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Title: |
Contribution Agreement |
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Entities: |
Brandywine Realty Services Corp.; Brandywine Realty Trust; Chicago Title Insurance Co.; First Union National Bank; Prentiss Properties Trust; Akin, Gump, Strauss, Hauer & Feld LLP; Prentiss Properties Acquisition Partners, L.P.; Brandywine Operating Partnership, L.P. |
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Date: |
2001 |
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Size: |
Preview shows 21KB of 173KB total |
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Price: |
$64 |
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ID: |
#264447 |
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CONTRIBUTION AGREEMENT
between
PRENTISS PROPERTIES ACQUISITION PARTNERS, L.P.,
a Delaware limited partnership
("Prentiss")
and
BRANDYWINE OPERATING PARTNERSHIP, L.P.,
a Delaware limited partnership
("Brandywine OP")
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE I - DEFINITIONS...........................................................................................3
1.1. Definitions...........................................................................................3
ARTICLE II - CONTRIBUTION AND ISSUANCE; STUDY PERIOD; PROPERTY SUBJECT TO MASS MUTUAL LOAN.......................11
2.1. Contribution.........................................................................................11
2.2. Issuance of the Common Units and the Special Units...................................................12
2.3. Deposit..............................................................................................12
2.4. Study Period.........................................................................................13
ARTICLE III - BRANDYWINE OP'S REPRESENTATIONS AND WARRANTIES.....................................................18
3.1. Organization and Power...............................................................................18
3.2. Authorization, Execution and Disclosure..............................................................18
3.3. Non-contravention....................................................................................18
3.4. No Special Taxes.....................................................................................19
3.5. Compliance with Existing Laws and Restrictive Covenants..............................................19
3.6. Operating Agreements.................................................................................19
3.7. Condemnation Proceedings; Roadways...................................................................20
3.8. Actions or Proceedings...............................................................................20
3.9. Bankruptcy...........................................................................................20
3.10. Hazardous Substances.................................................................................20
3.11. Parties in Possession................................................................................21
3.12. Leases...............................................................................................21
3.13. Leased Property......................................................................................22
3.14. Personal Property....................................................................................22
3.15. Additional Representations and Warranties with Respect to the Tysons Partnership Interest and Tysons
Partnership.........................................................................................22
3.16. No Unpaid Charges....................................................................................23
3.17. Condition of Improvements............................................................................23
3.18. Access...............................................................................................23
3.19. No Commitments.......................................................................................23
3.20. Not a "Foreign Person"...............................................................................23
3.21. Leasing Commissions..................................................................................24
3.22. Other Agreements.....................................................................................24
3.23. Existing Secured Indebtedness........................................................................24
3.24. Employment on "At-Will" Basis........................................................................24
{/TABLE}
-i-
{PAGE}
{TABLE}
{CAPTION}
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----
{S} {C}
3.25. Additional Representations and Warranties with Respect to the Issuance of Common Units and Preferred
Units...............................................................................................24
3.26. LIMITATIONS ON REPRESENTATIONS AND WARRANTIES........................................................25
ARTICLE IV - PRENTISS' REPRESENTATIONS AND WARRANTIES............................................................27
4.1. Organization and Power...............................................................................27
4.2. Non-contravention....................................................................................27
4.3. Litigation...........................................................................................27
4.4. Bankruptcy...........................................................................................28
4.5. Authorization, Execution and Disclosure..............................................................28
4.6. The Common Units.....................................................................................28
4.7. Allocation Methodology...............................................................................28
ARTICLE V - CONDITIONS PRECEDENT.................................................................................28
5.1. As to Prentiss' Obligations..........................................................................28
5.2. As to Brandywine OP's Obligations....................................................................30
ARTICLE VI - COVENANTS OF BRANDYWINE OP..........................................................................31
