EXHIBIT 10(2)(a)
BELMAR REALTY CORP.
AMENDMENT NO. 1
TO
MANAGEMENT AGREEMENT
THIS AMENDMENT NO. 1, dated as of January 2, 2001, to the Management
Agreement dated as of March 10, 2000 (the "Agreement"), is made between the
parties to the Agreement. Capitalized terms used herein and not otherwise
defined have the meanings ascribed to them in the Agreement.
Section 2 of the Agreement is hereby amended and restated to read as
follows:
2. Compensation of the Manager. For the services, payments and
facilities to be furnished hereunder by the Manager, the Manager shall be
entitled to receive from BRC in respect of each month a monthly management fee
at the rate of 1/20th of 1% of the average daily gross investment assets of BRC.
The gross investment assets on any day means the current value of all assets of
BRC, including BRC's ratable share of the assets of its controlled subsidiaries,
without reduction by any liabilities. (For this purpose, the assets of BRC's
controlled subsidiaries are reduced by the proportionate interests therein of
investors other than BRC.) Such compensation shall be paid monthly in arrears on
the last business day of each month. The value of BRC's assets shall be computed
daily in accordance with the by-laws of BRC and any resolutions of the directors
of BRC. In case of initiation or termination of this Agreement during any month
with respect to BRC, the fee for that month shall be based on the number of
calendar days during which it is in effect. The Manager may elect to waive all
or a portion of any monthly management fee; in the event of any such waiver, the
amount so waived shall not be due from or payable by BRC under this Agreement
for such month.
Except as amended hereby, the terms and conditions in the Agreement shall
remain unchanged and in full force in effect.
IN WITNESS HEREOF, the parties hereto have caused this Amendment No. 1 to
be executed as of the day and year first written above.
BELMAR REALTY CORPORATION
By: /s/ Xxxxxx X. Xxxxx Xx.
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its Executive Vice President
BOSTON MANAGEMENT AND RESEARCH
By: /s/ Xxxxxxx Gemma
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its Vice President
