EXHIBIT 10.15
SECOND AMENDMENT TO REIMBURSEMENT AGREEMENT
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THIS SECOND AMENDMENT TO REIMBURSEMENT AGREEMENT is made effective as of
April 1, 1997 by and among Integrated Funding, Inc., a New York corporation
("IFI"), and American Insured Mortgage Investors L.P. - Series 85 ("AIM 85"),
American Insured Mortgage Investors L.P. - Series 86 ("AIM 86"), and American
Insured Mortgage Investors L.P. - Series 88 ("AIM 88") (AIM 85, AIM 86 and AIM
88 collectively referred to as the "AIM Funds").
RECITALS
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A. The parties hereto entered into the Expense Reimbursement Agreement
effective as of December 31, 1992 (the "Agreement") in order to allocate to IFI
a portion of the expenses incurred by the AIM Funds in connection with the
Subadvisor's management of the funds.
B. The parties hereto entered into the amendment to Reimbursement
Agreement effective as of April 1, 1994 (the "First Amendment") in order to
change the allocation of expenses to each fund based on the outstanding
principal balance of coinsured loans for which IFI acts as the mortgagee of
record as of April 1, 1994.
C. The parties seek to change the allocation of expenses to each fund
based on the outstanding principal balance of coinsured loans for which IFI acts
as the mortgagee of record as of April 1, 1997.
NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
1. Section 1 of the Agreement is hereby deleted in its entirety and the
following is substituted in lieu thereof:
"1. Reimbursement. IFI will reimburse the AIM Funds a total expense
amount calculated as .2893% annually of the outstanding principal
balance of the coinsured loans for which IFI acts the mortgagee of
record (approximately $49 million as of April 1, 1997). The total
expense reimbursement shall be allocated to each AIM Fund as follows:
AIM FUND % of Coinsured Loan Balance
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AIM 85 0
AIM 86 34%
AIM 88 66%
2. Except as modified above, all other provisions of the Agreement shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the day
and year first above written.
[Signatures on following page]
INTEGRATED FUNDING, INC.
By: /s/ Frederick J. Burchill
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Frederick J. Burchill
Vice President
AMERICAN INSURED MORTGAGE
INVESTORS - SERIES 85, L.P.
By: CRIIMI, Inc., its
General Partner
By: /s/ Cynthia O. Azzara
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Cynthia O. Azzara
Chief Financial Officer
AMERICAN INSURED MORTGAGE
INVESTORS L.P. - Series 86
By: CRIIMI, Inc., its
General Partner
By: /s/ Cynthia O. Azzara
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Cynthia O. Azzara
Chief Financial Officer
AMERICAN INSURED MORTGAGE
INVESTORS L.P. - Series 88
By: CRIIMI, Inc., its
General Partner
By: /s/ Cynthia O. Azzara
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Cynthia O. Azzara
Chief Financial Officer