Exhibit 10.135
MASTER FUND ESCROW AGREEMENT
This MASTER FUND ESCROW AGREEMENT ("Agreement") is made and entered into as
of the 13th, day of May, 2004, by and among Lansing Pavilion, LLC, (hereinafter
referred to as "Seller"), Inland Western Lansing Eastwood, L.L.C., (hereinafter
referred to as "Purchaser"), and Chicago Title and Trust Company (hereinafter
referred to as "Escrow Agent").
WITNESSETH:
WHEREAS, pursuant to that certain Purchase and Sale Agreement dated as of
the 29th day of March, 2004 (collectively, the "Contract"), Purchaser acquired
on and as of the date hereof from Seller certain real property commonly known as
Eastwood Towne Center Shopping Center located in Lansing, Michigan (the
"Property"); and
WHEREAS, pursuant to the terms of the Contract, Seller has agreed to
deposit with Escrow Agent the sum of Two Million Dollars ($2,000,000.00) from
the proceeds of sale (the "Escrow Deposit") with respect to Seller's obligation
to guaranty the payment of base rent, common area maintenance, taxes and
insurance (collectively "Rent") in the event of the failure in payment of Rent
pursuant to certain leases (the "Leases") for certain space within the Property
for those tenants (individually a "Tenant" and collectively "Tenants"), and the
spaces set forth and the amounts designated on the attached Exhibit A Rent Roll
(individually a "Tenant" and collectively, "Tenants"); and
WHEREAS, Escrow Agent is willing to accept the Escrow Deposit and hold and
disburse same in accordance with the terms and conditions set forth below.
NOW, THEREFORE, for and in consideration of the premises hereto, the
covenants and agreements hereinafter made, and for Ten and 00/100 Dollars
($10.00) in hand paid to Escrow Agent, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:
1. DEPOSIT. Seller hereby deposits with Escrow Agent, and Escrow Agent
hereby acknowledges receipt of the Escrow Deposit. Escrow Agent hereby agrees to
deposit the Escrow Deposit into an interest bearing account with West Bank, or
other depository reasonably satisfactory to Purchaser, Seller and Escrow Agent
with interest accruing and added to the Escrow Deposit. The federal taxpayer
identification of Seller is as follows: 00-0000000.
2. TERM. The term of this Agreement (the "Term") shall commence on the
date hereof and end on May , 2006 (the "Expiration Date").
3. DRAWS FROM ESCROW DEPOSIT.
A. During the Term hereof, Purchaser shall have the continuing
right, subject to the terms hereof, to draw upon all or any part of the Escrow
Deposit, to the extent available. Such draw or draws may be made once each
calendar month in an amount equal to any unpaid portion of
Rent, (collectively the "Unpaid Amounts") which are due and payable by a Tenant
or Tenants and which remain unpaid for any reason under any of the Leases,
beyond ten (10) days after the due date as forth in the Lease, whether or not
the Tenant has the right to cease payment or terminate the Lease for any reason
whatsoever including, but not limited to, any co-tenancy, minimum sales, or
other provision set forth in such Lease.
B. Rent interruption insurance payments received by Purchaser,
whether such insurance is carried by a Tenant or by Purchaser ("Rent Insurance
Payment") shall be deemed a payment of Rent due Purchaser and the amount of Rent
covered and paid by the Rent Insurance Payment shall not be included in the
Unpaid Amounts.
C. Purchaser shall not be obligated to first pursue any legal
remedies against any Tenant or to draw upon internal reserves prior to drawing
the Unpaid Amounts from the Escrow Deposit.
D. Notwithstanding anything set forth herein, in the event that, due
to the non-performance of Purchaser's obligations under the Leases arising from
and after the Closing Date, or Purchaser's negligence or willful misconduct,
Tenant or Tenants set off or otherwise withhold any payment of Rent, Purchaser
shall not be entitled to any disbursement of the Escrow Deposit in connection
with such Rent.
4. DRAW PROCEDURE.
A. Purchaser shall give written notice to Escrow Agent and to Seller
of the amount to be drawn each month, if any, from the Escrow Deposit pursuant
to the form attached hereto as Exhibit B (the "Draw Form").
B. Escrow Agent shall disburse such amounts as Purchaser shall
direct on the Draw Form after receipt of the Draw Form without further approval
or direction from Seller.
5. REPLENISHING OF ESCROW DEPOSIT.
A. In the event a Tenant or Tenants subsequently pay to Purchaser
any or all of the Unpaid Amounts attributable to such Tenant or Tenants and
previously paid to Purchaser from the Escrow Deposit, Purchaser shall deposit
into the Escrow Deposit all of the Unpaid Amounts which are subsequently
collected, less any costs or expenses due to third parties in connection with
Purchaser's collection of such Unpaid Amounts. Such payment shall be made by the
15th day of each month for any payment received by Purchaser on or before the
first day of the same month payment is to be made. Notice of such payment shall
be sent to Escrow Agent and Seller pursuant to the form attached hereto as
Exhibit C ("Remittance Form").
B. The Remittance Form shall also be used by Purchaser to deposit
into the Escrow Deposit any Rent Insurance Payments (see paragraph 3B above).
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C. Common area maintenance charges, real estate tax payments and
insurance payments are paid monthly by most Tenants (a few Tenants pay their tax
xxxx as Seller is billed by the taxing authorities) based upon an estimate of
Purchaser's anticipated costs. Once such actual amounts are determined, any
over-charge to a Tenant which has previously been included in the Unpaid Amount
and which is related to a time period on or after the date hereof shall be
deposited by Purchaser into the Escrow Deposit, using the Remittance Form; and
any under-charge shall be deemed an additional Unpaid Amount and can be
withdrawn from the Escrow Deposit by Purchaser, using the Draw Form.
D. Except as set forth above, Purchaser shall have no obligation to
replenish the Escrow Deposit.
