MISCELLANEOUS PROVISIONS...........................................35
10.1 Completeness; Modification.............................................35
10.2 Assignments............................................................35
10.3 Successors and Assigns.................................................35
10.4 Days...................................................................35
10.5 Governing Law..........................................................36
10.6 Counterparts...........................................................36
10.7 Severability...........................................................36
10.8 Notices................................................................36
10.9 Escrow Agent...........................................................37
10.10 Incorporation by Reference.............................................37
10.11 Survival...............................................................37
10.12 Further Assurances.....................................................37
10.13 No Partnership.........................................................38
10.14 Time of Essence........................................................38
10.15 Signatory Exculpation..................................................38
10.16 Rules of Construction..................................................38
10.17 Like-Kind Exchange.....................................................39
10.18 SEC Reporting (8-K) Requirements.......................................39
ii
{PAGE}
EXHIBITS
Exhibit A - Land
Exhibit B - Exchange Property
Exhibit C - Tenant's Estoppel Certificate
Exhibit D - Excluded Tangible Personal Property
Exhibit E - Existing Notes and Existing Liens
Exhibit F - Form of Lender Estoppel Certificate
Exhibit G - Description of Ground Leases
SCHEDULES
Schedule 3.7 Operating Agreements
Schedule 3.13 Rent Roll and Accounts Receivable Report
Schedule 3.20 Outstanding Leasing Commissions
Schedule 6.4(g) Approved New Leases
iii
{PAGE}
EXCHANGE AGREEMENT
THIS EXCHANGE AGREEMENT (this "Agreement") is made as of this 14th day
of March, 2001, between PRENTISS PROPERTIES ACQUISITION PARTNERS, L.P., a
Delaware limited partnership and/or assigns (collectively, "Prentiss"), and
BRANDYWINE GRANDE B, L.P., a Delaware limited partnership ("Grande B").
R E C I T A T I O N S:
A. Prentiss is the owner of a fee estate in certain real properties
located in the Commonwealth of Pennsylvania and States of Delaware and New
Jersey, as more particularly identified on Exhibit A-1, attached hereto and made
a part hereof for all purposes and the owner of a leasehold estate in certain
real properties located in the Commonwealth of Pennsylvania, as more
particularly identified on Exhibit A-2 hereto and made a part hereof for all
purposes.
B. Grande B is desirous of acquiring such property from Prentiss and
Prentiss is desirous of conveying such property to Grande B, upon the terms and
conditions hereinafter set forth, in exchange for the conveyance of certain
property by Grande B to Prentiss in accordance with an Exchange Agreement of
even date herewith between Prentiss and Grande B (the "Second Exchange
Agreement").
NOW, THEREFORE, in consideration of the foregoing premises and in
consideration of the mutual covenants, promises and undertakings of the parties
hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged by the parties, it is
agreed:
ARTICLE I.
DEFINITIONS
1.1 Definitions. The following terms shall have the indicated
meanings:
"Act of Bankruptcy" shall mean if a party hereto or any general
partner thereof shall (a) apply for or consent to the appointment of, or the
taking of possession by, a receiver, custodian, trustee or liquidator of itself
or of all or a substantial part of its property, (b) admit in writing its
inability to pay its debts as they become due, (c) make a general assignment for
the benefit of its creditors, (d) file a voluntary petition or commence a
voluntary case or proceeding under the Federal Bankruptcy Code (as now or
hereafter in effect), (e) be adjudicated a bankrupt or insolvent, (f) file a
petition seeking to take advantage of any other law relating to bankruptcy,
insolvency, reorganization, winding-up or composition or adjustment of debts,
(g) fail to controvert in a timely and appropriate manner, or acquiesce in
writing to, any petition filed against it in an involuntary case or proceeding
under the Federal Bankruptcy Code (as now or hereafter in effect), or (h) take
any corporate or partnership action for the purpose of effecting any of the
foregoing; or if a proceeding or case shall be commenced, without the
application or consent of a party hereto or any general partner thereof, in any
court of competent jurisdiction seeking (1) the liquidation, reorganization,
dissolution or winding-up, or the composition or readjustment of debts, of such
party or general partner, (2) the appointment of a receiver, custodian, trustee
1
{PAGE}
or liquidator for such party or general partner or all or any substantial part
of its assets, or (3) other similar relief under any law relating to bankruptcy,
insolvency, reorganization, winding-up or composition or adjustment of debts,
and such proceeding or case shall continue undismissed for a period of ninety
(90) consecutive days; or an order (including an order for relief entered in an
involuntary case under the Federal Bankruptcy Code, as now or hereafter in
effect) judgment or decree approving or ordering any of the foregoing shall be
entered and continue unstayed and in effect, for a period of ninety (90)
consecutive days.
