Attached files
file | filename |
---|---|
EXCEL - IDEA: XBRL DOCUMENT - Summit Healthcare REIT, Inc | Financial_Report.xls |
10-Q - FORM 10-Q - Summit Healthcare REIT, Inc | a60111ae10vq.htm |
EX-32 - EX-32 - Summit Healthcare REIT, Inc | a60111aexv32.htm |
EX-10.2 - EX-10.2 - Summit Healthcare REIT, Inc | a60111aexv10w2.htm |
EX-31.1 - EX-31.1 - Summit Healthcare REIT, Inc | a60111aexv31w1.htm |
EX-31.2 - EX-31.2 - Summit Healthcare REIT, Inc | a60111aexv31w2.htm |
Exhibit 10.1
AMENDMENT NO. 1
TO THE
AMENDED AND RESTATED ADVISORY AGREEMENT
TO THE
AMENDED AND RESTATED ADVISORY AGREEMENT
This amendment no. 1 to the amended and restated Advisory Agreement made effective as of
September 20, 2005, (the Advisory Agreement), between CORNERSTONE CORE PROPERTIES REIT, INC., a
Maryland corporation (the Company), and CORNERSTONE REALTY ADVISORS, LLC, a California limited
liability company (the Advisor), is entered as of August 31, 2011 (the Amendment). Capitalized
terms used herein but not defined shall have the meaning set forth in the Advisory Agreement.
WHEREAS, upon the terms set forth in this Amendment, the Advisor has agreed to amend and
restate Section 9.(b) of the Advisory Agreement;
WHEREAS, except as expressly set forth herein the terms of the Advisory Agreement shall
continue in full force and effect and shall not be deemed to have otherwise been amended, modified,
revised or altered;
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
contained herein, the parties hereto agree to amend the Advisory Agreement as follows:
Section 9.(b) is hereby amended and restated in its entirety as follows:
9. Fees.
...
(b) Asset Management Fee. Subject to the overall limitations contained below
in this Section 9(b), during the period commencing on the date hereof and continuing
until September 30, 2011, the Company shall pay the Advisor for the asset management
services included in the services described in Section 4 a monthly fee (the Asset
Management Fee) in an amount equal to one-twelfth of 1.0% of the Average Invested
Assets, calculated on a monthly basis as of the last day of each month. Commencing
on October 1, 2011, the Asset Management Fee shall be reduced to a monthly amount
equal to one-twelfth of 0.75% of the Average Invested Assets, calculated on a
monthly basis as of the last day of each month. Notwithstanding the foregoing, the
Asset Management Fee shall be reduced if the Independent Directors determine that
compensation to be paid to the Advisor is not reasonable in relation to the nature
and quality of services performed and the investment performance of the Company and
that the provisions of the Advisory Agreement are being carried out in accordance
with Section 4.2 of the Charter.
Signature Page Follows.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the date and year first written above.
CORNERSTONE CORE PROPERTIES REIT, INC. | ||||
By: | /s/ Terry G. Roussel | |||
Terry G. Roussel, Chief Executive Officer | ||||
CORNERSTONE REALTY ADVISORS, LLC | ||||
By: | /s/ Terry G. Roussel | |||
Terry G. Roussel, President |