E. If the entire Escrow Deposit is paid to Purchaser and the
Expiration Date has not occurred, then Purchaser shall continue the same
procedures as outlined above for Draw Forms and Remittance Forms, except that as
long as the Escrow Deposit has no funds on deposit, Purchaser shall designate on
the Draw Form and Remittance Form cumulative net negative numbers. For example,
if there are no funds in the Escrow Deposit and in the prior month, $5,000.00
was due Purchaser, the Draw Form would show ("-$5,000.00"). If in the next
month, the Draw Form showed an additional $7,000.00 due but the Remittance Form
showed $3,000,00 collected and otherwise due the Escrow Deposit, then the forms
would show a net negative amount of "-$9,000.00" (-$5,000.00 plus -$7,000.00
plus $3,000.00). This shall continue until the above forms show a positive
number, in any, and then funds will again be drawn from and paid to the Escrow
Deposit by Purchaser as provided above.
F. Seller shall have no duty to replenish the Escrow Fund and shall
not owe an additional amount to Purchaser if the Escrow Deposit is totally paid
to Purchaser and the Draw Forms/Remittance Forms show a negative number.
Seller's total maximum liability under this Agreement is $2,000,000.00, plus the
interest actually earned on the Escrow Deposit that would otherwise be paid to
Seller.
6. END OF TERM.
A. Within two (2) business days after the end of the Term, Escrow
Agent shall distribute to Seller any funds remaining in the Escrow Deposit and
this Agreement, subject to the remaining provisions of this paragraph 6, shall
terminate.
B. Subsequent to the Expiration Date, if any amounts are received by
Purchaser (i) from a Tenant or Tenants (ii) from Rent Insurance Payments which
were previously included in Unpaid Amounts, or (iii) any other source or
sources, Purchaser shall remit such funds to Seller within a reasonable period
of time after receipt of same (but no longer than thirty (30) days after receipt
by Purchaser of the same). For the purposes of the foregoing and this Agreement,
any payment received from a Tenant or Tenants which is described, designated or
earmarked by such
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Tenant or Tenants for application to a particular Rent obligation to Purchaser
shall be applied or attributable to such obligation and any payment received
from a Tenant or Tenants who is otherwise current in its obligations under its
Lease shall be deemed attributable to the oldest delinquent Rent liability.
C. Seller shall have an option within sixty (60) days subsequent to
the Expiration Date to conduct an audit of Purchaser's books and records with
respect to the funds deposited and withdrawn from the Escrow Deposit, and all
matters relating thereto, all at Seller's expense. Any discrepancies shall be
negotiated in good faith and resolved by Seller and Purchaser.
7. ACTION TO COLLECT RENT.
A. Should Purchaser fail to receive any Rent as set forth above and
should Purchaser draw upon the Escrow Deposit pursuant to the provisions of this
Agreement, Purchaser shall thereafter, at Purchaser's option, either (i) pursue
the defaulting Tenant or Tenants for the Unpaid Amount including seeking
judgment against such defaulting Tenant or Tenants, in accordance with
Purchaser's standard company practice, or (ii) assign to Seller (or Seller's
designee) all of Purchaser's right to pursue the defaulting Tenant or Tenants
and/or seek a money judgment against the defaulting Tenant or Tenants for the
Unpaid Amount.
B. If Purchaser shall be successful in its legal action to collect
funds due from a defaulting Tenant or Tenants, Purchaser shall reimburse the
Escrow Deposit with such amount less all costs of collection including but not
limited to court costs and attorney's fees, costs and expenses.
C. If Seller shall be successful in its legal action to collect
funds due from a defaulting Tenant or Tenants, Seller shall retain all funds
received; provided that to the extent such collected funds are attributable to
Unpaid Amounts for which disbursements have been made from the Escrow Deposit,
such collected funds, less all costs of collection including but not limited to
court costs and attorney's fees, costs and expenses, shall be delivered to the
Escrow Agent and deposited with the Escrow Deposit.
D. The Seller and Purchaser agree to keep the other party reasonably
informed as to their collection efforts, no matter who is responsible for
pursuing collection and cooperate with each other to maximize payment of all
delinquent Rent.
8. TENANTS' VACATING SPACE.
A. Purchaser through Purchaser's third party leasing management
shall use commercially reasonable efforts to replace any Tenant who vacates its
space during the Term hereof. Such replacement shall be made upon terms
consistent with Purchaser's leasing policies then in effect ("Purchaser's
Leasing Policies") with a replacement Tenant reasonably acceptable to Purchaser
(a "Replacement Tenant"). During the Term hereof, Purchaser shall afford the
Seller the opportunity to obtain a Replacement Tenant consistent with
Purchaser's Leasing Policies. The
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foregoing notwithstanding, in the event that Seller obtains a tenant who is
willing to lease vacant space at a rate not less than the rate paid for such
space by the preceding tenant and who otherwise satisfies Purchaser's Leasing
Policies, Purchaser shall approve such tenant as a Replacement Tenant for such
vacant space. Upon commencement of the lease term of any term Replacement Tenant
in the defaulting Tenant's premises, Purchaser shall draw from the Escrow
Deposit only that portion of the Unpaid Amounts in excess of the total of base
rents, common area maintenance charges, real estate taxes, and insurance
payments actually paid by the Replacement Tenant.
B. If the total of the base rent, common area maintenance charges,
real estate taxes and insurance payments paid by the Replacement Tenant are in
excess of the amount paid or to be paid by the defaulting Tenant, such excess
shall be deposited by Purchaser into the Escrow Deposit.
C. Purchaser shall not renegotiate lease terms with Tenants, provide
rent relief during the Term hereof or agree to a lump sum Lease termination
payment with respect to Unpaid Amounts under any Lease for which Purchaser seeks
reimbursement from the Escrow Deposit without Seller's prior written consent.
9. ESCROW ADMINISTRATION. The costs of administration of this Escrow
Agreement by Escrow Agent in the sum of Seven Hundred Fifty Dollars ($750.00)
shall be shared equally by Seller and Purchaser. This Escrow Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
heirs, principals, successors and assigns and shall be governed and construed in
accordance with the laws of the State of Illinois. No modification, amendment or
waiver of the terms hereof shall be valid or effective unless in writing and
signed by all of the parties hereto. This Agreement may be executed in multiple
counterpart originals, each of which shall be deemed to be and shall constitute
an original. If there is any conflict between the terms of this Agreement and
the terms of the Contract, the terms of this Agreement shall control. The
investment fee shall be $300.00 if made in one of the usual CT investments, if
special investment arrangements are to be made, the investment fee will be
determined when arrangements are made.
