EXHIBIT 10(oooo)
ASSIGNMENT AND ASSUMPTION OF CONTRACTS
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THIS ASSIGNMENT AND ASSUMPTION OF CONTRACTS (hereinafter referred to as
this "AGREEMENT"), made and entered into as of the 8th day of July, 1998, by and
between MADISON PLAZA VENTURE, an Illinois general partnership (hereinafter
referred to as "SELLER"), and OVERSEAS PARTNERS (MADISON PLAZA) LLC, an Illinois
limited liability company (hereinafter referred to as "PURCHASER").
WITNESSETH:
WHEREAS, Seller is the owner of certain improved real property (hereinafter
referred to as the "PROPERTY") located in the City of Chicago, County of Xxxx,
State of Illinois, as more particularly described in Exhibit "A" attached hereto
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and by this reference made a part hereof, and
WHEREAS, Seller has on even date conveyed the Property to Purchaser, and in
connection therewith Seller wishes hereby to transfer and assign to Purchaser
all of Seller's right, title and interest in and to certain contracts related to
the Property as more particularly described below.
NOW THEREFORE, in consideration of the sum of Ten Dollars ($10.00) and
other good and valuable consideration, in hand paid by Purchaser to Seller, the
receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser
hereby covenant and agree as follows:
1. ASSIGNMENT AND ASSUMPTION. Seller hereby transfers and assigns to
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Purchaser all of Seller's right, title and interest in and to the contracts
(hereinafter referred to collectively as the "CONTRACTS") described in Exhibit
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"B" attached hereto and by this reference made a part hereof Purchaser hereby
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assumes Seller's obligations and liabilities accruing from and after the date of
this Agreement under the Contracts. Further, Purchaser hereby agrees to
indemnify Seller and hold Seller harmless from any claims, loss, damage,
liability, cost or expense (including, without limitation, reasonable attorney's
fees) which Seller shall hereafter incur or have asserted against it with regard
to said obligations and liabilities assumed by Purchaser in connection with the
Contracts.
2. SELLER'S INDEMNITY. Seller hereby agrees to indemnify Purchaser and hold
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Purchaser harmless from any claims, loss, damage, liability, cost, or expense
(including without limitation, reasonable attorney's fees) which Purchaser shall
hereafter incur or have asserted against it in connection with obligations and
liabilities under the Contracts accruing prior to the date of this Agreement.
3. COUNTERPARTS. This Agreement may be executed in counterparts and all
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such executed counterparts shall constitute the same agreement.
4. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure
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to the benefit of Purchaser and Seller and their respective heirs, legal
representatives, successors and assigns.
IN WITNESS WHEREOF, Seller and Purchaser have executed this Agreement as of
the date first above written.
SELLER:
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MADISON PLAZA VENTURE, an Illinois general
partnership
By: MW Associates, an Illinois general
partnership, its Managing Venturer
By: The Equitable Life Assurance Society of
the United States, its Managing
Venturer,
By: /s/ Xxxxxxx X. Xxxxxx
Name: Xxxxxxx X. Xxxxxx
Title: Investment Officer
PURCHASER:
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OVERSEAS PARTNERS (MADISON PLAZA) LLC, an Illinois
limited liability company
By: Overseas Partners (Madison Plaza), Inc., a
Delaware corporation, its sole member
By:
Name:
Title:
2
XXXX XXXXXX BANK, as Trustee as aforesaid
By:
Name:
Title:
PURCHASER:
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OVERSEAS PARTNERS (MADISON PLAZA) LLC, an Illinois
limited liability company
By: Overseas Partners (Madison Plaza), Inc., a
Delaware corporation, its sole member
By: /s/ Xxxxx X. Xxxxxx
Name: Xxxxx X. Xxxxxx
Title: President, CEO
3
EXHIBIT A
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LEGAL DESCRIPTION OF THE LAND
THE EAST 1/2 OF LOT 6 AND ALL OF LOTS 7 AND 8 (ALL TAKEN AS A TRACT) EXCEPTING
FROM SAID TRACT THAT PART TAKEN FOR WIDENING OF MADISON STREET IN BLOCK 54 IN
ORIGINAL TOWN OF CHICAGO IN SECTION 9. TOWNSHIP 39 NORTH, RANGE 14 EAST OF THE
THIRD PRINCIPAL MERIDIAN, IN XXXX COUNTY, ILLINOIS
4
EXHIBIT B
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CONTRACTS
(SEE ATTACHED)
0
XXXXXXX XXXXX
SERVICE CONTRACTS
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CONTRACT MP DATE
TYPE OF WORK CONTRACTOR TERM AMOUNT AG BLD REMARKS
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Building Xxxxx UNDER WARRANTY No 3/97 System still under warranty
Automation System 950 Business Contract will be made in
Center Drive fall 1998.
