FIRST AMENDMENT TO THIRD AMENDED AND RESTATED MASTER CREDIT FACILITY AGREEMENT (MAA I)
EXHIBIT 10.21
FIRST AMENDMENT TO THIRD AMENDED AND RESTATED
MASTER CREDIT FACILITY AGREEMENT
(MAA I)
THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED MASTER CREDIT FACILITY AGREEMENT (the “Amendment”) is effective as of the 31st day of March, 2004, by and among (i) (a) MID-AMERICA APARTMENT COMMUNITIES, INC., a Tennessee corporation (the “REIT”), (b) MID-AMERICA APARTMENTS, L.P., a Tennessee limited partnership (“OP”) (the REIT and OP being collectively referred to as “Borrower”), and (c) MID-AMERICA APARTMENTS OF TEXAS, L.P., a Texas limited partnership (“MAA of Texas” MAA of Texas and Borrower being collectively referred to as the “Borrower Parties”); and (ii) PRUDENTIAL MULTIFAMILY MORTGAGE INC., a Delaware corporation (“Lender”).
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A. Borrower Parties and Lender are parties to that certain Amended and Restated Master Credit Facility Agreement dated as of the 22nd day of August, 2002, by and between Borrower and Lender, which was amended and restated pursuant to that certain Second Amended and Restated Master Credit Facility Agreement dated as of December 10, 2003, which has been further amended and restated pursuant to that certain Third Amended and Restated Master Credit Facility Agreement dated as of March 30, 2004 (as amended from time to time, the “Master Agreement”).
B. All of the Lender's right, title and interest in the Master Agreement and the Loan Documents executed in connection with the Master Agreement or the transactions contemplated by the Master Agreement have been assigned to Xxxxxx Xxx pursuant to that certain Assignment of Collateral Agreements and Other Loan Documents, dated as of August 22, 2002 and that certain Assignment of Collateral Agreements and Other Loan Documents, dated as of December 10, 2003 and that certain Assignment of Collateral Agreement and Other Loan Documents dated as of March 31, 2004 (collectively, the “Assignment”). Xxxxxx Mae has not assumed any of the obligations of the Lender under the Master Agreement or the Loan Documents as a result of the Assignment. Xxxxxx Xxx has designated the Lender as the servicer of the Loans contemplated by the Master Agreement. Lender is entering into this Amendment in its capacity as servicer of the loan set forth in the Master Agreement.
C. Borrower and Lender are executing this Amendment pursuant to the Master Agreement to provide for (i) the addition of the Mortgaged Properties known as The Woods, Lane at Towne Crossing and Northwood Place to the Collateral Pool under the terms of the Master Agreement and (ii) an expansion of the Variable Facility Commitment as set forth hereinafter.
NOW, THEREFORE, the parties hereto, in consideration of the mutual promises and agreements contained in this Amendment and the Master Agreement, and other good and
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valuable consideration, the receipt and sufficiency of which is hereby acknowledged, hereby agree as follows:
Section 1. Collateral Pool. Exhibit A to the Master Agreement is hereby deleted and replaced with the attached Exhibit A to reflect the addition of The Woods, Lane at Towne Crossing and Northwood Place as Additional Mortgaged Properties in the Collateral Pool.
Section 2. Expansion. The Variable Facility Commitment is hereby increased by $24,262,000 and the definition of Variable Facility Commitment is hereby replaced in its entirety with the following new definition:
“Variable Facility Commitment” means an aggregate amount of $183,769,000, which shall be evidenced by the Variable Facility Note in the form attached hereto as Exhibit I, plus such amount as the Borrower may elect to add to the Variable Facility Commitment in accordance with Article VIII, and plus such amount as the Borrower may elect to reborrow in accordance with Section 2.08, less such amount as the Borrower may elect to convert from the Variable Facility Commitment to the Fixed Facility Commitment in accordance with Article III and less such amount by which the Borrower may elect to reduce the Variable Facility Commitment in accordance with Article IX.
Section 3. Reserved Amount. “Reserved Amount” means $66,231,000, unless Borrower elects in writing a lesser amount not to exceed $250,000,000 minus the amount of the Commitment in effect at any time, but in no event greater than $66,231,000. The Fixed Facility Fee and the Variable Facility Fee shall not increase with respect to the Reserved Amount in the event of an Expansion for so long as the Borrower timely pays the Rate Preservation Fee on the Reserved Amount
Section 4. Property Management Agreements. Exhibit AA is hereby deleted in its entirety and replaced with the Exhibit AA attached to this Amendment.
Section 5. Capitalized Terms. All capitalized terms used in this Amendment which are not specifically defined herein shall have the respective meanings set forth in the Master Agreement.
Section 6. Reaffirmation. The Borrower Parties hereby reaffirm their obligations under the Agreement.
Section 7. Full Force and Effect. Except as expressly modified by this Amendment, all terms and conditions of the Master Agreement shall continue in full force and effect.
Section 8. Counterparts. This Amendment may be executed in counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written.