6.1. Operating Agreements.................................................................................31
6.2. Warranties and Guaranties............................................................................31
6.3. Insurance............................................................................................31
6.4. Operation of Property Prior to Closing...............................................................32
6.5. No Marketing.........................................................................................34
ARTICLE VII - CLOSING............................................................................................34
7.1. Closing..............................................................................................34
7.2. Brandywine OP's Deliveries...........................................................................34
7.3. Prentiss' Deliveries.................................................................................37
7.4. Mutual Deliveries....................................................................................38
7.5. Closing Costs........................................................................................38
7.6. Miscellaneous Payments and Revenue and Expense Allocations...........................................38
ARTICLE VIII - GENERAL PROVISIONS................................................................................40
8.1. Condemnation.........................................................................................40
8.2. Risk of Loss.........................................................................................41
8.3. Broker...............................................................................................41
8.4. 8260 Greensboro......................................................................................41
{/TABLE}
-ii-
{PAGE}
{TABLE}
{CAPTION}
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{S} {C}
ARTICLE IX - LIABILITY OF PRENTISS; INDEMNIFICATION BY BRANDYWINE OP; DEFAULT; TERMINATION RIGHTS................42
9.1. Liability of Prentiss................................................................................42
9.2. Indemnification by Brandywine OP.....................................................................43
9.3. Default by Brandywine OP/Failure of Conditions Precedent.............................................43
9.4. Indemnification by Prentiss..........................................................................44
9.5. Default by Prentiss/Failure of Conditions Precedent..................................................44
9.6. Costs and Attorneys' Fees............................................................................45
9.7. Limitation of Liability..............................................................................45
ARTICLE X - MISCELLANEOUS PROVISIONS.............................................................................45
10.1. Completeness; Modification...........................................................................45
10.2. Assignments..........................................................................................45
10.3. Successors and Assigns...............................................................................45
10.4. Days. 46
10.5. Governing Law........................................................................................46
10.6. Counterparts.........................................................................................46
10.7. Severability.........................................................................................46
10.8. Notices..............................................................................................46
10.9. Escrow Agent.........................................................................................47
10.10. Incorporation by Reference...........................................................................48
10.11. Survival.............................................................................................48
10.12. Further Assurances...................................................................................48
10.13. No Partnership.......................................................................................48
10.14. Time of Essence......................................................................................48
10.15. Signatory Exculpation................................................................................48
10.16. Rules of Construction................................................................................49
10.17. SEC Reporting (8-K) Requirements.....................................................................49
EXHIBITS
Exhibit A - Amended and Restated Tysons Partnership Agreement
Exhibit B - FFI Consent
Exhibit C - Management Agreement Assignment and Assumption Agreement
Exhibit D-1 - Mass Mutual Consent
Exhibit D-2 - Mass Mutual Loan Documents
Exhibit E - Partnership Assignment and Assumption Agreement
Exhibit F - Replacement Exchange Agreement
Exhibit G - Replacement Registration Rights Agreement
Exhibit H - Form of Fourteenth Amendment to Prentiss Partnership Agreement
Exhibit I - Form of Termination Agreement
Exhibit J - [Intentionally Omitted]
{/TABLE}
iii
{PAGE}
{TABLE}
{CAPTION}
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{S} {C}
Exhibit K - Tenant Estoppel
Exhibit L - Mass Mutual Estoppel
Exhibit M - Excluded Personal Property
SCHEDULES
Schedule 3.6 - Assumed Operating Agreements
Schedule 3.12 - Rent Roll and Accounts Receivable Report
Schedule 3.19 - Outstanding Leasing Commissions
Schedule 6.4(g) - Approved New Leases
{/TABLE}
-iv-
{PAGE}
CONTRIBUTION AGREEMENT
THIS CONTRIBUTION AGREEMENT (this "Agreement") is made as of this 14th
day of March, 2001, between PRENTISS PROPERTIES ACQUISITION PARTNERS, L.P., a
Delaware limited partnership ("Prentiss"), and BRANDYWINE OPERATING PARTNERSHIP,
L.P., a Delaware limited partnership ("Brandywine OP").
R E C I T A T I O N S:
A. Brandywine OP is the owner of a partnership interest (the "Tysons
Partnership Interest") in Brandywine Tysons International Partners, a Delaware
general partnership (the "Tysons Partnership") as more particularly described in
that certain Partnership Agreement dated as of September 14, 1999 (the "Original
Tysons Partnership Agreement") between Brandywine OP and FFI Tysons Partners,
L.P. (formerly known as Baita Tysons Partners, L.P.), a Georgia limited
partnership ("Baita").