10. NOTICES. All notices, requests, consents and other communications
hereunder shall be sent to each of the following parties and be in writing and
shall either be: (i) delivered by facsimile transmission, or (ii) personally
delivered, or (iii) sent by Federal Express or other overnight or same day
courier service providing a return receipt, (and shall be effective when
received, when refused or when the same cannot be delivered, as evidenced on the
return receipt) to the following addresses:
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If to Seller: Lansing Pavilion, LLC
Attention: J. R. Xxxxxxxx and Xxx Xxxxxxx
0000 Xxxxxxx Xxxx
Xxxxx 000
Xxxxxxxxxx, Xxxx 00000
Facsimile No. (000) 000-0000
xxxxxxxxxx@xxxxxxxx-xxxxxxxxxx.xxx
xxxxxxxx@Xxxxxxxx-xxxxxxxxxx.xxx
Copy to: Xxxxxxx X. Xxxxxxx, Esq.
Xxxxxxxx & Shohl LLP
1900 Chemed Center
000 Xxxx Xxxxx Xxxxxx
Xxxxxxxxxx, Xxxx 00000
Facsimile No. (000) 000-0000
xxxxxxx.xxxxxxx@xxxxxxx.xxx
If to Purchaser: Inland Western Lansing Eastwood, L.L.C.
Attention; Xxxxxx Xxxxxxx
0000 Xxxxxxxxxxx Xxxx
Xxx Xxxxx, Xxxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
xxxxxxx@xxxxxxxxxxx.xxx
Copy to: The Inland Real Estate Group, Inc.
Attention: Xxxxxx X. Xxxxxxx, Esq.
0000 Xxxxxxxxxxx Xxxx
Xxx Xxxxx, Xxxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
xxxxxxxx@xxxxxxxxxxx.xxx
If to Escrow Agent: Chicago Title Insurance Company
Attention: Xxxxx Xxxxxx
000 X. Xxxxx Xxxxxx, 0xx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
xxxxxxxx@xxx.xxx
11. COUNTERPARTS. This Agreement may be executed in counterparts and shall
constitute an agreement binding on all parties notwithstanding that all parties
are not signatories of the original
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or the same counterpart. Furthermore, the signatures from one counterpart may be
attached to another to constitute a fully executed original. This Agreement may
be executed by facsimile.
12. REPORTING. Escrow Agent agrees to deliver to Purchaser and Seller, on
a monthly basis, a copy of the bank statement of account or its monthly escrow
ledger report for the Escrow Deposit. Such monthly statements shall be delivered
to: J. R. Xxxxxxxx and Xxx Xxxxxxx, at the address set forth in paragraph 10
hereof for the Seller and to Xxxxxx Xxxxxxx, at the address set forth in
paragraph 10 hereof for the Purchaser.
13. Escrow Agent shall have no liability whatsoever arising out of or in
connection with its activity as escrow agent in performing the duties
specifically set forth herein and in strict compliance with this Agreement
provided it does not act in bad faith and Seller and Purchaser jointly and
severally agree to indemnify and hold harmless Escrow Agent from all loss, cost,
claim, damage, liability and expenses (including reasonable attorneys' fees)
which may be incurred by reason of its acting as escrow agent unless caused by
Escrow Agent's bad faith or willful disregard of the terms of this Escrow
Agreement.
14. Escrow Agent shall be entitled to rely upon any judgment,
certification, demand or other writing delivered to it hereunder without being
required to determine the authenticity or the correctness of any fact stated
therein, the propriety or validity thereof, or the jurisdiction of a court
issuing any such judgment. Escrow Agent may act in reliance upon (x) any
instrument or signature believed to be genuine and duly authorized, and (y)
advice of counsel in reference to any matter or matters connected therewith.
15. Any dispute concerning disposition of the Escrow Deposit shall be
resolved between the Seller and Purchaser outside the escrow, and the party to
whom the Escrow Deposit is finally awarded by a court of competent jurisdiction
shall be entitled to be reimbursed by the other party for its reasonable legal
fees incurred in the dispute. Any such dispute shall not disrupt the operation
of this Escrow Agreement. Escrow Agent is directed to ignore any notices
received from any party hereto objecting to disbursement of any funds that are
to be paid out in accordance with this Agreement unless said notice is a joint
direction of Seller and Purchaser. In the event Escrow Agent does ignore any
notices given to it to refrain from performing Escrow Agent's duties as
described herein, Escrow Agent is fully protected in doing so and is indemnified
and held harmless as set forth in Paragraph 13 above.
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IN WITNESS WHEREOF, each of the parties hereto has caused this Escrow
Agreement to be signed and delivered as of the day and year first above written.
