EX-99 10 ex1022.htm EXHIBIT 10.22

ASSIGNMENT OF LEASES

 

KNOW ALL PERSONS BY THESE PRESENTS, that Secured Investment Resources Fund, L.P. II, as (“Assignor”), for the sum of One Dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by Assignor, hereby assigns, transfers and sets over to Everest Bayberry, LP, a California limited partnership (“Assignee”), all of Assignor’s right, title and interest in and to all of those certain leases (“Leases”) with the tenants described on the rent roll attached hereto as Exhibit “A” and made a part hereof, all in connection with the real estate and improvements thereto described in Exhibit “B” attached hereto and made a part hereof. Assignor has no knowledge of any Leases in connection with the real property and improvements thereto known as Bayberry Crossing, 523 S.E. Melody Lane, Lee’s Summit, Missouri, other than as set forth above.

 

Assignee hereby accepts the foregoing assignment and, by its acceptance, Assignee hereby assumes and covenants and agrees to keep and to perform all of the terms, conditions, covenants, agreements, and provisions of the Leases to be kept and performed by Assignor.

 

IN WITNESS WHEREOF, the undersigned have executed this Assignment as of the date and year written below.

 

Dated: August ___, 2006

 

[SIGNATURES ARE ON FOLLOWING PAGE]

 


 

SECURED INVESTMENT RESOURCES FUND II, L.P.,

a Delaware limited partnership

 

 

 

By: 

Millenium Management, LLC,

 

 

a California limited liability company

 

 

Its General Partner

 

 

 

 

 

By:

/S/ CHRISTOPHER K. DAVIS

 

 

Name:

Christopher K. Davis

 

 

Its:

Vice President and General Counsel

 

 

 

 

 

 

 

STATE OF CALIFORNIA

)

 

 

)

ss.

COUNTY OF LOS ANGELES

)

 

 

On August 10th, 2006, before me, Charlie Lam

Name and Title of Officer personally appeared Christopher K. Davis:

|  | personally known to me

|x| proved to me on the basis of satisfactory evidence to be the person whose name is

subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

 

WITNESS my hand and official seal.

 

 


/S/ CHARLIE LAM

 

Signature of Notary Public

 

 

 

 

 

 

 

 

 

 

 


 

ASSIGNEE

 

EVEREST BAYBERRY, LP

a California limited partnership

 

By: Millenium Bayberry, LLC, a

California limited liability company,

its general partner

 

By:

 

Millenium Management, LLC,

 

 

a California limited liability company

 

 

Its manager

 

 

 

 

 

 

By:

/S/ CHRISTOPHER K. DAVIS

 

 

Name:

Christopher K. Davis

 

 

Its:

Vice President and General Counsel

 

 

 

STATE OF CALIFORNIA

)

 

 

)

ss.

COUNTY OF LOS ANGELES

)

 

 

 

On August 10th, 2006, before me, Charlie Lam

Name and Title of Officer personally appeared Christopher K. Davis:

|  | personally known to me

|x| proved to me on the basis of satisfactory evidence to be the person whose name is

subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

 

WITNESS my hand and official seal.

 

 


/S/ CHARLIE LAM

 

Signature of Notary Public

 

 

 

 

THIS INSTRUMENT WAS DRAFTED BY:

SUSAN E. SPAR

Everest Properties

199 S. Los Robles Ave., Suite 200

 


Pasadena, CA 91101

 

EXHIBIT “A”

LEASES

 

Database

RETAIL

Rent Roll

BAYBERRY CROSSING

7/31/2006

Page

1

Bldg Status

Active only

Date

8/31/2006

 

 

Time

10 17 AM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Future Rent Increases

Bldg id-

Sun id

Occupant

Name

Rent

start

Expiration

GLA

Sqft

Monthly

Base rent

Annual

Rate PSF

Monthly

Cost

Recovery

Expiration

Stop

Monthly

Other

Income

Cat

Date

Monthly

Amount

PSF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacant Suites

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WR0029-553

Vacant

 

 

1,222

 

 

 

 

 

 

 

 

 

 

WR0029-569

Vacant

 

 

3,252

 

 

 

 

 

 

 

 

 

 

Occupied

Suites

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WR0029-507

The Tax Shoppe

1/01/2006

12/31/06

1,170

1,037.50

10.64

300.00

 

323.00

 

 

 

 

 

WR0029-511

Jazz, A Louisiana Kitchen

11/1/1998

10/31/08

5,109

4,63.94

10.25

671.00

 

 

 

 

 

 

 

 

Wr0029-515

Check into Cash

3/15/2001

8//31/2009

2,800

2,050.00

8.83

19.00

 

 

RNT

9/1/2006

2,121.80

9.09

 

 

 

 

 

 

 

 

 

 

RNT

9/1/2007

2,184.45

9.36

 

 

 

 

 

 

 

 

 

 

RNT

9/1/2008

2,251.02

9.65

 

WR0029-519

PPG Architectural Finishes

10/27/2005

10/31/2010

2,400

1,900.00

9.50

600.00

 

636.00

RNT

11/1/2006

1,957.00

9.79

 

 

 

 

 

 

 

 

 

 

 

 

RNT

11/1/2007

2,015.75

10.08

 

 

 

 

 

 

 

 

 

 

RNT

11/1/2008

2,076.17

10.38

 

 

 

 

 

 

 

 

 

 

RNT

11/1/2009

2,138.50

10.69

WR0029-527

Pizza Street

1/15/2003

4/30/2014

4,930

4,313.75

10.50

1,104.00

 

 

 

 

 

 

 

WR0029-527

Homebrew Pro Shoppe

10/1/2002

7/31/2005

930

736.25

9.50

239.00

 

 

 

 

 

 

 