"Applicable Laws" shall mean any applicable building, zoning,
subdivision, environmental, health, safety or other governmental laws, statutes,
ordinances, resolutions, rules, codes, regulations, orders or determinations of
any Governmental Authority or of any insurance boards of underwriters (or other
body exercising similar functions), or any restrictive covenants or deed
restrictions affecting the Property or the ownership, operation, use,
maintenance or condition thereof.
"Assignment and Assumption Agreement" shall mean one or more
assignment and assumption agreements whereby, subject to the allocation
provisions in Section 7.8 hereof, (a) Prentiss (1) assigns and Grande B assumes
the Assumed Operating Agreements, (2) assigns all of Prentiss' right, title and
interest in and to the Intangible Personal Property, to the extent assignable,
and (3) indemnifies, defends and holds Grande B and its agents, employees,
officers, directors, shareholders and contractors harmless with respect to all
defaults, liabilities, claims, costs and expenses (including, without
limitation, reasonable attorneys' fees) relating to acts or omissions accruing
under such Assumed Operating Agreements before the Closing Date; and (b) Grande
B indemnifies, defends and holds Prentiss harmless with respect to all defaults,
liabilities, claims, costs and expenses (including, without limitation,
reasonable attorneys' fees) relating to acts or omissions accruing under such
Assumed Operating Agreements after the Closing Date.
"Assignment of Ground Lease" shall mean one or more assignment
and assumption agreements whereby (a) Prentiss assigns to Grande B and Grande B
assumes each Ground Lease, and (b) (1) Prentiss indemnifies, defends and holds
Grande B harmless with respect to all liabilities, claims, costs and expenses
(including, without limitation, reasonable attorneys' fees) arising out of
defaults by Prentiss under each Ground Lease accruing or occurring before the
Closing Date, and (2) Grande B indemnifies, defends and holds Prentiss harmless
with respect to all liabilities, claims, costs and expenses (including, without
limitation, reasonable attorneys' fees) arising out of defaults by Grande B
accruing and occurring from and after the Closing Date.
"Assignment of Leases" shall mean the assignment agreement, in
recordable form, whereby, subject to the allocation provisions in Section 7.8
hereof, (a) Prentiss (1) assigns and Grande B assumes all of Prentiss' right,
title and interest in and to the Leases, and (2) indemnifies, defends and holds
Grande B and its agents, employees, officers, directors, shareholders and
contractors harmless with respect to all defaults, liabilities, claims, costs
and expenses (including, without limitation, reasonable attorneys' fees)
264444
|
Brandywine
As referenced in this Exchange Agreement:
Brandywine Realty Trust
– aforesaid shall be deemed given or made (as the
case may be) when actually delivered to the intended recipient.
If to Grande B: Brandywine Realty Trust
14 Campus Boulevard, Suite 100
Newtown Square, PA 19073-3780
Attn: Brad A. Molotsky, General Counsel
Fax No.: 610-325-4628
If
_____________
Brandywine Realty Trust, – or for any claim based thereon or otherwise in
respect thereof, against any past, present or future trustee, shareholder,
officer or employee of Brandywine Realty Trust, Prentiss Properties Trust,
Grande B, Prentiss or Brandywine OP, whether by virtue of any statute or rule of
law, or by the
_____________
Brandywine Realty Trust
– the Securities and Exchange
Commission (the "Commission"), as applicable; (b) any other rule issued by the
Commission and applicable to Brandywine OP or Brandywine Realty Trust
("Brandywine"); and (c) any registration statement, report or disclosure
statement filed with the Commission by Brandywine; and a representation letter,
signed by
_____________
Brandywine Realty Trust, – all indemnities of Grande B in this Agreement and all documents
executed in connection with this Agreement.
