EXHIBIT 10.14
AMENDED AND RESTATED MORTGAGE BANKING SERVICES AGREEMENT
This Amended and Restated Mortgage Banking Services Agreement (this
"Agreement"), entered into as of _____________, 2003, by and between Gen-Net
Lease Income Trust, Inc., a Michigan corporation ("Gen-Net"), and Capital
Matrix, L.L.C., a Michigan limited liability company ("Capital").
WHEREAS, Gen-Net and Capital are parties to a Mortgage Banking Services
Agreement, dated as of June 2, 2003 (the "Prior Agreement"); and
WHEREAS, Gen-Net and Capital desire to amend and restate in its
entirety the Prior Agreement.
NOW, THEREFORE, the parties agree to amend and restate the Prior
Agreement in its entirety as follows:
1. Gen-Net hereby engages Capital to (a) arrange mortgage financing on
terms acceptable to Gen-Net for one government leased or net leased real
property acquisition, which property will be selected at the sole discretion of
Gen-Net, and (b) arrange re-financing on terms acceptable to Gen-Net for the
Bakersfield, California property.
2. The parties agree that Gen-Net shall pay Capital, at the closing of
the respective first mortgage or deed of trust financing a sum equal to one
percent (1%) of the principal amount of said financing and upon the closing of
the refinancing of the Gen-Net Bakersfield property one percent (1%) of the
principal amount of the mortgage that refinances the Gen-Net Bakersfield
property.
3. The parties further agree that after the closing of the initial
mortgage or deed of trust financing on the property selected by Gen-Net pursuant
to Section 1(a) above and the refinancing of the Gen-Net Bakersfield property,
in each case, whether or not pursuant to arrangements by Capital, neither party
shall have any additional obligations under this Agreement and this Agreement
shall immediately terminate without any further action by the parties hereto.
4. Nothing herein shall alleviate or waive any claim that Gen-Net may
assert in the future in the event that Capital were to fail to perform its
mortgage brokerage services for Gen-Net in accordance with generally accepted
mortgage brokerage industry standards.
5. This Agreement cannot be assigned by either party without the
express written consent of the other party, except that it shall continue to
apply in full force and effect as to any corporate successor to Gen-Net.
6. This Agreement shall be construed and enforced under the laws of the
State of Michigan.
/s/ BB
7. This Agreement amends, restates and replaces in its entirety the
Prior Agreement. Upon its execution of this Agreement, the Prior Agreement shall
have no further force or effect.
Effective as of the date set forth above.
GEN-NET LEASE INCOME TRUST, INC.
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
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Title: President and Chief Executive Officer
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CAPITAL MATRIX, L.L.C.
By: /s/ Xxxxx Xxxx
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Name: Xxxxx Xxxx
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Title:
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1/12/04
/s/ BB