B. Under the Original Tysons Partnership Agreement, Brandywine OP is
the Managing Partner and, as such Managing Partner, Brandywine OP has caused the
Tysons Partnership to enter into that certain Management and Leasing Agreement
(the "Management Agreement") dated as of September 14, 1999 with Brandywine
Realty Services Corporation, an affiliate of Brandywine OP ("BRSCO").
{PAGE}
C. Tysons Partnership is the indirect owner (through two subsidiary
limited partnerships, being Brandywine Tysons, L.P. and Brandywine 1676, L.P.)
of two properties (collectively, the "Property") situate at, and known as, 8260
Greensboro Drive, Tysons Corner, Virginia ("8260 Greensboro") and 1676
International Drive, Tysons Corner, Virginia ("1676 International") and as more
particularly described in Exhibit A to the Original Tysons Partnership
Agreement.
D. Brandywine OP is desirous of contributing, and Prentiss is desirous
of accepting, the Tysons Partnership Interest, and Prentiss is also desirous of
replacing Brandywine OP as the Managing Partner of the Tysons Partnership and of
having the Management Agreement assigned to one of its affiliates by BRSCO, all
under the terms and conditions described herein.
NOW, THEREFORE, in consideration of the foregoing premises and in
consideration of the mutual covenants, promises and undertakings of the parties
hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged by the parties, it is
agreed:
-2-
{PAGE}
ARTICLE I
DEFINITIONS
1.1. Definitions. The following terms shall have the indicated
meanings:
"Act of Bankruptcy" shall mean if a party hereto or any general partner
thereof shall (a) apply for or consent to the appointment of, or the taking of
possession by, a receiver, custodian, trustee or liquidator of itself or of all
or a substantial part of its property, (b) admit in writing its inability to pay
its debts as they become due, (c) make a general assignment for the benefit of
its creditors, (d) file a voluntary petition or commence a voluntary case or
proceeding under the Federal Bankruptcy Code (as now or hereafter in effect),
(e) be adjudicated a bankrupt or insolvent, (f) file a petition seeking to take
advantage of any other law relating to bankruptcy, insolvency, reorganization,
winding-up or composition or adjustment of debts, (g) fail to controvert in a
timely and appropriate manner, or acquiesce in writing to, any petition filed
against it in an involuntary case or proceeding under the Federal Bankruptcy
Code (as now or hereafter in effect), or (h) take any corporate or partnership
action for the purpose of effecting any of the foregoing; or if a proceeding or
case shall be commenced, without the application or consent of a party hereto or
any general partner thereof, in any court of competent jurisdiction seeking (1)
the liquidation, reorganization, dissolution or winding-up, or the composition
or readjustment of debts, of such party or general partner, (2) the appointment
of a receiver, custodian, trustee or liquidator for such party or general
partner or all or any substantial part of its assets, or (3) other similar
relief under any law relating to bankruptcy, insolvency, reorganization,
winding-up or composition or adjustment of debts, and such proceeding or case
shall continue undismissed for a period of ninety (90) consecutive days; or an
order (including an order for relief entered in an involuntary case under the
Federal Bankruptcy Code, as now or hereafter in effect) judgment or decree
approving or ordering any of the foregoing shall be entered and continue
unstayed and in effect, for a period of ninety (90) consecutive days.
"Additional Special Distribution" shall have the meaning set forth in
Section 11.4 of the Original Tysons Partnership Agreement.
"Amended and Restated Tysons Partnership Agreement" shall mean an
Amended and Restated Partnership Agreement in the form attached hereto and made
a part hereof as Exhibit A, which Prentiss and FFI will execute in connection
with the Closing.
"Applicable Laws" shall mean any applicable building, zoning,
subdivision, environmental, health, safety or other governmental laws, statutes,
ordinances, resolutions, rules, codes, regulations, orders or determinations of
any Governmental Authority or of any insurance boards of underwriters (or other
body exercising similar functions), or any restrictive covenants or deed
restrictions affecting the Property or the ownership, operation, use,
maintenance or condition thereof.
"Applicable Share Price" shall mean the average closing price of the
Common Shares during the thirty trading days ending on the last trading day
prior to the Closing Date.
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