EX-99 3 brownbenchtota1suppoffer.txt SUPPLEMENT TO OFFER Exhibit (a)(4) SUPPLEMENT TO OFFER TO PURCHASE DATE: January 25, 2002 TO: UNIT HOLDERS OF BROWN-BENCHMARK PROPERTIES LIMITED PARTNERSHIP SUBJECT: OFFER TO PURCHASE UNITS Dear Unit Holder: As described in the Offer to Purchase and related Letters of Transmittal previously sent to you (the "Offer"), MP FALCON GROWTH FUND, LLC; MP VALUE FUND 6, LLC; MP FALCON FUND, LLC; MP DEWAAY FUND, LLC; MP INCOME FUND 18, LLC; MP INCOME FUND 17, LLC; and PREVIOUSLY OWNED PARTNERSHIPS INCOME FUND II, L.P. (collectively the "Purchasers") are offering to purchase Units of limited partnership interest (the "Units") in BROWN-BENCHMARK PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership (the "Partnership") at a purchase price equal to: $15 per Unit The Offer will provide you with an opportunity to liquidate all, or a portion of, your investment in BROWN-BENCHMARK PROPERTIES LIMITED PARTNERSHIP without the usual transaction costs associated with market sales or partnership transfer fees. The Offer has been extended and will now expire on February 25, 2002. The maximum number of Units sought in the Offer has been increased to all outstanding Units. In the event the Partnership invokes limitations on transfer under its limited partnership agreement, the offer may be limited to the maximum number of Units which may be acquired in compliance with the Issuer's limited partnership agreement. In particular, according to the Issuer, "The Partnership Agreement imposes certain limitations on the transfer of Units and may restrict, delay or prohibit a transfer primarily if (among other things) . . . the transfer of Units would result in 50% or more of all Units having been transferred by assignment or otherwise within a 12-month period . . ." The Purchaser's objectives in making the offer remain unchanged. The Purchasers are acquiring the Units pursuant to the Offer solely for investment purposes. The Purchasers have no present intention to seek control of the Partnership or to change the management or operations of the Partnership. A total of 2,200 Units have been tendered to the Purchasers as of the date hereof and not withdrawn. Based on the response to the offer to date, the Purchasers do not reasonably expect to acquire more than 100,000 Units pursuant to the offer, and anticipate the actual number of Units to be acquired will be substantially fewer than 100,000. Accordingly, the Purchasers do not believe that the potential effects of the offer have been changed in any material respect from those disclosed in the original offer materials. If you elect to tender your Units, mail (using the enclosed pre-addressed, postage paid envelope) or telecopy a duly completed and executed copy of the Letter of Transmittal (printed on red paper) and Change of Address forms, and any other documents required by the Letter of Transmittal, to the Depositary for the Offer at: MacKenzie Patterson, Inc., 1640 School Street Moraga, California 94556 Telecopy: (925) 631-9119 If you have any questions or need assistance, please call the Depository at 800-854-8357. This Offer expires (unless extended) February 25, 2002 2