Exhibit 10.3
Amendment to Cost Sharing and Administrative
Services Agreement
This Amendment to Cost Sharing and Administrative Services Agreement (the
"Amendment") dated as of January 2, 1997 by and among PSCC, Inc., a California
corporation ("PSCC"), and each of the entities listed on the signature pages
hereof under the designation "Owners" (the "Owners"):
RECITALS:
A. PSCC and the Owners (other than American Office Park Properties, L.P.)
are parties to the Cost Sharing and Administrative Services Agreement dated as
of November 16, 1995 (the "Original Agreement").
B. The parties to this Amendment desire to add American Office Park
Properties, L.P. ("AOPP") as a party to the Original Agreement on the terms set
forth in this Amendment.
Now, therefore, the parties agree as follows:
1. AOPP is hereby added as a party to the Original Agreement as one of the
Owners for all purposes and is hereby included on Schedules B and C to the
Original Agreement. Amended and restated Schedules B and C are attached to this
Amendment.
2. Notwithstanding section 5(a) of the Original Agreement, the Original
Agreement, as amended, shall not be terminable as to AOPP until the fifth
anniversary of this Amendment. Thereafter, the Original Agreement, as amended,
shall expire in accordance with section 5(a) of the Original Agreement.
3. Section 12 of the Original Agreement is hereby amended in its entirety
to read as follows:
"12. Property Management Agreements With PSI and AOPP
Certain of the Owners have entered into management agreements with PSI and
AOPP, pursuant to which PSI or AOPP provides property management services with
respect to Properties owned by such Owner (the "Management Agreements"). Each
such Owner acknowledges and agrees that (i) PSCC shall not be responsible for
the performance or failure to perform of PSI or AOPP under the Management
Agreements, (ii) PSI and AOPP shall not be responsible for the performance or
failure to perform of PSCC under this Agreement, and (iii) the compensation of
PSCC under this Agreement is separate from and in addition to the compensation
of PSI or AOPP under the Management Agreements. The compensation of PSCC will
not be reduced by the compensation of PSI or AOPP under the Management
Agreements, and the compensation of PSI or AOPP under the Management Agreements
will not be reduced by the compensation of PSCC under this Agreement." 4. Except
as provided by this Amendment, all of the terms of the Original Agreement are
hereby ratified and affirmed. IN WITNESS WHEREOF, the parties hereto have
executed this Amendment as of the date first above written.
67
"PSCC" PSCC, INC.
By: /s/ David P. Singelyn
------------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
"Owners"
PUBLIC STORAGE, INC.
By: /s/ David P. Singelyn
------------------------------
David P. Singelyn, Vice President
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE PROPERTIES XI, INC.
By: /s/ David P. Singelyn
------------------------------
David P. Singelyn
Chief Financial Officer
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE PROPERTIES XIV, INC.
By: /s/ David P. Singelyn
------------------------------
David P. Singelyn
Chief Financial Officer
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE PROPERTIES XV, INC.
By: /s/ David P. Singelyn
------------------------------
David P. Singelyn
Chief Financial Officer
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE PROPERTIES XVI, INC.
By: /s/ David P. Singelyn
------------------------------
David P. Singelyn
Chief Financial Officer
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE PROPERTIES XVII, INC.
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By: /s/ David P. Singelyn
------------------------------
David P. Singelyn
Chief Financial Officer
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE PROPERTIES XVIII, INC.
By: /s/ David P. Singelyn
------------------------------
David P. Singelyn
Chief Financial Officer
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE PROPERTIES XIX, INC.
By: /s/ David P. Singelyn
------------------------------
David P. Singelyn
Chief Financial Officer
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE PROPERTIES XX, INC.
By: /s/ David P. Singelyn
------------------------------
David P. Singelyn
Chief Financial Officer
701 Western Avenue
Glendale, California 91201
69
PS PARTNERS, LTD.,
a California Limited Partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
----------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PS PARTNERS II, LTD.,
a California Limited Partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn
Vice President
701 Western Avenue
Glendale, California 91201
PS PARTNERS III, LTD.,
a California Limited Partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn
Vice President
701 Western Avenue
Glendale, California 91201
PS PARTNERS IV, LTD.,
a California Limited Partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn
Vice President
701 Western Avenue
Glendale, California 91201
70
PS PARTNERS V, LTD.,
a California Limited Partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn
Vice President
701 Western Avenue
Glendale, California 91201
PS PARTNERS VI, LTD.,
a California Limited Partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn
Vice President
701 Western Avenue
Glendale, California 91201
PS PARTNERS VII, LTD.,
a California Limited Partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn
Vice President
701 Western Avenue
Glendale, California 91201
PS PARTNERS VIII, LTD.,
a California Limited Partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn
Vice President
701 Western Avenue
Glendale, California 91201
71
CONNECTICUT STORAGE FUND,
a California Limited Partnership
By: PSI Institutional Advisors, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
METROPUBLIC STORAGE FUND,
a California Limited Partnership
By: PSI Institutional Advisors, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE INSTITUTIONAL FUND,
a California Limited Partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn
Vice President
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE INSTITUTIONAL FUND II,
a California Limited Partnership
By: PSI Institutional Advisors, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE INSTITUTIONAL FUND III,
a California Limited Partnership
By: PSI Institutional Advisors, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
72
PS CO-INVESTMENT PARTNERS,
a general partnership
By: Public Storage Institutional Fund IV,
a California Limited Partnership
By: PSI Institutional Advisors, Inc.