SELLER:
Lansing Pavilion, LLC, a Michigan limited liability company
By: Xxxxxxx X. Xxxxxxxx Real Estate, Inc., an Ohio corporation,
its manager
By: /s/ Xxxxxxx X. Xxxxxxxx
------------------------------------------------------------
Xxxxxxx X. Xxxxxxxx
Its: President
(Signatures Continued On Next Page)
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PURCHASER:
Inland Western Lansing Eastwood, L.L.C., a Delaware limited
liability company
By: Inland Western Retail Real Estate Trust, Inc., a Maryland
Corporation, its sole member
By:
--------------------------------------------------------
Name:
------------------------------------------------------
Title:
-----------------------------------------------------
ESCROW AGENT:
Chicago Title and Trust Company
By:/s/ Xxxxx Xxxxxx
---------------------------------------
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MASTER FUND ESCROW AGREEMENT
EXHIBIT A
EASTWOOD TOWNE CENTER
REVISIONS DATE: 5/10/04
SQUARE FEET
TENANT SQUARE LEASE RATE ANNUAL LEASE ADJ. ADJUSTED CAM REAL INSURANCE CAPS FEES
FOOTAGE EXPIRATION PER SF RENT INCREASE MIN. MINIMUM ESTATE ON BILLABLE
DATE XXX. ANNUAL TAXES INCREASES TO
RENT RENT TENANT
PER SF *ON
SITE
MGR.*
------------------------------------------------------------------------------------------------------------------------------------
DSW 25,000 1/31/2013 $12.00 $300,000.00 Yr 6 $13.00 $325,000 PRO PRO PRO CAM & 15%
$1.00 $1.00 $0.10 INS ADMIN
1ST YR 1ST YR 1ST YR CAPPED FEE
AT
3% on
pro-rata
share
------------------------------------------------------------------------------------------------------------------------------------
BEAUTY 3,388 10/31/10 $25.00 $84,700.00 Yr 6 $27.00 $91,476.00 PRO PRO PRO CAM 15%
FIRST CAPPED ADMIN
AT 5% FEE
EXCLUDING
SNOW, SEC
& UTIL
ALL EXPENSES CAPPED AT $4.33/SF FIRST YEAR
------------------------------------------------------------------------------------------------------------------------------------
XXXXXXX 24,418 01/31/18 $18.00 $439,524.00 yr 5 $20.00 $498,399.96 PRO PRO Include Annual N/A
BOOKS yr 10 $22.00 $548,239.92 $1.65 in CAM increase
1st & to
2nd yr base year
plus pays
pro-rata
of snow,
util &
insurance
------------------------------------------------------------------------------------------------------------------------------------
TOTAL 52,806 $824,224.00
BLDG A
PANCHERO'S 2,409 09/30/07 $22.00 $52,998.00 N/A N/A N/A Pro Pro Pro N/A 5%
Mgmt
Fee
------------------------------------------------------------------------------------------------------------------------------------
DICK'S 45,000 01/31/18 $8.00 $360,000.00 Yr 6 $8.50 N/A PRO PRO Include CAM & 5%
SPORTING Yr 11 or CPI $1.00 $1.00 in CAM TAX ADMIN
GOODS** $9.00 1ST YR 1ST YR CAPPED FEE
or CPI # semi- AT 5%
annual
------------------------------------------------------------------------------------------------------------------------------------
LA WEIGHT 1,100 04/30/09 $20.00 $22,000.00 N/A N/A N/A Pro Pro Pro N/A 20%
LOSS admin
CENTER fee
------------------------------------------------------------------------------------------------------------------------------------
TREEHOUSE 4,716 10/31/12 $24.00 $113,184.00 6th year $26 $26 Pro Pro Pro N/A 5%
Mgmt
Fee
------------------------------------------------------------------------------------------------------------------------------------
TOTAL 53,225 $548,182.00 CAM &
BLDG B
** Note that Dick's Sporting Goods Unpaid Amounts relate only to the extent
that Unpaid Amounts are not being paid under the Holdback Agreement of even
date herewith.
** Further note that Dick's rent is not in effect until Wal-Mart and Sam's
open for business per the Holdback Agreement of even date herewith.
EASTWOOD TOWNE CENTER
REVISION DATE: 5/10/04
SQUARE FEET
FEES
ADJ. ADJUSTED BILLABLE
LEASE MIN. XXX. MINIMUM REAL CAPS TO TENANT
SQUARE LEASE RATE ANNUAL INCREASE RENT ANNUAL ESTATE ON "ON SITE
TENANT FOOTAGE EXPIRATION PER SF RENT DATE PER SF RENT CAM TAXES INSURANCE INCREASES MGR."
----------------------------------------------------------------------------------------------------------------------------------
CLADDAGH PUB 7,212 09/30/12 $23.00 $137,701.00 4th yr $25.00 $149,675.00 pro pro pro N/A 5% mgmt
only pays 7th yr $27.00 $161,649.00 fee
rent on
5,987 sf
---------------------------------------------------------------------------------------------------------------------------------
CAPITOL FUR 1,157 10/31/13 $26.00 $30,082.00 6TH YR $28.60 $33,090.20 PRO PRO PRO N/A 5% MNGT
FEE
---------------------------------------------------------------------------------------------------------------------------------
HAMPTON JEWELERS 2,163 10/31/13 $20.00 $43,260.00 4th yr $23.00 $49,749.00 PRO PRO PRO N/A 5% MNGT
8th yr $26.00 $56,238.00 FEE
---------------------------------------------------------------------------------------------------------------------------------
LIMITED TOO 3,980 09/30/12 $23.00 $91,540.00 N/A N/A N/A $2.00 PRO $0.10 FOR 5% CAM & 15%
FOR 2002 & 2003 Ins. excls ADMIN
2002 snow on FEE
& 2003 prior
yr cap
----------------------------------------------------------------------------------------------------------------------------------
CHILDREN'S PLACE 4,526 01/31/13 $26.00 $117,676.00 YR 6 $28.00 $126,728.00 PRO PRO PRO 5% cap N/A
over
prior yr
pro-rata
----------------------------------------------------------------------------------------------------------------------------------
XXX. A BANKS 4,500 01/31/13 $27.00 $121,500.00 N/A N/A N/A Pro Pro Pro 5% over 15% admin
pro-rata fee
excls snow
sec, util
& trash
----------------------------------------------------------------------------------------------------------------------------------
TOTAL BLDG C 23,538 $541,759.00
----------------------------------------------------------------------------------------------------------------------------------
GAP 7,526 09/30/2010 $16.00 $120,416.00 YR 5 9.4% OR N/A PRO PRO INCLUDED 4% excls N/A
CHANGE $2.10 IN CAM snow over
IN CPI 1ST YR prior yr
excls actual
snow paid
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MOTHERS WORK 2,685 06/30/13 $35.00 $93,975.00 YR 4 $40.00 $107,400.00 PRO PRO PRO 5% 5% MNGT
(Mimi Maternity) YR 6 $45.00 $120,825.00 $2.10 $0.20 EXCLS FEE
1ST YR 1ST YR SNOW &
EXCLS SEC
SNOW
& SEC
----------------------------------------------------------------------------------------------------------------------------------
GUESS 5,000 01/31/13 $25.00 $125,000.00 yr 4 $27.00 $135,000.00 Pro Pro Pro 5% over 5% Admin
yr 8 $29.00 $145,000.00 $21.0 prior yr fee
1st yr pro-rata
excls snow share excls
& security snow & sec
over
----------------------------------------------------------------------------------------------------------------------------------
XXXXXXXXXXX & 3,000 03/31/13 $35.00 $105,000.00 YR 6 $40.00 $120,000.00 PRO PRO PRO 5% excls 15%
BANKS $2.10 $1.73 $0.105 snow & over ADMIN
1st yr 1st yr 1st yr sec prior yr FEE
excl pro-rata
snow & share
security
----------------------------------------------------------------------------------------------------------------------------------
TALBOTS 4,800 01/13/14 $23.50 $112,800.00 YR 6 $25.50 $122,400.00 PRO PRO INCL 5% EXCLS 15%
$2.25 IN CAM SNOW & SEC ADMIN
1ST YR over prior FEE
yr pro-rata
----------------------------------------------------------------------------------------------------------------------------------
TOTAL BLDG D 23,011 $557,191.00
EASTWOOD TOWNE CENTER
REVISION DATE: 5/10/04
SQUARE FEET
FEES
ADJ. ADJUSTED BILLABLE
LEASE MIN. XXX. MINIMUM REAL CAPS TO TENANT
SQUARE LEASE RATE ANNUAL INCREASE RENT ANNUAL ESTATE ON "ON SITE
TENANT FOOTAGE EXPIRATION PER SF RENT DATE PER SF RENT CAM TAXES INSURANCE INCREASES MGR."