BRANDYWINE OPERATING PARTNERSHIP, L.P.
By: Brandywine Realty Trust, its general partner
By: /s/ Gerard H. Sweeney
--------------------------------------
Title: President and Chief Executive Officer
--------------------------------------
40
{PAGE}
RECEIPT OF ESCROW AGENT
Chicago Title
_____________
dt 166137
;
Prentiss
As referenced in this Exchange Agreement:
Prentiss Properties Trust, – claim based thereon or otherwise in
respect thereof, against any past, present or future trustee, shareholder,
officer or employee of Brandywine Realty Trust, Prentiss Properties Trust,
Grande B, Prentiss or Brandywine OP, whether by virtue of any statute or rule of
law, or by the enforcement of any
_____________
dt 145509
;
Akin Gump
As referenced in this Exchange Agreement:
Akin, Gump – West Northwest Highway, Suite 400
Dallas, Texas 75220
Attn.: J. Kevan Dilbeck, General Counsel
Fax No.: (214) 350-2409
With a copy to: Akin, Gump , Strauss, Hauer & Feld, L.L.P.
1700 Pacific Avenue, Suite 4100
Dallas, Texas 75201-4675
Attn.: Randall M. Ratner, P.C.
Fax
_____________
dt 167548
;
| Prentiss Properties Acquisition Partners, L.P.;
Brandywine Grande B, L.P.
|
| Preview
Full Doc
| 2001 |
Exchange Agreement
Exchange Agreement (108K)
Doc #265856: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-10.14
{SEQUENCE}10
{FILENAME}0010.txt
{DESCRIPTION}EXCHANGE AGREEMENT
{TEXT}
{PAGE}
Exhibit 10.14
EXCHANGE AGREEMENT
DATED AS OF MARCH 20, 2001
AMONG
SECURITY CAPITAL PREFERRED GROWTH INCORPORATED,
PRENTISS PROPERTIES TRUST
AND
PRENTISS PROPERTIES ACQUISITION PARTNERS, L.P.
{PAGE}
TABLE OF CONTENTS
PAGE
I. EXCHANGE OF STOCK........................................................1
1.1 Exchange of the Shares.................................1
1.2 Closing................................................2
II. REPRESENTATIONS AND WARRANTIES OF THE COMPANY............................3
2.1 Organization, Good Standing and Qualification..........3
2.2 Power, Authority and Enforceability....................3
2.3 Capitalization; Registration Rights....................4
2.4 Valid Issuance of Series D Preferred Shares............4
2.5 Compliance with Other Instruments......................5
2.6 No Registration Under the Securities Act; No
General Solicitation...................................5
2.7 Financial Statements...................................5
2.8 No Material Adverse Changes............................6
2.9 Conformity to Exchange Act; No Misstatement
or Omission............................................6
2.10 Litigation.............................................6
2.11 Properties.............................................7
2.12 Environmental Compliance...............................8
2.13 Taxes..................................................9
2.14 Insurance.............................................10
2.15 Employees; ERISA......................................10
2.16 REOC Status...........................................11
2.17 Legal Compliance......................................11
2.18 Governmental Consent..................................12
2.19 Investment Company....................................12
III. REPRESENTATIONS AND WARRANTIES OF THE INVESTOR..........................12
3.1 Power, Authority and Enforceability...................12
3.2 Compliance with Other Instruments.....................12
3.3 Ownership Limitations.................................13
3.4 Acquisition for Investment; Sophistication............13
3.5 Title to Shares.......................................13
IV. CONDITIONS OF THE INVESTOR'S OBLIGATIONS AT CLOSING.....................14
4.1 Amendment to Limited Partnership Agreement............14
4.2 Series D Preferred Articles Supplementary.............14
4.3 Representations and Warranties........................14
4.4 Performance...........................................14
4.5 No Material Adverse Change............................14
