non-priv docs 09-30-10 part 3
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DOCUMENT PRODUCTION(NON-PRIVILEGED)
Part 3
PRODUCED 9/30 12010
Document6
t Jefense to' or right ofoffset against'
"lu*n under rhe parrnership Aqrlement,which would constitute "
totrå:iïåiffi;ää and to our
our obligation to tund ä* ðíOnfi Comn rtm",î;;,;;;itt rgduc^e our Capital Commitmet
knowledge, .as of the ¿ã[ tr"å"r, there is r" ;':til. ;, tt ;irt'.9r."inti ugainst' our obligation to tund
Ë",effJ;î:.?îffifftJå,f '*:fniuiiu*inlf '^*+'::"::tUl'lHJJJ;*l.]iä'
de.Íivered by us ""¿
Tãrri*tes gL ¡alr-a ää'bt"ä;;'îUriäution, ãrã ir enforceable against us in
accordance \¡rith its terms, subject * ^îpplrc"ure
ianlruptcy, î'otntnty' fraud¡lent tansfer' '
reorganization, rnoru*iîä'",l¿ ã*,Ër 91, "ttJJä, ää¡*tliär1=L"""tuttv fråm time !o
time in effect
and to general or"";i;^;T;-r"-y;fi"l*mã*i!¿* that.for so rã"t t"ít" r*ititv'is in place' thè
General parrner ur,a ÞTg" ruiii Properties *ï'"ä*u. wittr vou ioito amend' modify' suppiemenÇ
cancer, terminate, '"å"å- i;;l';*lj-ly- *iä'::kiiî",î""'t'#l,t:"ïT:lilî*iffiä"üË'iãtto"itftip Agreement without your pnor
section3.J of the parrnership Agreement *r;;ïil";ã';ñ;"ái,î;" obtain' and will not be used bv
us to obtain, ur, ,*"urä'äää'iur,äns anv. gptä äå"'ú""ãå"¡r"¿liv puge-Millþoperties or vou' for
the purpose or,.puvnia''Tir'"T;iu'v' t''íÏlil""îr"iî ã""::*;*ïîî,iî"î#l-ffiJH"i'å1'3i
-}ffiî;;¡"fr ii{f ""'ffi
ry;$::muirËd::ä""d;;;d;'t'ã'r13"ãr":"e*'ir*Facility is in place, "iT"yit"to
,,'äa" Uy-*-;aà' ït'" SuU'"'iptiät-¡etã"*ent wil'l b-e made by wire
transfer to th" ro'o*;ng'uã*urr, wr¡ich the Ji*ii"i iir "rr" pr"åged as sec'rity for the Lgansi
BankAccountNumber:ABA Number:Referencei
City National Bank$2753654122016066;í; dùoperties II L'P' Subscription Line Accot¡tt
-i in effect' we shall' under the terms
We hereby agree that for so long as the Credit Agreement 1r iãny f,rnaing
and subject to the limiãilo* ""¿ conditions t", iå"it * ihe Partnership Agreement' honot
Notice with respecr trT"g" rri'r nrop"rti"säåJåäi;ï. in the nul*r ãr trt" Agent' v/ithout setoff'
countercraim o, a"r"nr.'î'y"tu;îil; ñ;'áopräîri"^pãnr"" rr 11-c"oital
commitment into the above
accoun! provided ,""firí¿ire Noiice is ¿;i*"î"Jrã' ffio'"t "röi"äã* u"ã p"vuute obligations of
il;tïÑ;' under the FacilitY'
We aclmowledge and agree that tle lakine and nerfonlall ;l'G¿"t'o
-
å"î:ffi iiåî'Jïüitf; 'rr"tä'"ffi il",T:1li:ilä**ilïffi "mitä**i,;t:"'t'm;;Ã;however, shall constitute a watver or t
ã, u*u" in anY disPute' ' - - -r^.Wealsoacknowledgethatbecluse.¿ouandeachLenderwillberelyinguponthestatementsmaoe
herein in connectio";úï;k* ir," ru"iút]i*;i;Ë; trr" e""'o;.r, io, ão io¡re p the Facilitv is in
olace; payments we ;;i;";ilr-tr,e Sr1t1"Jp1äiË*T""t-11,a-tr'" Þarmership Agleement will not
satisfy our obrigation,,;'ì*d';;, capit r c"rã*r** unress i"9i .**uutions are qaid into the above
account. .we
hereby ;"r";l.dc" ;¿ "griä'ïh.t"tlîttã' of the credit Agreemenl and of each loan
docurnent derivered rïîå*å",å" *r"rriiti îäu""rr".iv ,n".'i*i-nocimenrs.'1 can be modified
without turtïer nou""to u, or our consent; ;;":;;:;,-;"1át"'.t¡í;l''o "u"nt shall ány modification of
the credit Agreement.cir any Loan Docuír;;";rr;;;rt ¡grr.,'ïr'ottigutiotrr "n^d"t rhe Partnership
Agreement o, tt. suúr..çtioä egre.m.t, *iir'o* our rvnttel "o"'àt' de hereby further acknowledge
and agree rhat you ,;ã; ;"y oi tt',.. 1"..d#;; *'lgt' u' ot i"l't of your or their-rights unde¡ this
confirmation to any assignee :.f y*r/,h",ï 'ïil'ffii;;î; -9t^"ü;greement
and the Loan Documents'
and that this confirmatiãn will remain n ;ä"", ,rni* *. "r" n*iäJ jointry by you and the General
5820202'4
U
P\lt-2127
partner that the Facility has been terminated which notification you agree to deliver to us at lhe address
äilú;i;* prornptþ upon such termination'
. . You agree to keep confidential. all non-public information about us provided to you by us or the '
Borrower purEuant ,o ,t. pu*.*rrip egr..*iåiffi ;^ã*""ated conflidentiar provided howæer,.t''øt
nothing herein .r,^n p,""""ivå"'t"å giî'p'ü¡ü!q Îlþ:tion: (i) to anv Lender that participates
in the Facility or any Afilùi" ;i ?rry Lender; 1ìi¡ to any-assignee, partiòipant ot prospective assignee or
parricipant which i,", ãgr".a in writing to toãpfy wth thã. provisions of this paragraph; (iii) to the
employees, directors, agents, attomeys, u."ãoniãir, and other professional advisers of any l;ender'
assisnee, parricipant, piospective assignee öËiF; ;{tt".tf-respective Affrtiates; (iv)upon the :
request or demand "f ":* ;;****tuiuutto¡ty having or assertíng jurisdiction on"',y"l-9.t any Lender;
(v) in response to uty orää of any court o-r "#
,iff;;""1,""thäty or as may otherwise be required
oursuanr to any requ'ement of law;-(vi)-ifrd;#ã ;;i"qui'"¿ to do só in connection with anv litigation
Lr simitar proceeding; (vii) which has been ffiË;,il:Ñ ãtn"t t¡* in breach of this paragraph;
(wiii) in connection *rù',ír .**lr. of "n/i;j;áv ;;tI thê Credii Agreement or anv other Loan
Document; and (ix) upon ,t "
advice of "ourrrJl
ä.i tu.ft disciosr¡re is required by law' ;
GEINTENTIOn*ALLYLEFTBLANKI :'IREM AINDER oF PAG E TNIEIIY1:::"'':i lsIGNATuREPecBFol-Lowsl ' .:
Y5820202.4
Ptút-2128
Address:
Califomia Public Employees Retirement System
Lincoln Plaza400 P Street, Suite 3492
Sacrament, CA 95814
Attn: RandYPottleTel: (916) 326'3400Fax: (916) 3263965
v
5820702.4 s82o2o2'4 5820202'4
P\A-2129
PAGE MILL PROPERTIES II, L.P.
SubscriPtion Documents
For fnsfitutional Investors
General Partner:
Page Mill ProPerties II GP, LLCt900 UniversitY Avenue, Suite 201
East Palo Alto, cA 94303(6s0) 833-3800
51n722.2
PM-2130
ttPAGE MILL PROPERTIES II' L.P.
INI^VES TMENT PRO CEDI.JRES
' attached (i) Subscription Agreement
Prospective investors should complete tht
and (ii) Investor Qualification statement. Prospective investors should direct all
ilil;rr and seù ttre compteted original along with the two.copies of the
Subscription Agreement and Investor Qualification Statement Signature Paggs
(which must be notarized), and the two Signature f3ges. (which must be
notarized) of the Amended and Restated Agreement of Limited Partnership of
Ëãgã rutrí properties u, r.p. (the "Fund') to Èage Mill Properties II GP' LLC (the
.,General partner") ai the àddr"* below so that the General Partner may
determine whether the prospective investor is eligible to subscribe for limited
partnershiP interests :
Page Mill ProPerties II, L-,P'
cliPageMiilÞroPerties tr GP' LLC1900 UniversitY Avenue, Suite 201' :
East Palo Alto, CA 94303Attention: David A. Taran
Tel: (650) 833-3800Fax: (650) 688-6820
Upon acceptance of the subscription' a copy of t¡-t executed Subscription
Ã^gr""*"n,änd Investor Qualification-statement signedby the General Partner, as
accepted on behalf of tÈ Fund, will be returned to the investor as soon as is
praciicable.
The General Partner, on behalf of the Fund, will have the.right, in its sole and
absolute disçretion, to accept or reject this subscription for any feason or no
reason in whole or in part anä at unyii*" prior to acceptance thereof'
(2)
(3)
(1)
s'727722.2
Ptúl-2131
PAGE MILL PROPERTIES II' L.P.
SI]BS CRIPTION AGREEMENT
Page Mill ProPerties II, L'P..io nug" Mill ProPerties tr GP, LLC
1900 UniversitY Avenue, Suite 201
East Palo Alto, CA 94303
Ladies and Gentlemen:
The offer and sale of limited partnership interests (the "Interests") in Page Millproperties II, L.p., a Delaware limidd parm"t_rhlp !t{e "Fu1d"), to each investor (the
,,Investor") is not Ueing registered under the Uniied States Securities Act of 1933' as
¿¡a;il (t¡" ';S".u¡ties Act"), but rather is being made privately by the Fund pursuant
to the private placement exefption from registrãtion provided in Section 4(2) of the
Securities Act and Rule 506 of Regulation D 1"R"gulation.D") promulgated thereunder
ü;il" Ü;;;;J l;"r Securities and Exchange-commission on the basis of the
confidential Private Placement Memorandum oithe Fund, as the same may be updated
or modified from time to time (the "Memorandum")'
The information requested in this subscription - Agreement and Investor
eualifìcation Statement is néeded in order to ensure compliance with the appropriate
regulations and to determine (i) whether an investment in the Fund by the Investor is
suitable in light of the Investorjs financial position, (ii) whether the Investor meets certain
minimum financiar tests to be deemed an"'accredited investor" as defined in Regulation
Dandhassuchknowledgeandexperienceinfinancialandbusinessmatteßthatitis;"p"bl" of evaluating the"meritt uù risks of the investment and (iii) how to treat the
Investor for purposes'oi Section 3(cX1) of the United States Investment Company Act of
lg4},as amended (the "1940 Act")'
faith efforts to keep the information prõvided in the. answer: to. thi:. Subscription
egi""*"n, and Invåstor Qualification -Statement
strictly confidential' the Fund may
ptËæ"t this Subscription Agreement and Investor Qualification Statement and the
inion rution provideðin unr*ãr. to it to such parties as it deems advisable if called upon
to establish the availability under any applicabìe law of an exemption from registration of
the Interests or if the coitents therêof are relevant to any issue in any action' suit' or
frã*"ai"e to which the Fund is a party or by which it is or may be bound' The Investor
agrees that the nunJ *uy disclose ttte In,r"stor's status as an investor in the Fund to third
parties.
The Investo r realizesthat this Subscription Agreement and Investor Qualification
Statement does not constitute an offer by thå Fund to sell the Interests but is merely a
request for information.
57n722.2
P\A-2132
To induce PAGE MILL pRopERTIES tr Gp, LLC (the "General Partner"), on
behalf of the Fund, ,o urr"pi,f,is subscription, the Investor hereby agrees as follows:
L
(a)
'','The lnvestor agrees to become a limited paftner of the Fund (a "Limiteg Partnet'l '
and in connection therewith subscribes for and agrees to purchase an Interest in;
andtomakecapitalcontributionsto,theFundintheaggregateamountsetforthon the Subscription Ág.""*.n and Investor Qualification Statement Signature
page attached hereto oñ tfr" terms provided for herein, and in the-Amend"d TgRestated Agreement of Limited Partnership of the fr¡-1a {tn{.Fund Agree*9lt,):
The minimum initial commitment is U'S' $10 million' The minimum initial
commitment is subject to reduction or waiver by the General Partrier' in its sole
and absolute discretion. The Investor agrees to, and understands, the terms and
conditions upon which the Interests are being offered, including, without
ii*i,uiion, tf¡Ë ¡st factors referred to in the Memorandum'
The Investor understands that it is not entitled to cancel, terminate or revoke this :
,"fr"tipti"t o, uny ugreements of lry Investor hereunder' The Investor
understands and agrees ihut th" General Partner reserves the right, in its sole and l
absolute discretion, to reject this subscription for an Interest for any reason or no
reason, in whole o. i" íJ and at uny ii-" prior to acceptance thereof' In the
,n"r,, áf rejection of ifrir subscription, ih" t"ttá"ted funds, if any, will be promptly
retumed to the Invãstor wit^hout deduction along with this Subscription
;;ä;J # in,,,"rro. Quatification srarement, and this subscription
Aää;; unJrnu"r,"rQuafiàcation Statement shall have no force or effect'
PAYMENT BY THE II'MSTOR' .
I .
The Investor agrees to remit the amount set forth on the subscription Agreement
and Investor Qualification statement signature Page- attached hereto, in such
increments, at such times and in such ,rr-*n"t as iJ determined by the General
Partner pursuant to the Fund Agreement :
REPRESENTATIONS,WARRANTIESANDCOVENANTSoFTHEII.MSTOR
The Investor has (i) received, read carefutly and understands the Memorandum
outlining, among other things, the organizition and investment objectives and
policies of, and the risks *d "*p"n.es
of an investment in' the Fund and (ii)
consulted the Investor's own attorney, accountant or investment advisor with
i.èrn* ,; ifr" ir".rr*ent contemplateã hereby and i1s suitability for the Investor'
Ány .p""iul acknowledgment sãt _forth below with respect to any statement
contained in the Memoralndum shall not be deemed to limit the generality of this
representation. In addition, the Investor acknowledges that the Investor has been
giventheopportunityto(i)askquestionsandreceivesatisfactoryanswersconcerning rhe teñns and ionditioni of the offering and (ii) obtain additional
(B)
il.
Itr.
(a)
5'1n'722.22
PM-2133
@information in order to evaluate the merits and risks of an investment in the Fund
and to verify rhe accuracy of the into"nui*n contained in the Memorandum' The
Investor.rk;ú-g* iúui in -^ki;;-; áecision to subscribe for an lnterest' the
Investor has relied solely upon ,hJ rur"*orun¿u{,. the Fund Agreement and
independent investigations made by;; h;"stor_and its attorney, accountant and
investment advisor. The Investor'l i*"r,o,r* in thefnterest is consistent with
the investment purposes and oç.ìiu"r and cash flow requirements of the
Investol and will not uon.r*"ty ãti""t the Investor's overall need for
diversification and liquiditY'
(B) . The Investor has such knowledge a1d e1nef,e"* tllillcial and business matters
that the Investor is capable of evaluating the merits ¿nd risks of the Investor's
investment in the Interests a¡d is rbË;"i"- such risks, and has obtained' in the
Investor's judgment, sufficient in"formaiio' f'om ttre Fund oI itl authorized
representativeJto evaluate the merits and risks of such investment' The Investor
hasevaluated'therisksofinvestinginthelnterestendhasdeterminedthatthe, Interests are a suitable investment iãt-ift" f"u"stor' The Investor understands that
(i) substanrial restrictions will "*i* ã" transferability of the Interest' (ii) no
market for resale of any Interest "*ir,, o. is expected to develop' (iii) the Investor
;"ñ;, ,ú1" ," uqúidate its investment in ìrre Fund, and (iv) any instruments
representing an Inrerest rnay of *rvïãi ¡"ar legends to that effect restricting the
transfer ttrereãi.- ifre Invesior funfíti un¿erstanãs that an investment in the Fund
entails a high degree of risk urr¿ unã"t*tunds fully the risks associated with the
öä^oFin" ñund and rhe Investor's investment in the Fund'
r i- L:^LIr' ôñô^¡
(C) The Investor understands that an investment in the Interest is highly speculative
andmayresu]tinacompletelossofitsinvestment.Thelnvestolcanaffordacomplete loss of the iniestment in the Interest and can afford to hold the
investment in the Interest for an iniånnit" period of time' and acknowledges that
äiil;;ìl;" ;;Y be Paid in cash or in kind'
(D)Thelnvestorisacquiringth:Interestsubscribedforhereinforitsownaccount,'forinvestmentpurposesonlyla',o.withaviewtoanydistribution,tesale,subdivision or fiactionalizationthereof in violation of the Securities Act or any
other uppli"uUf"^U-.i. åi non-U.S, securities law, and the Investor has no present
plans to enter into any contract, undertaking' agJeement, of arrangement for any
such distribution,'"'ui", subdivision or fractionalization'
(E)Thelnvestorrepresentsthat.allregistrations,.declarationsorfîlingswith,orconsents, licenses, approvals or "auttro¡zations of, any legislative body'
governmental department .or . other governmental authority' necessary or
appfopriate in corinection witrr itslnvestïent in the Fu¡d have been obtained or
comPlied with.
g
ú
s'727722.2
Pl\A-2134
b cn The Investor acknowledges and agrees that, based in part upon its representations
and wa¡ranties containeã herein and in reliance upon applicable exemptions, no
Interest has been, or will be, registered under the Securities Act or the securities '
laws of any other u.s. or non-Ù.s. ;urisdiction. Accordingly, except as provided
in the Fund Ateement or any side ietter or other agreement entered into between
the Fund and any Investor, the Interest may not, directly or indirectly, be offered
for sale, sold, pládged, hypothecateà, trurrri"rred, or othLrwise disposed of by the
Investor witfiout th"e prióiwritten consent of the General Partner, which may be
withheld in its sole and absolute discretion, and unless such disposition is in
compliance with all applicable laws, including, but not limited to, the U'S' federal
tax and securiti"s laws. The Investor acknowledges that it has been advised that
the Fund has no obligation and does not intend to cause any'Interest to be
registered under the Seãurities Act or any other securities laws or to comply with
any exemption under the Securities Act or any other securities law which would
permittheInvestortoselltheInterest.'''
(G) The Investor understands that the Fund will not register as .an investmenl
company under the 1940 Act and, that for purposes of the provisions of section
3(cX1) thereof, does not presenrly propoi" to make a public offering of its '
securities within the United States' :
(H) The Investor âgrees and is awar€ that no United States federal or state agency of
non-United Sties governmental authority has passed _upon
the Interests or made
anyfindingsordeterminationastothefaimessofthisinvestment:I . .-
(I) The execution, delivery and performance by the Investor of this Subscription
Agreement, thá In,r"stor Qualification Statement, the Fund Agreement, and such
other agreem"",t, ""nin"i", oI' instruments are within the powers of-the Investor'
havebeendulyauthorized,executedanddeliveredandwillnotconstituteorresultin a breach or default under or conflict with any order, ruling or regulation of any
court or other tribunal or of any governmental commission or agency' or afY
agreement or other undertaking, toïhi"h the Investor is a party or by. which the
Investor is bound and will notliolate any provisions of the incorporation papers;
by.laws, indenture of trust or partnership agreement, aS may be applicable, of the
Investor. The Investor is in compliancè with all applicable laws, including' but
;;;-ffi;"J-io, tn" u.S. securitiès laws. The signature on this subscription
Agreement, the Fund Agreement signature page,s _ and Investor Qualification
starement is genuine and-the signatoiy has been duly authorized 1o :xTute lhe
same, and this subscription Agreement, the Fund Agreement ud ft: Investor
õ"^fin.ation Statemeni constitutes a legal, valid and binding obligation of the
Iìvestor, enforceable in accordance with its terms'
(Ð The Investor acknowledges and agrees that the -Generai
Partner and Page Mill
Advisors II, LLC, the investment advisor of the Fund (collectively with the
General Partner, ';Pug, Mill") have the exclusive power and sole and absolute
57n722.2
PM-2135
(K)
(r)
discretion to make all investment decisions on behalf of the Fund in accordance
with, and subject,o, *,"ì"r-, of the Fund Agreement. Accordingly, the Investor
understands that legai counsel ro the Fundl to Page ivtif *a to any of their
affiliates will not b" ,"pr"r"nting investors in the Fund, including the lnvestor'
and no independen, """ír"it "r ùËen retained to represent investors in the Fund'
Thelnvestorundeßtandsandagreesthatitwillnotmakeanyoralorwrittenrepresentations or communications to any third party regarding the Fund, Page
,*II or any of tfreii aititiates, includinj tut nõt ümited t-: replesentations of
communicationsinconfidentialmarketingdocumentsorpresentations,unlessthelnvestor receives nna written approval of such representations or
communications from the General Partner or such information is required to be
ãir"for"¿ under applicable law or regulation'
ThelnvestolagreestosupplytheGeneralPartnerwithsuchotherfacts,asfromtime to time are deemed necessary or desirable' in ordet 1: i*:*^il that 1:violation by lhe Fun¿ will occur of ánysecurities laws of the United States or any
otherrelevantjurisdiction,including-theSecuritiesAct,thelg40ActandtheUnited States tnu"rt*Lttt Áduit"t* Aãt of 1940' as amended'
- t^ ^-^^'¡þa documentation reasonably(I\Ð The Investor agrees to- execute and deliver any '
requesred Uy tnJGeneral Partner in-"ãnn"ttion wiih any financing by the Fund
.' and any assignment by the run¿ as secu,ity to' such.indebtedness of the right to
require,fr" niuàr*, to make capitãi contributions, including any acknowledgment
by which the Investor would "d; ;*knowledge and be .bound by such
assignment and to provide rinanîi¿ information to any applicable lender as
: reasonably requested, provided that the execution or delivery thereof would not
cause the Investor to be in violation ãf, ot t"qoire the Investor to take any action
prohibited UV, áPPfituUle law'l r sÈ'È"'v--'-
,n. ADDITIONAL RE,PRESENTATIONS, WARRANTIES AND COVENÀNTS
(A) The Investor was organized or incorporated under. the laws of the jurisdiction set
forth below its name-on the first pagå of tne lil:::":ratalification Statement and
has no present intentioú of alteriåg-ttre form or jurisdiction of its organization or
incorPoration'
(B) Except as otherwise specified on the Investor's Investor Qualification statement'
no part of tr* ion¿, tå be used to purchase and hold the Investor's Interest or to
pay any portion of its commir*"ni constitutes an asset of any employee benefit
plan ,uuj.ci-io part 4, Subtitle--g, Title I of_ the united States Employee
RedrementlncomesecurityActoflg74,asamended("ERISA")'ÌI
5't27722.2
PM-2136
tv(c) Exceptasotherwisespecifiedon.t|elnvestor'sInvestorQualifîcationStatement'.
if the Investor is, or is acting on behalfoJ, a "benefit plan investor" (as such term :'
is defined in 29 c-f.n. Sãs10'3-101(Ð(2)) or if ih9 Investor is a coilective
investmentvehicle,theplanparticipantsot¡^nrparticipatingtherein,asthecasemay be, are nor pr""iirãã to ¿eci¿à wnetheì or hãw much to inves.t in particular
investment altern atives' .i
The Investor understands that the tax rules relating to its Intere:t.*",:ubtt1ltially
morecomplexand;;;";b;åsfavorab1easinveìtinginsecuritiesdirec{y.
