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EXHIBIT 10.62
Xx. Xxxxxx X. Xxxx
Deutsche Xxxxxx Xxxxxxxx
0 Xxxxxxxxxxx
Xxxxxx XX0X 0XX
XXXXXX XXXXXXX December 5, 1996
RE: CORNERSTONE $32.5 MILLION TERM LOAN
Dear Xxxxxx,
On November 22, 1996, Cornerstone placed $100 million of preferred stock with
the New York State Teacher's Retirement System. The stock is pari-passu with the
existing preferred stock currently held by Deutsche Bank. Consequently, per our
previous agreement, we are required to revise the terms of the above stated loan
as follows.
Cornerstone Properties agrees to change the payment schedule of the loan to
incorporate a fifteen year amortization schedule. The change will have no effect
on the existing maturity date of December 31, 2003. I have attached a copy of
the proposed schedule for your review.
We also agree that, at such time as the company completes an initial public
offering in the United States and is listed on the New York Stock Exchange, the
first available proceeds from such offering, after costs associated with such
offering, will be used to prepay the above stated loan in full, at par.
Should there be any further documentation required with regard to this matter,
please contact us. If not, please sign below your acceptance to the change in
terms of the above stated debt facility.
Sincerely,
------------------------- -------------------------
Xxxx X. Xxxxx Xxxxx X. Xxxxxxx
President Vice President and Treasurer
AGREED AND ACCEPTED
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Deutsche Bank AG London
P.O. Box 411
6 Bishopsgate
London EC2P 2AT
Enclosure
