FIRST AMENDMENT TO PROPERTY MANAGEMENT

Exhibit 10.1

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 IV, 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 IV,

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 IV
		Proposed -	Developed	Undeveloped	Parcel	Current	Former
Current Property Name	Address	Current Use	S.F.	S.F.	Acres	AP #	AP #
One Vanderbilt	000 X. Xxxxxxxxxx Xxx	Office	73,729	-----	0.802	000-000-00	-----
Service Retail	420 & 000 X. Xxxxxxxxxxx Xxxx.	Retail	20,780	-----	1.118	000-000-00	-----
TGI Fridays	000 X. Xxxxxxxxxxx Xxxx	Retail	9,386	-----	0.491	000-000-00	-----
Vanderbilt Court Parking	Owned by Assoc 1	Parking	-----	-----	13.486	000-000-00	-----
Vanderbilt Plaza	000 Xxxx Xxxxxxxxxx Xxx	Office	114,170	-----	0.942	000-000-00	-----
Carnegie Business Center	630 & 000 X. Xxxxx Xxxxx	R&D	62,540	-----	5.320	000-000-00	-----
Inland Regional Center	000 Xxxxx Xxxxx	Office	81,079	-----	3.463	000-000-00	000-000-00
Xxxxx Xxxxx Xxxxx	XXX	Office	-----	80,000	1.598	000-000-00	000-000-00
North River Place Parking	NA	Parking	-----	-----	7.867	000-000-00	000-000-00
North River Tower	TBA	Landfill	-----	-----	7.270	000-000-00	-----
North River Tower	TBA	Landfill	-----	-----	7.400	000-000-00	"
Circuit City	000 X. Xxxxxxxxxxx Xxxx	Retail	39,123	-----	1.210	000-000-00	000-000-00
Palm Court Retail 1	000 X. Xxxxxxxxxxx Xxxx	Retail	5,043	-----	0.390	000-000-00	-----
Palm Court Retail 2	000 X. Xxxxxxxxxxx Xxxx	Retail	7,433	-----	0.250	000-000-00	-----
Promo/Citi and Cleaner	645 & 000 X. Xxxxxxxxxxx Xxxx	Retail	3,250	-----	0.230	000-000-00	000-000-00
Promo/CompUSA	000 X. Xxxxxxxxxxx Xxxx	Retail	23,000	-----	0.730	000-000-00	"
Promo/Lazy Boy	000 X. Xxxxxxxxxxx Xxxx	Retail	15,000	-----	0.530	000-000-00	"
Promo/Petsmart	000 X. Xxxxxxxxxxx Xxxx	Retail	24,994	-----	0.680	000-000-00	"
South Palm Court Parking	NA	Parking	-----	-----	5.430	000-000-00	000-000-00
South Palm Court Parking	NA	Parking	-----	-----	0.370	000-000-00	000-000-00
South Palm Court Parking	NA	Parking	-----	-----	0.420	000-000-00	000-000-00
South Palm Court Parking	NA	Parking	-----	-----	0.460	000-000-00	000-000-00
Mimi's (Palm Court West)	000 X. Xxxxxxxxxxx Xxxx	Retail	6,455	-----	3.182	000-000-00	000-000-00
Palm Court West Parking	NA	Parking		-----		000-000-00	000-000-00
Maintenance Associations	Associations 1,2,6 and 7

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