The Investor is aware that the Fund in-te1ds to engage in transactions that may
result in the ,".ogni,io; of 'l¡nrelatr¿ üurin"t* äiuUf" income" upon which '
certaininvestorswhoarenormallyexemptfromU.s.federalincometaxwouldbetaxable.. . :'
The Investor is aware that in any given year ll'n?y,.h,un:.tubstantial taxable
income attributable; ,þ F";ã "u'"n"tttoog|t
the Fund did not make distributions
to it. The Investor ir f"nft"t aware tnat (iia transaction undertaken by the Fund' '
or a rax accounring rule applicabl" to *,"'iu;ã;;;y gi""-dll to an allocation of
taxable income to u ii*itäd partner in an amount gteater than the am-ount of
income that the Li"rit;t Partner would consider itself to have earned as an
economicmatter,(ii)such..phantomincome''oftenmaybereversedonlywithacorresponding a"aúái;-àrìo., in a_later year and (iii) any such loss may be a
;;idbr".ni -uy not be used to offset ordinary income', , ll ,
'.'GENERAL.
"The Investor agrees to indemnify and hold harmless the Fund, Page Mill' any of
their affiliates, any r;ìlt"ñ#for the iund, their respectivc officers' directors'
employees, managers, *"*b"t', *-æing'''oÃt""'."'d agents' including'
without limitation, (i) any person o' "ntityln"¡ t-t-u".officer' director' member'
manager, managing membãr, pafner or shareholder in any such party' or any
person or entity uat, ¿irectly år indirectly through on?-:t more limited liability
companies, punn"rr'tipr- o, otrrr, "n,üi"i is ä officer, director, member,
manager, managlng mãmber, partner or shareholder in any such party (each a
..ConstituentMember,,),(ii)anypersonwhoservesasanadvisororconsultantto
theFundorPageMill,and(iii)eachotherperson,.ifany,whocontrolsorisconrrolled by any ttrereåf within the meaningìf Sgction 15 of the Securities Act
(each an,,Indemniteãil, *"i*,1ny and all lãss,liability, claim, damage, cost and
expense whatsoever qín"tiaing, bút not limited to, legal fees and disbursements
and any and all.other "*p*.Jt whatsoever reasonably incurred in investigating'
preparing for or o"f*ãirl;;;;nsr any litigation, arbitratio¡ proceeding, or other
acrion or proceedi";;"il;;"¿ o, tltr"ui"ned, or any çlaim whatsoever) arising
out of or in connJ.rion with, or based upon or resulting from' (x) any false
representation o, *áouniy or ureactr or failure by the Investor to comply with any
(D)
(E)
(F)
v.
(A)
,iI
Pl,ll-2137
(B)
(c)
,ou**t or agreement made by thg.llve¡toril,thi: ::t^îTti-on Agreement' the
Fund Agree*"n uni n;;ri". þualification statement or in any other document
furnished by the Investor pursuant to any ái,rt" rot"going in.connection with this ' '
ffansaction o, tvl uníïãriå" i* **¡ti", iaw violations instiruted by the Investor
;li;ñfinallyiesoivedbyjudgmentagainsttheInvestor.
Neither this Subscription Agreement nor Pe lnv?s1:J-3:ltlfi"udon Statement
may be amended, *itf'¿'u*ã or revoked by the Investor in whole or in part
without rhe prior *irä."rr"nt of the ð#rrr put ner, which may be withheld
in its sole an¿ aurotui" äir"i"ü"", This suuscription Agreement and the Investor
ö""i, nîãräîï;,-"-*, ä "ï,îi* ri"."ule or as s i gn able b v anv p arty hereto
ThisSubscriptionAgreement,theFundAgreement'lh:llvestorQualificationsratement and att,"iTr"äiiio"i*i""îirt*'äf shall be binding uporr and inure to
the benefit of, the n*"; nereto un¿ .urtt i"ãemnit"" and their respective heirs'
executors, administrators' successors' tru Jees and legal representatives'
ThisSubscriptionAgreementandlnvestorQualification.Statementshallbedeemed to have b"åï;ä" i;d";, ;¡;-h;ll bì gou"rn"d bv, and construed in
accordance with, thã^sù;**i;" law of ,t" i.ur" õf D"lu*-" (excluding the law
theieof which requires the applicæion oi* rrr"rence to the law of any other
jurisdiction). Tl" p*i"t "gt""
*Î:,ïî *i"" or proceeding arising; directly'
indirectly o, otn"'*i'e, in connection '*;th'- out ;f' related to or from' this
subscription eg.""*"ni und Inu".ror Qualification Statemen-t, any breach hereoÏ'
or any transacrion ;;;;;;ã1h;"uv, ,r,iii-u" resolved, whether by arbitration or
othÞrwise, exclusively with referen¡" ïo- the law of the - state of Delaware'
Accordingly, the partíes consent un¿ .,r¡iri, ìo irt" non-exclusive jurisdiction of
rhe courrs located î, ä" -li"t"
of paawale, and also agree to submit to the
jurisdiction of the "ä"*ïlo"*ed in the. ð;;ú "i¡-ri
clara within the state of
california. The parties further ugr"" ,rrãiuly ,u"tr *d:l or Droceeding brought
by eithor such party to enforcl .uny.1gilt'ätn tny claim' år obtain any relief
whaßoeveiln "oin""rion with
-this' Subscription Agreement and Investor
eualification stateÁent shall be "omm"n""d
by such party either in the state of
Delaware or in the'ö;;öiú;cl;" within the State of caiifornia'
f^-.+L,
IfanylegalactionorarbitrationorotherproceedingisbroughtfortheenforcementofthisSubscriptionAgreementandlnvestorQualifi""i*.'.:*T"1.or because of an ãiræ.i dispute,. breach, default or misrepresentatlon ln
connecrion with any of the prorrrroiï-ol this subscription Agreement and
Investor eualificatiãí Stut"*"rrt, tte sucã"s'ruiãr pre't'aiting p*y or parties shall
be entitled to recover reasonable uno*-åyr-'- r"", un¿ other costs incurred in that
ïu"Jïä;åîäã,*^t"ä;i;ã;; ;;v'ãtr,"r ."ri"f to which thev mav be entitred'
ThelnvestorbyexecutingthisSubsçriptionAgreementandlnvest""g"l'll"^^:lÏStatement uppoini, the
"General Partner and each of its managers' managlngd
(E)
e)
s1277n.2
PM-2138
@members, directors and officers, with full powef of substitution' as the Investor's
trueandru*rorr"pr"sentativeandattorney-in-fact,inthelnvestor'sname'placeand stead to make, execute, sign, complete or correct, ackrowledge, swear to and
file (i) the Fund Agreement, any amendment to the Fund Agreement or (ii) any
other agree*"ni o."inrtrument ;hirh the General Partner deems appropriate to
(A) admit rn, rinrr,å, as a Limiteip*nrt, (B) effect the addition, substitution or
removal of any Limited Partner p*t*n, to ìnã pon¿ Agreement or (C) effect an '
amendment or modification to the Fund Ageement adopted in.accordance with
ä;;;;ithe Fund Agreement. This fower of lltorneV is coupled with an
interest, is irrevocable aid shall survivá and shall not be affected by, the,
,obr"qo"n, **ri"ãriå", bankruptcy, intolvency or dissolution of the Investol.
(G) The Investor understands that the General Partner will inform it of whether this
subscriptionforanlnteresthasbeenacceptedand,ifso,thedateonwhichthçil*;';ili be issued (the "closing Date")'
(H) The Investor acknowledges that the General Partner reserves the right io reject' in
its sole an¿ atsolute disãretion, this and any other subscription for ¡-lr Interest'.in
wholeorinpu+inanyorder,atanytime^priortotheClosingDate':notwirhstanOirri prior i"ceipt Uy the undersigned of notice of acceptance of all or
any parr of rhe undersign.¿,. ..,b_r.iprì;;, Ëubscriptions are subject to ãllotment
before un¿ uftéi u"."i'tun.". If the Interests are oversubscribed' the General
Partner will determin, in it. sole and absolute discretion which subscriptions' or'
portions thereof, shall be accepted'
(I)Nowaiverbyanypartyofanybreachofanyterm.ofthisSubscriptionAgreementshall be construed as a waiver of any subsequent breach of that term or any other
term of the same or of a different nature' i' , ,
(D , Th" representations, watranties, agreements,. and indemnification obligations of
the Investor contained in this Subscription Agreement and the Investor
Qualification statement shall survive the execution hereof and the purchase of the
Interest and shall be deemed to be reaffirmed by the Investor at any time the
Investor makes an additional capital contribution to the Fund' The act of making
. sucrl additionä "tpiø """r¡Uutiont shall be evidence of such reaffirmation'
(K) The propose{ investment by the Investor in the Fund will not directly or indirectly
contravene United States federal, state, intemational or other laws, rules or
regulations,includinganti-moneylaunderinglaws,,rulesandregulations(a"Prohibited Investmentr') and no cäpital contribution io lhe Fund by such Investor
will be derived from any illegal or illegitimate actrvltles'
ThelnvestorunderstandsthatfederalregulationsSldExecutiveordersadministered by rhe u.s. Treasury Departm"nir offi"" of Foreign Assets cohtrol
("OFAC") prohibit, among otherihings' the engagement in transactions with' and
e
(L)
5727722.2
PM-2139
(M)
(N)
the. nrovision of services to, certain foreign countries, tenitories; entities and
ildiírd;;ilf--n" nu"rtor furrher represents and warrants that it is not a country,
territory, person o. "niiif
numed on än OFAC list, nor is it a person or entity with
whomdea1ingsareprohibitedunderanyoFACregulations.'.'.
in anY country thatThe Investor is not a foreign bank without a physical presence
isnot a Regulated Affiliate2 (a "Foreign Shell Bank")'
The Investor acknowledges and agrees that, notwithstanding anything to tlre
contrary contained in u¡v"¿otoment-(including this Subscription Agreement' the
Fund Agreement, any side letters or similt agreements), if,- followins !h9
Investor's investmentin the Fund, the General Partner reasonably believes that
the investment is or has become a Prohibited Investment or if otherwise required
6;-ñ;r¡" Fund mayì" ouiigut"O to.'-'freeze the account" of the Investor' either
. by prohibiting additiónal capiial contributions, restricting any distributions and'/or
declining uny r"qu".is to tránsfer the Investor's Interest' In addition' in any such
event, the Investor may forfeit its Interest, may be. forced to withdraw from the
Fundormayotherwisebesubjecttotheremediesrequiredbylaw,andtheInvestor shall have no claim against any Indernnitee for any form of damages as a
result of any of the actions dãscribed in.this paragraph. The Fund may also be
required to report such action and to disclose thJlnvestor's identity or provide
other information with respect to the Investor to OFAC or other governmeJltal
entities.
on¡rìce rlicelnsed to th writing: (i) the Investor is(O) Except as otherwise disclosed to the General Partner in
not resident in, àr or ganizedor chartered under the laws of, (A) a jurisdiction that
has been desilnateaËy the Secretary of the Treasury under Section 311 or 372 of
rhe lnternatioíãiUonáy Launderini Abatement and Anti-Terrorist Financing Act
of 2001 (the "PATRIóT Act") as= warranting special measures due to money
laundering concerns or (B) any foreign country-that has been designated as non-
cooperative with intemaiional anti-mãney laundering principles or procedures by
an intergovernmental group or organizaiion, such. as the Financial Action Task
Force on løon.y luunî"riig, of 'itrictt
the Unitpd States is a member an$ w.ith
which aesignation the united states representative to the group or organization
continues to concur (a "Non-cooperativè Jurisdiction"); (ii) the funds used by the
Investor to make .upirut contribuiions to the Fund do not originate from' nor will
they be routed through, an account maintained at (A) a Foreign Shell Bank, (B) a
foreign bank (other than a Regulated Affiliate) that is barred' pursuant to its
banking licensà, from conducting banking activities with the citizens of' or with
2..Regulated Affiliate" means a foreignbank that (i) is an affiliate of a depositary institution' credit union
or foreign bank that maintains a physi-cal prer"n"" ìá the United States or a foreign countfy' as applícable
and (ii) is subject a *p"Jti"" åVi UtnLi"g authority in the counry regulating such affiliated depositary
institution, credit union, or foreign bank'
I The lisæ of OFAC prohibited countries, territories' persons and
website at <www'treas.gov/ofac>'
entities can be found on the OFAC
95727'.122.2
Plúl-2140
t,
the local curïency of, the country that issued the license' or (c) a bank organized
or chartered r"ã", ih" lu*, oi u Ñon-cooperative Jurisdiction; and (iii) the
Investor is not a senior foreign political f,tgure, or any immediate family member
or close urro.iur, of a seniãr iotng" poiitical figure, in each case within,.tn" ,
meaning of the PATRIOT Acl .
(P)Thelnvestoragleesprgmgtl^vtonotifytheFundshouldthelnvestorbecome*" , ;;;;i""y;;:ö ñì;;"t,rf;;ution Set forrh in paragraphs (K) through (o)
+^ nrnwide. nn\ ld by the General Partner(O The lnvestor agrees to provide any information requestt
which the General Partner ."uronubly believes will enable the Fund to comply
with alt appticaule anti-mon"y r^u"a"ring laws, rules and regulations. The
Investor understands and agrees--trrat ì'he Fund may releaie- confidential
information about the Investor ,o uoy f"tro¡t, if the General Partner, in its sole and
absolute discretion, determines thaísucfr disclosure is in the best interests of the '
Fundinlightofrelevanttu**,*l",andregulationsconcerningProhibitedInvestments.
(R)ThelnvestorhasreadcarefullyandunderstandstheprivacypolicyoftheFundattached hereto as Exhibit A "
vI. TRUSTEE, AGENT, REPRESENTATIVE OR NOMINEE
arêê coel1l renresentative or nominee for aIfthelnvestorisactingastlustee,^EenLlepre'set
subscriber (a "B"n"ii"ial ownei), tt " Inul'ior"understânds and acknowledges that the
representations, warranties and agreements (including;- without limitation' the
indemnification oUlieatiài, t"tionn ín Slttion Vie) hereof) made herein are made by
the Invesror (a) with respect to the Investor and (b) with respect to the Beneficial owner
of the Interest ,uur..iù"å ror hereby. The Investor further represents and warrants that it
has all requisite po*"i and authoriiy from the Beneficial owner to execute and perform
the obligation, un¿"I. tt is suur"ription egr""-ent an-d Tnvestor Qualification statqment'
In addition to the indemnificatión obliíaüons set forth in Section V(A) hereof' the
Investor also agrees to indemnify "ach"Ind"*nitee against any and all loss' liability'
claim, damage, cost and expense whatsoever (includingl but not limited to' legal fees and
disbursements and any and all orher "ipànr"s 1lr1sryver
reasonably incurred in
investigating, preparing for or defending agåinst any litigation' arbitration proceeding' or
other action o. pro"""ãi"g, ¿.**"nceà'or"threatened, or any claim whatsoever) arising
out of or in connection ïi,h, o, uur"J ufon or resulting from, the assertion of the
Invesror,s lack of proper authorization fã* the Beneficial Owner of the Interest
subscribed for hereby to enter into this. subscription Agreement and Investor
ôudification Statemeni or perform the obligations hereof'
s127722.210
P\A-2141
vII.ADDITIONALINFORMATIoNANDSUBSEQUENTCHANGESINTHEY ^^: iiõRË-CoiÑãnrpnnsENrarroNs' , ,
The General Partner may requesl. from the Investor such additional information as
it may deem necessary to evaluate the. eligibility of the Investor io acquire an Interest' and
may request from time to time such informatión as it may deem necessary to determine
the eligibility of the Investof to hold an Interest or to enable the General Partner to
determine the Fund,s compliance with applicable regulatory requirements-or tax status'
and the Investo*rruit pionide such iniormation as may reasonably be requested;
provided, that.such iniot ution may be obtained by the Investor without unreasonable
effort or expense.
Each person acquiring an Interest must satisfy the foregoing both àt the time of
subscription and at all fimesitrereafter until such pefson ceases to be a Limited Partner'
Accordingly, the Invesiãi "g'""t
to notífy the General Partner promptly if there is any
change with respect tã-any oî tn. foregoin! information or representations and warranties
and to provide the Generäl Partner with sich further infonnation as the General Partne¡
*uy t"åtonablY require.
v
57n722.211
Pl\i'-2142
b PAGE MILL PROPERTIES II' L.P.
INVESTOR QUALTFICATION STATEMENT
I.ELIGIBILITYREPRESENTATIoNSoFTHEINvESToR.,
(A) GENERAL INT'ORI\',IATION:
TYPe of Ihvestor - Please check one:
-PartnershiPÑ--u*" or ltt*stor (Please Print or Type) CorPoration
Limited LiabilitY ComPanY
TrustFoundationEndowment
-E.nployee
B enefit Plan
. Other - SPecifY:
ffixercising investment discre-
ii"" î"i ift" Investor' if any (tustee or fiduciary' etc')
Date of SubscriPtion:
PrinciPal Place
of Business Address:
Mailing address if different:
U-S. Ta"PaY"t I-D' Number
NameName
StreetStreet
City, State, ZiP CodeCity, Stut", ZiP Code
Attn.: .
