EXHIBIT 10.11
AMB PROPERTY II, L.P.
FIRST AMENDMENT TO
TENTH AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP
This First Amendment (this "Amendment") is made as of January 1, 2002,
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 Tenth Amended and Restated Agreement of Limited Partnership of the
Partnership dated as of December 6, 2001 (as amended, 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 11.4.A of the Partnership Agreement,
the General Partner shall have the right to consent to the admission of a
permitted transferee of the interest of a Limited Partner, as a Substituted
Limited Partner, which consent may be given or withheld by the General Partner
in its sole and absolute discretion;
WHEREAS, pursuant to Section 11.4.C of the Partnership Agreement,
upon the admission of a Substituted Limited Partner, the General Partner shall
amend Exhibit A to reflect the name, address, number of Partnership Units and
Percentage Interest of such Substituted Limited Partner and to eliminate or
adjust, if necessary, the name, address and interest of the predecessor of such
Substituted Limited Partner;
WHEREAS, pursuant to Section 7.3D(ii) of the Partnership
Agreement, the General Partner may, without the consent of the other partners,
amend the Partnership Agreement to reflect the admission or substitution of
partners pursuant to Article 12 of the Partnership Agreement;
WHEREAS, pursuant to the authority granted under the Partnership
Agreement, the General Partner desires to amend the Partnership Agreement to
reflect transfers effective as of the end of the day on December 31, 2001 (i) by
J.P. Morgan Mosaic Fund, LLC of 1,595,337 Series D Preferred Units to JPM Mosaic
I REIT, Inc., (ii) by J.P. Morgan Mosaic Fund IV, LLC of 840,000 Series H
Preferred Units to JPM Mosaic IV REIT, Inc. and (iii) J.P. Morgan Chase Mosaic
Fund V, LLC of 510,000 Series I Preferred Units to JPM Mosaic V REIT, Inc.
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.
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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 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.
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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/ Michael Coke
--------------------------------------
Michael 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/ Michael Coke
--------------------------------------
Michael Coke
Executive Vice President and
Chief Financial Officer
GENERAL PARTNER OF COMMON LIMITED PARTNER:
AMB PROPERTY CORPORATION,
a Maryland corporation
By: /s/ Michael Coke
--------------------------------------
Michael 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/ Michael Coke
------------------------------------
Michael Coke
Executive Vice President and
Chief Financial Officer
S-2
EXHIBIT A
PARTNERS, CONTRIBUTIONS, AND PARTNERSHIP INTERESTS
I. COMMON UNITS
Agreed Value of
Contribution Cash Contributed Total Partnership Percentage
Name of Partner Date Contribution 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 of Series C
Contribution Cash 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 of Series D
Contribution Cash Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
- --------------- ------------ ------------- --------------- ------------- ----------- ----------
LIMITED PARTNER:
J.P. Morgan Mosaic Fund, LLC 5/5/99 $ 79,766,850 -- $ 79,766,850 1,595,337 100.0000%
J.P. Morgan 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%
============ ====== ============ ========== ==========
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IV. SERIES E PREFERRED UNITS
Agreed Value of Series E
Contribution Cash Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
- --------------- ------------ ------------- --------------- ------------- ----------- ----------
LIMITED PARTNER:
Fifth Third Equity 8/31/99 $11,022,000 -- $11,022,000 220,440 100.0000%
Exchange 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 of Series F
Contribution Cash Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
- --------------- ------------ ------------- --------------- ------------- ----------- ----------
LIMITED PARTNER:
Bailard, Biehl & Kaiser Technology 3/22/00 $19,871,950 -- $19,871,950 397,439 100.0000%
Exchange Fund, LLC
------------ ------ ------------ ---------- ---------
TOTAL SERIES F PREFERRED UNITS $19,871,950 -- $19,871,950 397,439 100.0000%
=========== ====== ============ ========== =========
VI. SERIES G PREFERRED UNITS
Agreed Value of Series G
Contribution Cash Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
- --------------- ------------ ------------- --------------- ------------- ----------- ----------
LIMITED PARTNER:
Bailard, Biehl & Kaiser Technology 8/29/00 $1,000,000 -- $1,000,000 20,000 100.0000%
Exchange Fund, LLC
------------ ------ ------------ ---------- ---------
TOTAL SERIES G PREFERRED UNITS $1,000,000 -- $1,000,000 20,000 100.0000%
========== ====== ============ ========= =========
VII. SERIES H PREFERRED UNITS
Agreed Value of Series H
Contribution Cash Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
- --------------- ------------ ------------- --------------- ------------- ----------- ----------
LIMITED PARTNER:
J.P. Morgan Mosaic Fund IV, LLC 9/1/00 $42,000,000 -- $42,000,000 840,000 100.0000%
J.P. Morgan 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%
============ ====== =========== ========== =========
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VIII. SERIES I PREFERRED UNITS
Agreed Value of Series I
Contribution Cash Contributed Total Partnership Percentage
Name of Partner Date Contributions Property Contributions Units Interest
- --------------- ------------ ------------- --------------- ------------- ----------- ----------
LIMITED PARTNER:
J.P. Morgan Chase Mosaic Fund V, LLC 3/21/01 $25,500,000 -- $25,500,000 510,000 100.0000%
J.P. Morgan Chase Mosaic Fund V, LLC 12/31/01 -- -- -- (510,000) (100.0000%)
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 3,185,777 100.0000%
============ ====== ============ ========== =========
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