4.6 Opinion of Company Counsel............................14
4.7 Registration Rights Agreement.........................15
4.8 Tax Indemnification Agreement.........................15
4.9 Officer's Certificate.................................15
4.10 Payment of Modification Fee...........................15
4.11 Proceedings...........................................15
-ii-
{PAGE}
4.12 Limited Waiver of Ownership Limitations...............15
4.13 No Injunction.........................................16
V. CONDITIONS OF THE COMPANY'S OBLIGATIONS AT THE CLOSING.................16
5.1 Representations and Warranties........................16
5.2 Performance...........................................16
5.3 No Injunction.........................................16
5.4 Officer's Certificate.................................16
VI. COVENANTS...............................................................17
6.1 Notice of Certain Actions.............................17
6.2 No Sale of Security...................................17
6.3 No General Solicitation...............................17
6.4 Filing of Exchange Act Reports........................17
6.5 Consultation and Related Rights.......................17
6.6 Maintenance of REIT Status............................19
6.7 Change of Control.....................................20
6.8 Waiver of Ownership Limitations.......................23
6.9 No Public Disclosure..................................24
6.10 Annual Certificate of Independent Public
Accountants or Company Counsel........................24
6.11 Prohibition on Issuance of Series D Preferred
Shares................................................24
6.12 Amendment to Limited Partnership Agreement............24
6.13 Certificate of Company Security Ownership.............24
6.14 Standstill............................................24
6.15 Tender Offer..........................................26
6.16 Compliance Certificate................................26
6.17 Voting of Shares......................................27
VII. MISCELLANEOUS...........................................................27
7.1 Survival of Warranties................................27
7.2 Successors and Assigns................................27
7.3 Governing Law.........................................28
7.4 Counterparts..........................................28
7.5 Titles and Subtitles..................................28
7.6 Notices...............................................28
7.7 Finder's Fees.........................................29
7.8 Expenses..............................................30
7.9 Amendments and Waivers................................30
7.10 Severability..........................................30
7.11 Entire Agreement......................................30
-iii-
{PAGE}
EXCHANGE AGREEMENT
This EXCHANGE AGREEMENT (this "Agreement") is made as of the
20th day of March, 2001 by and among Prentiss Properties Trust, a Maryland real
estate investment trust (the "Company"), Prentiss Properties Acquisition
Partners, L.P., a Delaware limited partnership (the "Operating Partnership"),
and Security Capital Preferred Growth Incorporated, a Maryland corporation (the
"Investor").
W I T N E S S E T H
WHEREAS, the Company has previously issued and sold to the
Investor, and the Investor has previously purchased from the Company, 3,773,585
Series A Cumulative Convertible Preferred Shares of Beneficial Interest, $.01
par value per share (the "Series A Preferred Shares"); and
WHEREAS, the Company has authorized the issuance of 3,773,585
265856
|
Prentiss
As referenced in this Exchange Agreement:
PRENTISS PROPERTIES TRUST
– txt
{DESCRIPTION}EXCHANGE AGREEMENT
{TEXT}
{PAGE}
Exhibit 10.14
EXCHANGE AGREEMENT
DATED AS OF MARCH 20, 2001
AMONG
SECURITY CAPITAL PREFERRED GROWTH INCORPORATED,
PRENTISS PROPERTIES TRUST
AND
PRENTISS PROPERTIES ACQUISITION PARTNERS, L.P.
