Exhibit 10.1.3
AMENDMENT NO. 2 (this "Amendment") TO
AGREEMENT OF LIMITED PARTNERSHIP OF
AMERICAN REAL ESTATE INVESTMENT, L.P.
The parties hereto intend to amend the Agreement of Limited Partnership of
American Real Estate, L.P. (the "Agreement") pursuant to Section 12.8 thereof as
follows:
1. Capitalized terms used but not defined herein shall
have the meanings given to them in the Agreement.
2. Section 11.1 of Article XI of the Agreement shall be amended and
restated as set forth in Schedule "A" attached hereto.
3. This Amendment shall be effective as of August 11, 1997.
4. Except as amended by this Amendment, the Agreement
shall remain in full force and effect in all respects.
5. This Amendment shall be governed by and construed in
conformity with the laws of the State of Delaware.
6. This Amendment may be executed in any number of
counterparts, all of when taken together shall constitute one
Amendment.
IN WITNESS WHEREOF, the General Partner (with the approval of a majority
of its directors who are not Affiliates of any of the Limited Partners), and
Limited Partners constituting a Majority-In-Interest of the Limited Partners,
have executed this Amendment.
American Real Estate Investment Corporation,
General Partner
By: __________________________________________
Xxxx Xxxxxx, President
Limited Partners:
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Xxxx Xxxxxxxx
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Xxxxxxxx Xxxxxxxxxx
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Xxxxxxx XxXxxx
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Xxxx Xxxx
-2-
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Xxx Xxxxxxx
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Xxxxx Xxxx
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Xxxx Xxxxxx, III
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JKP Family Associates
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Xxxxx Xxxxx
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Lervo Investments, LLC
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Xxxxx Xxxxxxxx
-3-
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Houston XxXxxxxxxx
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Xxxxxxx Xxxxx
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Xxxx Xxxxx
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Xxxxxx Xxxxxxxxx
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Xxxxxxxxxxx Xxxxxxxxx
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Xxxx Xxxxxxxxx
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Xxxx Xxxxxxxxx, Xx.
-4-
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Xxxxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx
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New Jersey Real Estate Liquidation Corp.
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Property Asset Equities
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Xxxxxxx Xxxxxxxxx
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Xxxxxxx Xxxxxx Xxxxxx
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Xxxxx Xxxxxx
-5-
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Xxxx Xxxxxx
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Xxxxxxxx Xxxxxx
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Blue Mesa Capital, LLC
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Xxxx Xxxxxx Institute for Biomedical
Research
-6-
Exhibit "A"
ARTICLE XI
Grant of Rights to Limited Partners
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11.1 Grant of Rights. The General Partner does hereby grant to each of the
Limited Partners and the Limited Partners do hereby accept the right, but not
the obligations (hereinafter such right sometimes referred to as the "Rights" or
"Conversion Rights"), to convert all or any portion of their Partnership
Interests into Shares or cash, as selected by the General Partner, at any time
or from time to time after the first (1st) and no later than the tenth (10th)
anniversary of the date on which the Completion of the Offering occurs, on the
terms and subject to the conditions and restrictions contained in this Article
XI. In the event the General Partner elects to cause the Offered Interests to be
converted into Shares, upon the closing of the acquisition of the Offered
Interests, the General Partner shall become the owner of such Offered Interests
and be a Substituted Partner pursuant to Section 9.2 hereof. In the event the
General Partner elects to cause the Offered Interests to be converted into cash,
upon the closing of the acquisition of the Offered Interests, the General
Partner shall effect such conversion by causing the Partnership to redeem the
Offered Interests for cash. The Conversion Rights granted hereunder may be
exercised by any one or more of the Limited Partners, on the terms and subject
to the conditions and restrictions contained in this Article XI, upon delivery
to the General Partner of an Exercise Notice in the form of Exhibit C, which
notice shall specify the Partnership Interests to be sold by such Limited
Partner. Once delivered, the Exercise Notice shall be irrevocable, subject to
payment by the General Partner or the Partnership of the Purchase Price in
respect of such Partnership Interests in accordance with the terms hereof.