----------------------------------------------------------------------------------------------------------------------------------
BANANA REPUBLIC 7,000 09/30/10 $15.00 $105,000.00 5TH YR 10% OR $2.10 PRO PRO CAM CAPPED N/A
CHANGE 1ST YR INCLUDED AT 4% over
IN CPI IN CAM actual paid
CAP excls snow
----------------------------------------------------------------------------------------------------------------------------------
POTTERY BARN 10,500 09/30/14 $22.00 $231,000.00 EVER 9% OR 1.25 PRO $0.10 CAM & INS 15%
3 YRS CHANGE 1st yr 1ST YR 4% over ADMIN
IN CPI excludes prior yr CAP FEE
snow excls snow
----------------------------------------------------------------------------------------------------------------------------------
COLDWATER CREEK 6,000 11/30/12 $25.00 $150,000.00 yr 6 $27.00 $162,000.00 PRO PRO PRO 5% excludes 15%
snow, admin
security fee
& Utils
----------------------------------------------------------------------------------------------------------------------------------
OLD THYME HERBS 1,000 09/30/12 $38.00 $38,000.00 yr 6 $41.80 $41,800.00 Pro Pro Pro N/A 5% mgmt
fee
----------------------------------------------------------------------------------------------------------------------------------
YANKEE CANDLE 2,500 01/31/13 $30.00 $75,000.00 YR 6 $33.00 $82,500.00 PRO PRO PRO CAM CAPPED 15%
All expenses capped AT 5% EXCLS ADMIN
at $4.75 1st year SNOW & SEC FEE
over prior
yr pro-rata
----------------------------------------------------------------------------------------------------------------------------------
XXXXXXX SONOMA 5,500 09/30/14 $22.00 $121,000.00 EVER 9% OR $1.25 PRO $0.15 CAM & INS 15%
3 YRS CHANGE IN 1ST YR 1ST YR CAPPED AT ADMIN
CPI excls snow 4% FEE
EXCLUDING
SNOW
over cap
----------------------------------------------------------------------------------------------------------------------------------
POLICE
SUB-STATION 1,220 $0.00 $0.00
TOTAL BLDG E 33,720 $720,000.00
XXXXXX ROCKETS 2,592 09/30/12 $33.00 $85,536.00 YR 6 $36.00 $83,312.00 PRO PRO PRO N/A 5% OF
GROSS
RENTS
----------------------------------------------------------------------------------------------------------------------------------
XXXXX XXXXXXX 2,250 04/30/13 $34.00 $76,500.00 YR 6 $38.00 $85,500.00 PRO PRO PRO 5% EXCLS 15%
SNOW, SEC ADMIN
& UTILS FEE
----------------------------------------------------------------------------------------------------------------------------------
STAR IMAGE
PHOTOGRAPHY 825 07/31/08 $35.00 $28,875.00 N/A N/A N/A PRO PRO PRO 5% EXCLS 5% MNGT
SNOW, SEC FEE
& UTILS
----------------------------------------------------------------------------------------------------------------------------------
EARPORT, INC. 1,046 12 YRS $25.00 $26,150.00 YR 6 $29.50 $30,857.00 PRO PRO PRO N/A 5% MGMT
FEE
----------------------------------------------------------------------------------------------------------------------------------
FABIANO'S
CANDIES 1,090 09/30/07 $25.00 $27,250.00 N/A N/A N/A PRO PRO PRO N/A 5% MGMT
FEE
----------------------------------------------------------------------------------------------------------------------------------
BRIO/BRAVO YR 6 $28.30 $209,000.00 PRO CAM CAPPED 5% OF
7,134 09/30/17 $26.63 $190,000.00 YR 11 $32.10 $229,000.00 $2.00 PRO PRO AT 5% GROSS
1ST EXCLUDING RENTS
YR SNOW & SEC
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CENTRAL
FOOTWEAR GROUP 1,599 10 YRS $32.00 $51,168.00 YR 6 $33.60 $53,726.40 PRO PRO PRO CAM CAPPED 5% OF
AT 5% GROSS
EXCL SNOW RENTS
SEC & UTIL
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ELECTRONIC
BOUTIQUE 1,148 01/31/08 $40.00 $45,920.00 N/A N/A N/A PRO PRO PRO 5% EXCLUDING 15%
UTIL, SNOW ADMIN
& SECURITY FEE
----------------------------------------------------------------------------------------------------------------------------------
STATE
EMPLOYEE 2,120 09/30/07 $35.00 $74,200.00 N/A N/A N/A PRO PRO PRO N/A 5% MGMT
FEE
----------------------------------------------------------------------------------------------------------------------------------
TOTAL BLDG F 19,804 $605,599.00
EASTWOOD TOWNE CENTER
REVISION DATE: 5/10/04
SQUARE FEET
FEES
ADJ. ADJUSTED BILLABLE
LEASE MIN. XXX. MINIMUM REAL CAPS TO TENANT
SQUARE LEASE RATE ANNUAL INCREASE RENT ANNUAL ESTATE ON "ON SITE
TENANT FOOTAGE EXPIRATION PER SF RENT DATE PER SF RENT CAM TAXES INSURANCE INCREASE MGR."