Telephone number: ( )
Telecopier number: (
Payment bY Wire:ifr'. fon¿'i ¡unk should wirè transfer only U'S'
Dolla¡s via Fedwi¡e to:
Attn.:
Telephone number: (
Telecopier number: (
Bank Name
Bank Address
¿SA ot CHIPS Number
Account Name
Account Number
For Further Credit
5727'122.2
P\1t-2143
Check one and comPlete blanks:
organized under the laws of:
, has its PrinciPal Place ofbusiness in:
r its date of incorPoration or
organization is:
r and reports its income for-federal
income tax Purposes on the
basis of a:
[ ] calendar Year' or
[ ] fiscal Year ending on
(2) The Investor is nllormed for the sPecific Purpose
;ñq"ttl"g the Interests, with t"t"l "t."tt in excess of $5'000'000'
(1) If the Investor is an employee-b"T:fi,t plln'1'1n endowrnent' a foundation;
a corporation, partneiship, linrited iiuuitity company' trust or other
. legal entitY, it is:r e"v' v"-r '
(B) ACCRBDITED.INVESTORSTATUS:
Repulation D promulgated under the securíties Act excepts from regístratton certain offers and sales of
seãurities if made ," ,,**î¿iî"¿ ¡nurirorr.- pl"orl'"ïí"iiU opp*p'.øte sPaces on the following pages
indícatins the basis ,,",'iäif ,lí!"'í;;"::;", ;;;îtrt"iî'"iiî'iå¿ln¿ ¿nu"ito' under Resulanon D'
7 t----.^-t^- Lòînatcþl
The Investor certiftes thøt ít ís øn accredífed' ínvestor becøuse:
00'000' that was not(1) The Investor is a trust with total assets in excess of $5'0
formed for the specific purpose of u"ffing the Intefests and its purchase is
directed uy a sophisticated person' o";t"líX'¡cøted person" is one who has
sach Imowledge'and' "'p"'i"n"" in ¡""iåù and buiness rnatters that he or
she is capable of evaluøtíng rhe *"rtti:s ond rísks of the prosPecttve investmenL
(3)Thelnvestorisanemployee_be4efitplanwithinthemeaningofERlsA,andthe decision to invest in the nund wfffi¿" uv u plan fiduciary (as defined in
Section ¡CZf l "ienlSÀ), which i. .itt"iãUunt , t*ings and loan association'
insurance ""d;;;;î"giri*"¿ iriårr"rr", aiviser. The name of the plan
fiduciarY is:
5'r27722.2
Pf\A-2144
(4)
(s)
The Investor is an emplovee benefit plan within
has total assets in excess of $5,000,000'
the meaning of ERISA that
itsstate or itsThe Investor is an
ffi ,iåi H åit'i "ffi ':'iïïll1'lå JA. åpurrrrucr ùuu."r¡e¡v¡rv, -- -'--r I excess of $5,0001000.
politicat subdivisions that has total assets tl
(7) The lnvestor is athe Code that was not formed for the specific
(6)Thelnvestorisaself-directedemployeebenef,rtPlan!i.e.,atax-qualifieddefined contribution plan in which a participgnt may exercise control over the
invesrmena of ur*"o credited to his å her åccount) in which each participant
is an accredited investor because tultt punitip*t (Ð l-1*
an individual net
worth,3 o, "o*tr*d with his or her spiuse hur ..combined net worth, in
excess or $r,ooõ,ôoõ o' tiil had individual incomea (exclusive of any income
attributabletohisorherspouse)ofmorethan$200'000ineachofthetwomost recent years or joint incomel with his or her spouse'in: excess'of
g300,000 i" "".il
ãrìt Jr" !"*r, *d the Investor has a reasonable expectation
ofreachingthesameincomelevelinthecurrentyear.Ifthisitem6ischecked, ptease have each ,u.r, purti"ipunt complete the "Individual Portion"
on page íof this Section' ' '
the
3 .Net worth,, means the excess of total assets at fair market value, including home, home furnishings and
automobiles, over toral liabilities. For purposes -ù
á"t"r*ining "net -woith"' the principal residence
owned by an individuar shail be varued "'*I 1i¡iä::,ti*:'1f ,f""":å*,i'iiä:åîJi"îiJl:H:*:i.iHT:;i"""iiil"i"ïJrö9iä. ift 3ii.''.;a-;;r":"o-i,1:.n-o"r'v
as determined upon a
wriuen appraisal ur"a uy .n-lnriirolior,í t"na", Inut irig a loan to the individual secured by the property' -
including the cost of subsequent improvements, ne-t of current encumbrances upon the property'
..Institutionat lender,, *";;-;=b;"k, .uuing, ""d
i;";';;;pt"v, *¿utttiul loan company' credit union or
personal property broXerî u ,o*p*V *Éor" prffiui Uo'in!" is as a lender of ioans secured by real
prop"rry and which r'u' 'uJi
rount i"t"iuuule in ihe amount of $2'000'000 or more'
T1;';"ses of this Investor Qualification statement' "individual. income" means adjusted gross
income, as reported for federal income ,"* po,po'""'',î'ï ãny into'n" attributable to a spouse or to property
o.wned by a spouse, in"r"ãr"ã fy ,n" ro¡o*i;g ;;;;;t-ó'"i not includins any amounts attributable to a
sDouse or to properry "*;ä;tå spouse): (i) t1e amount of any tax-"*"mp1 interest income under Section
roa or the united stut"ï lnü*¡'R"n"nt" c"d;ï;ï86'ãamended (the "code")' received; (ii)the
amounr of losses claimi ;;'; fit t"J partner in ^
lt*¡láJ partnership as reported on Schedule E of Form
10a0; (iii) any deduction .lri*"¿ foi depletion-Ñ;; Såction 611 et-seq' of the Code; (iv) amounts
conuibuted to an Individual Retirement ¿"tooniïis'd;ft"J in the Codå) or Keogh retirement þlan;
(v)alimony paid; and (vi)any elective "onoiuuaiolï*-"'"*rr or deferred ar-rangement under section
401(k) ofthe Code'
s..¡ointincome,,meansadjustedgrossincomeasreportedf"'f'"..d-ï^l]:.":metaxpurposes,includingany
income att¡ibutabre to a spouseor to property o*.å by a spouse'.increased by the following amounts
(including any amounrs attibutable to a spouse "t
ä*pö"*i 9*Tq.9J.t spouse): (i) the amount of any
rax-exempr interesr ,rro*äuï¿", Se.tion ìog ot rh; öËl",.eived, (iijthe ã*ount of losses claimed as a
limited partner in a limíted parinership ", ,"poiãaä !tlt"ãtl"
'E- of Form 1040' (iii) any deduction
claimed for depletion under Section 611 et seq.;i1i" õ.ã"' and (iv). any amount by which income from
loris-term capital gains i,ãri""" i"¿"ced in a.,iuiîtäi "¿j"tå¿ gross'income p*sutnt to the provisions of
Seciion 1202 of theCode prior to its repeal by the T"ax Reiorm Act of 1986'
1çilirin cÞ
57n'722.2
P\A-2145
Interests and has total assets in excess of $5'000'000'
(8) The Investor is a bank as.defined in Section 3(a)Q) of the Securities Act or a
'savingsandloanassociationofotherinstitutionasdefinedinSection3(aX5)(A) of trr"-s".".itirs Act, acting in its indivia¡:a| 11ti{uciary
capacity
*d subscribing f;il;-;"tchase of thã Interests on behalf of a trust account
or accounts.
(9)Thelnvestorisabrokerdea]erregi{3redpursuanttoSection15oftheUnited' States Securiti.. ex"ttanþAct of !934' as amended'
(10) The Investor is an insurance company as defined in section 2(13) of the
Securities Act.
(11) The Investor is an investment company registered under the 1940 Ac1'
defined in Section(12) The Investor' '
2(aN48) of the 1940 Acl
(13)Thelnvestorisaprivatqþusinegsdevelopm-en-tçomp4nyasdefinedinSection'202(a)(22) of th; ct of 1940' as amended'
(14)ThelnvestorisaSmallBusinesslnvestmentCol4Ban.vlicensedbytheU.S.SmallBusinessAdministrationonããffi¡o1ic¡or(d)oftheSmall
--- L^ ^-^-,{,(15) The Investor is a revocablg trqst-which may be amended or revoked at any
time by the gr*tor:Jh"r*f*ã;1i of the grantors afe accredited investors' I/
thís item 15 ¡lïäit r¿, please (i) make photocopies of (A) for eøch Srant!:
that is o, ir¿¡rldiit, the",Indivi¿ual portion" on page 5 of this section or (B)
.for "orr, gronii-rnø ¡, an institutional investor, pages 3 to 4 of this section,
and(ii)haveeachsuchgrantorcompletesuchrelevantpage(s).
(16) The Investor is
ffi Ï*tí";;;;;;;i'""¡"d¡'¡'¿uoî'th""ryan!au1!':::::,,^::,0:!:,".:,:{íi;:;:;;';""ii"iu'i¡", each equiry owner that is an institutionat investor'
.-- --- ^^-^^-l^t^
pages 3 to 4 of this S,'tion, "iA (¡Ð have each such equiry owner complete
such relevant Page(s).
51n722.2
P\A-2146
v
Individual Poñíon
IfItem(6),(15)or(16)ofrhísSection(B)ischecked'thisporríonmøyhavetobefilledin:
The individual certifies that he or she is an accredited investor because:
(1) The Investor is a director or executive officer6 of the Fund or the General
' Partner.
(2) The Investor has an individual net wotth, or combined with his or her spouse has
a combined net worth, in excess of $1,000,000. ("Net woñh'\ is defined in
footnote 3 above.) ':(3)Thelnvestorhadindividualinc^ome(exclusiveof_alYincomeattributabletohis
or her spouse) of',,'ãr" than $200,000 in each of the two most recent years or '
joint incom" *itft hi.;r h;t spouse in excess of $300,000 in each of those yeafs'
and the Investor has a reasonable expectation of reaching the same income level
in the current v"*. -c,í"¿¡rídual.
iicome" is defined in footnote 4 above and
"ioint íncome'; i, de¡)'n"d' in footnote 5 above') ,'
(C) SECTION (3XcXl) INVESTMENT COMPANY:
section 3(c)(1) ofthe 1940 Act excepts from registralíon any issuer (í) the outstanding securítíes ofwhìch
are owned by not more than 100 Uà"¡ciat o-i"u and (ii)it ¡dt ¡t not engaged ín a public offering'
please check all appropriate spaces on tne ¡ottow¡ii lii'", io' pu'potts oi dercrmtning whether the Fund
iould qualífy und'er Section 3(c)(l)' ',
The Investor certífies that:
(1) The Investor
(a)
(b)
counts as one beneficial owner under Section 3(cX1) of the 1940
Act;or
counts as beneficial owners under Section 3(cX1) of the
1940 Act.
(2) The Interests do not represent mo¡e than 40vo ofthe lnvestor's assets (including
committed caPital).
(3) To the Investor,s knowledge, the Investor does not control, is not controlled by
ffieansthepresident,anyvicepresidentin'chargeofaprincipalbusinessunit,division or flrncrion, unyã,r,". officer who p".for*t-uioiicy--uking function or any other person who
performs similar policy *tkñ ft'nctioo' for ihe Fund'
5'127722.2
Pl\A-2147
and is not under corrmon control with any other Investor in the Fund. lf this
ítent 3 is unable to be checked, please specify why: .
(4) The Investor is not an investment iompany required to
1940 Act.
be registered under the
(s)
(7)
The.Investor does not rely on the exception fromthe definition of investrnent
.o,,,puny under Section Etäitf i or Section 3(c)CI of the 1940 Act. lf this item 5
is unable to be checke¿, *rá'Generol Partner will ask the Investor for addírtonal
info¡mation
The Investor was not specifically formed or recapitalized .for
the purpose of
acquiring the Interests
ïVith respect to its investment in the Fund, the Investor does not maintain a
separate investment account whereby each of its partners, shareholders, trustees
oiother owners has the right to elect not to participate in such investment' exlelt
where such election rightiequires the consánt of all persons or the consent of the
Investor'sgenera1partner(oiothercontrollingperson).
To the Investor,s knowledge, no shareholder, pafner or other holder of equity or
beneficial interests in the Investor (i) owns Inierests in the Fund, t*:"4 through
its interest in the Investor or (ii) owns interests in any other investor in the Fund'
(D) TAX STATUS:
(1) The Investor hereby cefifies that it:
(a)
(b)
is a."United States Person;"7 or
is not a "United States Person'"
(2) The Investor hereby certifies that, pursuant to u.s. Treasury Regulation section
301.770t-3,ir:
(a) is an entity disregarded as separate from its owner; or
ÑtedStatesperson,,shallhavethefol]owingmeanings9tfort!rinSection7701(aX30) of the Code and the regulations promulgated thereunderi- (i) a citizen or resident of the United
States, (ii) a U.S. partnertf"p, ittl a-Ú.S. corp-oratioi-' (¡n) uny estate (other ihan a non-United States estate'
within the meaning or s""iiin'zíO1(ax31) oi tr,, cooà¡,'(v)iny trust if a court within the united States is
able to exercise primary supervision over the administiation óf th" ttutt and one or more United States
persons have the auttro.ity iä control all substantiaiãecisions of the trust (vi) any trust which has elected to
be taxed as a trust described in (v).
51n:722.2
PM-2148
(b) is not an entity disregarded as separate from its owner'
the owner a "United States person"'If item @X2Xa) is checked, is
as defined above?
Yes No
(3) The Investor hereby certifies that it is:
(a) an entity exempt from U'S' federal taxation under
I LL ^ l1^Aõ.
Section 501(a) of the Code;
Section a08(e) of the Code; or
Any other Provision of law'
or
not an entity exempt from U'S' federal taxation'(b)
(4)ThelnvestorunderstandsthatifitisaUnitedStâtesperson(oradisregardedentity owned by a United States p""ãnj'
'h" I"u"stot (or its owner in the case of
a disregarded entiry) must submir " iuíry completed and executed Form w-9 to
the General Partner' '
anon-United States corporation' non-United(5) The Investor understands that if it is
states partnership or orher non-unit;J states entity (or a disregarded eniity
owned by a non-Ùnited states p"rroni, ít" Investor (òr its orvnef in the case of a
disregarded entity) should -*9=1it"fft "ompt"tàa
and executed Form W-
8BEN, *-8ECI,.w-BIMy or w-sEiii"i.ppÀptiate) to the General Partner to
' claim an' exemption from: fal US" inior-àtio" rgportin-g- ^and' 'back-up
withholding, (b) u.s. withholding t^* ón portfolio interest, (c) u's' withholding
mx on U.s. ,o'í""1n""" or dividend und"t any applicable income tax treaty'
(d) u,s. wirhholding rax becaus" ii"o*" is "-tr"õiiu"ly
connected with the
conduct of a U'S' irade or Uu'i""" or (e) U'S' withholding tax because the
recipientis,'"."-"-p'non-Unitedstatesgovernmentorinternationalorganization'
(6)Thelnvestorunderstandsthatifiti,sactinginatrustee,executororfîduciarycapacity, it sr,out¿ consult the instructions õ Forms w-8 and w-9 to determine
which form(s) to submit'
(7)Thelnvestorherebya-gleesthatifanyinformationh¡ryinchanges,thelnvestorwill notify ,t," c"ná.uiparrner *ithin'oo days thereof' -The
Investor understands
that the ,o ,Jp*'""ìátiãn' una ïopuyer I'D' 1u1ber contained herein are
provided llnorr'f-ffi of perjury án¿ *uv be disclosed to the united states
sry122.2
Pt{t-2149
Internal Revenue Service by the Fund_ and that any false statement thereof could
be punished by fine' imprisonment or both' :
''''.(E) ERISA MATTERS:
r.--t-t^\.Thte Investor certiftes thøt Qtlease check íf applícable):
(1)Thelnvestoris,orisactingonbe!r{{'oof,a..benefitplaninvestol''(assuchtermisd"nn"ãin zg c¡'n' $ 2s10'3-101(Ð(2)'"
(2) The Investor is not, T1': 1o13:t:1g:l l:l:ll of' a "benefit plan investor" (as such
term is defined in Zg C'f'n' $ 2510'3-101(Ð(2)'
sA.,benelitplaninvestôr"includes,withoutlimitation'qualifiedletirementplanssubjecttoERlsAandemployee
benefir plans and arrangements not subject to ERISA, t"ärtit g";mental plans' churcír plans' foreign plans' Keogh
pi-t *a lnaiuidual retirement accounts'
57z',1'122.2
PM-2150
@
SETlOF2'
Yrfn
PAGE MILL PROPERTIES II, L.P'
SUBSCRIPTION A GREEMENT AND INVESTOR
ouÃiincATloNsrÁfm,mNTSIGNATI.]REPAGE:
IN V/ITNESS WHEREOF, the Investor has executed this subscription
Agreementun¿rniJt"o,Q*rin*tionSiatem"ntonthedatesetforthbelow
By:
Date:
Amount of Commitment: $(lJ'S').
tpfãt"-fype or Print Name of Investor)
Signature
(PI""* Typ" "r
Print Name of Signatory)
Tirle:
Natne of Trustees or Other Fiduciaríes Exercísíng Investment';; ;;;í"; iirh n"'P'"t to B eruefit
:"" .o'
rrust
Signature Printed Nørne Title
v5127722.2
Pltl-2151
SFjT 2OF2 : .
PAGE MILL PROPERTIES II' L.P'
SUBSCRIPTIONAGREEMENTANDINVESTOR.':..''Qual,in'tcarloN sr¡'rnwNT sIGNATtiRE PAGE
INWITNESSWIIEREOF,theInvestorhasexecutedthisSubscription.agr"enänt unji;r"*t qu^ulifirution starement on the date set forth below ,',
,.:
By:
Narne of Trustees or Other Fiducíaríes Exercising Investment'nlr"rttioo
wíth Respect to Benefit Plan or Trust
Sìgnature Prínted Name
Date:
Amount of Commitmenü $(u'S')
eñt" Type or Print Name of Investor)
Signature
@ryp. or Print Name of SignatorY)
Title:
TitIe
tr572'7',|22.2
P\ll-2152
SETlOF2
)
)
ACKNOWLEDGMENT
ss.:State of .
CountY of
On this daY of 2006, before me personally appeared
who executed the foregoingwho proved to me on tft"J^it ofãtisfactory evidence to be the per
insnument in his/rrer aï,hffii;;;;;iq', ;9ï1'9 a"v-Ty:^Ï::.is:1.:o -" that execution or the
#i#'#:#:ää;;""ã ¿".¿ aná made with appropriate authoritv'
My Commission ExPires:Notary Public
lSeall
Nonry:ptrorrcompletestate,couttty'd'arcandnamet:!":':":t::ssígníngandffinotarialseal'======== = ========== ========= == ===== ==== ====-- = = = = = =
For Fund Use 0nlY
Do not write below this Point
The subscriptiou is hereby accepted in the amount set forth
;;;;d "tä Li-it"a Partner as of ;
below and the investor is herebY
Accepted Commìtment Amount $(U'S') :GENERAL PARTNER:
PAGE MILL PROPERTIES tr GP, LLC'
a Delaware limited liability company
By:Nãme: David A' Taran
Title: Authorizedsignatory
572'7722.2m
PM-2153
SETlOF2
F{IND:
PAGE MILL PROPERTIES U, L'P.
J tr GP, LLC,BY: PAGE MILL PROPERTIE5
Its General Partner
By:: Name: David A' Taran
Title: Authorized SignatorY
5127'722.2IV
Pl{l-2154
SET2OF2
ACKNOWLEDGN{ENT
I staæ of )ss.:
.. County of )
'. ' ' ' I
On this ' day of
-,2006,before
me personally appeared
'''...''...''..*r'op,odencetobethepersonwho; instrumenr in his/her authorizei cõ;;itt, tig *P dulv acknowi:.1*-:" me that execution of the: " '""*":^îil,t;;;ir;;; and deed aná made with appropriate authority.
, ... J ,l
' :-, : MyCommissionExpires:...,, ,..,,. Notary Public
. . .-'. :1 .
...;' ',,. tse4li.. ':'.: j
nes of all persons sìgning anà ffix notarial seal-.:Notary:Pleasecompletestate'county'dateandnan
- é - = = == == = = = = = = = = = = = = = = = = = = = = = == = == == = = = = = = = = = = =':.
.
For Fund Use OnlY
Do not write below this Point
, - The subscription is hereby accepted in the amount set forth below and the investor is hereby
: admitted ""ã Limit"d Partner as of
ÇE\ERAL PARTNER:
PAGE MILL PROPERTIES tr GP, LLC,
a Delaware limited liabiiity comPany
By:Nâme: David A. Taran
Title: AuthorizedSignatory
Accepted Commitment Amount $(U'S')
v5'1271222
PM-2155
SET2OF2
FUND:
PAGE MILL PROPERTIES tr' L'P'
BV: PAGEMILLPROPERTIES II GP, LLC,
Its General Partner
By:Name: David A. Taran
Title: Authorized Signatory
c
s'\27722.2VI
PM-2156
Þ LIMITED PARTNER SIGNATIJRE PAGEm^TO
,..AMENDEDANDRESTATEDAGREEMENToFLIMITEDPARTNERSHIP^'*:::.^.:::-,- that effective as of the date of itsj By its signature below, the undersigned hereby "fl."t:: admission ro page Mill properties II, L.P. ithË;'n'un*) .i u fi*it"¿ Partner it shall (i) become a party
. to the Amended and Restated egr"r*"niîi I-j*iæi Partnership of the Fund' as the same may be
amended, restated or supplemented from d;;;tit"" in accordance with the provisions thereof (the
,Fund Agreement"j."á Ol be bound UV t..ñt"¿ every ter* und provision of the Fund Agreement'
Amount of Commitment: U'S' $
þefrurt .ffne Name of Limited Partner)
By:Signature
Gúffi; ,t Print Name of SignatorY)
Date:
======== ==== --e = == = ==== ==== ==== ==== = =
ACKNOWLEDGMENT
). ss.:
)
On this day of 2006, before me personally appeared
Title: :
======= === = =
State of
County of
whoprovedtomeon.perSonwhoexecutedtheforegoinginstrument in his/her u"if,ã,i'"¿ capacity, "ig
*lg duly acknowLlq:1.:" me that execution of the
same is his/her o*n fr"" "f and deed aná made with appropriate authority'
My Commission ExPires:Notary Public
lSeaI
Notary: Please Complete state, county, date and names of aII persons sígning and affix notarial seal'
5727722.2VII
P\A-2157
SET2OF2,.
PAGE MILL PROPERTIES II, L.P.
