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EXHIBIT 10.2
FIRST AMENDMENT TO
AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP
OF
EXCEL REALTY PARTNERS, L.P.
THIS FIRST AMENDMENT TO AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP OF EXCEL REALTY PARTNERS, L.P., dated as of August 20, 1999
("AMENDMENT"), is entered into by and among New Plan DRP Trust, a Maryland real
estate investment trust, as the "GENERAL PARTNER", New Plan Excel Realty Trust,
Inc., a Maryland corporation ("NPXL") and the Persons whose names are set forth
on Exhibit A as attached hereto, as the Limited Partners, together with any
other Persons who become Partners in the Partnership as provided herein.
WHEREAS, Excel Realty Partners, L.P. (the "PARTNERSHIP") was formed
pursuant to that certain Agreement of Limited Partnership of Excel Realty
Partners, L.P., dated as of April 24, 1995, as amended by that certain First
Amendment to the Agreement of Limited Partnership of Excel Realty Partners,
L.P., dated as of December 31, 1995 and further amended in its entirety by that
certain Amended and Restated Agreement of Limited Partnership dated as of June
25, 1997 (the "PARTNERSHIP AGREEMENT"); and
WHEREAS, by an Assignment of General Partnership Interest of even date
herewith ("ASSIGNMENT"), NPXL, as successor by merger to Excel Realty Trust,
Inc., has assigned NPXL's entire general partnership interest in the Partnership
to General Partner, and by an Acceptance of even date herewith ("ACCEPTANCE"),
General Partner has agreed to become the successor general partner of the
Partnership; and
WHEREAS, the requisite number of Limited Partners have consented to the
Assignment, the Acceptance and the consequent substitution of General Partner in
the place of NPXL as the general partner of the Partnership, conditioned upon,
and in consideration of NPXL's and General Partner's execution and delivery of
this Amendment concurrently with the consummation of the Assignment transaction;
and
WHEREAS, the Partnership has obtained the required consent from all
other persons and/or entities (as applicable, pursuant to other contractual
obligations of the Partnership) to the Assignment, the Acceptance and the
consequent substitution of General Partner in the place of NPXL as the general
partner of the Partnership; and
WHEREAS, the parties now wish to amend the Partnership Agreement in
certain respects.
NOW THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, and intending to be legally bound
hereby, the parties hereby agree that the Partnership Agreement is amended as
follows:
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1. Capitalized terms used herein as defined terms and not otherwise
defined herein shall have the meanings ascribed to them in the Partnership
Agreement.
2. The definition of "ADJUSTMENT FACTOR" in the Partnership
Agreement is hereby amended by replacing the phrase "the General Partner" with
the word "NPXL" each time it appears in paragraphs (a), (b) and (c) of said
definition.
3. The definition of "GENERAL PARTNER" in the Partnership Agreement
is hereby amended to read as follows:
"'GENERAL PARTNER' means New Plan DRP Trust, a Maryland real
estate investment trust, and its successors and assigns, as the
general partner of the Partnership in their capacities as
general partner of the Partnership."
4. The definition of "REIT SHARE" in the Partnership Agreement is
hereby amended to read as follows:
"'REIT SHARE' means a share of the common stock, par value $.01
per share of New Plan Excel Realty Trust, Inc., a Maryland
corporation ("NPXL")."
5. The definition of "REIT SHARES AMOUNT" in the Partnership
Agreement is hereby amended by replacing the phrase "the General Partner" with
the word "NPXL" each time it appears in said definition.
6. The last sentence of Section 5.1 of the Partnership Agreement is
hereby amended to read as follows:
"The General Partner shall take such reasonable efforts, as
determined by it in its sole and absolute discretion and
consistent with NPXL's qualification as a REIT, to cause the
Partnership to distribute sufficient amounts to enable NPXL to
pay shareholder dividends that will (a) satisfy the requirements
for qualifying as a REIT under the Code and Regulations (the
"REIT REQUIREMENTS") and (b) avoid any federal income or excise
tax liability of the General Partner and NPXL."
7. Section 7.3C(5) of the Partnership Agreement is hereby amended
to read as follows:
"(5) to reflect such changes as are reasonably necessary for
NPXL to maintain its status as a REIT or to satisfy the REIT
Requirements; and"
8. For purposes of Article 11 of the Partnership Agreement, the
definition of "TRANSFER" in the Partnership Agreement is hereby amended to
include, without limiting the
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generality of the definition set forth in the Partnership Agreement, any sale,
assignment, bequest, conveyance, devise, gift (outright or in trust), Pledge,
encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or
act of alienation, whether voluntary or involuntary or by operation of law of
any equity interests or securities in General Partner, of any nature or
character whatsoever (including, but not limited to, rights of any nature or
character, to purchase and/or convert into equity interests or securities of
General Partner).
