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EXHIBIT 10.5.4
AMENDMENT #4 TO ADMINISTRATIVE SERVICES AGREEMENT TO EXTEND TERM TO
DECEMBER 31, 2002.
AMENDMENT dated as of January 1, 1998 to the Administrative Services
Agreement dated as of December 1, 1993 as amended by (i) the Amendment and
Extension Agreement dated as of January 1, 1995, (ii) the Amendment dated as of
May 2, 1996 and (iii) Amendment #3 dated as of February 2, 1998 (collectively,
the "EXISTING AGREEMENT") by and between Irvine Apartment Communities, Inc., a
Maryland corporation (the "COMPANY"), and The Irvine Company, a Delaware
corporation.
WHEREAS, the Company and The Irvine Company agree to extend the Existing
Agreement until December 31, 2002 and to amend the Existing Agreement as
provided below; and
WHEREAS, the execution and delivery of this Agreement by the Company has
been approved by the Independent Directors Committee of the Company's Board of
Directors.
NOW, THEREFORE, the parties hereto agree as follows:
Section 1. The references to December 31, 1997 in Section 3(a) of the
Existing Agreement are hereby amended to December 31, 2002.
Section 2. Except as amended hereby, the provisions of the Existing
Agreement are ratified, approved and confirmed and shall remain in full force
and effect in accordance with its terms.
Section 3. This Amendment shall be governed by and construed in
accordance with the laws of the State of Maryland (without regard to laws
regarding conflicts of law).
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered as of the date first above written.
IRVINE APARTMENT COMMUNITIES, INC.
By: /s/ Xxxxx Xxxx
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Name: Xxxxx Xxxx
Title: Vice President, Corporate Finance
and Controller
THE IRVINE COMPANY
By: /s/ Xxxxxxx X. XxXxx
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Name: Xxxxxxx X. XxXxx
Title: Executive Vice President and
Chief Financial Officer
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Assistant Secretary
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