LIMITED PARTNER SIGNATI]RE PAGE . :
TO . -'AMENDED AND RESTATED AGREEMBNT OF LIMITED PARTNERSHIP
:
By its signature below, the undersigned hereby agree-s that effective as of the date of its
admission to page tøitifrãperties II, L.P. (thã'Fund") ai a Limited lartner it shall (i)bscorne a party
to the Amended and Restated Agreement of Limited Partnership of the Fund' as the same ryy. Þ"
amended, restated o, ,upftr*"ntãd from time to time in accordince with the provisions thereof (the
,1rund Agreement"l *ã'Ciii u"tound by "u.h
and "u"ry
,.t- and provision of the Fund Agreement
Amount of Commitment: U'S' $- Date:
(Pl"u*" Type Name of Limited Partner)
Signature
1ff"ut" fype or Print Name of Signatory)
Title:
State of
County of
On this day of 2006, before me personally appeared
B
)ss.:
)
who proved to me on tf'," ¡^itif sutirfu"tory *id"-n* to be the person who execu-ted the foregoing
instrument in his/her authorized capacity, and who duly acknowiedged to me that execution of the
t"*" it his/trer own free act and ¿eeã aná made with appropriate authority'
My Commission ExPires:Notary Public
ISeal]
Notary: Please complete state, county, date and names of all persons signing and affix notarial seal'
5'12'7722.2Vil
PM-2158
ÞEXHIBIT A
PRIVACY POLICYOF
PAGE MILL PROPERTIES II, L.P.
' we at pAGE MILL pRopERTIES tr, L.P. (the "Fund") are concerned about
the privacy of our investors. This notice ;*Ñ;; the Fund's policies and practices with
respect to the treatment of nonpublic personal information that we acquire about our
investors. The provisions of this policy uppfy io luo"nt and former investors in the Fund and
are subject to change.
1 We collect nonpublic personal information about investors from the following sources:
...-'...Informationreceivedfromyouinsubscriptibndocumentsandotherforms;':
.InformationaboutyouÎtransactionswithusandouraffiliates;and)nsumer rePorting
':.Informationaboutyouthatwemayreceivefromaclagency regarding your credit status'
:luding in-Person discussions'This information may be received in any manner' ln(
,"r"pnon"'"o"".r*ion, and älectronic or other written communications.
2. We do not disclose any nonpublic personal information about the Fund's investors to
anyone other than the Funã's affiliates *iifrou, permission'.except as required or permitted
bv law. The excepiions include third partie, ,hut assist the Fund in providing you with
;ñ;;, tu"r, u* a broker or accountant'
ss to nonpublic personal information about you to those employees and
agents who need to know thæ informuti"n in ãi¿er to provide services to you' We maintain
ohvsical, electronic -unã
p.o""aurat safeluards that cõmply with applicable regulations to
iuát¿ your nonpublic personal infor¡nation:
4. We will continue to adhere to the policies and practices described in this privacy notice
with respect to infoilãti* if,u, *" ¡uu" acquired ãbout you' even if we no longer provide
services to You.
5. we reserve the right to change these policies and pfac.tices at any time and will provide
you with a norice ae-säuing theîevised poìi"i"r. In aädition, the Fund's privacy policy will
6" ,"nt to You annuallY'
IfyouhaveanyquestionsabouttheFund'sprivacypolicies,pleasecallDavidA.Taran at (650) 833-3800'
11Aa1'r) 7
PM-2159
PAGE MILL PROPERTIES II, L'P.
Subscription Documents
For InstitutÍonal Investors
GeneralPartnen
Page Mill Properties tr GP; LLC1900 UniversitY Avenue, Suite 201
EastPalo Alto, CA 94303(6s0) 833-3800
5T7rm2
P M-21 60
PAGE MILL PROPERTIES U, L.P.c/o PAGD MILL PROPERIIES n GP, LLC1900 ITNTVERSTTY AVE¡IUE, SrIfrE 201
EAST PALO ALTO, CALTT0RNIA 9430ß
Juty_-- 2O06
Califonaia hblic Employees' Retir€melrt Syste'm
Lincoh Plaza East '
400 Q sFeet, suitep+800Sacramenø,CA 95814
Rc: PageMill Pngperties It L.P.
Ladies and Gentlenaen:
This letteragrcerrcnt (thie 'I,sttËr-Ag¡@cilf) isbeinge,nteredinto in connectionwiththepurchase by CaliforniaPublic F.mFloiees' Retireme,nt S)'ste,m (the "Eggqlpll or þ') of¿limitedpar1¡€rshþ int€rÊst ín Page Mill Propertier tr' L.P., a Delawæe linited pa¡ürcrship (the;tæ@!g'). Inrecognitionofthevalueofthelnvesto¡'sroleasaleadinvestorinüeParhership'an¿ foi other good and valuable consid€ratioq the receþt and sufficiãrcy of whích is hcreby
acknorüledged, Page Mill ho'perties tr GP, LLC, as the sole general patner of the Partnenhip (tho
:ççggdf@g'), does hereby agreewit.the Iavestor, onbebalf ofits€lf ândtbe Partnerthip, as
follows (capitåtiz€d t€nns not defined herein having the meaqíngs set forth in the Amendcd and
RestatËd Ageement pf Limited Parbership of the Parbership dat€d as of July 26,2æ6 (aÅ
amended, suppte,meoted or.otherwise modified, the'@):
1, Most Favored Nations, For so long as you are a Limited Partner, any provision ofalry side letter, tnendúe,tt, modiffcation or agree,me,lrt to whic'h the Gener¿l Parfuer, the Partnersbip
ormyother Parallel lnvesme,lrtVehicle orAlternative InræsünentVehícle, onthe one hrod, and
any Limited Þrymer or limited partn€r or oth€r equity holder ín my Parallel Invesûnent Vehicle orAúcrnativelnvesfr€ntVehicle,ontheotherhæd,is apartyr orofwhichanylimitedPætneristhebe,rreficiary (a "gdglettd), preseartly or at any time in the future tbat hæ the eff€st of Êshblishing
rigþts or õtle"wise beneñting such Limited Parher, limited paÍn€,r or other equity holder withratpeot ûo such parüt€ds or equity hotder's interest in the P+rhership or such Pr¿llel Invesünelrt
VelicleorAlternativelnveshentV6friq[e iû¿mlrmermore favorable inanyrcspeCtthaulhedgbb
and benefits established.in favor of you by tho Partnership Agreemeirt or this Iætter Agre€,ü€nt withrespect to Irour iuterest in the Partnershþ or any Aftemative Invasffieirt Vehicle, shalt become prtof your agreernelrt with the Gfler¿t Pffier and the Pattrership with rcrpoct to yoru interest in the
Partnership or any Alte'rnative Invd'heirt Vehicle, for your benefit (other thm additiøal dghts
Ptvt-2161
PAGE MILLS PROPERTIES II, L.P.
The Page Mill Properties ll Opportunity Fund was opened on July 28, 2006 and
the purþose and scope of the investment is as follows:
o To make long term investments in value enhanced core, challenged core,
and development assets within 11 targeted technology driven markets
across the Únited States. The Fund's goal is to target Core-Plus
investments to create value through focus on repositioning, re-
development or conversion along with actual development of real estate
assets.
Plll-2162
, .,a
t¡
CTFY
PAGE MILL PROPERTIES II, L.P.
Subscription Documents
For Institutional Investors
General Partner:
Page Mill ProPerties tr GP, LLC1900 UniversitY Avenue, Suite 201
East Palo Alto, CA 94303(6so) 833-3800
s1n722.2
PM-2163
(2)
(3)
(1)
PAGE MILL PROPERTIES II' L.P.
INVES TMENT PRO CEDIJRES'
Prospective investors should complete the attached (i) Subscription Agreement
an¿'(ii) Invesror Qualification Staiement, Prospective investors should direct all
qu",ìión,andsendthecompletedoriginalaiongwiththetwocopiesojtheSubscription Agreement and Investor Qualification Statement Signature Pages
(which must bL notarized), and the two Signature Pages (which must be-
notarized) of the Amended and Restated Agreãment of Limited Partnership of
Page MiliProperties II, L.P. (the "Fund") to Page Mill Properties II GP, LLC (the
"Gãneral Partner") at the address below so that the General Pmtner ma{
detérmine whether the prospective investor is etigible to subscribe for limited.
partnershiP interests :
Page Mill ProPerties II, L'P.c/o Page Mill ProPerties II GP, LLC1900 UniversitY Avenue, Suite 201
East Palo Alto, CA 94303Attention: David A. TaranTel: (650) 833-3800Fax: (650) 688-6820
upon acceptance of the subscription, a copy of t¡." executed subscription
A^greement ãnd Investor Qualification Statement signed by the General P*""-t: 1:
aciepted on behalf of the Fund, will be retumed to the investor as soon as ls
3ht, in its sole and
practicable.
The General Partner, on behalf of the Fund, will have the ri¡
absolute discretion, to accept or reject this subscription for any leason or no
reason in whole or in part unã at any time prior to acceptance thereof'
57n722.2
P\A-2164
PAGE MILL PROPERTIES II, L.P.
ST]BS CRIPTION A GREEMENT
Page Mill Properties n, L.P.c/o Page Mill ProPerties II GP, LLC1900 University Avenue, Suite 201
East Palo Alto, CA 94303
Ladies and Gentlemen:
The offer and sale of limited partnership interests (the "Interests") in Page Mill
Properties II, L.P., a Delaware limite¿ partnership (the "Fund"), to each investor (the
,,Investor") is not being registered under the United States Securities Act of 1933' as
amended (the "securitiJs Aãt"¡, but rather is being made privately by the Fund-pursuant
to the private placement exemption from registration provided in section 4(2\ of the
Securities Act ãnd RuÍe 506 of Regulation D ("Regulation D") promulgated thereunder
UV ,f," United States Securities and Exchange Commission on the basis of the
Confidential Private Placement Memorandum of the Fund, as the same may be updated
or modified from time to time (the "Memorandum").
''The information requested in this Subscription Agreement and Investor
Qualification statement is needed in order to ensule compliance with the appropriate
rÈgUlations and to determine (i) whether an investment in the Fund by the Investor is
suîtable in light of the Investor's financial position, (ii) whether the Investor meets certain
minimum financial tests to be deemed an "accredited investor" as defined in Regulation
D and has such knowledge and experience in financial and business matters that it iscapable of evaluating the merits and risks of the investment and (iii) how to tfeat the
Iniestor for puqposes-of Section 3(cX1) of the United States hvestment Company Act of
1940, as amended (the "1940 Act").
The Investor also understands and agrees that, although the Fund will use its good
faith efforts to keep the information provided in the answers to this Subscription
Agreement and Invãstor Qualification Statement strictly confidential, the Fund may
prãsent this Subscription Agreement and Investor Qualification Statement and the
information provideùin un.wèrs to it to such parties as it deems advisable if called upon
to establish the availability under any applicable law of an exemption from registration of
the Interests or if the contents thereof are relevant to any issue in any action, suit, ot
proceeding to which the Fund is a party or by which it is or may þe bound' The Investor
ägr"", thaîthe Fund may disclose ihe investor's status as an investor in the Fund to third
parties.
The Investor realizes that this Subscription Agreement and Investor Qualification
Statement does not constitute an offer by the Fund to sell the Interests but is merely a
request for information.
5'127722.2
PM-2165
To induce PAGE MILL PROPERTIES II GP, LLC (the "Geneml Partner"), on
behalf of the Fund, to accept this subscription, the Investor hereby aglees as follows:
I. ST]BSCRIPTION FOR AN INTEREST.
(A) The Investor agfees to become a limited partner of the Fund (a."Limited fartner')
and in connection therewith subscribes fbr and agrees to purchase an Interest in'
and to make capital contributions to, the Fund in the. aggregate amount set forth,on the subscription Agreement and Investor Qualification statement signature
r"g" artached hereto oã the terms provided for hereinl Td i.Lth".Amended and
Restated Agreement of Limited Partnership of the Fund (the "Fund Agreement")'
The minimum initiat commitment is U'S' $10 million' The minimum initial
comrniûnent is subject to reduction or waiver by the General Partner, in its sole
and absolute discreiion. The Investor agrees to, and understands, the terms and
conditions upon which the tnterests -*"
U.ing offered, including, :without
ii*i,u¡on, ttre ¡st< factors referred to in the Memorandum.
(B) The Investor understands that it is not entitled to cancel, terminate or revoke this
subscription of any agfeements of the Investor hereunder. The Investor
understands and agrles t-nat the General Partner reserves the righ!, irt its sole and
absolute discretion, to reject this subscription for an Interest for any reason or no
reason, in whole or in pa't and at uny ii¡1" prior to acceptance thereof' In the
event áf rejection of this subscription, the tendered funds, if any, will be promptly
returned to the Investor without deduction along with this Subscription
Agreement and Investor Qualification Statement, and this Subscription
Agreement and Investor Qualifìcation Statement shall have no force or effecr
II: PAYMENT BY THE INVESTOR
The Investor agrees to remit the amount set forth on the Subscription Agreement
"rã în"6,or õualification Statement Signature Page attached hereto, in such
;"r"r"ents, at ìuch times and in such mãnner as is determined by the General
Partner puruuant to the Fund Agreement'
UI. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
INVESTOR
(a) The Investor has (i) received, read carefutly and understands the Memorandum
outlining, among àiner tt ings, the organization and investment objectives and
policies of, and-the risks and "*p"nr* of an investment in, the Fund and (ii)
consultgd the Investor'S own utto*"y, accountant or investment advisor with
respect to the investment contemplated hereby ana i1s
suitability for the Investor'
Any special acknowledgment set foÉh below with respect to any statement
contained in the Memorandum shall not be deemed to limit the generality of this
representation. In addition, the Investor acknowledges that the Investor has been
giìen the opportunity to (i) ask questions and . receive satisfactory answers
concerning ihã t.r-r- and conditions of the offering and (ii) obtain additional
5727722.2
PM-2166
(B)
information in order to evaluate the merits and risks of an investment in the Fund
and to verify t¡" a"cuiacy áiift" information contained in the Memorandum' The
Investor acknowledg", túu, in making a decision to subscribe for an Interest' the
Investorhasre]ied."r"lvuponthe-Memorandum,theFundAgreementandindependent investigatior,í
'oå¿. by the Investor and its attorney, accountant and
investment advisor. The Investoris investment in the Interest is consistent with
theinvestmentpurposesandobjectivesandcashflowrequirementsoftheInvestor and witl noi uan"tt"íy affect the Investor's overall need for
ãiversitication and liquiditY.
The Investor has such knowledge and experience in financial and business matters
that the Investor is capable oievaluating the merits and risks of the Investor's
investment in the fnterästs and is able to bear such risks, and has obtained' in the
Investor,s .¡uagment, sufficient information from the Fund or its authorized
representatives to "uäluur"
the merits and risks of suCh investment' The Investor
has evaluated the ¡rtr "t investing in .the Interest and has determined that the
Interests are a suitabl" investment fõr the Investor. The Investor understands that
(i) substantial restrictions will exist on transferability of the Interest' (ii) no
market for resale of uny Interest exists or is expected to develop, (iii) the Investo¡
-uy no, be able to hqúidate its investment in the Fund, and (iv) any instruments
representing an Intereï orty ot may not bear legends to that effect lestricting the
transfer thereof. T.fre Invesior further understands that an investment in the Fund
entails a high degree of risk and understands fully the risks associated with the
;;;;";"íthe Fund and the Investor's investment in the Fund
tands that an investment in the Interest is highly speculative
and rnay result in a complete loss of its investment. The Investor can afford a
;;tiJ" loss of the iniestment in the Interest and can afford to hold the
investment in the Interest for an indefinite period of time, and acknowledges that
distributions fnay be paid in cash or in kind'
The Investor is acquiring the Interest subscribed for herein for its own account'
for investment purposes only and not with a view to any distribution, resale'
subdivision o. fra.iionulizatión thereof in violation of the Securities Act or any
;;h", õ;ìt.u¡1" u.s. or non-U.S. securities law, and the Investor has no present
plans to enter into ány "onourt,
undertaki ng, agfeement, of afrangement for any
suchdistribution,resale,subdivisionorfractionalization'
The Investof represents that all registrations, declarations or filings with' or
consents, ti""nr"s, upp."uft o' '*thoti"ations of' any legislative body'
governmental departmånt or other governmental. authority, necessary or
appropriate in connection with its invest-ment in the Fund have been obtained or
complied with.
(c)
(D)
(E)
<1a11A1 1
P\A-2167
Cn) The Investor acknowledges and agrees that, based in part upon its representations
and warranties contained herein and in reliance upon applicable exemptions, no
Interest has been, or will be, registered under the Securities Act or the securities
laws of any other U.S. or non-U.S. jurisdiction. Accordingly, except as provided
in the Fund Agreement or any side letter Or other agreement entered into between
the Fund and ãny Investol, the Interest may not, directly or indirectly, be offered
for sale, sold, plédged, hypothecated, tiansferred, or otherwise disposed ofby the
Investor without thi prior written consent of the General Partner, which may be
withhejd in its sole and absolute discretion, and unless such disposition is incompliance with all applicable laws, including, but not limited to, the U.S. federal
tax ãnd securities laws. The Investor acknowledges that it has been advised that
the Fund has no obligation and does not intend to cause any Interest to be
registered under the Seiurities Act or any other securities laws or to comply with
any exemptíon under the Securities Act -o,
uny other securities law which would
pennit the Investor to sell the Interest.
(G) The Investoi understands that the Fund will not register as an investment
company under the 1940 Act and, that for purposes of the provisions of Section
¡(c)if ) thereof, does not presently propose to make a public offering of itssecurities within the United States.
(H) The Investor agrees and is aware that no United States federal or state agency of
anyfindingsordeterminationastothe.fairnessofthisinvestment'
(I) The execution, delivery and performance by the Investor of this Subscription
Agreement, the Investoi Qualification Statement, the Fund Agreement, and such
other agreements, certificates or instruments are within the powers of.the Investor,
have been duly authodzed, executed and delivered and will not constitute or result
in a breach or default under or conflict with any order, ruling or regulation of any
court or other tribunal or of any governmental commission or agency, or any
agreement or other undertaking, to which the Investor is a party or by which the
Investor is bound and will not violate any provisions of the incorporation papers'
by-laws, indenture of trust or partnership agreement, as may be applicable, of the
Investor. The Investor is in compliance with all applicable laws; including, but
not limited to, the U.S. securities laws. The signature on this Subscription
Agreement, the Fund Agreement signature pages and Investor QualificationSiatement is genuine and the signatory has been duly authorized to execute the
same, and this Subscription Agreement, the Fund Agreement and the Investor
eualification Statemeni constitutes a legal, valid and binding obligation of the
Investor, enforceable in accordance with its terms.
The Investor acknowledges and agrees that the General Partner and Page MillAdvisors II, LLC, the investment advisor of the Fund (collectively with the
General partner, "Page Mill") have the exclusive pov/er and sole and absolute
(J)
5727722.2
PM-21 68
(K)
(r)
CM)
discretion to make all investment decisions on behalf of the Fund in accordance
with, and subject to, the terms of the Fund Agreement. Accordingly, the Investor
understands that legal counsel to tbe Fund, to Page Mitl and to any of their
affiliates will not bã representing investors in the Fund, including the fnvestor,
and no independent counsel has been retained to represent investors in the Fund-
The Investor understands and agrees that it will not make any oral or written
representations or communications to any third Pafty regafding the Fund, Page
llitt or any of their affiliates, including but not limited to representations or
communications in confidential marketing documents or presentations, unless the
Investor receives prior written approval of such representationS or
communications from the General Partner or such information is required to be
disclosed under applicable law or regulation.
The Investor agrees to supply the General Partner with such other facts, as from
time to time are deemed necessary or desirable, in order to ascertain that no
violation by the Fund will occur of any securities laws of the United States or any
other relevant jurisdiction, including the Securities Act, the 1940 Act and the
United States Investment Advisers Act of 1940, as amended.
The Investor agrees to execute and deliver any documentati'on reasonably
requested by the General Partner in connection with any financing by the Fund
unå uny "rrign*"trt
by the Fund as security for such indebtedness of the right to
requirethe Investor to make capital contributions, including any acknowledgment
by which the Investor would agree to acknowledge and be bound by sUch
assignment and to provide financial information to any applicable lende¡ as
reasãnably ,"qu"rt"d, provided that the execution or delivery thereof would not
cause the-Inueitot to b" in violation of, or require the Investor to take any action
prohibited by, applicable law.
ADDITIONAL REPRESENTATIONS, \ryARRANTIES AND COVENANTS
OF THE II{VESTOR.
The Investor was organ ized or incorporated under tlle laws of the jurisdiction set
forth below its name on rhe first page of the Investor Qualification Statement and
has no present intention of altering the form or jurisdiction of its organization or
incorporation.
Except as otherwise specified on the Investor's Investor Qualification Statement,
no part of the funds to be used to purchase and hold the Investor's Interest or to
puy utty portion of its commitment constitutes an asset of any employee benefit
ptãn roUJ".t to Part 4, Subtitle B, Title I of the United States Employee
È.etirement fncome Security Act of 7974, as amended ("ERISA")'
w.
(A)
(B)
5127'122.2
P M-21 69
(c) Except aS otherwise specified on the Investor's Investor Qualification Statement'
if the Investor iS, or is acting on behalf of, a "benefit plan investor" (as such term
is defined in 29 C.F.R. $ãSfO.g-fOf(Ð(2)) or if the Investor is a collective
investment vehicle, the plan participants or plans participating therein, as the case
may be, afe not permlttea to decidè whether or how much to invest in particular
investment alternatives
The Investor understands that the tax rules relating to its Interest are substantially
more complex and may not be as favorable as investing in securities directly'
The Investor is aware that the Fund intends to engage in transactions that may
result in the recognition of "unrelated business taxable income" upon which
certain investors who are normally exempt from U.S' federal income tax would be
taxable.