----------------------------------------------------------------------------------------------------------------------------------
STARBUCK'S 1,440 02/28/13 $35.00 $50,400.00 YR 6 $38.50 $55,440.00 CAPPED PRO PRO CAM CAPPED 10%
$3.75 ANNUALLY INCLUDED at 5% ADMIN
1ST YR INCLUDED W/CAM CAP over prior FEE
W/CAM CAP yr actual
pd
----------------------------------------------------------------------------------------------------------------------------------
SEE 1,200 09/30/09 $35.00 $42,000.00 YR 3 $37.50 $45,000.00 PRO PRO PRO N/A 15%
YR 6 $40.00 $48,000.00 ADMIN
FEE
----------------------------------------------------------------------------------------------------------------------------------
RITZ CAMERA 1,500 09/30/12 $25.00 $37,500.00 YR 6 $27.00 $40,500.00 PRO PRO PRO 5% over 5% OF
pro-rata GROSS
RENTS
----------------------------------------------------------------------------------------------------------------------------------
WHITE HOUSE 1,850 09/30/12 $33.00 $61,050.00 YR 6 $36.00 $67,155.00 PRO PRO PRO N/A 15%
BLACK MARKET ADMIN
FEE
----------------------------------------------------------------------------------------------------------------------------------
SPRINT 1,089 09/30/07 $40.00 $43,560.00 YR 3 $44.00 $47,916.00 PRO PRO PRO 5% CAP EX. 15%
SNOW, UTIL ADMIN
SECURITY FEE
----------------------------------------------------------------------------------------------------------------------------------
YR 3 $35.00 $60,515.00 15%
SUBWAY 1,729 01/31/13 $32.50 $56,192.50 YR 5 $37.50 $64,837.50 PRO PRO PRO N/A MNGT
YR 7 $40.00 $69,160.00 FEE
YR 9 $42.50 $73,482.50
----------------------------------------------------------------------------------------------------------------------------------
XXXXXXXX'X 7,264 11/30/12 $25.25 $183.416.00 6TH YR $27.50 $199,760.00 PRO PRO PRO CAM CAPPED 5% OF
FISH 1ST YR INCLUDED INCLUDED AT 5% EXCLS GROSS
MARKET $4.75 IN CAM IN CAM SNOW & SEC RENTS
CAP CAP over pro-rata
----------------------------------------------------------------------------------------------------------------------------------
XXXXXX MOO'S 1,105 10/31/10 $40.00 $44,200.00 YR 6 $44.00 $48,620.00 PRO PRO PRO 5% EX. SNOW, 15%
SEC, UTIL, ADMIN
TRASH FEE
----------------------------------------------------------------------------------------------------------------------------------
VENETIAN NAILS 1,376 04/30/13 $35.00 $48,160.00 YR 6 $40.00 $55,040.00 PRO PRO PRO N/A 5% MNGT
FEE
----------------------------------------------------------------------------------------------------------------------------------
CLAIRE'S 1,200 09/30/07 $32.00 $38,400.00 N/A N/A N/A PRO PRO PRO N/A 5% OF
GROSS
RENTS
TOTAL BLDG G 19,753 $604,878.50
FOREVER 21 6,838 09/30/12 $21.00 $143,598.00 YR 6 $22.10 $151,119.80 $2.14 Pro PRO 5% EX. SNOW 15%
cap 1st SEC & UTIL ADMIN
yr excls over pro-rata FEE
snow sec
& util
----------------------------------------------------------------------------------------------------------------------------------
BATH & BODY 3,360 01/31/13 $24.00 $80,640.00 6TH YR $26.40 $88,704.00 1ST YR PRO 1st yr CAM & INS CAP 15%
$2.00 $0.10 AT 5% EXCLS ADMIN
SNOW FEE
over prior
yr cap
----------------------------------------------------------------------------------------------------------------------------------
CASUAL CORNERS 6,019 09/30/12 $25.00 $150,475.00 Yr 6 $27.50 $165,522.50 PRO PRO PRO CAM CAPPED 5%
$2.00 5% EXCLS MNGT
1st year SNOW SEC & FEE
UTIL -
pro-rata
----------------------------------------------------------------------------------------------------------------------------------
VICTORIA'S
SECRET 6,500 01/31/13 $24.00 $156,000.00 Yr 6 $26.40 $171,600.00 1ST YR PRO 1st yr CAM & INS 15%
$2.00 $0.10 CAPPED ADMIN
AT 5% FEE
EX. SNOW
----------------------------------------------------------------------------------------------------------------------------------
XXX XXXXXX 5,280 01/31/13 $25.00 $132,000.00 N/A N/A N/A PRO PRO PRO CAM CAPPED 15%
1ST YR AT 5% /CPI ADMIN
$2.00 over prior FEE
ex. Snow, yr actual
sec & util. paid
----------------------------------------------------------------------------------------------------------------------------------
J. CREW 6,000 01/31/13 $24.00 $144,000.00 N/A N/A N/A PRO PRO PRO CAM CAPPED 15%
$2.00 AT 4% /CPI ADMIN
1ST YR over prior FEE
ex. Snow, yr actual
sec & util. paid
excls snow,
sec & util
TOTAL BLDG H 33,997 $806,713.00
EASTWOOD TOWNE CENTER
REVISION DATE: 5/10/04
SQUARE FEET
FEES
ADJ. ADJUSTED BILLABLE
LEASE MIN. XXX. MINIMUM REAL CAPS TO TENANT
SQUARE LEASE RATE ANNUAL INCREASE RENT ANNUAL ESTATE ON "ON SITE
TENANT FOOTAGE EXPIRATION PER SF RENT DATE PER SF RENT CAM TAXES INSURANCE INCREASES MGR."