{PAGE}
TABLE OF CONTENTS
PAGE
I. EXCHANGE OF STOCK........................................................1
1.1 Exchange of the
_____________
Prentiss Properties Trust, – 30
-iii-
{PAGE}
EXCHANGE AGREEMENT
This EXCHANGE AGREEMENT (this "Agreement") is made as of the
20th day of March, 2001 by and among Prentiss Properties Trust, a Maryland real
estate investment trust (the "Company"), Prentiss Properties Acquisition
Partners, L.P., a Delaware limited partnership (the "Operating Partnership"),
and
_____________
Prentiss Properties Trust
– 190 South LaSalle
Chicago, Illinois 60603
Attention: Michael A. Campbell
Facsimile: (312) 701-7711
If to the Company or the Operating Partnership, to:
Prentiss Properties Trust
3890 West Northwest Highway
Dallas, Texas 75220
Attention: Thomas F. August
Facsimile: (214) 350-3011
and a copy to:
Prentiss Properties Trust
_____________
Prentiss Properties Trust
– to:
Prentiss Properties Trust
3890 West Northwest Highway
Dallas, Texas 75220
Attention: Thomas F. August
Facsimile: (214) 350-3011
and a copy to:
Prentiss Properties Trust
3890 West Northwest Highway
Dallas, Texas 75220
Attention: General Counsel
Facsimile: (214) 350-3011
and a copy to:
Akin, Gump, Strauss, Hauer &
_____________
PRENTISS PROPERTIES TRUST
– as of the
date first above written.
SECURITY CAPITAL PREFERRED
GROWTH INCORPORATED
By: /s/ DAVID ROSENBAUM
-------------------------------------
Name: David Rosenbaum
Its: Senior Vice President
PRENTISS PROPERTIES TRUST
By: /s/ MICHAEL A. ERNST
-------------------------------------
Name: Michael A. Ernst
Its: Senior Vice President and Chief
Financial Officer
PRENTISS PROPERTIES ACQUISITION
PARTNERS, L.
_____________
dt 174112
;
Akin Gump
As referenced in this Exchange Agreement:
Akin, Gump – change or event that has had a
Material Adverse Effect.
IV.6 OPINION OF COMPANY COUNSEL.
The Investor shall have received from (a) Akin, Gump ,
Strauss, Hauer & Feld LLP, counsel for the Company, an opinion in the form
attached hereto as EXHIBIT B-1 and a tax
_____________
Akin, Gump – copy to:
Prentiss Properties Trust
3890 West Northwest Highway
Dallas, Texas 75220
Attention: General Counsel
Facsimile: (214) 350-3011
and a copy to:
Akin, Gump , Strauss, Hauer & Feld, LLP
1700 Pacific Avenue
Suite 4100
Dallas, Texas 75201
Attention: Michael E. Dillard, P.C.
Facsimile: (214) 969-4343
_____________
dt 167580
;
Ballard Spahr
As referenced in this Exchange Agreement:
Ballard Spahr – form
attached hereto as EXHIBIT B-1 and a tax opinion in the form attached hereto as
EXHIBIT B-2 and (b) from Ballard Spahr Andrews & Ingersoll, counsel for the
Company, an opinion in the form attached hereto as EXHIBIT C.
17
{PAGE}
IV.7 REGISTRATION RIGHTS
_____________
dt 168377
;
|
Mayer Brown
As referenced in this Exchange Agreement:
Mayer, Brown – Closing") of the exchange of the Series D Preferred Shares for the Series A
Preferred Shares shall take place at the offices of Mayer, Brown
4
{PAGE}
& Platt, 190 South LaSalle Street, Chicago, Illinois or at such other location
as may be agreed upon by the Company
_____________
Mayer, Brown – South LaSalle Street
Chicago, Illinois 60603
Attention: David E. Rosenbaum
David T. Novick
Facsimile (312) 345-5888
31
{PAGE}
with a copy to:
Mayer, Brown & Platt
190 South LaSalle
Chicago, Illinois 60603
Attention: Michael A. Campbell
Facsimile: (312) 701-7711
If to the Company or the Operating
_____________
dt 160230
;
Security Capital Preferred Growth Incorporated;
Prentiss Properties Acquisition Partners, L.P.