The Investor is aware that in any given year it may have substantial taxable
income attributable ro the Fund evln though the Fund did not make distributions
to it. The Investor is further aware that (it a transaction undertaken by the Fund'
or a tax accounting rule applicable to the Fund, may give rise to an allocation of
taxable income to a Limited Partner in an amount greater than the amount of
income that the Limited Partner would consider itself to have eamed as an
economic matter, (ii) such "phantom íncome" often may be reversed only with a
corresponding deduction o1. loss in a later year and (iii) any such loss may be a
capitaÎ loss that may not be used to offset ordinary income'
GENERAL
The Investor agrees to indemnify and hold harmless the Fund, Page Mill, any of
their affiliates, any selling ug"nifot the Fund, their respective officers, directors'
employees, managers, *"-b"rt, managing members' -^and
agents' including'
*itî1out limitation, (i) any person or entity that is an officer, director, member,
manager, managing membãr, partner or shareholder in any such party, or any
foroã or entitftnãt, directly år indirectly through ong_or more limited liability
companies, purtn"rri,ipr oi oth"r entities, is an officer, director, member,
manager, managlng member, partner or shareholder in any such party (each a
"Constituent Member"), (ii) any person who serves as an advisor or consultant to
the Fund or Page Mili, ànd (iiii eacn other person, if any' who controls or is
conrrolled Uy rw thereof within the meaning of Section 15 of the Securities Act
(each an ,,Inãemnitee"), against any and all loss, liability, claim, damage, cost and
È*p"nr" whatsoever qinctuOing, but not limited to, legal fees and disbursements
unä uny and all otheì expensel whatsoever reasonably incurred in investigating,
pr"p.i"g for or defending against any litigation, arbitration proceeding, of ofher
ä.,¡n or-proceeding, "ooirrtãced
or t|reafened, or any claim whatsoever) ""^ttlg
out of or in conn"ótion with, or based upon of resulting from, (x) any false
representation of wafïanty or breach or failure by the Investor to comply with any
(D)
(E)
(Ð
v.
(a)
s727722,2
P\A-2170
covenant or agreement made by the Investor in this Subscription Agreement, the
Fund Agree*ãnt utrd Investor Qualification Statement or in any other document
fumisheã by the Investor pursuant to any of the foregoing in connection with this
transaction or (y) any actiõn for securities law violations instituted by the Investor
which is finally resolved by judgment against the Investor'
(B) Neither this Subscriprion Agreement nor the Investor Qualification Statement
may be amended, withdrawn or revoked by the Investor in whole or in part
witirout the prior written consent of the General Partner, which may be withheld
in its sole and absolute discretion. This Subscription Agreement and the Investor
. Qualification Statement are not transferable or assignable by any party hereto'
(C) This Subscription Agreement, the Fund Agreement, the Investor Qualification
Statement anã all terms and provisions thereof shall be binding upon and inure to
the benefit of, the pafies hereto and each Indemnitee and their respective heirs,
executors, adminisirators, successors, trustees and legal representatives.
(D) This Subscription Agreement and Investor Qualification Statement shall be
deemed to haìe been made under, and shall be governed by, and construed in
accordance with, the substantive law of the State of Delaware (excluding the law
thereof which requires the application of or reference to the law of any other
jurisdiction). Th; parries agree that any action or proceeding arising, directly,
indirectly or otherwise, in connection with, out of, related to or from, this
Subscripiion Agreement and Investor Qualification Statement, any breach hereof,
or any trrnru.tlon covered thereby, shall be resolved, whether by arbitration or
otherwise, exclusively with reference to the law of the State of Delaware,
Accordingly, the parties consent and submit to the non-exclusive jurisdiction of
the courts located in the State of Delaware, and also agree to submit to the
jurisdiction of rhe courts located in the County of Santa Clara within the State of
California. The parties further agree that any such action or proceeding brought
by either such pârty to enforce any right, assef any claim, or obtain any relief
whatsoever in connection with this Subscription Agreement and Investor
eualification Statement shall be commenced by such party either in the State of
Delaware or in the County of Santa Clara within the State of Califomia-
If any legal action or arbitration or other proceeding is brought for the
"nforóemeñt of this Subscription Agreement and Investor Qualification Statement
or because of an alleged dispute, breach, default or misrepresentation in
connection with any of the providions of this Subscription Agreement and
fnvestor Qualification Stut".".rt, the successful or prevailing party or parties shall
be entitled to recovel reasonable attomeys' fees and other costs incur¡ed in that
action or proceeding, in addition to any other relief to which they may be entitled-
The Investor by executing this Subscription Agreement and Investor Qualification
Statement appoints the General Partner and each of its managefs, managing
(E)
(F)
5',727722.2
P\lt-2171
members, directors and officers, with full power of substitutíon' as the Investor's
rue and ru*ror t"pt"sentative and attorney-in-fact, in the Investor's name, place
and stead to make, execute, sign, completé or col'ect, acknowledge' swear to and
file (i) the Fund Agreement, uny u*"idment to the Fund Agreement or (ii) any
other agreement or"instrument which the General Partner deems appropriate to
(A) admit the Investor as a Limited Partner, (B) effect the addition' substitution or
removal of any Limited Parlner pursuant to the Fund Agreement or (c) effect an
amendment or modification to the Fund Agreement adopted in accordance with
the terms of the Fund Agreement. This power of attorney is coupled with an
interest, is irrevocable and shall survive, and shall not be^affected by' the
subsequent tefmination, bankruptcy, insolvency or dissolution of the Investor'
(G) The Investor understands that the General Partner will inform it of whether this
subscription for an Interest has been accepted and, if so, the date on which the
Interes[will be issued (the "Closing Date")'
(H) The Investor acknowledges that the General Partnel feserves the right to reject' in
its sole and absolute discretion, this and any other subscription for ¡¡r Interest' in
whole o, in pá.t, in any order, at any time prior to the closing Date,
notwithstandini fríor r"""ipt by the undersigned of notice of acceptance of all or
. any part of the"uidersigned"s sübscription. Subscriptions are subject to allotment
before und uit.r'u"""p"tun"". If the Intefests are oversubscribed' the General
Partner will determine in its sole and absolute discretion which subscriptions, or
portions thereof, shall be accepted'
(D No waiver by any party of any breach of any term of this subscription Agreement
shall be construeäãs a waivei of any subsequent breach of that term or any other
term of the same or of a different nature'
(Ð The representations, wartanties, agfeements, and indemnification obligations of
the Investor contained in this Subscription Agreement and the Investor
Qualification Statement shall survive the execution hereof and the purchase of the
Interest and shail be deemed to be reaffirmed by the Investor at any time the
Investor makes an additional capital contribution to the Fund' The act of making
such additional capital contributions shall be evidence of such reaffirmation'
(K) The proposed investment by the Investor in the Fund will not directly or indirectly
contravene United States federal, state, international or other laws' rules or
regulations, including anti-money laundering laws, rules and regulations (a
"Prohibited Investment") and no cãpital contribution to the Fund by such Investor
will be derived from any illegal or illegitimate activities.
(L) The Investor understands that federal regulations and Executive orders
administered by the U.S. Treasury Departmentts Office of Foreign Assets Control
(,.OFAC") proúibit, among other things, the engagement in transactions with' and
51n'122.2
Pl\A-2172
(M)
(N)
the orovision of services to, certain foreign countries, territories, entities and
in¿iuiOuutt.t Th" Investor further fepresents and warrants that it is not a country'
territory, person or entity named on án OFAC list, nor is it a person or entity with
whom ä"àingt are prohibited under any OFAC regulations'
The Investor is not a foreign bank without a physical pfesence in any country that
is not a Regulated Affiliate2 (a "Foreign Shell Bank")'
The Investor acknowledges and agrees that, notwithstanding anything to the
contrary contained in anfdocumeniçincluding this Subscription Agreement, the
Fund Agreement, uny iid" letters or similar agreements), if, following the
Investof's investmentin the Fund, the General Partner reasonably believes that
the investment is or has become a Prohibited Investment or if otherwise required
Uy tu*, the Fund may be obligated lo "freeze the account" of the Investor, either
ùy prohibiting additiónal capiãt contributions, restricting any distributigns and/or
dèclining any requests to tránsfer the Investor's Interest. In addition, in any such
event, the Investor may forfeit its Interest, may be forced to withdraw from the
Fund or may otherwise be subject to the remedies required by law, and the
Investot shall have no claim against any Indemnitee for any form of damages as a
result of any of the actions dãscribed in this paragraph. The Fund may also be
required to report such action and to disclose the Investor's identity or provide
other infonnaiion with respect to the Investor to OFAC or other governmental
entities.
(O) Except as otherwise disclosed to the General Partner in writing: (i) the Investor is
not resident in, or organ ized or chartered under the laws of, (A) a jurisdiction that
has been designated 6y tlie Secretary of the Treasury under Section 31 1 or 3I2 of
the Internatioial Monåy Laundering Abatement and Anti-Terrorist Financing Act
of 2001 (the "PATRIOT gcf) as warranting special measures due to money
launderin! "on"-"*r
* (B) any'foreign country that has been designated as non-
. cooperative with international anti-móney laundering principles or procedures by
an intergovernmental group or organizaiion, such- a_s the Financial Action Task
Force on Money fruria".ing, of ,;vhich the United States is a member and with
which designati-on the United States representative to the gfouq or- organiz.ation
continues to concur (a "Non-Cooperativè Jurisdiction"); (ii) the funds used by the
Investor to make "upitut
contribuiions to the Fund do not originate from, nor will
they be routed through, an account maintained at (A) a Foreign Shell Bank, (B) a
foråign bank (other-than a Regulated Affiliate) that is barred, pursuant to its
bankiig licensà, from conducting banking activities with the citizens of, or with
t The lists of OFAC prohibited countries, territories, pelsons and entities can be found on the OFAC
website at <www.treas. gov/ofac>.
2 ,Regulated Affitiate,, means a foreign bank that (i) is an affiliate of a depositary institution, credit union
or foreign bank that maintains a physical presence ìn the United States or a foreign country, as applicable
and (ii) is subject,o rup"rnirion UyL ¡unLing authority in the country regulating such affiliated depositary
institution, credit union, or foreign bank.
95727722.2
P\lt-2173
(P)
the local culrency of, the country that jssued the license, or (C) a bank organized
or chartered under the laws of a Non-Coopelative Jurisdiction; and (iii) the
Investor is not a senior foreign political figure, or any immediate family member
or close associate of a senior ioreign political figure, in each case within the
meaning of the PATRIOT Act.
The Investor agrees promptly to notify the Fund should the Investor become
aware of any chãnge in the information set forth in paragraphs (K) through (O).
(O The Investór agrees to provide any information requested by the General Partner
which the General Partner reasonably believes will enable the Fund to comply
with all applicable anti-money laundering laws, rules and regulations' - The
Investor understands and agiees that the Fund may release confidential
information about the Investor to any person, if the General Partner, in its sole and
absolute discretion, determines that such disclosure is in the best interests of the
Fund in light of relevant laws, rules and regulations concerning Prohibited
Investments
The Investor has read carefully and understands the privacy policy of the Fund
attached hereto as Exhibit A
vI. TRUSTEE, AGENT, REPRESENTATIVE OR NOMINBE.
If the Inyestor is acting as trustee, agent, replesentative or nominee for a
subscriber (a "Beneficial Owner;'), the Investor understands and acknowledges that the
representations, warranties and agreements (including, without limitation, the
inàemnification obligations set forth in Section V(A) hereof) made herein are made by
the Investor (a) with respect to the Investor and (b) with respect to the Beneficial Owner
of the Interest subscribeã for hereby. The Investor further Íepresents and warrants that ithas all re.quisite power and authority from the Beneficial Owner to execute and perform
the obligaiions under thïs Subscription Agreement and Investor Qualification Statement.
In addiiion ro the indemnificatión obligations set forth in Section V(A) hereof, the
Investor also agrees to indemnify each Indemnitee against any and all loss, liability,
claim, damage, cost and expense whatsoever (including, but not limited to, legal fees and
disbursements and uny und all other expenses whatsoever reasonably incurred in
investigating, preparing for or defending against any litigation, arbitration proceeding, or
other action o, pro"""ãing, commenced or threatened, or any claim whatsoever) arising
out of or in connection with, or based upon or resulting from, the assertion of the
fnvestor's lack of proper authorization from the Beneficial Owner of the Interest
subscribed for treràUy to enter into this Subscription Agreement and Investor
Qualification Statement or perform the obligations hereof'
(R)
1057n122.2
Pl/l-2174
VII. ADDITIONAL INT'ORMATION AND SIJBSBQI.JENT CHANGES IN TIIEFOREGOING REPRESENTATIONS.
The General Partner may request from the Investor such additional information as
it may deem necessary to evaluãte the eligibility of the Investor to acquire an Interest, and
*uy i"qu"rt from time to time such information as it may deem necessary to detemrine
the eligibility of the Investor to hold an Interest or to enable the General Partner to
determine the Fund's compliance with applicable regulatory requirements or tax status'
and the Investor shall piovide such information as may reasonably be requested;
provided, that such information may be obtained by the Investor without unreasonable
tff"tt or expense.
Each person acquiring an Interest must satisfy the foregoing both at the time of
subscription ân¿ at all iimes ìhereafter until such person ceases to be a Limited Partner.
Accordingly, the Investor aglees to notify the General Partner promptly if there is any
change with respect to any oî the foregoing information or representations and warranties
and tã provide ih" C"nerh Partner with such further information as the General Partner
*uy r"åronably require
s72'1722.2 11
Pl{l-2175
PAGE I\{ILL PROPERTIES II' L.P.
INVESTOR QUA LIFICATION STATEMENT
I. ELIGIBILITY REPRESENTATIONS OF TIIE INIVESTOR.
(A) GENERAL INFORMATION:
' Name of Investor (Please Print or Tlpe)
Type of Investor - Please check one:PartnershiP
_CorporationLimited Liability ComPaúYTrustFoundationEndowmentEmployee Benefit PlanOther - Specify:
Mailing address if different:
U.S. Taxpayer I.D. Number
Name and Title of Person exercising investment discre-
tion for the Investor, if any (trustee or fiduciary, etc.)
Date of Subscription:
Principal Placeof Business Address:
Name Name
Steet Street
City, State, Zip Code
Attn.:
Telephonenumber: ( )
Telecopier number: ( )
Paymentby Wire:The Fund's bank should wi¡e transfer only U.S.Dollars via Fedwire to:
Bank Name
Bank Address
ABA or CHIPS Number
Account Name
Account Number
For Further Credit
Telephone number: ( )
Telecopier number: ( )
City, State, Zip Code
Attn.:
5727722.2
P\Ã-2176
Check one and complete blanks:
(1) If the Investor is an employee benefÏt plan, an endowment, a foundation, '
a corporation, partnership, limited liability company' trust or other
Iegal éntity, it is:
organized under the laws of:
has its principal place ofbusiness in:
its date of incorporation ororganization is:
and repofs its income for federalincome tax purposes on thebasis of a:
calendar year, orfiscal year ending on
(B) ACCREDITED INVESTOR STATUS:
Regulation D promulgated under the Securities Act excepts lrom regístration certain offers and sales ofseiurities if made to ;accredíted ùwestors." Please chick alt appropriate spaces on the following po?"t , . ..
indicating the basis upon wlzich the Investor qualifies as an accredited investor under Regulatíon D. '
The Investor certifics that it is an øccredited ínvestor because:
(1) The Investor is a trust with total assets in excess of $5,000,000, that was not
formed for the specific purpose of acquiring the Interests and its purchase is
directed by a sophisticated person. A "sophísticøted person" is one who has
such knowledge and experience in financial and busíness rnatters that he orshe is capable of evaluatirug the merits and risks of the prospective investment.
The Investor is a
tlI]
partnership or a limited Iiabilitv company, not formed for the specific purPose
of acquiring the Interests, with total assets in excess of $5,000,000'
(3) The Investor is an employee benefit plan within the meaning of ERISA, and
the decision to invest in the Fund was made by a plan fiduciary (as defined in
Section 3(21) of ERISA), which is either a bank, savings and loan association,
insurance company or registered jnvestment adviser. The name of the plan
fiduciary is:
5727',t22.2
P\A-2177
(4) The Investor is an employee benef,rt plan within the meaning of ERISA that
has total assets in excess of $5,000,000.
(5) The Investor is an employee_plan established and maintained bv a state, itspolitical subdivisions, or any agency or instrumentality of a state or itspotitical subdivisions that has total assets in excess of $5,000,000.
(6) The Investor is a self-directed employee benefit plan (i.e., a tax-qualifieddefined contriburion plan in which a participant may exercise control over the
investment of assets credited to his or her account) in which each participant. is an accredited ínvestor because such participant (i) has an individual net
worth,3 or combined with his or her spouse has a combined net worth, inexcess of $1,000,000 or (ii) had individual income4 (exclusive of any income
attributable to his or her spouse) of more than $200,000 in each of the twomost fecent years or joint income5 with his or her spouse in excess of$300,000 in each ofthose years, and the Investor has a reasonable expectation
of reaching the same income level in the current year. If this item 6 ischecked, please have each such participant complete the "Individual Portion"on page 5 of this Section.
(7) The Investor is a tax-exempt organization described in Section 501(cX3) ofthe Code that was not formed for the specific purpose of acquiring the
3 "Net worth" means the excess of total assets at fair market value, including home, home furnishings and
automobiles, over total liabitities, For purposes of determining "net worth," the principal residence
owned by an individual shall be valued either at (A) cost, including the cost of improvements, nêt ofcurrent encumbrances upon the property or @) the appraised value of the property as determined uPon a
written appraisal used by an institutional lender making a loan to the individual secured by the property,
including the cost of subsequent improvements, net of current encumbrances upon the property.
"Institutional lender" means a bank, savings and loan company, industrial loan company, credit union or
personal property broker or a company whose principal business is as a lender of loans secured by real
property and which has such loans receivable in the amount of $2,000,000 or more.
o For purposes of this Investor Qualification Statement, "individual income" means adjusted gross
income, as reported for federal income tax purposes, less any income athibutabìe to a spouse or to Propertyowned by a spouse, increased by the foìlowing amounts (but not including any amounts attributable to a
spouse or to property owned by â spouse): (i) the amount of any tax-exempt interest income under Sectiòn
103 of the United States Internal Revenue Code of 1986, as amended (the "Code"), received; (ii)theamount of losses claimed as a limited partner in a limited partnership as reported on Schedule E of Form
10a0; (iii) any deduction claimed for depletion under Section 6LL et seq. of the Code; (iv) amounts
conrribured to an Individual Retirement Account (as defined in the Code) or Keogh retirement plan;
(v) alimony paid; and (vi) any elective contributions to a cash or defer¡ed arrangement under Section
401(k) ofthe Code.
t 'Toint income" means adjusted gross income as reported for federal income tax purPoses, including any
income attributable to a spouse or to property owned by a spouse, increased by the following amounts
(including any amounts attributable to a spouse or to property owned by a spouse): (i) the amount of any
tax-exempt interest income under Section 103 of the Code, received, (ii) the amount of losses claimed as a
limited paftneJ in a limited partnership as reported on Schedule E of Form 1040, (iii) any deduction
ciaimed for depletion unde¡ Section 6LL et seq. of the Code, and (iv) any amount by which income from
long-term capital gains has been reduced in arriving at adjusted gross income Pursuant to the provisions ofSection 1202 of the Code prior to its repeal by the Tax Reform Act of 1986'
s727'.122.2
Pl{t-2178
Interests and has total assets in excess of$5,000,000.
(8) The Investor is a bank as defined in Section 3(aX2) of the Securities Act or asavings and loan association or other institution as defined in Section
3(aX5XA) of the Securities Act, acting in its individual or fiduciary capacity
and subscribing for the purchase of the Interests on behalf of a trust account
or accounts.
(9) The Investor is a broker dealer registered pursuant to Section 15 of the United
States Securities Exchange Act of 1934, as amended'
(10) The Investor is an insurance company as defined in Section 2(13) of the
Securities Act.
(11) The Investor is an irJvestment companv registered under the 1940 Act. .
(12) The Investor is a business development companv as defined in Section
2@)Ø8) of the 1940 Acl
(13) The Investor is a private business development companv as defined in Section
202(a)(22) of the United States Investment Advisers Act of 1940, as amended,
(14) The Investor is a Small Business Investment Companv licensed by the U.S.
Small Business Administration under Section 301(c) or (d) of the SmallBusiness Investment Act of 1958.
(15) The Investor is a revocable trust which may be amended or revoked at any
time by the grantors thereof and all of the grantors are accredited investors. ffthis itent 15 is clrccked, please (i) make photocopies of (A) for each Srantorthat is an indivídual, the "Individual Portion" on page 5 of this Sectíon or (B)
for each grantor that is an institutíonal investor, pages 3 to 4 of this Sectíon,
and (ä) lzave each such gratttor cotnplete such relevant page(s)-
(16) The Invesror is an enrity in which all of the equitv owners are accredited
investors. If this itent 16 is checked, please (i) make photocopies of Ø) þreach equity owner that is an indivìdua| the "Individual Porlíon" on page 5 ofthis SecÍion or (B) for each equity owner that is an institutional investor,
pages 3 to 4 of this Section, and (ii) have each such equity owner complete
such relevant page(s).