WR0029-533

Midwest Discount Vacuum & Si

10/1/2002

9/30/2007

1,587

1,388.62

10.50

355.00

 

 

 

 

 

 

 

 

WR0029-535

Nature’s Market

12/1/2005

11/30/2008

2,633

2,194.17

10.00

676.00

 

426.00

 

 

 

 

 

WR0029-537

Gleason’s Flowers & Gifts

2/1/2006

1/31/2009

2,633

2,084.45

9.50

676.00

 

726.00

 

 

 

 

 

 

WR0029-539

Lee’s Nails

5/1/2004

7/31/2007

1,235

1,003.43

9.75

277.00

 

25.00

 

 

 

 

 

WR0029-541

China 88

9/1/2005

8/31/2010

2,200

1,925.00

10.50

565.00

 

507.00

RNT

9/1/2007

2,015.00

10.99

 

WR0029-543

Tan-Talizer, inc.

3/1/1995

12/31/2003

1,557

500.00

3.85

400.00

 

 

 

 

 

 

 

WR0029-547

El maguey

9/1/2001

8/31/2006

3,938

3,762.76

11.47

882.00

 

2.00

 

 

 

 

 

WR0029-551

Direct General Insurance

2/1/2005

1/31/2008

1,735

1,518.12

10.50

389.00

 

35.00

 

 

 

 

 

WR0029-555

Kim’s Bridal & Tailor

1/1/2006

12/31/2008

2,587

2,263.63

10.50

664.00

 

714.00

 

 

 

 

 

WR0029-558

Edward D. Jones & Co.

11/1/1996

10/31/2006

953

938.54

11.82

245.00

 

263.00

 

 

 

 

 

WR0029-51

Rent A Center

10/1/2005

6/30/2010

4,665

2,993.00

7.70

645.00

 

1,178.00

RNT

7/1/2007

3,110.00

8.00

 

WR0029-565

Curve’s For Women

7/1/2005

7/31/2010

2,666

2,332.75

10.50

684.00

 

736.00

RNT

8/1/2007

2,443.83

11.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Database

RETAIL

Rent Roll

BAYBERRY CROSSING

7/31/2006

Page

1

Bldg Status

Active only

Date

8/31/2006

 

 

Time

10 17 AM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Future Rent Increases

Bldg id-

Sun id

Occupant

Name

Rent

start

Expiration

GLA

Sqft

Monthly

Base rent

Annual

Rate PSF

Monthly

Cost

Recovery

Expiration

Stop

Monthly

Other

Income

Cat

Date

Monthly

Amount

PSF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RNT

8/1/2009

2,554.92

11.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WR0029-571

Discount Smoke Shop

10/1/1997

9/30/1998

933

816.38

10.50

240.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WR0029-579

Berbiglia

9/1/2002

10/31/2007

3,343

3,064.42

11.00

749.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals:

Occupied Sqft:

91.79%

20 Units

50,004

41,196.71

 

11,080.00

 

5,998.00

 

 

 

 

 

Leased/Unoccupied Sqft:

 

8 Units

0

 

 

 

 

 

 

 

 

 

 

Vacant Sqft:

8.21%

2 Units

4,474

 

 

 

 

 

 

 

 

 

 

Total Sqft:

 

22 Units

54,478

41,196.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total BAYBERRY CROSSING:

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupied Sqft:

91.79%

20 Units

50,004

41,196.71

 

11,080.00

 

5,998.00

 

 

 

 

 

Leased/Unoccupied Sqft:

 

0 Units

0

 

 

 

 

 

 

 

 

 

 

Vacant Sqft:

8.21%

2 Units

4,474

 

 

 

 

 

 

 

 

 

 

Total Sqft:

 

22 Units

54,478

41,196.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grand Total:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupied Sqft:

91.79%

20 Units

50,004

41,196.71

 

11,080.00

 

5,998.00

 

 

 

 

 

Leased/Unoccupied Sqft:

 

0 Units

0

 

 

 

 

 

 

 

 

 

 

Vacant Sqft:

8.21%

2 Units

4,474

 

 

 

 

 

 

 

 

 

 

Total Sqft:

 

22 Units

54,478

41,196.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


EXHIBIT “B”

LEGAL DESCRIPTION

 

All that part of BAYBERRY CROSSING, a subdivision in Lee’s Summit, Jackson County, Missouri, described as follows: A tract of land being part of Tract “E” and part of Tract “B”, BAYBERRY, a subdivision in Lee’s Summit, Jackson County, Missouri, more particularly described as follows: Beginning at the Northeast comer of said Tract “E, said point also being on the Southerly Right-Of-Way Line of 5th Street Terrace; thence South 0 degrees 37 minutes 58 seconds West, along the East line of Tract “E”, 340.00 feet; thence South 70 degrees 18 minutes 45 seconds East, 52.84 feet; thence South 0 degrees 37 minutes 58 seconds West 455.84 feet; thence Due West 288.00 feet to a point on the West line of said Tract “E”, thence North 0 degrees 37 minutes 58 seconds East, along the West line of said Tract “E”, 673.18 feet; thence North 16 degrees 38 minutes 21 seconds East 235.73 feet to a point on the Southerly Right-Of- Way of 5th Street Terrace, (the following three courses are along said Right-Of-Way); thence South 35 degrees 47 minutes 31 seconds East, 35.14 feet to a point of curve, said curve having a radius of 137.23 feet; thence Southeasterly along said curve to the left a distance of 130.07 feet; thence North 89 degrees 54 minutes 06 seconds East, 40.00 feet to the Point of Beginning, EXCEPT that part in Bayberry Lane.

 

Together with a non-exclusive access and ingress easement established by the instrument recorded April 29, 1988 as Document No. 1-840559 in Book 1-1795 at Page 1421.