-----------------------------------------------------------------------------------------------------------------------------------
LANE XXXXXX 5,390 10/31/12 $26.00 $140,140.00 N/A N/A N/A PRO PRO PRO 5% 15%
EX. SNOW & ADMIN
SECURITY FEE
-----------------------------------------------------------------------------------------------------------------------------------
AMERICAN EAGLE 5,400 01/31/13 $24.00 $129,600.00 N/A N/A N/A PRO PRO PRO CAM CAPPED 5% MNGT
AT 4% FEE
EXCLUDING
SNOW & SEC
-----------------------------------------------------------------------------------------------------------------------------------
AEROPOSTALE 3,970 01/31/13 $24.00 $86,400.00 YR 6 $26.00 $93,600.00 1st yr PRO PRO 5% over 5% MGMT
only pays $2.00 prior yr FEE
rent on excls cap excls
3600 sf snow, snow sec
sec & & util
util
-----------------------------------------------------------------------------------------------------------------------------------
EXPRESS 8,000 01/31/13 $24.00 $192,000.00 Yr 6 $26.40 $211,200.00 PRO PRO PRO CAM & INS 15% ADMIN
$2.00 $0.10 5% EXCLS FEE
1ST YR 1ST YR SNOW
over
prior
yr cap
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BLDG I 22,760 $548,140.00
MALL OFFICE 1,000 09/30/12 $20.00 $20,000.00 N/A N/A N/A PRO PRO PRO CAM CAPPED 5% MNGT
AT 5% EXCL FEE
SNOW & SEC
-----------------------------------------------------------------------------------------------------------------------------------
SENECA 3,311 02/28/13 $24.00 $79,464.00 YR 6 $26.00 $86,086.00 PRO PRO PRO 5% AFTER 1ST 15% ADMIN
HOLDINGS YR EXCLS FEE
(McALISTER'S SNOW, SEC &
DELI) UTIL
-----------------------------------------------------------------------------------------------------------------------------------
ONEIDA 4,000 09/30/12 $22.50 $90,000.00 YR 6 $24.50 $98,000.00 PRO PRO PRO N/A 5% MGMT
FEE
-----------------------------------------------------------------------------------------------------------------------------------
HALLMARK 4,500 02/28/08 $21.00 $94,500.00 N/A N/A N/A PRO PRO PRO CAM CAPPED 10% ADMIN
AT 5% over FEE
pro-rata
no
exclusions
-----------------------------------------------------------------------------------------------------------------------------------
PIER 1 IMPORT 9,992 09/30/12 $20.00 $199,840.00 N/A N/A N/A $1.25 PAYS CAM CAPPED 10% ADMIN
1ST ANNUALLY AT 5% over FEE
YR prior yr
cap excls
snow
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BLDG J 22,803 $483,804.00
EASTWOOD TOWNE CENTER
REVISION DATE: 5/10/04
SQUARE FEET
FEES
ADJ. ADJUSTED BILLABLE
LEASE MIN. XXX. MINIMUM REAL CAPS TO TENANT
SQUARE LEASE RATE ANNUAL INCREASE RENT ANNUAL ESTATE ON "ON SITE
TENANT FOOTAGE EXPIRATION PER SF RENT DATE PER SF RENT CAM TAXES INSURANCE INCREASES MGR"
----------------------------------------------------------------------------------------------------------------------------------
SMOKEY BONES 7,000 10/31/13 $15.71 $110,000.00 N/A N/A N/A $2,500/YR PRO INCLUDED 2% PER N/A
SEMI- IN LEASE
ANNUAL CAM YEAR
----------------------------------------------------------------------------------------------------------------------------------
PF CHANGS 7,438 11/30/12 $8.07 $60,000.00 N/A N/A N/A PRO PRO PRO N/A 10%
ADMIN
FEE
----------------------------------------------------------------------------------------------------------------------------------
MAX & ERMA'S 6,800 09/30/19 $29.71 $202,000.00 YR 6 3% OF GROSS SALES PRO PRO PRO N/A N/A
OR LESSER OF CPI SEMI-ANNUAL
OR $212,000
YR 11 3% OF GROSS SALES
OR LESSER OF CPI
OR $222,000
YR 16 3% OF GROSS SALES
OR LESSER OF CPI
OR $232,000
----------------------------------------------------------------------------------------------------------------------------------
COMERICA 3,310 10/31/18 $37.76 $125,000.00 YR 6 $39.46 $130,625.00 PRO PRO PRO N/A 15%
YR 11 $41.24 $136,503.00 ADMIN
FEE
TOTAL OUTLOTS 24,548 $497,000.00
EXHIBIT B
DRAW REQUEST
Draw Request for ______, 200__
1. UNPAID AMOUNTS:
Pursuant to the
Master Fund Escrow Agreement, dated _______, 2004 (the
"Agreement"), between Lansing Pavilion, LLC ("Seller"), Inland Western
Lansing Eastwood, L.L.C. ("Purchaser") and Chicago Title and Trust Company,
Purchaser states the following amounts are the Unpaid Amounts (as defined
under the Agreement) for this Draw Request:
(a) Tenant: [INSERT NAME OF TENANT RESPONSIBLE FOR APPLICABLE UNPAID
AMOUNT.]
(i) Unpaid Base Rent: [INSERT ANY APPLICABLE AMOUNT OF UNPAID BASE
RENT DUE FROM SUCH TENANT UNDER ITS LEASE, INCLUDING THE MONTH FOR WHICH
SUCH UNPAID BASE RENT WAS DUE AND THE DATE DUE OR IF NONE, THEN STATE
"NONE".]
(ii) Common Area Maintenance, Taxes and Insurance: [INSERT ANY
APPLICABLE AMOUNT OF UNPAID COMMON AREA MAINTENANCE CHARGES, TAXES AND
INSURANCE DUE FROM SUCH TENANT UNDER ITS LEASE, INCLUDING THE MONTH FOR
WHICH SUCH UNPAID COMMON AREA MAINTENANCE CHARGES, TAXES AND INSURANCE WERE
DUE AND THE DATE DUE OR IF NONE, THEN STATE "NONE".]
(iii) Total Unpaid Amount: [INSERT THE SUM OF THE PRECEDING SUBPARTS
(i) AND (ii) AS THE TOTAL UNPAID AMOUNT FOR SUCH TENANT.]