9. Section 11.6D(c) is hereby amended to read as follows:
"(c) in the event that such Transfer would cause NPXL to cease
to comply with the REIT Requirements;"
10. Section 7.12 is hereby added to the Partnership Agreement to
read as follows:
"SECTION 7.12 CONTINUING OBLIGATIONS OF NPXL
A. Notwithstanding the Assignment or Section 11.2 of the
Partnership Agreement to the contrary, NPXL unconditionally and irrevocably
agrees to be jointly and severally obligated (along with General Partner) to
satisfy the "General Partner Obligations" as defined in Exhibit "B" attached
hereto and hereby incorporated herein (the "GENERAL PARTNER OBLIGATIONS"). The
obligations of NPXL hereunder are in addition to, and independent of, the
obligations of General Partner. A separate action or actions may be brought and
prosecuted against NPXL whether an action is brought against General Partner or
whether General Partner is joined in any such action or actions. NPXL further
agrees that it may be joined in any action against General Partner in connection
with the General Partner Obligations and recovery may be had against NPXL in any
such action. The Partners acknowledge that NPXL's obligations under this Section
7.12 are primary obligations and not that of a guarantor or surety.
B. NPXL hereby covenants that if any Qualifying Party
tenders Partnership Units for Redemption pursuant to the Partnership Agreement
and their respective Partner Schedules, and if the General Partner of the
Partnership, elects pursuant to Section 8.6B of the Partnership Agreement and
the provisions of the respective Partner Schedules, to acquire some or all of
the Tendered Units in exchange for REIT Shares, then (i) NPXL will cause such
REIT Shares to be issued as required to accomplish the Redemption, and (ii) to
the extent the Qualifying Party has been granted registration rights with
respect to any REIT Shares issued pursuant to Section 8.6B of the Partnership
Agreement, such registration rights shall continue to apply, without
modification."
IN WITNESS WHEREOF, the General Partner, NPXL and the Limited Partners
have adopted this Agreement as of the date first written above by the
affirmative vote of the General Partner and a Majority in Interest of the
Limited Partners, and the General Partner and NPXL
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have executed this Agreement as of the date first written above.
GENERAL PARTNER: NEW PLAN DRP TRUST
By: /s/ XXXXXX XXXXXX
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Its: SENIOR VICE PRESIDENT
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"NPXL" NEW PLAN EXCEL REALTY TRUST, INC.
By: /s/ XXXXXX XXXXXX
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Its: SENIOR VICE PRESIDENT
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EXHIBIT "A"
LIST OF LIMITED PARTNERS
[ATTACHED]
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EXHIBIT "A"
LIST OF LIMITED PARTNERS
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W.D.C. Real Estate Bright Xxxxxx Development Corp.
P.O. Box 923389 x/x Xxxxxxxx Xxxxxx Xx.
Xxxxxxxx, XX 00000-0000 000 Xxxxxx Xx., Xxx. 000
Xxxxxxxxxxx, XX 00000
-------------------------------------------------------------------------------------------
Xxxxx X. Xxxxxxx Xxxxxx Xxxxxx
0000 Xxxxxxxxxxx Xx. 0000 Xxxxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000 Lookout Xxxxxxxx, XX 00000
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Xxxxx X. Xxxxx Xxxxx X. Xxxxx
x/x Xxxxxxxx Xxxxxx Xx. 000 Xxxxxxxxxx Xxxx
000 Xxxxxx Xx., Xxxxx 000 Xxxxxx Xxxxxxxx, XX 00000
Xxxxxxxxxxx, XX 00000
-------------------------------------------------------------------------------------------
W. Xxxxxxx Xxxxxxxx Xxxxx Xxxxxx
P.O. Box 923389 00000 Xxxxx Xxxx Xxxxxxx
Xxxxxxxx, XX 00000-0000 Xxxxxxxxxx, XX 00000
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Xxxxxxx Xxxxxx Xxxxxx X. Xxxxxxx
c/o X. Xxxxxxxx, Xxxxxx & Xxxxxx 0000 Xxxxxx Xxxx Xxxxx, XX
000 Xxxxxxx Xxxxxx Xxxxxxx , XX 00000
Xxxxxxxxxxx, XX 00000
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Xxxx X. Xxxxxx Xxxx Xxxxx Xxxxxx
000 Xxxxx Xxxxx Xxxx 0 Xxxxx Xxxx Xxxxx
Xxxxxx Xxxxxxxx , XX 00000 Xxxxxxxxxx , XX 00000
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Xxxxxx Xxxxxx, Xx. Xxxxxxx X. Xxxxx
000 Xxxxx Xxxxx Xxxx 0000 Xxxxxx Xxxx
Xxxxxx Xxxxxxxx , XX 00000 Xxxxxxxxxxx, XX 00000
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X. Xxxxx Blake, Jr. Xxxxxx X. & Xxxxxxx X. Xxxxx
000 Xxxxxxxx Xxxx 0000 Xxxxxx Xxxx
Xxxxxx Xxxxxxxx, XX 00000 Xxxxxxxxxxx , XX 00000
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Xxxxxxxx Xxxxxx Xxxxxx X. Xxxxx, Xx.
