0000892569-07-000386 Sample Contracts

FIRST AMENDMENT TO MANAGEMENT AGREEMENT
Management Agreement • April 2nd, 2007 • NNN 2003 Value Fund LLC • Operators of nonresidential buildings

THIS FIRST AMENDMENT TO THE MANAGEMENT AGREEMENT (the “Amendment”) is made effective as of May 1, 2005, by and between Triple Net Properties Realty, Inc., a California corporation (“the Property Manger”), and NNN 2003 Value Fund, LLC, a Delaware limited liability company (“2003 Value Fund”).

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FIRST AMENDMENT TO OPERATING AGREEMENT OF NNN 2003 VALUE FUND, LLC
Operating Agreement • April 2nd, 2007 • NNN 2003 Value Fund LLC • Operators of nonresidential buildings

THIS FIRST AMENDMENT (“Amendment”) to the Operating Agreement of NNN 2003 Value Fund, LLC, a Delaware limited liability company (the “Company”), is made as of January 20, 2005.

SECOND AMENDMENT TO OPERATING AGREEMENT OF NNN 2003 VALUE FUND, LLC
Operating Agreement • April 2nd, 2007 • NNN 2003 Value Fund LLC • Operators of nonresidential buildings

THIS SECOND AMENDMENT (“Amendment”) to the Operating Agreement of NNN 2003 Value Fund, LLC, a Delaware limited liability company (the “Company”), is made as of February 2, 2007.

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