2. APPLICATION OF ESCROW DEPOSIT:
(a) Escrow Deposit Balance: [INSERT THE THEN CURRENT BALANCE OF THE ESCROW
DEPOSIT, WHICH BALANCE SHALL INCLUDE PAYMENTS BY PURCHASER TO THE ESCROW DEPOSIT
PURSUANT TO REMITTANCE FORMS AND ANY PAYMENTS MADE BY SELLER TO THE ESCROW
DEPOSIT PURSUANT TO PARAGRAPH 7C OF THE AGREEMENT , IF ANY, OR IF THERE IS NO
ESCROW DEPOSIT BALANCE, STATE "NONE".]
(b) Disbursement Amount: [INSERT THE AMOUNT THAT IS THE LESSER OF THE
ESCROW DEPOSIT BALANCE, AS PROVIDED IN THE PRECEDING SUBPART (a), OR THE TOTAL
UNPAID AMOUNT FROM ITEM 1. ABOVE OR, IF NO ESCROW DEPOSIT BALANCE IS AVAILABLE,
STATE "NONE".]
(c) Negative Unpaid Amounts: [INSERT AS A NEGATIVE AMOUNT ANY DIFFERENCE
BETWEEN THE DISBURSEMENT AMOUNT REFERENCED IN THE PRECEDING SUBPART (b) AND THE
TOTAL UNPAID AMOUNT FROM ITEM 1. ABOVE PLUS THE TOTAL OF ALL NEGATIVE UNPAID
AMOUNTS FOR ALL PRECEDING DRAW REQUESTS OR, IF NONE, STATE "NONE".]
Accordingly, please disburse $[INSERT THE DISBURSEMENT AMOUNT FROM THE
PRECEDING ITEM 2. OR, IF NONE, STATE "NONE] as follows: [INSERT THE PERSON OR
ENTITY TO WHOM PAYMENT IS TO BE MADE AND WHERE PAYMENT SHALL BE MADE, INCLUDING
WIRING INSTRUCTIONS IF APPLICABLE, OR, IF THERE IS NO
00
XXXXXXXXXXXX XXXXXX, XXXXX "N/A".].
Respectfully submitted,
INLAND WESTERN LANSING EASTWOOD,
L.L.C., a Delaware limited liability company
By: Inland Western Retail Real Estate Trust, Inc.,
a Maryland corporation, its sole member
By:
------------------------------------
Name:
----------------------------------
Its:
-----------------------------------
[NOTE: IN THE EVENT MORE THAN ONE TENANT IS RESPONSIBLE FOR UNPAID AMOUNTS WITH
RESPECT TO THE SAME CALENDAR MONTH PERIOD, USE ONE DRAW REQUEST FOR ALL SUCH
TENANTS WITH THE FOREGOING FORMAT BEING USED FOR EACH SUCH TENANT]
11
EXHIBIT C
REMITTANCE FORM
Remittance Form for ____________, 200__
1. RECEIPT OF UNPAID AMOUNTS:
Pursuant to the
Master Fund Escrow Agreement, dated ________ , 2004 (the
"Agreement"), between Lansing Pavilion, LLC, Inland Western Lansing
Eastwood, L.L.C. ("Purchaser") and Chicago Title and Trust Company,
Purchaser states the following Unpaid Amounts (as defined under the
Agreement), previously paid to Purchaser pursuant to Draw Requests, have
been received by Purchaser from Tenants or, if applicable, from Rent
Insurance Payments:
(a) Tenant: [INSERT NAME OF THE TENANT PAYING THE APPLICABLE UNPAID AMOUNT
OR IF RENT INSURANCE PAYMENTS, ARE THE SOURCE OF PAYMENT, THE TENANT WITH
RESPECT TO WHICH SUCH RENT INSURANCE PAYMENTS ARE APPLICABLE.]
(i) Unpaid Amount: [INSERT A DESCRIPTION OF THE APPLICABLE UNPAID
AMOUNTS.]
(ii) Date Unpaid Amount Received: [INSERT DATE(S) ON WHICH THE UNPAID
AMOUNT WAS RECEIVED BY PURCHASER.]
(iii) Applicable Draw Request: [INSERT THE DATE OF THE DRAW REQUEST
PURSUANT TO WHICH SUCH UNPAID AMOUNT WAS PREVIOUSLY PAID TO PURCHASER FROM THE
ESCROW DEPOSIT.]
2. ADJUSTMENT FOR NEGATIVE UNPAID AMOUNTS UNDER DRAW REQUESTS:
(a) Negative Unpaid Amount: [INSERT THE NEGATIVE UNPAID AMOUNT FROM THE
DRAW REQUEST SUBMITTED IMMEDIATELY PRIOR TO THIS REMITTANCE FORM OR, IF NONE,
STATE "NONE".]
(b) Adjusted Unpaid Amount: [INSERT THE DIFFERENCE BETWEEN THE UNPAID
AMOUNT FROM ITEM 1. ABOVE AND THE NEGATIVE UNPAID AMOUNT FROM THE PRECEDING
SUBPART (a) OR, IF THE NEGATIVE UNPAID AMOUNT IS GREATER THAN THE UNPAID AMOUNT,
INSERT THE DIFFERENCE BETWEEN THE TWO AS A NEGATIVE AMOUNT OR, IF THERE IS NO
NEGATIVE UNPAID AMOUNT, INSERT THE UNPAID AMOUNT.]
Accordingly, enclosed please find payment in the amount of $[INSERT THE
ADJUSTED UNPAID AMOUNT FROM THE PRECEDING ITEM 2. OR, IF NONE OR A NEGATIVE
AMOUNT, STATE AS FOLLOWS:] Accordingly,
12
no payment is enclosed with this Remittance Form.
Respectfully submitted,
INLAND WESTERN LANSING EASTWOOD,
L.L.C., a Delaware limited liability company
By: Inland Western Retail Real Estate Trust, Inc.,
a Maryland corporation, its sole member
By:
--------------------------------
Name:
------------------------------
Its:
-------------------------------
[NOTE: IN THE EVENT MORE THAN ONE TENANT IS RESPONSIBLE FOR OR APPLICABLE TO
UNPAID AMOUNTS WITH RESPECT TO THE SAME PAYMENT PERIOD, USE ONE REMITTANCE FORM
FOR ALL SUCH TENANTS WITH THE FOREGOING FORMAT BEING USED FOR EACH SUCH TENANT]
13