|
| Preview
Full Doc
| 2001 |
Exchange Agreement
Exchange Agreement (139K)
Doc #265862: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-10.1
{SEQUENCE}2
{FILENAME}0002.txt
{DESCRIPTION}EXCHANGE AGREEMENT--VIRGINIA PROPERTIES
{TEXT}
{PAGE}
Exhibit 10.1
VA
EXCHANGE AGREEMENT
between
PRENTISS PROPERTIES ACQUISITION PARTNERS, L.P.,
a Delaware limited partnership
("PRENTISS")
and
BRANDYWINE GRANDE B, L.P.,
a Delaware limited partnership
("GRANDE B")
{PAGE}
TABLE OF CONTENTS
Page
ARTICLE I. DEFINITIONS........................................................1
1.1 Definitions..........................................................1
ARTICLE II. EXCHANGE OF PROPERTY; DEPOSIT; EXCHANGE VALUE; STUDY PERIOD.......7
2.1 Exchange Property....................................................7
2.2 Exchange Value.......................................................7
2.3 Deposit..............................................................7
2.4 Study Period.........................................................8
ARTICLE III. GRANDE B'S REPRESENTATIONS AND WARRANTIES.......................12
3.1 Organization and Power..............................................12
3.2 Authorization, Execution and Disclosure.............................12
3.3 Non-contravention...................................................12
3.4 No Special Taxes....................................................13
3.5 Compliance with Existing Laws and Restrictive Covenants.............13
3.6 Personal Property...................................................13
3.7 Operating Agreements................................................13
3.8 Condemnation Proceedings; Roadways..................................14
3.9 Actions or Proceedings..............................................14
3.10 Bankruptcy.......................................................14
3.11 Hazardous Substances.............................................14
3.12 Parties in Possession............................................15
3.13 Leases...........................................................15
3.14 Leased Property..................................................15
3.15 No Unpaid Charges................................................15
3.16 Condition of Improvements........................................16
3.17 Access...........................................................16
3.18 No Commitments...................................................16
3.19 Grande B Is Not a "Foreign Person"...............................16
3.20 Leasing Commissions..............................................16
3.21 Other Agreements.................................................16
3.22 Existing Secured Indebtedness....................................17
3.23 Employment on "At-Will" Basis....................................17
3.24 LIMITATIONS ON REPRESENTATIONS AND WARRANTIES....................17
ARTICLE IV. PRENTISS' REPRESENTATIONS AND WARRANTIES.........................19
4.1 Organization and Power..............................................19
4.2 Non-contravention...................................................19
4.3 Litigation..........................................................19
4.4 Bankruptcy..........................................................19
4.5 Authorization, Execution and Disclosure.............................19
ARTICLE V. CONDITIONS PRECEDENT..............................................20
5.1 As to Prentiss' Obligations.........................................20
5.2 As to Grande B's Obligations........................................21
i
{PAGE}
ARTICLE VI. COVENANTS OF GRANDE B............................................22
6.1 Operating Agreements................................................22
6.2 Warranties and Guaranties...........................................22
6.3 Insurance...........................................................22
6.4 Operation of Property Prior to Closing..............................22
6.5 No Marketing........................................................24
6.6 Leased Property.....................................................24
ARTICLE VII. CLOSING.........................................................24
7.1 Closing.............................................................24
7.2 Grande B's Deliveries...............................................25
7.3 Prentiss' Deliveries................................................27
7.4 Mutual Deliveries...................................................27
7.5 Closing Costs.......................................................27
7.6 Revenue and Expense Allocations.....................................28
7.7 Delinquent Rents....................................................29
7.8 Costs Associated with Certain Leasing Activities....................29
ARTICLE VIII. GENERAL PROVISIONS.............................................30
8.1 Condemnation........................................................30
8.2 Risk of Loss........................................................30