<1)aaaa ')
Pl\/'-2179
Individaal Portion-
Ifltem(6),(15)or(16)ofthisSecîion(B)ïschecked,thisportionmayhavetobefiIledîn:
The individual certifies that he or she is an accredited investor because:
(1) The Investor is a director or executive officer6 of the Fund or the General
Partner.
(2) The Investor has an individual net worth, or combined with his or her spouse has
a combined net worth, in excess of $1,000,000. ("Net worth" ís defined in
footnote 3 above.)
(3) The Investor had individual income (exclusive of any income attributable to his
or her spouse) of more than $200,000 in each of the two most recent years or
joint incime with his or her spouse in excess of $300,000 in each of those yeals'
and the Investor has a reasonäbl" "*p".tation
of reaching the same income level
ir ifr" curent year. ("Indívidual íicome" is defined in footuote 4 above and
"joint income" is defined infootnote 5 above')
(C) SECTION (3XcXI) INVESTMENT COMPANY:
Sectíon 3(c)(l) ofthe 1940 Act excepts from registration any íssuer (i) the outstandíng securities ofwhich
or" o.n"'íb;ni, *orc than 100 b"'n"¡:rciat o*irrt and (ü) which ìs not engaged in a public otr""!g'-Please check all appropriate ,po"", ån the following pages for purposes of deterntining wlzether the Fund
would qualify under Section 3(c)(I).
The Investor cefüfies thøt:
(1) The Investor
(a) counts as one beneficial owner under Section 3(cXl) of the 1940
Act;or
(b) counts as _ beneficial owners under section 3(cx1) of the
1940 Act.
committed capital)
(3) To the Investor's knowledge, the Investor does not control, is not controlled by
6 ,,Execufive oflicer" means the president, any vice president in charge of a principal business unit,
division or function, any other odc"r *ho p".for*t a policy-making function or any other person who
performs simila¡ policy making functjons for the Fund'
5727722.2
PM-2180
and is not under co1¡¡mon control with any other Investor in the Fund. lf this
ítem 3 is unøble to be checked, please specify why:
(4) The Investor is not an investment company required to be registered under the
1940 Act.
(5) 'The Investor does not rely on the exception from the definition of investment
company under Section 3(cX1) or Section 3(cX7) of the 1940 Act. Il this item 5
is unable to be checked, tlæ Getzeral Partner wiII ask the Investor for additional
information
(6) The Investor was not specificatly formed or recapitalized for the purpose of
acquiring the Interests
(7) With respect to its investment in the Fund, the Irivestor does not maintain a
separate ínvestment account whereby each of its partners, shareholders, Fustees
oiother owners has the right to elect not to paficipate in such investment, except
where such election.right reguires the consent of all persons or the consent of the
Investor'sgeneralpartner(orothercontrol1ingperson).
(8) To the Investor's knowledge, no shareholder, partner or other holder of equity or
beneficial interests in the Investor (i) owns Interests in the Fund, except through
its interest in the Investor or (ii) owns interests in any other investor in the Fund,
TAX STATUS:
(1) The Investor hereby certifies that it:
(a) is a "United States Person;"? or
(b) is not a "IJnited States person."
(2) The Investor hereby certifies that, pursuant to U.S. Treasury Regulation Section
(a) is an entity disregarded as separate from its owner; or
TFor purposes of this question, "United States peison" shall have the following rneaning set forth in Section
ZZOf (axãg) of the Coåe and the regulations promulgated thereunder: (i) a citizen or resident of the United
Srar;, (ii) a U.S. partnership, (iii) a U.S. corporation, (iv) any estate (other than a non-United States estate,
within the meaning of Secti,on'7701(aX3 1) of tt "
Coa"¡, (v) any trust if a court within the United States is
able to exercise pii-ury supervision over the administration of the trust and one or more United States
f".ron, have the authority to .ontrol all substantial decisions of the trust (vi) any trust which has elected to
Èe taxed as a trust described in (v).
(D)
5127722.2
PM-2181
(b) is not an entity disregarded as separate from its owner.
If item (DXZXa) is checked, is the owner a "IJnited States person",as defined above?
Yes
(3) The Investor hereby certifies that it is:
(a) an entity exempt from U.S. federal taxation under
Section 501(a) of the Code;
Section a08(e) of the Code; or
Any other provision of law.
(b) not an entity exempt from U,S. federal taxation.
(4) The Investor understands that if it is a United States person (or a disregardedentity owned by a United States person), the Investor (or its owner in the case ofa disregarded entity) must submit a fully completed and executed Form W-9 tothe General Partner.
(5) The Investor understands that if it is a non-United States corporation, non-UnitedStates partnership or other non-United States entity (or a disregarded entityowned by a non-United States person), the Investor (or its owner in the case of adisregarded entity) should submit a fully completed and executed Form W-8BEN, W-8ECI, W-8IMY or TV-8EXP (as appropriate) to the General Partner toclaim an exemption from: (a) U.S. information reporting and back-upwithholding, (b) U,S. withholding tax on portfolio interest, (c) U.S. withholdingtax on U.S. source interest or dividend under any applicable income tax treaty,(d) U.S. withholding tax because income is effectively connected with the
conduct of a U.S. trade or business or (e) U.S. withholding tax because therecipient is an exempt non-United States govemment or internationalorganization.
---- (6) The Investor understands that if it is acting in a trustee, executor or fiduciarycapacity, it should consult the instructions to Forms W-8 and W-9 to determinewhich form(s) to submit.
(7) The Investor hereby agrees that if any information herein changes, the Investorwill notify the General Pafner.within 60 days thereof. The Investor understandsthat the tax representations and taxpayer I.D. number contained herein are
provided under penalty of perjury and may be disclosed to the United States
No
5127722.2
Plll-2182
lntemal Revenue Service by the Fund and that any false statement thereof could
be punished by fine, imprisonment or both.
'
(E) ERISA MATTERS:
The Investor ceñî'fies that (please check if applicable):
(1) The Investor is, or is acting on behalf of, a "benefit plan investor" (as such term is
defined in 29 C'F.R. $ 2510.3-101(Ð(2)).'
(Z) The Investor is not, and is not acting on behalf of, a "benefit plan investor" (as such
term is defined in 29 C.F.R. $ 2510.3-101(Ð(2).
I A .,benefit plan investor" includes, ìrithout limitation, quaJifred retirement plans subject to ERISA and employee
benefit plans åod ,rrung"-.nts not subject to ERISA, such as govemmentaì plans, church plans, foreign plans, Keogh
plans and individual ¡etirement accounts.
5727722.2
PM-2183
SETlOF2
PAGE MILL PROPERTIES II' L.P.
SI]BSCRIPTION AGREEMENT AND I}IVESTOR
AUALIFICATION STATEMENT SIGNATURE PAGE
IN WITNESS WIIEREOF, the Investor has executed this Subscription
Agreement and Investor Qualification Statement on the date set forth below.
Date:
Amount of Commitment: $(U.S.
@lease Type or Print Name of Investor)
By:Signature
@lease Type or Print Name of Signatory)
Title:
Name of Trustees or other Fiducíørìes Exercísing InvestmentDiscretíoy wíth Respect to Benefit PInn or Tlust
Signature Printed Name
'I
TitIe
5'127722.2
PNÃ-2184
SET zOF2
PAGE MILL PROPERTmS II, L.P.
SIIBSCRIPTION AGREEMENT AND INVESTORQUALIFICATION STATEMENT SIGNATURE PAGE
IN W¡¡NESS WIIEREOF, the Investor has executed thi¡ Subscription ' I ' .
Agreement and Investor Qualification Statement on the date set forth below.
Date:
Amount of Commitment: $(U.S.)
(Ptease Type or Print Name of Investor)
By:Signature
(Please Type or Print Name of Signatory)
Title:
Name of Trustees or Other Fíducíarìes Exercising InvestmenlDíscretíon with Respect to Benefit Pløn or Trust
Sígnature TitIe
tr' 572'7't22.2
PM-2185
SETlOF2
' State of
; . County of
)
)
ACKNOWLEDGMENT
ùò..
On this day of ,2006, before me personally appeared
who proved to me on the basis of satisfactory evidence to be the person who executed the foregoing
. : .uT" is his/her own free act and deeà anã made with appropriate authority.
My Commission Expires:
. .: ..
ISeal]
Notary: Please complete state, county, date and names of all persons signing and affix noturtal seal.===================================-
For Fund Use Only
Do not write below this point
The subscription Ís hereby accepted in the amount set forth below and the investor is herebyadmitted as a Limited Partner as of
GENERAL PARTNER Accepted commitment Amount $(U.s.)-PAGE MILL PROPERTIES II GP, LLC,a Delaware limited liability company
Name; David A, TaranTitle: AuthorizedSignatory
Notary Public
By:
5727722.2 m
PM-2186
SETlOF2
FUND:
PAGE MILL PROPERTIES II, L.P.'
By: PAGE MILL PROPERTIES II GP, LLC,Its General Partner
By:Name: David A. TaranTitle: Authorized Signatory
IV5'12'7'722.2
P\4.2187
SET2OF2
ACKNOWLEDGMENT
State of )
County of
On this day of 2006, before me personally appeared
ing
instrument in his/trer authorized capacity, and who duly acknowledged to me that execution of the
same is his/her own free act and decd and made with appropriate authority.
My Commission Expires:
ISeal]
Notary Public
''.'Notary: Please complete state, county, date and names of all persons signíng and affix notarial seal.
=:=-
For Fund Use Onlv
Do not write below this Point
The subscription is hereby accepted in the amount set forth below and the investor is hereby
admitted as a Limited Partner as of
GENERÄL PABTNER: Accepted Commitment Amount $(U.S.)-
PAGE MILL PROPERTIES II GP, LLC,a Delaware limited liability company
By:Name: David A. TaranTitle: AuthorizedSignatory
V5727722.2
PM-2188
SET2OF2
FUND:
PAGE MILL PROPERTIES II, L.P.
By: PAGE MILL PROPERTIES tr GP, LLC,Its General Partner
Name: David A. TaranTitle: Authorized SignatorY
By:
5727722.2 \rI
PM-2189
SET 1OF2
PAGE MILL PROPERTIES II, L.P.
LIMITED PARTNER SIGNATURE PAGETO
AMENDED AND RBSTATED AGREEMENT OF LIMITED PARTNBRSHIP
By its signature below, the undersigned hereby agrees that effective as of the date of its
admission to eagãVi[eroperties II, L.P. (thã "Fund") as a Limited lartner it shall (i) become a party
to the Amended and Restul¿ Agreement of Limited Partnership of the Fund' as the same may be
arnended, restated o. ,uppi"t".niãá f.o* time to time in accordance with the provisions thereof (the
;Ë"J Àá.."ment") un¿-fìil be bound by each and every term and provision of the Fund Agreement'
Amount of Commitment: U.S. $ Date:
1Pleur" Type Name of Limited Partner)
By:Signature
ill"ut" Type or Print Name of Signatory)
Title:
= = ===--= = = = = = === == =-- === == ==== = = = = = = = = = ====== = = = -:A.CKNOWLEDGMENT
State of
County of
On rhis day of 2006, before me personally appeared
)ss.:
)
isfu.tory-".,id"n.etobetheperSonwhoexecutedtheforegoinginstfument in his/her authorized capacity, and *ho duly acknowledged to me that execution of ihe
,u*" i, hislher own free act and deeã and made with appropriate autholity'
My Commission ExPires:Notary Public
lSeall
Notary: Please complete stute, county, d,ate and names of all persons signíng and affix notarial seal'
5727'722.2VII
PM-2190
By:
SET2OE2
PAGE MILL PROPERTIBS II' L.P.
ururiiBu PARTNER sIGNATIIRE PAGETO
AMENDBD AND RESTATED AGREEMENT OF LIMITED PARTNERSIIIP
By its signature below, the undersigned hereby aer.ee¡ tlrl effective as of the date of its
admission to fug" Vfiff Þ.opertiås II, L.P. (the "Fund") as a Limited Palner it shall (i) become a party
to the Amended and Resaìed Agreement-of Limited Partnership of the Fund' as the same may be
amended, restated "t r"ppi"r"ntãd fro* time to time in accordance rvith the provisions thereof (the
..Fund Agteement") an¿'(ìi) be bound by each and every term and provision of the Fund Agreement'
Amount of Commiment: U.S. $ Date:
fPl"ur" Type Name of Limited Partner)
Signature
(pt"ut" Type or Print Name of Signatory)
Title:
State of
County of
On this daY of 2006, before me personally appeared
same is his/her own free act and deeã aná made with appropriate authority'
My Commission ExPires:Notary Public
lSeatI
Notary: please complete stdte, county, date and nan'tes of aII p¿¡ssrs sígníng and affix notarial seal'
)ss.:
)
who proved to me on tf," U*lt of tutitfu.toty ""iOott" to be the person who executed the foregoing
instrument in his/her authorized capacity, and who duly acknowledged to me that execution of the
s7n722.2VIII
PM-2191
EXHIBITA
PRIVACY POLICY
PAGE MILL PROPERTIES II' L.P.
.we.at PAGE MILL pRopERTIES II, L,P. (the "Fund") are concemed about
the privacy of our investors. This nodce summarizes the Fund's policies and practices with
respect to the treatment of nonpublic personal information that we acquire about our
investors. The provisions of this policy apply to cuilent and former investors in the Fund and
are subject to change.
1. we collect nonpublic personal information about investors from the following souÍces:
. Information received from you in subscription documents and other forms;
ions with us and our affiliatei; and.Information about Your transact:
. Information about you that we may receive from a consumef repofting
^gency regarding your credit status
This information may be received in any mannef including in-person discussions;
telephone conversations and ãlectronic or other written coinmunications'
2. We do not disclose any nonpublic personal information about the Fund's investors to
anyone other than the Funá's affiliut", without permission, except as requited or permitted
by law. The exceptions include third parties that assist the Fund in providing you with
services, such as a broker or accountant'
3. we restrict access to nonpublic personal information about you to those employees and
ãg"nr, *lro n""d to know thæ information in order to provide services to you' We maintain
pñyri.ut, elecrronic ãnJ p.or"Ou.al safeguards that comply with applicable regulations to
guärd your nonpublic personal information
4, We will continue ro adhefe to the policies and practices described in thís privacy notice
ilrn tãrp"¿t1ä-i"for"rution that we have acquired ãbout you' even if we no longer provide
services to You-
5. We resefve the right to change these policies and practices at any time and will provide
Vou *itfr a notice OesîriUing the-revised poti"i.t. In aãdition, the Fund's privacy policy will
be sent to You annuallY.
If you have any questions about the Fund's privacy policies, please call David A'
Taran at (650) 833-3800.
s72'1722.2
P\l-2192
t*rv
General Partner:
Page }{ill Properties II GP, LLC1900 University Avenue, Suite 201
East Palo Alto, CA 94303(650) 833-3800
5721122.2
PM-2193
(1) Prospective investofs should complete the attached (i) Subscription-Ag'reeñtli' '
an¿ tii) Investor Qualification Statement. Prospective investors should direct all
qu"riiónt and send the completed original along with the two copies of the :
Subscription Agreement and Investor Qualification Statement Signature Pages .
(which must b! notarized), and the two Signature Pages (which m9s.t be-
notarized) of the Amended and Restated Agreement of Limited Partnership ofPage Mili Properries II, L,P. (the "Fund") to Page Mi)l Properties II GP' LLC (the ''
"Gãneral Partner") at the address below so that the General Partner may '
determine whether the prospective investor is eligible to subscribe for limited
PAGE l\flLl PROPERTTES II, L.P.
iN\æSTI\{ENT PRO CBNUNNS
partnership interests:
c/o Page Mill Þroperties II GP, LLC ' .i ' :
1900 University Avenue, Suite 201 ; .t . ' "iEast Palo Alto, CA 94303
Attention: David A. Taran :
Tel: (650) 833-3800 :.: '
Fax: (650) 688-6820 , ,, . , ,' . .. i
Upon acceptance of the subscription, a copy of the executed Subscription
Alreement ãnd Investor Qualification Statement signed by the Generai Partner, as-
aciepted on behalf of the Fund, will be returned to the investor as soon as is .
practicable.
The General Partner, on behalf of the Fund, will have thê right, in its sole
absolute discretion, to accept or reject this subscrjption for any reason oI
reason in rvhole or in part unã ut unyii-. prior to acceptance thereof,
andno
(2)
(3)
5127722.2,
Pl\/'-2194
r. j
t -. r i '
¡ ^n I /rr Y nn ^T)YtDrnTErc
IT T I-'ì PAGE I\flLL PROPERTIES II' L.P.
... T¡^r.r ^r'DÚ'Elì/fEal\T'frS T-IS S CRIPTI ON A GREEI\{ENT
;.'.Page N4ill ProPerties II, L.P'clõPageMill ProPerties II CP, LLC : .
1900 Úniversity Avenue, Suite 201 i
East Palo Alto, CA 94303 :
:
' Ladies and Gentlemen:
.: .:
The offer and sale of ljmited partnership interests (the "Interests") in Page Millproperties II, L.P., a Delau,are limited partnership (the "Fund"), to each invêstor (the
.,,Investor") is not being registered undei the United States Securities Act of 1933' as
amended (the "securitiãs Aðt"), but rather is being made privately by the Fund pursuant
to the private placement exemption from registration provided in Section 4(2) of the
Securitiès Act ãnd RuÍe 506 of Regulation D ("Regulation D") promulgated thereunder
by the united states secudties and Exchange . conrmission on the basis of the
Confidential Private Placement Memorandum of the Fund, as the same may be updated
or modified from time to time (the "Memorandum").' . ;.
The information requested in thjs Subscription Agreement and Investor
eualification Statement js náeded in order to ensure compliance with the appropriate
, ràgulations and to determine (i) whether an investment in the Fund by the Investor is
suîable in light of rhe Investor's financial position, (ii) whether the Investor meets certain
minimum fínancial tests to be deemed anljaccredited investor" as defined in Regulation
. D and has such knowledge and experìence in financial and business matteß that it iscapable of evaluating thJmerit. und ri.kt of the inrlestment and (jii) how to treat the
Investor for purposes of Section 3(cX1) of the United States Investment Company Act of
tgqÌ,ur u**¿Ë¿ (the "1940 Act").
The Invcstor also understands and agrees that, although the Fund will use its good
faith efforts to keep the information provided jn the answers to this Subscription
Agreement and Invåstor Qualification Statement strictly confidentíal, the Fund may
prãsent this Subscription Agreement and Investor Qualification Statement and the
înformation provided in ,ns",ãr. to it to such parties as it deems advisable if called upon
to estabhsh the availability under any applicable law of an exemption from registration of
the Interests or if the contents thereof are relevant to any issue in any actjon, suit, or
proceecling to rvhich the Find is a party or by which it is or may be bound' Thefnvestor
ägr"., thai the Fund may djsclose ih" inn.rtor's status as an investor in the Fund to third
purri"r,
: The Investor realizes that this Subscription Agreement and Investor Qualification
Statement does not constitute an offer by the Fund to sell the Interests but is mere)y a
request for information.
5727722.2
PM-2195
To induce PACE N{ILL PROPERTIES II GP, LLC (the "Gene¡al Partner"), on ':
behalf of the Fund, to accept this subscription, the Investor hereby aglees as follows: , ' '':I. SIIESCR.IPTIONFORANINTEREST. -.: .
:
(A) The Invesror agrees to become a ljmited partner of the Fund (a."Limite$ Partner")
and in connection rherewith subscribes for and agrees to purchase an Interest in,
and to make capital contributions to, the Fund in the aggregate amount set forth '
on the Subscrìption Agreement and Inveslor Qualification Statement Signature.page attached hereto on the terms provided for herein, and jn the-Amended and
Reitated Agreement of Limited Partnership of the Fund (the "Fund Agreement").
' The minimum initial conrmitment is U.S. $10 million. The minimum initial
commjtment is subject to reduction or waiver by the General Partner, in its sole 1
' and absolute discretion. The Investor agrees to, and understands, the terms and
condjtjons upon which the Interests are being offered, including, :without '
liniitation'thËrisklactorsreferredtointheMemorandum.'..'.....''...'
(B) The Investor understands that it is not entitled to cancel, terminate or revoke this
subscription or eny agleements of the Investor hereunder. The Investor
undersånds and agrLes ihat the General PaÍner reserves the righi, in its sole andì .
absolute discretion, to reject this subscription for an fnterest for any reason or no
reason, in rvhole or in part and at any tjme prior to acceptance thereof. In the
event of rejection of this subscription, the tendered funds, if any, will be pronrptly
returned to the Investor without deduction along with this Subscription
Agreement and Investor Qualification Statement, and this Subscription
Agreement and Investor Qualification Statement shall have no force or effect'
PAYJ\ffiNT BY THE INVF',STOR.
The Investol agrees to lemjt the amount set foÍh on the Subscription Agreement
and Investor Qualification Statement Signature Page attached hereto, in such
increments, at such times and in such menner as is determined by the General
Partner pursuant to the Fund Agreement.
II.
ilI. REPRESET.,-TATIONS, IVARRANTIES AND CO\/ENANTS GF TIIEIN\IESTOR.
(A) The Investor has (i) received, read carefully and understancls the Memorandum
outlining, amorg orher things, the oi-ganization and jnvestment objectives and
policies of, and the dsks and expenses of an jnvestnlent in, the Fund and (ii)
ãonrulted the Int,estor's own attomey, accountant or investment advisor with
respect to the jnyestment contemplated hereby and its suitability for the Investor.
