FIRST AMENDMENT TO MANAGEMENT AGREEMENT
Exhibit 10.3
FIRST AMENDMENT TO MANAGEMENT AGREEMENT
This amendment entered this 4th day of January, 1988 by and between INTERSTATE GENERAL PROPERTIES LIMITED PARTNERSHIP S.P., hereinafter referred to as the "Management Agent" and INTERSTATE BUSINESS CORPORATION (SANTA XXXXX SHOPPING CENTER), hereinafter referred to as "IBC," the Owner.
WITNESSETH
WHEREAS, Interstate St. Xxxxxxx, Inc. (SANTA XXXXX SHOPPING CENTER) and Interstate General Properties Limited Partnership, S.P. (IGP) entered into a Management Agreement as of January 5, 1987 with respect to the property known as SANTA XXXXX SHOPPING CENTER.
WHEREAS, on June 29, 0000 Xxxxxxxxxx Xx. Xxxxxxx, Inc. changed its name and became Interstate Business Corporation.
WHEREAS, the Management Agent and the Owner desires to further amend the Management Agreement.
NOW, THEREFORE, for good and valuable consideration of which is hereby acknowledged, the parties hereto agree to amend the Management Agreement as follows:
FIRST: That in addition to the management fee stipulated in Paragraph 5 of the Management Agreement, effective January 1, 1988 the Management Agent will charge the Owner and Owner will reimburse the Management Agent for the cost of finance and accounting material and services which will include but will not be limited to salaries, fringe benefits, state and federal taxes, etc. Such reimbursement will be paid by Owner to Management Agent on a monthly basis together with the amount of management fee specified above.
SECOND: Except as modified herein, Management Agent and Owner certify and confirm that all the terms and covenants of the Management Agreement, as amended, shall remain in full force and effect and the agreement and its amendment shall be construed and read as one instrument.
IN WITNESS WHEREOF, the parties hereto have signed this Amendment to Management Agreement the day, month and year first above written.
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INTERSTATE GENERAL PROPERTIES |
INTERSTATE BUSINESS CORPORATION |
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LIMITED PARTNERSHIP S.P. |
(OWNER) |
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(MANAGEMENT AGENT) |
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/s/ Xxxxxxx Xxxxx-Xxxxxx |
/s/ Xxxxxx X. Xxxxxxxx |
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Xxxxxxx Xxxxx-Xxxxxx |
Xxxxxx X. Xxxxxxxx |
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Senior Vice President |
Executive Vice President |
