Exhibit 10.2
AMB PROPERTY II, L.P.
FIRST AMENDMENT TO
ELEVENTH AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP
This First Amendment (this "Amendment") is made as of July 14, 2003 by
AMB PROPERTY HOLDING CORPORATION, a Maryland corporation, as general partner
(the "General Partner") of AMB PROPERTY II, L.P., a Delaware limited partnership
(the "Partnership"), and as attorney-in fact for each of the limited partners of
the Partnership (collectively, the "Limited Partners") for the purpose of
amending the Eleventh Amended and Restated Agreement of Limited Partnership of
the Partnership dated as of July 31, 2002 (the "Partnership Agreement"). All
defined terms used herein but not defined herein have the meanings assigned to
them in the Partnership Agreement.
WHEREAS, pursuant to Section 7.3D(ii) of the Partnership
Agreement, the Partnership Agreement may be amended by the General Partner to
reflect a reduction in Partnership Units in accordance with the Partnership
Agreement; and
WHEREAS, on the date hereof, the Partnership has repurchased
and redeemed 66,300 of the Partnership's 7.95% Series F Cumulative Redeemable
Preferred Units (the "Series F Preferred Units") from Bailard, ▇▇▇▇▇ & ▇▇▇▇▇▇
Technology Exchange Fund, LLC, a Delaware limited liability company (the "Series
F Limited Partner") pursuant to the terms of a Preferred Unit Repurchase
Agreement, entered into by and among the Partnership, the General Partner and
the Series F Limited Partner; and
WHEREAS, pursuant to the authority granted to the General
Partner under the Partnership Agreement, the General Partner desires to amend
Exhibit A of this Agreement to reflect the reduction of outstanding Series F
Preferred Units reflected on Exhibit A hereto; and
NOW THEREFORE, pursuant to Sections 2.4 and 7.3D of the Partnership
Agreement, the General Partner, on its own behalf and as attorney-in-fact for
the Limited Partners, hereby amends the Partnership Agreement as follows:
SECTION 1. Amendment of Exhibit A to the Partnership Agreement.
Exhibit A to the Partnership Agreement is deleted in its
entirety and replaced with Exhibit A attached hereto.
SECTION 2. Miscellaneous.
2.1 Governing Law. This Amendment shall be construed under and
governed by the internal laws of the State of Delaware without regard to its
conflict of laws provisions.
SECTION 3. Partnership Agreement. The Partnership Agreement and this
Amendment shall be read together and shall have the same effect as if the
provisions of the Partnership Agreement and this Amendment were contained in one
document. Any provisions of the
1
Partnership Agreement not amended by this Amendment shall remain in full force
and effect as provided in the Partnership Agreement immediately prior to the
date hereof.
[Remainder of Page Left Intentionally Blank]
2
IN WITNESS WHEREOF the parties hereto have caused this Amendment to be
executed as of the date set forth above by their duly authorized
representatives.
GENERAL PARTNER:
AMB PROPERTY HOLDING CORPORATION,
a Maryland corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. Coke
----------------------------------------
▇▇▇▇▇▇▇ ▇. Coke
Executive Vice President and
Chief Financial Officer
COMMON LIMITED PARTNER:
AMB PROPERTY, L.P., a Delaware
limited partnership
By: AMB Property Corporation,
its general partner
By: /s/ ▇▇▇▇▇▇▇ ▇. Coke
----------------------------------------
▇▇▇▇▇▇▇ ▇. Coke
Executive Vice President and
Chief Financial Officer
GENERAL PARTNER OF COMMON LIMITED PARTNER:
AMB PROPERTY CORPORATION,
a Maryland corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. Coke
----------------------------------------
▇▇▇▇▇▇▇ ▇. Coke
Executive Vice President and