Any spc.cial acknowledgment set forth below with respect to any statement
contained in the Jr4emoranCum shall not be deemed to limit the generality of this
re.presentation. In addition, the Investor acknou')edges that the Investor has been
glven the opportunity to (i) Tk questions a¡d - receive satisfactory answers
.on."¡¡ing thà rcrms and condjtjons of the offering and (ii) obtain additional
572'7',|22.2
PM-2196
' information in order to evaluate the merits and risks of an investment in the Fund
'andtoverifytheaccuracyoftheinfonnatjonconlainedintheMemorandum.TheInvestor acknowledges that in making a decision to subscribe for an Interest' the
Investor has relied solely upon thJ ¡r{emorandum, the Fund Agreement and
inö;;¿"r,t in,r".t;gationi *åa" uy the Investor.and its attomey, accountant and
investmentadvisor.'TIreInvesto,,.jnu",'*.ntinthelnterestisconsistentwiththe jn'estm"nf-purp"r.s and objectives and cash flow requirements of the
In'estor and will ^ not ad'erseiy affect the Investor's overall need for
äiu.irin.t,ion and liquiditY':,
(B) The Invcstor has such knowledge and experience in financial and business matters
that the Investor is capable oievaluating the merits and risks of the Investor's
investment in the Interãsls and is able tolear such risks, and has obtained' in the
fn'estor's ¡ualrn.nt, sufficient information frcm the Fund or its authorized
. representatives=to evaluate the merits and risks of such investment' The Investor
has evaluated the risks of investing in the Interest and has delermined that the
Interests are a suitable invesÌment fõr the Investor- The Investor understands that
iii-rulrr-rial restdctjons will exisr on transferability of the Interest, (ii) no
market for resale of any Interest exists or is expected to devclop' (iii) the Investor
maynotbeabletoliquiaateitsinvestmentintheFr.rnd,and(iv)anyinstrumentsrepresenting an Interest may or_may not bear legends to that effcct restricting the
transfer thereof. The Invesior funhLr unde¡stanãs that an investment in the Fund
entails a high áegree of risk and understands fully the risks associated with the
(C) The Investor understands that an investment in the Interest is highly speculative
and may result jn a complete loss of its in_vesiment. The Investor can afford a
;;;tþ" loss of the inì,estment jn the Interest and can afford to hold the
investment in the Interest for an indefinite period of time, and acknowledges that
distributions may be paid in cash or in kind'
(D) The Investor is acquiring the Interest subscribed for herein for its own account'
forinvestmentpu,po,",-onlyandnotwithat,iewtoanydjstribution,resale,subdivision or fractionalization thereof in violation of rhe Securities Act or any
other applicabie u.s. or non-u.S. securities law, and 1þs [¡vestor has no present
plans to enter jnto any contlact, undertaking, aglecment, of aI'iangement for any
suchdistdbution,a"rul",subdivisionorfractionalization':'
(B) The Investor reprcsents that all registrations,. declarations or filings wjth' or
consents, ]jcenses, approvals or -authorizations of, aîy legislatir'e body;
gour-menlal depertment or other governmental authority, necessary ol
appropriate in coniectjon u,ith its investment jn the Fund have been obtained or
comPlied with.
5121722.2
Pl\A-2197
(F) The Investor acknowledges and agrees that, based in part upon its representations
and war¡antíes contained herein and jn reliance upon applicable exemptions, no
Interest has been, or will be, registered under the Securitjes Act o¡ the securities
lâu,s of any othe; U.S. or non-U-.S. jurisdiction. Accordingly' except as provided
in the Fund Agreement or any side ietter or otlrer agreement entered into between
the Fund and any Investor, the Interest may not, dñect)y or indirqctly, be olfered '
for sale, sold, pládged, hypothecated, tr-ansierred, or otherwise disposed,of by tfe
fnvcstor rvithoit ttre prióiwiitten consent of the General Paftner' which may be
wjthheld in jts sole and absolute discretion, and unless such disposition is in
compliance with all applicable laws, incJuding, but not limited to, the U'S' federal
tax and secudties laws. The Investor acknowledges that it has been advised that
;; F";ã has no obligation and does not jntend to cause any Interest to be
registered under the Securities Act or any other securities lau's or to comply wi]! .
;y exemption under the Securities Act or any othel securjties law which wguld
permit the Investor to sell the Interest. . :t . "
(G) The Investor understands that the Fund will not register as an inve-stment
company unde.r the 1940 Act and, that for purpcses of the provisions of section
3(cX1) rhereof, does nor presenrly propoi" to make a public offering of its .-
,".u¡l.t within the Unjted States..:
!, ! ô^-¡-^
(H) The Investor aglees and is a\r'ale that no United States federal o-r state agency or l
ä"V t"ãi"gs or detJr:lination as to the faimess of this investment' ' :
(I) The execution, delivery and petformance by rhe Investor of this subscription
Agreement, the Investoi Qualification Statement, the Fund Agreement, and such
other agreements, ceflificates or instruments ere rvithin the powers of the Investor'l
have been duly authorized, executed and delivered and will not constitute or result
in a breach or default under or conflict u,ith any order, ruling or regulation of any '
, court of oiher tdbunal or of any govelÏmental comnrjSsion or agency' oI any
, agreemenr or other undertaking, ioilt;.¡, the Inyeslor is a party or by- which the
Investor is bound and wiil not violate any provisions of the incorporation papels' '
by-laws,indentureoftrustorpartnerslripagreement,asmaybeappiicab]e,ofthe"Investcr. The InYestor js jn compliancã wjth all applicable laws, including' but
nor limited to, rhe U.S. securjtjàs laws. The signature on this Subscription
, Agreement, the Fund Agreement signature pages and Investor Qualification
Srarement is genuine and-the sìgnaror"y nas ¡ån ¿uìy authorized to execute the
same, and this Subscription Agieement, rhe Fund Agre.ement and the Investor, eualificarion Statemeni constitutes a )egal, r'ahd and binding obligation of the
Iivestor,enforceab]einaccordancewithítsterms.
(Ð The Inveslor ack¡ou,ledges and aglees that the -General
Partner and Page Mill
Adr.isors II, LLC, the jnveslmeni advisOr of the Fund (coJlectively- wjth the
. ceneral Partner, .?age },4i11,') have the exclusir,e power and so]e and abso]ute
5'¡27722.2
PM-2198
(L)
(M)
with, and subject to, the terms of the Fund Agreement. Accordingly, the Investor
ünderstands that legal counsel to the Fund, to Page Mill and to any of their
affiliates rvill not be representjng jnvestors in the Fund, including the Inveslor,
and no independent counsel has been retained to represent investors in the Fund.
.j
(K) The Investor understands and agrees that jt rvill not make any oral or written
representations or communications to âny third party regarding the Fund, Page
lr¡ill or any of their affili¿tes, including but not limited to representations or
cornmunjcations in confidential marketing documents or presentations, unless the
Investor receives prior written approval of such representations or
communjcations from the General Partner or such jnformation is required to be
disclosed under applicable law or regulation.
The Investor agrees to sqpply the General Partner rvith such other facts, as fromtime to time are deemed necessai-y or desirable, in order to ascertain that no
violation by the Fund will occur of any securities lau,s of the United States or any
other relevant jurisdiction, including the Securities Act, the 1940 Act and the
United States Investment Advisers Act of 1940, as amended.'.
The Investor agrees to execute and deliver any documentati'on reasonably
requested by the General Partner jn connection with any financillg by the Fund
uná any assignment by the Fund as security for such indebtedness of the right to
require the Investor to make capital contributjons, including any acknowlecìgment
by which the Investor u,ould agree to acknowledge and be bound by such
aisignment and ro provide financial information to any applicable lender as
reasònably reguested, provided that the execution or delivery thereof would not
cause the Investor to be jn violation of, or require the Investor to take any action
prohibited by, applicable law.
ADDITIONAL R,.ÐPRES ENTA TI ONS,'WAR.RANTIES AND CG\¡ENANTSOF THE INVESTOR
The Investor \r,as organ ized orincorporated under the larvs of the jurisdiction set
forth below its name on the first page of the Investor Qualification Statement and
has no present jntention of altering the form or jurìsdiction of its organization or
incorporation. :
Except as otherwise specified on the Investor's Investor Qualification Slatement,
no part of the funds to be used to purchase and hold the Investor's Interest or top"y
^ny ponion of its commit¡nent constitutes an asset of any employee benefit
plan subject to Part 4, Sul¡tjtle B, Title I of the Unjted States Employee
Retirement Income Securiiy Act of L974, as amended ("ERISA")'
Iv.
(A)
(B)
5727i22.2
PM-2199
(C) Except as otheru,ise specified on the Int'estol's Inveslor Qualific'ation Statement'
: if tlie Investor js, or is acljng on be.half of, a "benefit plan investor" (as such term
is defined in 29 c.F.R. SãSlO.¡-101(fx2)) or if the Investor is a collective
investment vehjcle, the plan paflicipants or plans_ palticjpating therein, as the case
may be, âre not permittäA todecidã wheiher or how much to jnvest in particular
invãstment altemãtives.
@) The Investor understancls that the tax rules relating to jts Interest are substantially
more complex and may not be as favorable as investing in securities directly.
(E) The Investor is aware that the Fund jntends to engage in transactions that may
result in the re.cognition of "unrelated business taxable jncome" .upon
which
certain investors *,io ,r. normally exempt from U-S. federal income tax would be
taxable.:..
Cf') The Investor js au,are that in any given year il may have substantial taxable
income artdbutable to the Fund even thcugh the Fund did not make distributions
to it. The Investor is further aware that (i) a transaction undertaken by the Fund,
or a tax accounting nrle applícable to the Fund, may give rise to an allocation of
taxable income to a Limited Paltner in an amount greater than the amount of '
income that the Limited Partner rvould consider itself to have eamed as an
economic matter, (ii) such "phantom inc6me" often nlay be reversed only rvith a
corresponding deduction o, lott in a later year and (iii) any such loss may be a
capitai loss th-at may not be used to offset ordinary income'
V G-ENEML.
(A) The Inveslor agrees to indemnify and hold harmless the Fund, Page \{i11, any of
. their affiljates,-any selling âgent fof the Fund, their respective officers,.directors,
. employees, -unug"rr, aa*b"tt, managing membels, and agents' including'
rvithout limitation, (ì) any pelson oI enliry that is an officer, director, member,
manager, managing member, pertner oI shareholder in any such pafty, or any
person or enrity-thãt, directly õr indirectly through one or more limited liability
ão-panies, painerships oi other entities, js an officer, director, member,
manager, managing mãmber, parlnef of shafeholder in any such party (each a,.Constituent N4ãmber"), (ií) any person who seï\res as an advisor or consultant to
the Fund or Page lr4jli, and (ii;) eacn other person, if any, rvho controls or is
controlled by u,:Iy thereof u,ithjn the meaning of Section l5 of the Securitjes Act
(each an "Inã"nrnit.."), against any and all loss, liability, clajm, damage, cost and
Èrp.nr. whatsoever lincluding, but not ljmired to, Iegal fees and disbursements
"nã uny and all othei expensel whatsoever reasonably incurred ín investigating,
preparing for or defending against any litigation, arbitration proceeding, or other
action or proceeding, "o--*.ed or threatened, or any claim rvhatsoever) arising
out of oi in .onnection wirh, or based upon or resultjng from, (x) any false
feplesentation or \\'an'anty or breach or fajlure by the Investor to comply with any
s727'722.2
PM-2200
(B)
covenant or egreement nrade by the Inveslor in this subscriprion Agreement, the
Fund Agreenrent and In'r,estor þualification Statement or in any other document
furoirrr.ã by the In1,esior pursuant to any of the fo'egoing in connection with this
transactjon ãr (y) any acdôn for securities law violations instituted by the fnt'estof
u,lich is finallyresoii'ed by judgment against the In'estor'
Neither this -subscripticn Agreement nor the Investor Qualification Statement
may be arnencled, r lithdrurun or re'oked by the In'estor_ in whole or in part
*i,'trout the prior u,ritten consent of the Gcneral Partnef, u'hich may be withheld
in its sole and absolute discretion. This Subscription Agreement and the Investor
Quatificarlon starement ere not transferable or assignable by any pafy hereto
This Subscription Agieemert, the Fund Agreement, the Investor Qualification
Statementanda]lteråsandprovisionsthereãfsha]]bebindinguponandinuretothe benefit of, the parties heteto and each Indemnitee and their respective heirs' '
executors, administiators, SucceSSors, trustees and legal representatives.
This Subscription Agreement and Inyestor Quaiification Statement shall be
deemed to have been made under, and shall bÈ go'er'ed by, and construed in
accordance with, the substantive law of the State of Delaware (excluding the law '
if,.r"of u,hich requires the appJication of or reference to the law of any other
jurisdiction). , Th; parties agiãe that any action or proceeding arising, directly,
indirectly or other;ise, in lonnectjon g,jth, out of, related to or from, this
Subscripiion Agreement and Investor Qualificatjon Statement, any breach hereof,
;;;t irunrr.ttn covered thereby, shall be resolved, whether by arbitration or '
otherrvjse, exclusi'ely with refeience to the law of the State of Delaware.
Accordingly, the partíes consent and subnijt to the non-exclusive jurisdiction ofthe courti lo.ut"ã in the State of Delartare, and also agree to submit to $e-jurisdiction of the courts located in the County of Santa Clãra within the Statç of"Califomja.
The paities further agree that any such action or proceeding brouglt
by either such pårty to enforce any right, assefi any claim, or obtain.any relief
whatsoever in connectjon ivith this Subscription Agreement and Investor
Qualification Statement shall be comnenced by such party either in the State of ,
D-;lr;;r" or in the County of Santa Clara tvitliin the State of Califomi
If any legal action or ai'bitratjon or olher pfoce.eding is brought -f:t 11:enforóem*nt of this Subscription Agreement and Investor Qualification Statement
or because of an alleged dispuie, breach, default or misrepresentation in
connecrion rvith any oI the pioviiions of this Subscription Agreement and
In'estor eualification Strt"-.n1, the successful or prevaì1ing party or parties shall
be entitle.d to recover reasonable attolllel's' fees and other cOstS incur¡ed in that
;;t¡6;;r proceeding, in addition to any other reljef to which they may be entitled'
The Investor by executing this Subscrìption Agreement and Investor Qualificatioà
Statement appoints fhe -General
Paltner and- each of its managers' managing
(c)
@)
(E)
(F)
5127'122.2
Pl{t-2201
(Ð
(G)
(EI)
(K)
(L)
members, diiectors and officers, rvith full po\\'er of substitutjon, as the Investor's
true and lawful represe.ntative and attorney-in-fact, in the Investor's name, place
and Stead to rnake, execu1g, sign, cOn:plete Cr CCITSC1, aCknOwJedge, sWear tO and
fi]e (i) the Fund Agreement, any amendment to the Fund Agteement o¡ (ii) any
other agreement or instrument lvhich the General Partnef deems appropriate to
(A) admit rlle Invesror as a Ljmited Partner, (B) effect tbe addition, substitution or
iemoval of any Limjred Pafner pufsuant to the Fund Agreement or (C) effect an
amendment oi rnodjficarion to the Fund Agreement adopted in accordance with
the ternis of the Fund Agreement. This power of attorncy is coupled with an
interest, is irrevocable and shall survive, and shail not be affected by, the
subsequent terminatjon, bankruptcy, insolvency or dissolution of the fnvestor.
The Investor understands that the General Partner u,ill inform it of whether this
subscrjption for an Interest has been accepted and, if so, the date on which the
Interest wilt be issued (the "Closing Date").
The Investor ack¡orvledges that the General Partnerreserves the right to reject, in
its sole and absolute disãretjon, thjs and any other subscription for an Interest, in
whole or in pafi, in any order, at any time p¡ior to the Closing Date,
notwirhstanding prior receipt by the undersigned of notice of acceptance of all or
any paÍ of the undersigned's subscription. Subscriptions are subject to alìotment
beiore and after u...ptun.". If the Intefests ate oversubscribed, the General
Paltner wjll detemrinJin its sole and absolute discretion u'hich subscriptions, or
po¡lions thereof, shall be accepted.
No u,aiver by any paay of any breach of any term of this Subscription Agreement
shall be construed as a u,aiver of any subsequent breach of that term or any other
term of the same or of a different nature.
The representatjgns, \À/alrantieS, agreements, and indemnification obìigationS ofthe Investor contained in this Subscription Agreement and the Investor
eualification Staremenr shall survive the execution hereof and the purchase of the
Interest and shall be deemed to be reaffirmed by the Investor at any time the
Investor makes an additional capital contribution to the Fund. The act of making
such additional capital contnbutions shall be evidence of such reaffirmation. '
The proposed inveslment by the Investor in the Fund will not directly or indirectly
contiar,ãne United States federal, state, international of other laws, rules or
regulations, including anti-money laundering larvs, rules and regulations (a
"pìohibited Investn:enr") and no cepital contribution to the Fund by such Investor
wjll be derived from any illegal or illegitimate activjties.
The Investor understands that federal regulations and Executive Orders
administered by the U.S. Treasury Department's Office of Foreign Assets Control
C'OFAC") prohibit, among other things, the engagement jn transactions with, and
(J)
<111111 )
P\A-2202
the provisjon of se.rvjces to, certain foleign countries, territorieS' entities and
ì"li,i¿"átr.t Tf,, Int,estor funher iepreserrts and v'arranls that it is not a country' ' '
tefîirory, person or entity name.d on ån OFAC list, nor is it a person or entity ìilith
u,hont á.åting, are prohibited under any OFAC regulalions')u e¡v r¡v"'v
(l\{) The Investor is not a foreign bank withcut a physical presence in any country that
is not a Regulated AffiliatJ (a "Foreign Shell Bank")' :
(N) The Investor ack¡o$,ledges and agrees thât, notvrithstanding anything to the
conrrary contained in any document"(including this subscription Agreement' the
, Fund Agreement, ,ny ila" letlers or simjlar agrcements)' if, following the
Investor's investment jn the Fund, the Ceneral Pallncr reasonably believes that
rhe investmenr is or has become a Prchibited Investment or if otherwise required
by law, the Fund may be obligated to "fi-eeze the account" of the Investor' either
by pr-ohibiting additional capital contdbuljcns, restricting any distributjons and/or '
declining uny'r.qu"rr, to tränsfer lhe Investor's Inteiest- In addition, in any such
event; the Investor may forfeit its Inter-est, r::ay be forced to withdraw from the
Fund or may othefwiie be subject to tl¡e remedies required by^1.*l and the
Inveslor shall have no claim against any Indenrnitee for any f9ry of-damages as a
result of any of the actions dãscribed ln this paragraph. The Fund may also.be
requirea to report such action and to disclose the Investor's identity or provide
other information with respect to the InYestot to OFAC or other governmental
entifies.
Except as othery,ise disclosed to the General Partner in rvriting: (i) the Investor is
not residenr in, or organ ized or chartered under the larvs of, (A) a jurisdictjo¡ that
has been designated úy tf,e Secretary of the Treasury under Section 311 or 3l2ofrhe International Monáy Laundering Abtt.t"nt and Anti-Terrorist Financing Act
of 2001 (rhe "PATRIöT Act"l as u,artanting special measures due to money
laundering concerns or (B) any foreign countfy that has. been designated as no¡:
cooperatiie u,ith international anti-money laundering principles or prgce.aure.:, by
an intergovernme.nral group or organizaiion, such as the Financial Action Task
Force on Money t-auriO.;ng, of ,i,hich the United States is a member and with
which designation tne united slates lepresentative to the group or organization
conrjnues to concur (a "Non-cooperâtiv; Jurisdjction"); (ji) the funds used by the
Investor to make capital contríbutions to the Fund do not originate from, nor¡v-ill
they be routed rhrough, en account majntained at (A) a Foreign Shell Bank, (B) a
torá;gn bank (orher-than a Regulated Affiliare) that js barred, pursuant to jts
uanrd"ng license, from conductin-g banking activilies with the citizens of, or with
(o)
I The lists of OFAC prohibited countries, territories' persons
website at <www'úeas gov/ofac>'
and entities can be found on the OFAC
2 ,.Rcgutated Affiliatç" means a foreign bank that (i) is an affiliate of a depositary institution' credit union
or foreign bank that maintains a ph¡,sicel presence ìn rhe unired srates or a foreign countfy, as applicable
and (ii) is subject to supervision Ëy u Uuniing aurhority in the country regulating such affiliated depositary
institution, credit union, or foreign bank'
5'.i2'1'122-2
PM-2203
the local cunency of, thecountry that issued the license, or (c) a bank orgalized
or charrered uná"r ih" lr*', of a Non-Cooperative Jurisdiction; and (iii) the
Investor is not a senior foreign political figure, of eny immediate family nrember
or close associate of u ,.nù, foreign poìitical figure, in each case rvjthin the
meaning of the PATRIOT Act'
(P)1'¡g]¡rlestoragreespromptl-ytonotjfytheFundshou]dthelnr'estorbecome: aware of any .¡ãnge in t¡e lntãnnation set fonh in paragraplis (K) through (O)'
l
(o The Investôr agrees to provide any information requested by the General Partner
which rhe General Partner reasonably beJieves lvill e¡able the Fund 1o cor:lply
witha]lapplicableanti-money]aunderinglaws,rulesandregulations.TlreInvestor undersrânds and agrees that lte Fund may release confidential
. absolute discretion, determines that such disclosure is in the best interests of the
Fund in light of relevant lau,s, rules and regulatio¡s concerning Prohibited
'.I¡vestments.