000 X. Xxxxxxxxx Xxxxxx Xxxxx Associates
Lookout Xxxxxxxx, XX 00000 X.X. Xxx 00000
Xxxxxxxxxxx, XX 00000-0000
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Xxxxxx X. Xxxxx Xxxxxxx X. & Xxxxx X. Xxxx,
P.O. Box 11507 Revocable Trust
Xxxxxxxxxxx, XX 00000-0000 Pioneer Bank
Attn: Xxxxxx Xxxxx
X.X. Xxx 0000
Xxxxxxxxxxx, XX 00000
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Xxxx Xxxxxxx Xxxxxxxx Xxxxxx X. Xxxxxx
00 Xxxxxxx Xxxx 000 Xxxx Xxxx Xxxx
Xxxxxxx Xxxxxxxx, XX 00000-0000 Lookout Xxxxxxxx , XX 00000
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Xxxxxx Xxxxxxxxx Xxxxxxxx X. Xxxxxxxxx
Xxxxxxxx Xxxxxx Company 000 Xxxxxx Xx.
0000 Xxxxxx Xxxxx Xx., Xxxx. 00 Signal Mountain, TN 37377
Xxxxxxx, XX 00000
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R. Park Xxxxx Xxxxxx X. Xxxxxx
Xxxxxxxx Xxxxxx Company Attn: Xxxx Xxxxxxx, Sun Trust Bank, CUST
1837 Powers Ferry Rd., Building 13 XX Xxx 0000
Xxxxxxx, XX 00000 Xxxxxxxxxxx, XX 00000
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Xxxxxxxxx X. Xxxxxx Xxxxxx Xxxxx
000 Xxxx Xxxx Xxxx 0000 Xxxxxxxx Xxxxxxx Xx.
Xxxxxxx Xxxxxxxx , XX 00000 Xxxxxxxxxxx, XX 00000
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Xxxxx Xxxxxxx U/A Xxxx Xxxxx Xxxxxxx
Xxxxx 0, Xxx 000X First Tennessee Bank, CUST
Xxxxxxxxx, XX 00000 000 Xxxxxx Xxxxxx
Xxxxxxxxxxx, XX 00000
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Xxxxxx Xxxxx, DTD 7/23/83 Xxxxxxx Xxxxx, M.D.
c/o Xxxxxxx X. Xxxxx 0000 X. Xxxxxxxxx Xxxxxx
000 Xxxxx Xxxxxxxxx Xxxxx Xxxxxx, XX 00000
Signal Xxxxxxxx, XX 00000
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Xxxx X. Xxxxxx C. Xxxxx Xxxxxxxx, Xx.
000 Xxxxxxxxxx Xx. P. X. Xxx 000
Xxxxxxxxxxx, XX 00000 Xxxxxx, XX 00000-0000
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Xxxxxxxx X. Xxxxx X.X. Xxxxx, III
Pioneer Bank, Mail Teller 00 Xxxxxxxxx Xxxx
X.X. Xxx 0000 Xxxxxxxxxxx, XX 00000
Xxxxxxxxxxx, XX 00000
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Xxxxxx X. Xxxxxx Xxxxxx X. Xxxxxxxx
0000 Xxxxxxxx Xx. X.X. Xxx 0000
Xxxxxxxxx, XX 00000 Xxxxxxxxxxx, XX 00000-0000
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Xxxxxx X. Xxxxxxxx, M.D. Xxxxxxx X. Xxxxxxx
c/o Patten & Xxxxxx, Inc. 000 Xxxxxxxxxxxx Xx.