8.3 Broker..............................................................31
8.4 Bulk Sale...........................................................31
ARTICLE IX. LIABILITY OF PRENTISS; INDEMNIFICATION BY GRANDE B; DEFAULT;
TERMINATION RIGHTS...........................................................31
9.1 Liability of Prentiss...............................................31
9.2 Indemnification by Grande B.........................................32
9.3 Default by Grande B/Failure of Conditions Precedent.................32
9.4 Indemnification by Prentiss.........................................33
9.5 Default by Prentiss/Failure of Conditions Precedent.................33
9.6 Costs and Attorneys' Fees...........................................34
9.7 Limitation of Liability.............................................34
ARTICLE X. MISCELLANEOUS PROVISIONS..........................................34
10.1 Completeness; Modification.......................................34
10.2 Assignments......................................................34
10.3 Successors and Assigns...........................................35
10.4 Days.............................................................35
10.5 Governing Law....................................................35
10.6 Counterparts.....................................................35
10.7 Severability.....................................................35
10.8 Notices..........................................................35
10.9 Escrow Agent.....................................................36
10.10 Incorporation by Reference.......................................37
10.11 Survival.........................................................37
10.12 Further Assurances...............................................37
10.13 No Partnership...................................................37
10.14 Time of Essence..................................................37
10.15 Signatory Exculpation............................................37
ii
{PAGE}
10.16 Rules of Construction............................................38
10.17 Like-Kind Exchange...............................................38
10.18 SEC Reporting (8-K) Requirements.................................38
EXHIBITS
Exhibit A - Land
Exhibit B - Exchange Property
Exhibit C - Tenant's Estoppel Certificate
Exhibit D - Excluded Tangible Personal Property
SCHEDULES
Schedule 3.7 Assumed Operating Agreements
265862
|
Brandywine
As referenced in this Exchange Agreement:
Brandywine Realty Trust
– aforesaid shall be deemed given or made (as the
case may be) when actually delivered to the intended recipient.
If to Grande B: Brandywine Realty Trust
14 Campus Boulevard, Suite 100
Newtown Square, PA 19073-3780
Attn: Brad A. Molotsky, General Counsel
Fax No.: 610-325-4628
33
{
_____________
Brandywine Realty Trust, – or for any claim based thereon or otherwise in
respect thereof, against any past, present or future trustee, shareholder,
officer or employee of Brandywine Realty Trust, Prentiss Properties Trust,
Prentiss, Grande B or Brandywine OP, whether by virtue of any statute or rule of
law, or by the
_____________
Brandywine Realty Trust, – all indemnities of Grande B in this Agreement and all
documents executed in connection with this Agreement.
BRANDYWINE OPERATING PARTNERSHIP,
L.P.
By: Brandywine Realty Trust, its
general partner
By: /s/ Gerard H. Sweeney
Name: Gerard H. Sweeney
Title: President & CEO
RECEIPT OF ESCROW AGENT
Chicago Title Insurance
_____________
dt 166152
;
Prentiss
As referenced in this Exchange Agreement:
Prentiss Properties Trust, – claim based thereon or otherwise in
respect thereof, against any past, present or future trustee, shareholder,
officer or employee of Brandywine Realty Trust, Prentiss Properties Trust,
Prentiss, Grande B or Brandywine OP, whether by virtue of any statute or rule of
law, or by the enforcement of any
_____________
Prentiss Properties Trust – of the Securities and Exchange
Commission (the "COMMISSION"), as applicable; (b) any other rule issued by the
Commission and applicable to Prentiss or Prentiss Properties Trust ("PPT"); and
(c) any registration statement, report or disclosure statement filed with the
Commission by PPT; and a representation letter, signed by
_____________
dt 174117
;
|
Akin Gump
As referenced in this Exchange Agreement:
Akin, Gump – West Northwest Highway, Suite 400
Dallas, Texas 75220
Attn.: J. Kevan Dilbeck, General Counsel
Fax No.: (214) 350-2409
With a copy to: Akin, Gump , Strauss, Hauer & Feld, L.L.P.
1700 Pacific Avenue, Suite 4100
Dallas, Texas 75201-4675
Attn.: Randall M. Ratner, P.C.
Fax
_____________
dt 167581
;
Prentiss Properties Acquisition Partners, L.P.;
Brandywine Grande B, L.P.
|
| Preview
Full Doc
| 2001 |
Exchange Agreement
Exchange Agreement (148K)
Doc #265863: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-10.2
{SEQUENCE}3
{FILENAME}0003.txt
{DESCRIPTION}EXCHANGE AGR.--PENNSYLVANIA/NEW JERSEY PROPERTIES
{TEXT}
{PAGE}
Exhibit 10.2
PA/NJ
|