Xxxxx Xxxxxxxx, XX
00000
Phone: 000.000.0000
Fax: 000.000.0000
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Chiller Carrier Corporation 8/1/95-7/31/98 Cost:
Maintenance 0000 Xxxxxxx Xxxxxx Renewal: =$3,604/month Yes * Contract is Madison
Xxxxx 0 X-X-X Xxxxx'x Xxxxxxxxxx
Xxxx Xxxxx, XX Cancellation Service Agreement.
60521 Option: *Contractor is the
Contact: Xxxx Xxxxx Cancellation manufacturer of the
Phone: 000.000.0000 w/cause, equipment. We are
Fax: 000.000.0000 30 days prior reviewing our option
written notice. relating to CFCs and this
notice. contract will be reviewed
at that time.
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Elevator Xxxx Elevator 3/1/95-2/28/00 Cost:
Maintenance Company Renewal: =$26,036/month No 1/95 *Contract is Xxxx'
700 X. Xxxxxxx auto one year (paid quarterly) Extended Term
Xxxxxxx, XX 00000 renewals Coverage with Madison
Contact: Xxxxx Cancellation Plaza's
XxXxxxx Option: Maintenance Agreement as an
Phone: 000.000.0000 60 days written Addendum.
Fax: 000.000.0000 notice prior to
end of term, or 15
days notice with
cause.
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Elevator Package Xxxxx 8/1/94-7/31/95 Cost:
Xxxxx 000 Xxxxxxxx Xxxxxxx: =$2,001 quarterly Yes 7/94 Contract is Madison
Center Dr. M-T-M Plaza's Continuing
Mount Prospect, IL Cancellation Service Agreement.
60056 Option:
Contact: Xxxxx Cancellable w/10 Seven days prior written
Xxxxxxx days prior notice in event
Phone: 000.000.0000 written notice. a sale.
Fax: 000.000.0000
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Copier (Lease) Modern Business 3/4/96-3/3/99 Cost:
Systems Renewal: $408.94 monthly Xx 0/00
X.X. Xxx 0000 Xxxx
Xxxxxxxxx Xxxx, XX Cancellation
65102 Option:
Contact: Xxxxx None
Xxxxxxxxxx
Phone: 000.000.0000
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Fax Machine Danka Omnifax 2/1/96-present Cost:
(Maintenance) 0000 Xxxxxxxxx Xxxx Renewal: $252.00/annum No 2/96
Schaumburg, IL M-T-M
60173 Cancellation
Contact: Xxxx Option:
Xxxxxx Cancellable w/30
days prior written
notice.
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Fire/Life Safety Securitylink from 1/1/94-12/31/99 Cost:
Equip. Ameritech Renewal: =$582.32 No 12/93 Due to the sensitive
Monitoring 0000 X. Xxxxx Xxx. 5-year term quarterly nature of this contra
Xxxxxxx, XX 00000 unless we we are using the
Contact: Xxxxxx notify vendor contractor's form.
Warha w/in 30 days
Phone: 000.000.0000 of the term exp.
Fax: 000.000.0000 Cancellation
Option:
None
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Fire/Life Safety Xxxxxxx 10/1/95-9/30/96 Cost:
Equip. 18W 000 00xx Xx. Xxxxxxx: =$8,500 annually Yes 10/95 New contract to comply
Testing Suite 102 M-T-M $708.33/month with City code.
Xxx Xxxxx Xxxxxxx, Xxxxxxxxxxxx
XX 00000 Option:
Contact: Xxx Xxx Cancellable w/30 Seven day termination in
Phone: 000.000.0000 days prior event of sale.
Fax: 000.000.0000 written notice.
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HVAC-Pneumatic Xxxxx 1/12/90-MTM Cost:
Control 950 Business Renewal: =$3,250 quarterly No 7/94 New contract in process to
Center Dr. M-T-M cover new
Mount Prospect, IL Cancellation building automation system.
60056 Option:
Contact: Xxxx Xxxxx Cancellable w/60
Phone: 000.000.0000 days prior
Fax: 000.000.0000 written notice
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Janitorial Lakeside Building 12/9/96-12/8/97 Cost:
Services Maint. Renewal: =contractor's Yes 10/96 Contract includes labor +
000 X. Xxxxxx Xx. M-T-M cost plus payroll costs. Maintenance
Xxxxxxx, XX 00000 Cancellation $3,000/mo. Fee and supply of equipment
Contact : Nick Option: and tenant services to be
Xxxxx Cancellable w/10 billed through the
Phone: 000.000.0000 days prior building.
Fax: 000.000.0000 written notice
during MTM term.