Chief Financial Officer
S-1
LIMITED PARTNERS:
By: AMB PROPERTY HOLDING CORPORATION,
a Maryland corporation, as
attorney-in-fact for each of the
Limited Partners
By: /s/ ▇▇▇▇▇▇▇ ▇. Coke
----------------------------------
▇▇▇▇▇▇▇ ▇. Coke
Executive Vice President and
Chief Financial Officer
S-2
EXHIBIT A
PARTNERS, CONTRIBUTIONS, AND PARTNERSHIP INTERESTS
I. COMMON UNITS
Agreed Value
Contribution Cash of Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
--------------- ---- ------------- -------- ------------- ----- --------
GENERAL PARTNER:
AMB Property Holding Corporation 11/26/97 -- $ 3,626,023 $ 3,626,023 172,668 .99725%
LIMITED PARTNERS:
AMB Property, L.P. 11/26/97 -- $358,976,301 $358,976,301 17,094,110 98.72782%
06/30/98 -- $ 1,161,489 $ 1,161,489 47,602 .27493%
------------ ------------ ------------ ---------- --------
TOTAL COMMON UNITS -- $363,763,813 $363,763,813 17,314,380 100.0000%
------------ ------------ ------------ ---------- --------
EXHIBIT A
PARTNERS, CONTRIBUTIONS, AND PARTNERSHIP INTERESTS
II. SERIES C PREFERRED UNITS
Agreed Value Series C
Contribution Cash of Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
--------------- ---- ------------- -------- ------------- ----- --------
LIMITED PARTNER:
Belcrest Realty Corporation 11/24/98 $ 24,000,000 -- $ 24,000,000 480,000 21.81818%
Belair Real Estate Corporation 11/24/98 $ 86,000,000 -- $ 86,000,000 1,720,000 78.18182%
Belcrest Realty Corporation 2/23/99 -- -- -- 381,000 17.31818%
Belair Real Estate Corporation 2/23/99 -- -- -- (381,000) (17.31818%)
Belcrest Realty Corporation 4/29/99 -- -- -- 239,000 10.86364%
Belair Real Estate Corporation 4/29/99 -- -- -- (239,000) (10.86364%)
Argosy Realty Corporation 7/9/99 -- -- -- 32,506 1.47755%
Belmar Realty Corporation 7/9/99 -- -- -- 32,506 1.47755%
Belport Realty Corporation 7/9/99 -- -- -- 32,506 1.47755%
Belrieve Realty Corporation 7/9/99 -- -- -- 32,506 1.47755%
Belair Real Estate Corporation 7/9/99 -- -- -- (130,024) (5.91018%)
Belcrest Realty Corporation 7/28/99 -- -- -- 300,000 13.63636%
Belair Real Estate Corporation 7/28/99 -- -- -- (300,000) (13.63636%)
Belmar Realty Corporation 3/17/00 -- -- -- (32,506) (1.47755%)
Belcrest Realty Corporation 3/17/00 -- -- -- (250,000) (11.36364%)
Belair Real Estate Corporation 3/17/00 -- -- -- 282,506 12.84118%
Belair Real Estate Corporation 12/19/00 -- -- -- 32,506 1.47755%
------------ -------------- ------------ ---------- ---------
Altavera Realty Corporation, 12/19/00 -- -- -- (32,506) (1.47755%)
formerly known as Belrieve
Realty Corporation
============ ============== ============ ========== =========
Belport Realty Corporation 3/14/01 -- -- -- (32,506) (1.47755%)
============ ============== ============ ========== =========
Belair Real Estate Corporation 3/14/01 -- -- -- 32,506 1.47755%
============ ============== ============ ========== =========
Argosy Realty Corporation 12/5/01 -- -- -- (32,506) (1.47755%)
============ ============== ============ ========== =========
Belair Real Estate Corporation 12/5/01 -- -- -- (1,017,494) (46.24972%)
============ ============== ============ ========== =========
Belcrest Realty Corporation 12/5/01 -- -- -- (1,150,000) (52.27272%)
============ ============== ============ ========== =========
TOTAL SERIES C PREFERRED UNITS $110,000,000 -- $110,000,000 0 000.0000%
============ ============== ============ ========== =========
III. SERIES D PREFERRED UNITS
Agreed Value Series D
Contribution Cash of Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
--------------- ---- ------------- -------- ------------- ----- --------
LIMITED PARTNER:
▇.▇. ▇▇▇▇▇▇ Mosaic Fund, LLC 5/5/99 $79,766,850 -- $ 79,766,850 1,595,337 100.0000%
