MANAGEMENT FEE COLLECTION AGREEMENT
This Agreement, made and entered into as of February 22, 2001, by and between
NorthMarq Capital, Inc., a Minnesota corporation ("Lender"), Secured Investment
Resources Fund, L.P. III, a Missouri limited partnership ("Borrower"), and Maxus
Properties, Inc., a Missouri corporation ("Agent").
PRELIMINARY STATEMENT OF FACTS
A. Agent entered into a Management Agreement dated January 1, 2001
("Management Agreement") covering certain property in Kansas City, Missouri,
known as Bicycle Club Apartments, and which is legally described on Exhibit A
attached hereto and made a part hereof ("Property").
B. Secured Investment Resources Fund, L.P. III, a Missouri limited
partnership ("Borrower"), owns the Property and is the Owner under the
Management Agreement, as defined therein.
C. The Management Agreement provides for a management fee to Agent equal to
five percent (5%) of the monthly gross receipts from the operation of the
Property.
D. Borrower has secured a loan from Lender in the amount of Eight Million
Three Hundred Fifty Thousand and no/100 Dollars ($8,350,000.00) ("Loan"), which
will be secured by a Multifamily Deed of Trust, Assignment of Rents and Security
Agreement covering the Property ("Mortgage").
E. Notwithstanding the total management fee of five percent (5%) of monthly
gross receipts provided for in the Management Agreement, Lender has required, as
a condition to making the Loan to Borrower, that Agent collect the final one
(1%) of the management fee only after the Borrower has paid the operational
expenses of the Property and the debt service of the Loan.
NOW, THEREFORE, in consideration of the above and for other good and valuable
consideration, the receipt and sufficiency of which are acknowledged by the
parties, it is agreed as follows:
1. Collection of Management Fee. Agent agrees that it may collect the final
one percent (1%) of the management fee only after the Borrower has paid the
operational expenses of the Property and the debt service of the Loan.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
day and year first above written.
LENDER:
NorthMarq Capital, Inc.
By: /s/ Xxxx X. Xxxxxx
Name: Xxxx X. Xxxxxx
Title: Vice President
STATE OF MINNESOTA )
) ss.
COUNTY OF HENNEPIN )
The foregoing instrument was acknowledged before me this 20th day of
February, 2001, by Xxxx X. Xxxxxx, the Vice President of NorthMarq Capital,
Inc., a Minnesota corporation, on behalf of the corporation.
/s/ Xxxxxxx X. Xxxx [Notary Seal]
Notary Public
2
BORROWER:
Secured Investment Resources Fund, L.P. III
a Missouri limited partnership
By: Xxxxxxx Resources, Ltd.,
a Missouri corporation
Its: General Partner
By: /s/ Xxxxx X. Xxxxxxx
Xxxxx X. Xxxxxxx, Vice President
STATE OF MISSOURI )
) ss.
COUNTY OF CLAY )
The foregoing instrument was acknowledged before me this 22nd day of
February, 2001, by Xxxxx X. Xxxxxxx, the Vice President of Xxxxxxx Resources,
Ltd., a Missouri corporation, General Partner of Secured Investment Resources
Fund, L.P. III, a Missouri limited partnership, on behalf of the limited
partnership.
[Notary Seal] /s/ Xxxxx X. Xxxxx
Notary Public
3
AGENT:
MAXUS PROPERTIES, INC.,
a Missouri corporation
By: /s/ Xxxxx X. Xxxxxxx
Name: Xxxxx X. Xxxxxxx
Title: Chairman/CEO
STATE OF MISSOURI )
) ss.
COUNTY OF CLAY )
The foregoing instrument was acknowledged before me this 22nd day of
February, 2001, by Xxxxx X. Xxxxxxx, the Chairman/CEO of Maxus Properties, Inc.,
a Missouri corporation, on behalf of the corporation.
[Notary Seal] /s/ Xxxxx X. Xxxxx
Notary Public
4
EXHIBIT A
LEGAL DESCRIPTION
Lots 1 and 2 and Tracts A and C, CANDLEWYCK, a subdivision in Kansas City,
Platte County, Missouri, according to the recorded plat thereof.