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MADISON PLAZA
SERVICE CONTRACTS
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CONTRACT MP DATE
TYPE OF WORK CONTRACTOR TERM AMOUNT AG BLD REMARKS
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Landscaping The Xxxxxxxx Group 4/15/98-10/15/98 Cost:
Exterior 0000 X. Xxxxxx Xxx. Renewal: =$2,150/year Yes 11/97 Contract is Madison
Xxxxxxx, XX 00000 M-T-M Plaza's Continuing
Contact: Xxxx Cancellation Service Agreement.
Xxxxxx Option:
Phone: 000.000.0000 Cancellable w/30
Fax: 000.000.0000 days prior
written notice.
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Landscaping Rentokil 4/29/98-4/30/99 Yes 1/97 Contract is Madison
Interior 000 X. Xxxxxx, #000 Xxxxxxx: Plaza's Continuing
Chicago, IL M-T-M Lobby & OOB: Service Agreement.
60601-2410 Cancellation =$1084.89/month
Contact: Xxxx Option: AWAITING FINAL EXECUTION OF
Xxxxx Cancellable w/30 AGREEMENT.
Phone: 000-000-0000 days prior
Fax: 000-000-0000 written notice.
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Metal Maintenance Program Metal 6/1/97-5/31/2000 Cost:
Maintenance Renewal: $601.84/month Yes 4/98 Contract is Madison
2850 X. Xxxxxx M-T-M extra services Plaza's Continuing
Chicago, IL Cancellation billed Service Agreement.
60612-1706 Option: at $36/hour
Contact: Al Cancellable w/30
Xxxxxxxx days prior
Phone: 000-000-0000 written notice.
Fax: 000-000-0000
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Mobile Phone Cellular One 9/30/96-9/29/98 Cost:
Area Wide Cellular Renewal: $11.75 + charges No 9/96
930 National M-T-M based
Parkway Cancellation on usage.
Schaumburg, IL Option:
60173 None.
Phone: 800.CELLONE
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Pagers Paging Network of 4/4/97-1/26/97 Cost:
Illinois Renewal: $100.50 monthly No n/a
3 Xxxxxxxxx M-T-M
Corporate Ctr. Cancellation
Suite 300 Option:
Westchester, IL Yes, after
60154 expiration date.
Phone: 000.000.0000
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Pay Phone Sprint/PublicFON 1/27/97-1/26/97 Cost:
X.X. Xxx 000000 Xxxxxxx: LL to receive No 1/97
Xxxxxx, Xxxxx 00000 Auto one year commissions on
Phone: 000-000-0000 terms. pay
Cancellation phone.
Option:
30 days prior to
end of term.
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Pest Control C&C Pest Control 9/15/96-9/14/97 Cost:
000 X. Xxxxx Xxx. Renewal: $1,950/year Yes 8/96 Contractor sprays every 14
Xxxxxxxxx, XX 00000 M-T-M days on W/F
Contact: Xxx Cancellation Tenant minimum is $25 per
Xxxxxxxxx Option: call
Phone: 000.000.0000 Cancellable w/10
Fax: 000.000.0000 days prior
written notice
during MTM term.
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Postage Meter Pitney & Xxxxx 11/1/96-4/30/01 Cost:
000 Xxxxxxx Xxxxx Xxxxxxx: $327 per quarter No n/a
Xxxxxxx, XX 00000 None
Contact: X.X. Cancellation
Xxxxxxxxxx Option:
Phone: 000.000.0000 None
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Portable Radios United Radio 5/1/95-present Cost:
Comm., Inc. Renewal: =$363.60 Yes 5/95
000 Xxxx Xxxxxxxx M-T-M quarterly
St. Ste. A Cancellation Equipment:
St. Xxxxxxx, IL Option: 21 Motorola
60174 Cancellable w/30 radios.
Contact: Xxxx Xxxxx days prior 3 GE radios.
Phone: 000.000.0000 written notice. Repeater &
Fax: 000.000.0000 chargers
on T&M basis.
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MADISON PLAZA
SERVICE CONTRACTS
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CONTRACT MP DATE
TYPE OF WORK CONTRACTOR TERM AMOUNT AG BLD REMARKS
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Security Cameras Phoenix Systems &
Service SECURITY CAMERAS ARE
000 Xxxxxx Xxxxxx CURRENTLY UNDER WARRANTY.
Bensenville, IL NEGOTIATING SERVICE
60106 CONTRACT FOR NEW AND
Contact: Xxx Xxxx EXISTING EQUIP.
Phone: 000.000.0000
Fax: 000.000.0000
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Security Card Phoenix Systems 5/1/97-4/30/98
Access 000 Xxxxxx Xxx. Renewal: Cost:
Bensenville, IL M-T-M $8,500 annually, Yes Madison Plaza Continuing
60106 Cancellation $2,125/qtr. Service
Contact: Xxx Xxxx Option: Agreement
Phone: 000.000.0000 10 days written
Fax: 000.000.0000 notice during
MTM term.