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
By: Diversified Storage Venture Fund,
a California Limited Partnership
By: Public Storage, Inc.
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE PARTNERS, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE PARTNERS II, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
73
PUBLIC STORAGE PROPERTIES, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Vice President
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE PROPERTIES IV, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Vice President
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE PROPERTIES V, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Vice President
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE MID-ATLANTIC, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE MID-ATLANTIC II, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
74
PS MINI-WAREHOUSE FUND I-X
By: PSI Institutional Advisors, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE GERMAN FUND II, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE EURO FUND III, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE EURO PARTNERSHIP IV,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE EURO PARTNERSHIP V,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
75
PUBLIC STORAGE EURO PARTNERSHIP VI,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE EURO PARTNERSHIP VII,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE EURO PARTNERSHIP VIII,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE EURO PARTNERSHIP IX,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE EURO PARTNERSHIP X,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
76
PUBLIC STORAGE EURO PARTNERSHIP XI,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE EURO PARTNERSHIP XII,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE EURO PARTNERSHIP XIII,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE BENELUX PARTNERS I, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE BENELUX PARTNERSHIP V, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
77
PUBLIC STORAGE CRESCENT FUND, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE GLENDALE FREEWAY, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
PUBLIC STORAGE ALAMEDA, LTD.,
a California limited partnership
By: Public Storage, Inc.,
General Partner
By: /s/ David P. Singelyn
---------------------------
David P. Singelyn, Controller
701 Western Avenue
Glendale, California 91201
AMERICAN OFFICE PARK PROPERTIES, L.P.,
a California limited partnership
By: American Office Park Properties, Inc.,
General Partner
By: /s/Ronald L. Havner, Jr.
---------------------------
Ronald L. Havner, Jr., President
701 Western Avenue
Glendale, California 91201
78
SCHEDULE A
ACCOUNTING AND FINANCE
- ----------------------
Property accounting and finance, including producing general ledgers and
income statements
Corporate tax
Financial reporting
Cash control
Compliance with applicable statutes, ordinances, laws, rules, regulations
ADMINISTRATIVE SERVICES
- -----------------------
Employee relations
Property tax appeals
Yellow page advertising
Management information systems
Hotline/CHAMP
Acquisition of furniture, fixtures and supplies
Insurance, including filing and managing insurance claims and
administering entity level insurance
Selection of vendors, suppliers, contractors, subcontractors and
employees Negotiation and execution of agreements related to utilities,
service,
concessions, supplies, maintenance, operation and repair
MANAGEMENT
- ----------
Legal
Marketing
Training
Investor services, including answering investor's questions and sending
correspondence and financial reports to investors and coordinating
efforts of outside transfer agents
Institutional Realty
Maintenance, repair and landscaping
PROJECT PERSONNEL
- -----------------
Resident managers
District managers
Relief managers
Maintenance managers
MISCELLANEOUS
- -------------
PSCP facilities support
79
SCHEDULE B
Public Storage Properties XI, Inc.
Public Storage Properties XIV, Inc.
Public Storage Properties XV, Inc.
Public Storage Properties XVI, Inc.
Public Storage Properties XVII, Inc.
Public Storage Properties XVIII, Inc.
Public Storage Properties XIX, Inc.
Public Storage Properties XX, Inc.
American Office Park Properties, L.P.
80
SCHEDULE C
Public Storage, Inc.
Public Storage Properties XI, Inc.
Public Storage Properties XIV, Inc.
Public Storage Properties XV, Inc.
Public Storage Properties XVI, Inc.
Public Storage Properties XVII, Inc.
Public Storage Properties XVIII, Inc.
Public Storage Properties XIX, Inc.
Public Storage Properties XX, Inc.
PS Partners, Ltd.
PS Partners II, Ltd.
PS Partners III, Ltd.
PS Partners IV, Ltd.
PS Partners V, Ltd.
PS Partners VI, Ltd.
PS Partners VII, Ltd.
PS Partners VIII, Ltd.
Connecticut Storage Fund
Metropublic Storage Fund
Public Storage Institutional Fund
Public Storage Institutional Fund II
Public Storage Institutional Fund III
PS Co-Investment Partners
Public Storage Partners, Ltd.
Public Storage Partners II, Ltd.
Public Storage Properties, Ltd.
Public Storage Properties IV, Ltd.
Public Storage Properties V, Ltd.
Public Storage Mid-Atlantic, Ltd.
Public Storage Mid-Atlantic II, Ltd.
Public Storage Mini-Warehouse Fund I-X
Public Storage German Fund II, Ltd.
Public Storage Euro Fund III, Ltd.
Public Storage Euro Partnership IV, Ltd.
81
Public Storage Euro Partnership V, Ltd.
Public Storage Euro Partnership VI, Ltd.
Public Storage Euro Partnership VII, Ltd.
Public Storage Euro Partnership VIII, Ltd.
Public Storage Euro Partnership IX, Ltd.
Public Storage Euro Partnership X, Ltd.
Public Storage Euro Partnership XI, Ltd.
Public Storage Euro Partnership XII, Ltd.
Public Storage Euro Partnership XIII, Ltd.
Public Storage Benelux Partners I, Ltd.
Public Storage Benelux Partnership V, Ltd.
Public Storage Crescent Fund, Ltd.
Public Storage Glendale Freeway, Ltd.
Public Storage Alameda, Ltd.
American Office Park Properties, L.P.
82