000 Xxxxxxx Xxxxxx Xxxxxxxxxxx, XX 00000
Xxxxxxxxxxx, XX 00000
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Xx. Xxxxx X. Xxxxx Xxxxx X. X. Xxxxxxx
902 West Brow 0000 Xxxxxxxx Xxxx
Xxxxxxx Xxxxxxxx, XX 00000 Xxxxxxxxxxx, XX 00000
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Xxxxx X. X. Xxxxxxx Irrevocable Trust Xxxxxxxx Xxxxxx Company
R. Xxxxxxxx XxXxxxxx, TTEE 000 Xxxxxx Xxxxxx, Xxx. 000
0000 Xxxxxx Xxxx., Xxx Xxxxx Xxxxxx Xxxxxxxxxxx, XX 00000
Xxxxxxxxxxx , XX 00000
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Xxxxxxxx Xxxxxx Company Unity Investors, LLC
1300 First Tennessee Building x/x Xxxxx Xxx Xxxxx
Xxxxxxxxxxx, XX 00000 000 Xxxxxxxx Xxxx
Xxxxxxxxxxx, XX 00000
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Stratford/Granite, L.L.C. Attn: Xxxxx Xxxxx Briggsmore Plaza
P.O. Box 1928 c/o Xxxxxx X. Xxxxxxxx & Associates
Xx. Xxxx, XX 00000 0000 Xxxxxxxx Xxxx.
Xxxxxxx Xxxxx, XX 00000
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G&H Associates Xxxxxx X. Xxxxxxxx
c/o Xxxxxx X. Xxxxxxxx & Associates 0000 Xxxxxxxx Xxxx.
0000 Xxxxxxxx Xxxx. Xxxxxxx Xxxxx, XX 00000
Xxxxxxx Xxxxx, XX 00000
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Xxxxx X. Xxxxxxxx Montebello Plaza Co.
00000 Xxxxxxx Xxxxx Xxx. #000 c/o Xxxxxx X. Xxxxxxxx & Associates
Xxxxxx, XX 00000 0000 Xxxxxxxx Xxxx.
Xxxxxxx Xxxxx, XX 00000
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Paradise Plaza Co. St. Xxxxxxx Associates, L.P.
c/o Xxxxxx X. Xxxxxxxx & Associates SFA Mgmt. Corp.
0000 Xxxxxxxx Xxxx. 00 Xxxxxxxxxx Xx.
Xxxxxxx Xxxxx, XX 00000 Xxx Xxxxxxxxx, XX 00000
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Xxxxxxxx X. Xxxxxxx, Trustee Lakeside Development Company
Xxxxxxxx X. Xxxxxxx UTA 2/22/92 c/o THF Realty Inc
0000 Xxxxxx Xx. 000 Xxxxxxxxx Xxxxxxx Sutie 000
Xxx Xxxxxxxxx, XX 00000 Xx Xxxxx, XX 00000
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EXHIBIT "B"
GENERAL PARTNER OBLIGATIONS
For purposes of this Amendment, the "General Partner Obligations" shall
mean, without limitation unless expressly provided herein to the contrary, all
of General Partner's obligations as a general partner of the Partnership,
including but not limited to those obligations under the Partnership Agreement,
other legal and/or equitable obligations of general partners under applicable
law, contractual obligations of the Partnership, and other legal and equitable
obligations of the Partnership. The purpose of Section 7.12 of the Partnership
Agreement and the General Partner Obligations is to give the Limited Partners
exactly the same legal rights and remedies against NPXL after the Assignment
transaction as the Limited Partners had prior to the Assignment transaction.
Without limiting the foregoing standard and scope of the General Partner
Obligations, the following are examples of obligations that are included within
the definition of "General Partner Obligations":
(i) General Partner's obligations as a general partner of the
Partnership whether resulting from the Partnership Agreement, the related
Partner Schedules or other legal or equitable state or federal obligations of
general partners (e.g. fiduciary obligations);
(ii) General Partner's obligations as a general partner of the
Partnership relating to the Partnership's obligations under:
(1) applicable state or federal law (legal or equitable);
(2) the underlying retail leases and related agreements
(which have been assumed or executed by the Partnership) regarding the retail
projects owned, or ground leased, by the Partnership ("PROJECTS"), and, if
applicable, the related ground leases;
(3) the underlying debt of the Projects (which have been
assumed by the Partnership to the extent the same is recourse); and
(4) the various contracts and agreements relating to the
Projects (which have been assumed or executed by the Partnership).
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