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Security Guards The Xxxx Service 4/23/92-4/22/93
0000 X. Xxxxxxxx Xxxxxxx: Cost:
Corporate Xxxxxxx, XX 00000 M-T-M Varies by No 3/92 Contract is a corporate
Agreement Contact: Xxxx Xxxxx Cancellation officer but agreement
Phone: 000.000.0000 Option: approximately Through Xxxxxx-Xxxxxxx.
Fax: 000.000.0000 Cancellable w/30 $3,500
days prior per week.
written notice. Five full-time
guards.
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Riser Maintenance Facilities Mgmt. 9/1/96-8/31/97
Co. Renewal: Cost:
00 X. Xxxxxxxx Xxx. MTM One time fee of Yes 7/96 Actual service began
Xxxxxxxx, XX 00000 Cancellation: $4,000 9/16/96.
Contact: Xxxx Cancellable w/30 No annual maint. Hourly billing at $48/hr.
Xxxxxx Jr. days prior Fees for as long
Phone: 708/000-0000 written notice. FMC provides svc
Fax: 708/000-0000 to the building.
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Telecommunications Xxxxxxxxx Telecom 9/1/96-8/31/01 License Agreement between
Shared Tenant 000 Xxxx Xxxxxxx Xxxxxxx: Cost: Building
Services Road As agreed $1,000/monthly and Shared
Chantilly, Cancellation: Technologies/Xxxxxxxxx to
Virginia 22021 Only upon default provide shared telephone
facilities for
Metropolitan Fiber tenants of 000 Xxxx
Xxxxxxx Xxxxxxx.
Xxx Xxxxx Xxxx,
Xxxxx 0000 Telecommunications Services
Xxxxxxxx Xxxxxxx, Xxxxxxxxx xxxxxxx
XX 00000 Xxxxxxxxx Comm.
and Metropolitan Fiber
Systems to
provide fiber-optics.
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Telephones Xxxxxxxxx Telecom 10/28/91-present
000 X. Xxxxxxx Xxxx Xxxxxxx: Cost: No 8/91
XX Xxx 00000 XXX Varies upon
Xxxxxxxxx, XX 00000 Cancellation: usages and
Contact: Stuart Anytime distances.
Xxxxxxx
Phone: 000.000.0000
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Uniform Rental X.X. Xxxxxxx 4/28/97-4/27/98
0000 X. Xxxxxxxx Renewal: Cost: Yes Contract is Madison
Chicago, IL MTM $79.05/biweekly Plaza's Continuing
60640-1799 Cancellation Service Agreement.
Contact: Xxxxx Option:
Xxxxx Cancellable w/10
Phone: 000.000.0000 days prior
Fax: 000.000.0000 written notice
during MTM term.
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Waste BFI/Xxxxxx & Sons 4/22/96-4/21/97 Compactor rental: Yes 4/95 Contract is Madison
Removal/Recycling 1152 West Xxxxxxx Renewal: =$135.00/month Plaza's Continuing
Xxxxxxx, XX 00000 M-T-M Compactor pulls: Service Agreement.
Contact: Xxxxx Cancellation =$70.00 each
XxXxxxxx Option: 30 yard roll-off:
Phone: 000.000.0000 Cancellable w/10 =$260.00 each
Phone: 000.000.0000 days prior 25 yard roll-off:
written notice =$210.00 each
during MTM term.
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MADISON PLAZA
SERVICE CONTRACTS
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CONTRACT MG DATE
TYPE OF WORK CONTRACTOR TERM AMOUNT AG BLD REMARKS
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Window Washing Program Service 3/21/97-3/20/98 Cost:
Exterior Group Renewal: =$12,110/cleaning Yes 3/97 Next year we need to
2850 West Xxxxxx M-T-M 2-44 budget cleaning
Xxxxxxx, XX 00000 Cancellation (performed 3x/year) for floors 45 & up twice.
Contact: Xxx Xxxxxx Option: =$3,700/cleaning
Phone: 000.000.0000 Cancellable w/10 for 45-up (1x/year) 1st cleaning of 1997
Pager: 773.533.3088 days. Prior =$840/cleaning started 3/24/97
written notice for sloped glass
during MTM term. (3x/year) Madison Plaza's Continuing
Service Agreement.
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Window Washing Corporate Cleaning 4/3/97-4/2/98
Interior glass Svcs. Renewal: Cost: Yes 3/97 Next year we need to
(Including 00 X. Xxx Xx. M-T-M =$4,200/cleaning budget washing
interior and Xxxxxxx, XX 00000 Cancellation =$450.00/quarterly the interior of the
exterior of Lobby) Contact: Xxxx Option: (lobby windows) windows twice.
Xxxxxx Cancellable w/10 -$300.00/9 months
Phone: 000.000.0000 days prior (high plates) Madison Plaza's Continuing
Fax: 000.000.0000 written notice Service
during MTM term. Agreement.
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