BORROWER:
MID-AMERICA APARTMENT COMMUNITIES,
INC., a Tennessee corporation
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By: |
__________________________________ | ||
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Simon X.X. Xxxxxxxxx |
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Executive Vice President |
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MID-AMERICA APARTMENTS, L.P.,
a Tennessee limited partnership
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By: |
Mid-America Apartment Communities, Inc., |
a Tennessee corporation, its general partner
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By: |
____________________________ | ||
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Simon X.X. Xxxxxxxxx |
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Executive Vice President |
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[Signatures follow on next page]
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MID-AMERICA APARTMENTS OF TEXAS, L.P., a Texas limited partnership
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By: |
MAC of Delaware, Inc., a Delaware | |
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corporation, its general partner |
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By:
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Name: |
Xxxx X. Good |
Title: Assistant Secretary
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LENDER:
PRUDENTIAL MULTIFAMILY MORTGAGE INC., a Delaware corporation
By:
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Name: |
Xxxxxx X. Xxxxxxxxx | |
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Title: |
Vice President |
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EXHIBIT A
SCHEDULE OF INITIAL MORTGAGED PROPERTIES
AND INITIAL VALUATIONS
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Property Name |
County |
Property Address |
Initial Valuation |
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Paddock Club Xxxxxxx I & II |
Hillsborough |
Brandon, FL |
$29,120,000 |
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Paddock Club Mandarin |
Xxxxx |
Jacksonville, FL |
$17,830,000 |
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Woodbridge at the Lake |
Xxxxx |
Jacksonville, FL |
$7,620,000 |
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Xxxxxxx Xxxx Xxxxx XX |
Xxxxxx |
Xxxxx, XX |
$15,530,000 |
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Paddock Club Tallahassee I |
Xxxx |
Tallahassee, FL |
$11,840,000 |
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Courtyards at Xxxxxxxx Apartments |
Dallas |
Dallas, TX |
$10,910,000 |
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Deer Run Apartments |
Dallas |
Dallas, TX |
$12,930,000 |
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Paddock Club Gainesville |
Alachua |
Gainesville, FL |
$17,100,000 |
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Kenwood Club |
Xxxxxx |
Katy, TX |
$18,000,000 |
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Balcones Xxxxx |
Xxxxxx |
Austin, TX |
$22,000,000 |
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Paddock Club Xxxxxx Xxxx Xxxxxxxxxx |
Xxx |
Xxxxxx Xxxx, XX |
$13,000,000 |
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Paddock Club Tallahassee II Apartments |
Xxxx |
Tallahassee, FL |
$6,675,000 |
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The Corners |
Xxxxxxx |
Xxxxxxx-Salem, NC |
$8,170,000 |
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Jefferson Pines |
Xxxxxx |
Houston, TX |
$21,100,000 |
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Los Xxxx |
Xxxxxx |
Plano, TX |
$32,500,000 |
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Lane at Towne Crossing |
Dallas |
Mesquite, TX |
$13,173,000 |
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Northwood Place |
Tarrant |
Dallas, TX |
$8,420,000 |
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The Xxxxx |
Xxxxxx |
Xxxxxx, X |
$15,735,000 |
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EXHIBIT AA TO
THIRD AMENDED AND RESTATED
MASTER CREDIT FACILITY AGREEMENT
SCHEDULE OF APPROVED
PROPERTY MANAGEMENT AGREEMENTS
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Property Name |
Manager |
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1. |
Paddock Club Xxxxxxx Phase I & II |
Mid-America Apartment Communities, Inc. | ||
(Phase II: Owned and managed by MAAC.
No separate management agreement.)
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2. |
Paddock Park Ocala Phase II |
Mid-America Apartment Communities, Inc. |
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3. |
Paddock Club Tallahassee Phase I |
Mid-America Apartment Communities, Inc. |
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4. |
Woodbridge at the Lake |
Mid-America Apartment Communities, Inc. |
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5. |
Courtyards at Xxxxxxxx Apartments |
Mid-America Apartment Communities, Inc. |
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6. |
Deer Run Apartments |
Mid-America Apartment Communities, Inc. |
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7. |
Paddock Club Gainesville |
Mid-America Apartment Communities, Inc. |
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8. |
Kenwood Club |
Mid-America Apartment Communities, Inc. |
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9. |
Balcones Xxxxx |
Mid-America Apartment Communities, Inc. |
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00. |
Xxxxxxx Xxxx Xxxxxx Xxxx Xxxxxxxxxx |
Xxx-Xxxxxxx Apartment Communities, Inc. |
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11. |
Paddock Club Tallahassee II Apartments |
Mid-America Apartment Communities, Inc. |
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12. |
Paddock Club Mandarin |
Mid-America Apartment Communities, Inc. |
(Owned and managed by MAAC. No
separate management agreement.)
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13. |
The Corners |
Mid-America Apartments, L.P |
(Owned and managed by MAALP. No
separate management agreement.)
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14. |
Jefferson Pines |
Mid-America Apartments, L.P. |
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15. |
Los Xxxx |
Mid-America Apartments, L.P. |
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16. |
The Xxxxx |
Mid-America Apartments, L.P. |
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17. |
Lane at Towne Crossing |
Mid-America Apartments, L.P. |
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18. |
Northwood Place |
Mid-America Apartments, L.P. |
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