FIRST AMENDMENT TO PROPERTY MANAGEMENT

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

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.

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

A Maryland corporation

Its General Partner

By: /s/ Xxxxxx Xxxxx

Its Executive Vice President

RANCON:

RANCON REALTY FUND V,

a California limited partnership

By: /s/ Xxxxxx X. Xxxxxxxxxx

Xxxxxx X. Xxxxxxxxxx,

General Partner

By: RANCON FINANCIAL CORPORATION, a

California corporation, General Partner

By:/s/ Xxxxxx X. Xxxxxxxxxx

Xxxxxx X. Xxxxxxxxxx, President

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Exhibit A: Rancon Realty Fund V
		Proposed -	Developed	Undeveloped	Parcel	Current	Former
Current Property Name	Address	Current Use	S.F.	S.F.	Acres	AP #	AP #
Brier Corporate Center	000 Xxxxxxxxxxx Xxxx	Office	104,049		5.200	000-000-00	000-000-00
Carnegie Business Center	000-000 X. Xxxxxxxx Drive	R&D	50,867	-----	3.740	000-000-00	----
Bally's Total Fitness	000 X. Xxxxxxxxxxx Xxxx	Health Club	25,000	-----	0.929	000-000-00	000-000-00, 37
Carnegie Plaza Parking	NA	Parking	-----	-----	21.399	000-000-00	000-000-00
Carnegie Plaza Parking	NA	Parking	-----	-----	6.006	000-000-00	000-000-00,73
East Lake Restaurant	TBA	Retail	-----	9,000	0.270	000-000-00	000-000-00
Xxxx Xxxxxxxx Xxxxx	XXX	Office-Park	----	200,000	0.801	000-000-00	000-000-00
East Lakeside Tower Parking	NA	Parking	-----	-----	0.863	000-000-00	-----
Xxxxxxxx Xxxxx	000 X. Xxxxxxxxxxx Xxxx	Office	112,791	-----	0.716	000-000-00	-----
Xxx Xxxxxxxx Xxxxx	000 & 000 X. Xxxxxxxx Drive	Office	107,278	-----	2.147	000-000-00	-----
One Parkside	000 X. Xxxxxxxxxxx Xxxx	Office	70,068	-----	0.628	000-000-00	-----
Outback Restaurant	000 X. Xxxxxxxxxxx Xxxx	Retail	6,500	-----	0.333	000-000-00	-----
Xxx & Oscar's	000 X. Xxxxxxxxxxx Xxxx	Retail	5,100	-----	0.581	000-000-00	000-000-00
The Lake	NA	Lake	-----	-----	1.374	000-000-00	----
Three Xxxxxxxx Xxxxx	000 X. Xxxxxxxx Drive	Office	86,200	-----	1.074	000-000-00	-----
Two Xxxxxxxx Xxxxx	000 Xxxxxxxx Xxxxx	Office	68,957	-----	1.137	000-000-00	-----
Two Parkside	550 E. Hospitality	Office	82,004	-----	0.631	000-000-00	-----
West Lake Office	630 E. Hospitality	Office	-----	72,000	0.544	000-000-00	-----
Xxxx Xxxxxxxx Xxxxx	XXX	Office-Park	-----	120,000	0.818	000-000-00	-----
West Lakeside Tower Parking	NA	Parking	-----	-----	1.269	000-000-00	-----
Palm Court Retail 3	000 X. Xxxxxxxxxxx Xxxx	Retail	6,004	-----	0.580	000-000-00	-----
Maintenance Associations	Associations 3, 4, 5, 6, 7

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