▇.▇. ▇▇▇▇▇▇ Mosaic Fund, LLC 12/31/01 -- -- -- (1,595,337) (100.0000%)
JPM Mosaic I REIT, Inc. 12/31/01 -- -- -- 1,595,337 100.0000%
------------ -------------- ------------ ---------- ---------
TOTAL SERIES D PREFERRED UNITS $79,766,850 -- $ 79,766,850 1,595,337 100.0000%
============ ============== ============ ========== =========
IV. SERIES E PREFERRED UNITS
Agreed Value Series E
Contribution Cash of Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
--------------- ---- ------------- -------- ------------- ----- --------
LIMITED PARTNER:
Fifth Third Equity Exchange 8/31/99 $11,022,000 -- $11,022,000 220,440 100.0000%
Fund 1999, LLC
----------- -------------- ----------- ------- --------
TOTAL SERIES E PREFERRED UNITS $11,022,000 -- $11,022,000 220,440 100.0000%
=========== ============== =========== ======= ========
V. SERIES F PREFERRED UNITS
Agreed Value Series F
Contribution Cash of Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
--------------- ---- ------------- -------- ------------- ----- --------
LIMITED PARTNER:
Bailard, ▇▇▇▇▇ & ▇▇▇▇▇▇ 3/22/00 $19,871,950 -- $19,871,950 397,439 100.0000%
Technology Exchange Fund, LLC
Bailard, ▇▇▇▇▇ & ▇▇▇▇▇▇ 7/31/02 ($6,142,500) -- ($6,142,500) (130,000) (32.70942%)
Technology Exchange Fund, LLC
Bailard, ▇▇▇▇▇ & ▇▇▇▇▇▇ 7/14/03 ($3,198,975) -- ($3,198,975) (66,300) (16.68181%)
Technology Exchange Fund, LLC
----------- ------------- ----------- ------- --------
=========== ============= =========== ======= ========
TOTAL SERIES F PREFERRED UNITS $10,530,475 -- $10,530,475 201,139 100.0000%
=========== ============= =========== ======= ========
VI. SERIES G PREFERRED UNITS
Agreed Value Series G
Contribution Cash of Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
--------------- ---- ------------- -------- ------------- ----- --------
LIMITED PARTNER:
Bailard, ▇▇▇▇▇ & ▇▇▇▇▇▇ 8/29/00 $1,000,000 -- $1,000,000 20,000 100.0000%
Technology Exchange Fund, LLC
Bailard, ▇▇▇▇▇ & ▇▇▇▇▇▇ 7/31/02 -- -- -- (20,000) (100.0000%)
Technology Exchange Fund, LLC
---------- ------------ ---------- ------- --------
========== ============ ========== ======= ========
TOTAL SERIES G PREFERRED UNITS $1,000,000 -- $1,000,000 0 000.0000%
========== ============ ========== ======= ========
VII. SERIES H PREFERRED UNITS
Agreed Value Series H
Contribution Cash of Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
--------------- ---- ------------- -------- ------------- ----- --------
LIMITED PARTNER:
▇.▇. ▇▇▇▇▇▇ Mosaic Fund IV, LLC 9/1/00 $42,000,000 -- $42,000,000 840,000 100.0000%
▇.▇. ▇▇▇▇▇▇ Mosaic Fund IV, LLC 12/31/01 -- -- -- (840,000) (100.0000%)
JPM Mosaic IV REIT, Inc. 12/31/01 -- -- -- 840,000 100.0000%
---------- ----------- ----------- -------- ---------
TOTAL SERIES H PREFERRED UNITS $42,000,000 -- $42,000,000 840,000 100.0000%
========== =========== =========== ======== =========
VIII. SERIES I PREFERRED UNITS
Agreed Value Series I
Contribution Cash of Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
--------------- ---- ------------- -------- ------------- ----- --------
LIMITED PARTNER:
▇.▇. ▇▇▇▇▇▇ Chase Mosaic Fund 3/21/01 $ 25,500,000 -- $ 25,500,000 510,000 100.0000%
V, LLC
▇.▇. ▇▇▇▇▇▇ ▇▇▇▇▇ Mosaic Fund 12/31/01 -- -- -- (510,000) (100.0000%)
V, LLC
JPM Mosaic V REIT, Inc. 12/31/01 -- -- -- 510,000 100.0000%
------------ ----------- ------------ --------- ---------
TOTAL SERIES I PREFERRED UNITS $ 25,500,000 -- $ 25,500,000 510,000 100.0000%
============ =========== ============ ========= =========
------------ ----------- ------------ --------- ---------
TOTAL ALL SERIES OF PREFERRED UNITS $269,288,850 -- $269,288,850 3,055,777 100.0000%
============ =========== ============ ========= =========