(R)ThelnvestorhasreadcarefullyandunderstandstheprivacypolicyoftheFundattached hereto as BbiþIé'
vI. TRUSTEE, AGENT, N'EPNBSBNTATIVE OR NO]\{INEE'
ifthelnvestorisactingastrustee,agent,repreßentativeornomineeforasubsciiber 1a "Benefrcial Owner-"), the In'esior-understãnds and acknowledges that the
representations, warranties and agreements (including, without limitation' the
indemnjfication oblláaiion, ,", forrh In Section vie¡ nereof) made herein are made by
rhe Investor (a) withiespect to the In'estor and (b) with respect to the Beneficial Owner
of the Interest ,uUr.¡U"å for hereby' The Investor further represents and war¡ants that it
;;r';;i;õ;lri* po*,., and authorjiy from the Beneficial owner to execute and perform
rhe obligations under ihis Subs.riptlon Agreement and Investor Qualification Statement'
In addition to the indemnificatión obligations set fonh in section v(A) hereof' the
Investor also agrees to indemnify each indemnitee against any and all loss'- liability'
claim, damage, cost and expense whatsoever (including, but not limjted to' legal fees and
disbursements and any and all other "^pàn'"' whatsoever reascnably incur¡ed in
invesrigatine, pr.parinifor or defending ,gåintt any litigation, arbitration proceeding' or
Other action or proceeding, commenced or-threatened, or any claim whatSoever) ariSing
out of or jn connection ïith, or based upon or rezulting from, the assertion of the
Investor's lack of proper auihorization fiom the Beneficial Orvner of the Interest
subscribed ror n"räuy to enter into this Subscription Agreemcnt and Investor
¿jjj''n;;,i"n Statemeni or perform the obligations hereof'
s-l2't722.210
P\A-2204
\/II. AÐÐITIONAL INFORN{ATTGI{ AND SLItsSEQLìIENT CHANGES IN THE
The General Paltner may leguest from ihe Investor such additional information as
it may deern necessary to ..,aluáte tËe eligibility of tlie Investor to acquire an Interest' and
may request from time to tinre such infomatión as it may deem necessary to determine
the'eligiUitity of the Investor to hold an Interest or to enable the General Partner to
detennjne thL Fund's conrpliance rvith applicab)e regu)atory requirements or tax status'
and the Investor shall piovide such inionnatjon âs may reasonably be requested;
piovi¿e¿, that such information may be obtained by the Investor withouJ unreasonab-le
Ffott ot expense.
must satisfy tì:e for-egoing both at the time ofEach person acquiring an Interest
j to be a Limited partner.subscriprion and at. all times thereafter until such person ceases ,o o" 1,tt1u:t:fIAccordingly, the Invcstor agrees to notify the General Paflner promptly if there is any
change with respect to any oi the foregoing infoimatíon oI reprcsentations and warranties
and tä proviCe i¡" C"n"*l Partner with such fuflher infon¡ation as the Glneral Partler
may reasonablY require. '
<aa1a1a a 11
PM-2205
a
PÄGE l'{iLL PROPERTIES II, L.P'
Tr'\'\æS TC R QUALIFI CA TION STATEI\{E}{T.II
I
I.ELIGIBiLITYREPRESENTATIONSGFTImINVESTOR.
(A) GEI\ERALINFORj\{ATION:
Name of Int estor (Piease Print or T1'pe)
Tlpe of Investor j Please check one: '
' PartnershiP
.--CorporationLimited LiabilìtY ComPanY
___Trust
--!oundationEndowmentEmPloYee Benefit PlanOther - SpecifY:
Mailing add¡ess if different:
U.S. Taxpa¡'er I.D' Number
N^nr" t"¿ f;tle of Person exercising investment dìscre-
tion for the Investor, if any (trustee or fiduciary' etc')
Daté of SubscriPtion:
PrinciPal Place' of Business Address:
. NameName
. Steet
City, State, ZiP Code City, State, Zip Code
Attn.:Attn.:
r TelePhone number: ( )
TelecoPier number: ( )
Telephone number: ( )
Telecopier number: ( )
Pa¡'¡n.nt bY Wire:
f¡e nun¿'i bank should wire transfer only U'S'
Dollars via Fedwire to:
Bank Name
Bank Address
. -ABA
or CHIPS Nuniber
Account Name
Account Number
Fo¡ Further Credit
s72'?'122.2
Pl\/'-2206
Check one and comPlete blanks:
(1) If the Investcr ís an enrplo¡'ee benefil
a corporatÍon, partnership, IimifedIegal entitY, it is:
p!an, an endolt'ment, a foundationtiiutrit;ty con'Ìpâny' trust or other
. organized under tlle laws of:
o has its principal place ofbusiness in:
tltl
its date of íncorPoration ororganization isl
and repofs its income for federal
income tax purposes on the
basis of a:
calendar year, orfiscal 1,ear ending on
@) ACCREDITED INVESTCR STATUS:
Regulatiott D prOnulgatecl under tlte secut:ír'ìes Act excepts ft'ont rcgisfi'.ation cerlaht offers and sales of " ' ,
secto.itíes if nzade to " accredilcd ínvesÍors. " Please chick att appropr-iale spaces otl tlte followittg Pa,es "itzdicatirtgtltebasisuponu,hicltrlzeltzt,estorqualifieso,ouo"-'àdÌredint'eslorunderRegulatiottD' ''r'
Tlze Investor certifi.es that it ís ant accredíted in!'estor because: : ,l ' , . ': '
(1) The Investor is a lrust with total assets in exccss of $5,000,000'that was not
formed for the ,p".lnt purpose of acquiring the Intelests and its purchase is
directed Uy a soihisticated p.rron. A "sophístícated person" is one who has
such ktzoy;Iedge'and ,rprrir,'rru in finaniial and busitzess nLatlers tltat he or
she is capabli of et,aluatfug the tneríîs and rìsks of tlie prospectíve ùxvestlTxenl'
(2) The Investor is a
ourtn.,'.hip o, u ljrnFl.bjljty to'p , not formed for the specific purpose
@jthtotalaSSetsinexcessof$5,000'000.']''
(3)Thelnvestorisanemp]oveebe4efitp]anu,ithint!e,m;aningofERISA,andthe decision to inu.rt in the Fund u,as made by a pla/n fiduciary (as defined in
Section 3(21) of ERISA), rvhich js ejtlrer a bank, Savings and loan association,
insurance compeny o, i.gist"r"d in'estment adviser. The name of the plan
fiduciary is:
s72'7722.2
P\Ã-2207
has lotal assets in excess of $5,000'000'.':
, ' political subdivjsicnsl or any agency o¡ instrumentality of a state or
, political subdivisions rhat hasìo1ul assets in excess of $5,000,000'
(6) The Investor is a self-directed employee benefit plan (i'e', a tax-qualified
defined contfibution plan in u'hjch lparticipant may exercise control over the
investment of assets credited to hjs ór her Àccount) in u'hich each parlicipant
. is an accredjted investor because such parlicipant (i) has an individual net
worth,3orcombinedr¡,ithliisorherspousehasacomb,inednetwoflh,inexcess of $1,000,000 or (ii) had individual income4 (excÌusive of any income
attributable to his or her spouse) of more than $200,000 in each of the two
. most recent )'ears or joint income5 with his or her spouse in excess.of
$300,000 in eactr of those years, and the Inr¡estor has a reasonable expectation
of reaching fhe Same income level in the cur¡ent )'ear' If this item 6 is
checked, please have each such panicipant conrplete the "Individual Portion"
on page 5 of this Section.j_
Ø The Investor js â tax-exempt orsanizátjon descrjbed jn Section 501(cX3) ofthe code rhat u,as not fomed for the specific pulpose of acquiring the
itsits
ffitotalassetsatfairmarketr,alue,includinghome,hornef¡rnjshìngsandautornobiles, over total liabiliries. For purposes of determining "net u'orth," the principal residence
owned by an individual shall be 'alued
either u, 1e¡ .ort, incliding the cost of improvements' nÞt of '
current encumbrances upoo ttr" property or (B) rhe àppraised value,of-rhe proPerty as determined upon a
u,rirren appraisal used by an inriituiionut lender making a Ioan to the individuat secured by the property'
i*1"¿i"g the cost of subsequent improvements, net of current encumbranies upon the ploperty'
,.Institutional lender" means a bank, savings and loan company, jndusrrial loan company, credit union or
personal property broker or a company u'hose principal business is as ¿ lender of loans sçcured by real
pråp*,y án¿'*,¡lch has such loans åceivable in rhe amount of $2,000,000 or more'
n Fo. purposes of this Jnvestor Qualification Statement, "inrllr'idual income" means adjusted gross
in.o*",ãr."port"d for federal income tax purPoses, less any income attributable to a sPouse or to ploperty
ou,ned by a spouse, jncreased by the follou,ing arnounts (but not including any amounts attl'ibutable to a
spouse or to property o*,ned by á spous"¡, (i) t-he amount of any lax-exempt interest income under Section
103 of the unired srares Internal Revenue code of 19E6, as amended (the "code")' received; (ii) the
amount of losses claimed as a Umjted partner in a hnrited partnership as rcported on Schedule.E of Form
10a0; (iii) any de.ducrion claimed for Cepletion under Sàction 6Il et seq' of the Code;.(iv) amounts
.conn'ibuted to an Indivjdual Retirenrent Account (as dcfined in the Code) or Keogh letilement plan;
(v) alimony paìd; and (vi) any elective conuibutions to a cash or deferred arrangement under Section
àólß) ot,i. co¿".
s "¡oint income" means adjusted gross income as reported for federal income tax Purposes' including any
income âtûibutable to a spouse or to proPerty oo'n.d by a spouse, jncrcased by.th.e. fo)lou'ing amounts
(including any amounts atiribulable to a spouse or to Propeilyeu'¡ed by-a spotrse): (i) the amount of any
rax-exempt interest in.o,n. uni".Section lO¡ of the iodå, recei'ed, (ii) the amount of losses claimed as a
limited parrngr in a ]inited partnership as reported on scbeduJe E of Form 1040, (iji) any deduction
claimed for depletion under section 6ll et seq. of rhe code, and (ir') any amount by ra'hich income from
long-term capital gzins has been reduced in arriving at adjustcd gros-sìncome pulsuant to the plovisions of
S"Jtion )20í ofthi Code prior to its repeal by the Tax Reform Act of 1986'
5't27122.2
PM-2208
InterestsandhastotalassetsinexceSSof$5,000,000.
(E) The I¡veslor is a bank as defined in Secticn 3(aX2) of the securities Act or a
sa'ings and loan association or other instjtution as defined in section
¡(axSi(e) of the Securities Act, acting in jts inCi'idual or fiduciary capacity
un¿ suUs.¡Uing for the purchase of the Interests on behalf of a trust accoun!
or accounts.
(9) The Investor is a broker clealer regislered pursuant to section 15 of the unitedY/ StatesSecudti"rnx.nung"auof l934,asamended.
. , . : . -
(10) The Investor is an jns,urance company as defined in section 2(13) of the
Securitjes Act. ,:
(11) The Jnvestor is an investmÊnt co.mpan)¡ registered under th9 19a0 A"! ' .
(i2) The Investor is a business development company as defined in section
2@)$8) of the 1940 Act. ,:
(13) The Investor is a private busjness development comÐany as
202(a)(22) oftt,e Unir"à States Investment Advisers Act ofdefined in Section1940, as amended.
licensed by the U.S.or (d) of the Small
(1a) The Investor is a Small Business Investment CompqnJ
Small ilusiness Administration under Section 301(c)
Business Investment Act of 1958.
(15) The Investor is a re'ocable trr-tst which may be amendeá or revoked at any
timebyth.g,unto,,rr-"ofandaI]ofthegrantofsareuggl"'d'j'din.v;stors.,|{tlüs item l5 í.s checked., please (i) ntake pltotocopies of (A)for each Srantor.
tlnt is an índiyí.dual, rl'le"'Indh,idual Poriio,t" o:'t page 5 of tttís Section or (B)
for each lraïúor illat ís an í'nsir'utí'onal ínvesl'or, paSes 3 to 4 .of
tllis Secîion,"and (íi) lia.t,e each suclz granîor conzplete such relevatzt page(s). .
:
(16) The Investor js an entitv in ,¡,hjch all of the ecujly owners are accredited
jn'estors . t¡ ttrit ;t"nt lO is checked, please (i) nz.a.ke photocopies of (A) foreach equity owt-rct' th.a.t is an indit4¿uoi, tlr" "Indívidual Portiott" otz page 5 of
ilús sectiott or (B) for eaclz ecluíry ov1ler that ís att íttstituÍiotzal investor,
pages 3 to 4 of tltís section, ond (ii) have each such equity oluner contplete-suilz
relerant page(s). :
5727722.2
PMt-2209
Ifltenz(6),(15)or(16)oftlúsSectiott(B)iscl'tecked'ùísportionnøylnt'etobefilledín::
Theindividualcenifiesthatheorsheisanaccreditedinvestorbecause:
(1) The Investor is a director or executive officer6 of the Fund
Partner.
or the General
his or her sPouse has
wortlt" is deJitzed ín
owner under Section 3(cX1) of the 1940
owners under Section 3(c)(1) of the
(2) The Investor has an individual net worth' or combined u'ith
a combined net wor.h, in excess of $1'000'000' ("Net
. footttote 3 above.) :
(3)Tlrelnvestorhadindjr,jdua]income(exclusiveofanyincomeattributabletohis'orherspouse)ot*o'.than$200,000ineachofthetwomosttecentyearsor
joint jncome u,ith his or her Spouse in excess of $300,000 in each of thcse years'
. and the Investor has a reasonable exfectatjon of'reaching the same income level
in the curent ¡'ear' ("Itñbiduat i'i"oo'e" is àefitted ín footnote 4 above and
"ioìnt ùrconrc'; ís de¡ned infootnote 5 above')
(C) SECTION (sXcXl) IN\/EST}{ENT COMPANY:.
sectíon 3(cXl) of tlte 1940 Act excepts fi'ottt registration any issuer (í) the our*artdíng securíties of which
are ot+,ned by tlot nxoïe tlntn 100 b"ir"¡ciat or',,,', and (ii)îl'i'h it t'Lot engaged fu a public offeríttg'
please clteck all appropriare spaces o, tlte followi,;;;;;';t i"; otul'poses cti deternú'tit'g wheùter tlze Fund
v,ould qualily uttder Sectiott 3(c)(I)'''
The ltzvestor cettìfies tlmt:
(1) The Investor
(a)
(b)
counts as one beneficialAct; or
beneficial
(2)
(3)
counts as
1940 Act.
the Investor's assets (includingThe Interests do not rePresent more than 407o of'
committed caPital).
To the Investor's knowledge, the Investor does not control, is not controlled by
6 "Executive officer" means the president' any vice
division o¡ function, any orher officer u'ho performs a
o"tfã"nt .i*llar policy making functions for rhe Fund' '
president in charge of a principal business unìt'
policy-making function or any other Person who
siz'7722.2
Ptút-2210
ând is not under common control \\,jlh any other Investor in the Fund' lf thís
iîent 3 is unable to be clrccked, please specify v'hy:
(4) The Investc¡ is not an
1940 Act.
jnvestment company re.quired to be registered under the
(5) The Investor does not rely cn the exception flgln ]h." definition of investment
)"' "o*p-y
under Section s(cxr) or Section 3(cX7) of the 1940 Act. If this ítem 5
is uÃal:Le to be checked, tli General Parfircr tt,ill ask tlze Investor for additional
information. , ' i.
(6) The Invesror \l¡as not specificaìly formed or recapitalized for the purpose of
acquiring the Interests
(7) With ¡espect to jts jnvestment in the Fund, the Irivestor does not maintain a
separate inyestment account whereby each of its-partners, shareholders, trustees '
or other owners has the right to elect not to participate in such investment' except
;;;t; such election.rightìequires tlie "ont"nt
of all persons or the consent of the
Investor's general partner (oi other controlling person)' .' ' .
.ti..,.
(8) To the Investor's knorvledge, no shareholder, partner or other holder of equity or '
beneficjal interests in the l-nvestor (i) ou,nó Interests in the Fund, except through
tr, ;"*; in the Investor or (ii) ou'ns interes'ts in any other investor in the fund.,.
(D) TAX STATUS¡
(1) The Investor hereby ceñifies that itr
(a) is a "United States person;"7 or
(b) is not a "lJnited States person."
- - (2) ii #åî:i:t l.*Ot
certifies that, pursuant to U'S' Treasurv Regulation Section
(a) is an entity disregarCed as separatc from its owner; or
,For purpos"s of rhis guestion, "Unired Srares peiscn" shaÌl have the follor*ing meaning set forth in Section
7?01(aX30) olthe code and the regu)aticns pfomulSated thereunder:- (i) a cìtizen or resident of the united
States, (ii) a U.S- partnership, (jii) a"U.S. corþorarion, 1;v1 any estate (other than a non-United States estate'
within the meaning of Section 7?01 (a)(31) of t¡e Codà),'(v)iny t'uti :f a court rvithin the United States is
able to exercise prinrary supervision oì.i rl.t" admjnistraiion of the t¡-ust and one of more United States
;;;;.; hu..,,. r¡" authoríty rå .ontrol all substantial decisions of the trust (r'i) any trust which has elected to
te taxed as a trust described in (v)'
512'l'122-2
PM-2211
(b) is not an entity disregarded as separate from its owner'
If item (DX2Xa) is checked, is the or¡'ner a "United States person"'
as defined above?
Yes
ii . (3) I me Investor hereby ceÍifies that it is:
. j'' . itv exemnt frcm U.S. federal taxation under(a) an entity exemPt frcm U'S'
; , t Secrion 501(a) of the Code;:.ì. .," "
Sectjon +08(e) of the Code; or
.''' .l i : i Any other Provision of law'
:: i:.-,
or
(b) not an entity exempt from U'S' federal taxation'
(4)
(s)
.
The Investor understands that if it is a unjred states peIson (or a disregarded
entity owned by a u";i;J srares person), the Invesror (or its owner in the case of
a disregardea "nttyy *u.i.u¡#t a fuliy completed and executed lorm W-9 to
the General Partner.
The Investor understan:ds that if it is a non-U:lited States corporation' non-United
states partnership or other non-united States entjty (or a disregarded entity
owned by a non_urrr"JËiu,". ferson),_the Inveslor (or its owner in the case of a
disregarded entity) tlt""fã 'uü*it a-fully completed. and. executed Form W-
SBEN,.W,gECI, W_gn [t or w-gEXp (as appropriate) ro the.General Partner to
claim an .x.mptioi from: (a) U'S' infotmãtion rcporting and bac-k-up
withholding, (b) U.S. withholding tax on portfclio inte:est,{c) U.S' withholding
taxonU.S.sourceinterestordivídendunderanyapplicab]eincometaxtreaty'(d) U.S. withhoJdinf iut Uttuuse inconre t: ff*t:i."."1{ .:onn""ted
with the
conduci of a U.S. trad" or busjness or (e)U.S. u,ithholding tax because the
recipientisan'^"-ptnon-UnitedStatesgo\¡ernmentorinternatjonalorganization
(6) Tlie Investor understands
capacity, it should consuh
which form(s) to submit'
that if it is actìng in a trustee'
the instructions to Forms W-8executor or fiduciarY
and W-9 to determine
(?) The Inr,estor hereby aglees that if' any information herein changes, the In\,estor
rvill notify ,n. ó."åtoip¡1¡e.¡.$'ithin 60 du¡'t tlrereof' -The
In'estor understands
that the tax ,.pr.rånt'tions and taxpayer I D' number contained herein are
provided una"r"f"nriry of perjury and may be disclosed to the united states
5727'722.2
Ptút-2212
Internal Rer.enue Servic'e by the Fund and that
be punished by fine, imprìsonment or both'
..:...'
any false statement thereof could
(E) ERISA I\ÍATTERS:
The Investor certÛtes that (pl'ease check if applicablc):
',r, The In'esror is, or is acting on beharf of, a ..benefit plan investor" (as such term is
d.ri"Ji; ;; õþ n. s ãsid:-ror<Ðtz)l'' : ' .'
termjsdefinedin29C.F,R.lzsro.:"-r01(Ð(2)..:...'']''
ffiwithour1jmjtetion,qua1ifiedretiIementpìanssubject1oER]SAandemployeebenerrt pìans and arrangenrenrs nor subjecl to ERlsA, JÀt;;;;;'*"tut ptans' church plans' foreign plans' Keogh
plans and indivjdual retirement accounts'
512'1722.2
Pl{t-2213
PAGE T"{ILL PROPERTIES II' L.P.
SUBS CPJPTION A GiR'EEJ\IENT ANÐ IN\/ESTO R
QUALTFICATION STATE}{ENT SIGNATURE PA GE
WITNESS WIIEREOF, the Investor has executed thís
and Investor Qualìfication statement on the date set fonh below,
SETlOF2
SubscriptionINAgreement
Date:
Amount of Commitment: $(U.S:)
l{ante of Ttasf.ees or other Fí¡luciaries Exet'císíng Investntent
Díscretioll.withRespecttoBenefitPIantorTrust
(Please Type o¡ Print Name of Investor)'.'
:t,_. .
. '
By:
Sígnature
Sígnature
(Please Type or Print Name of Signatory)
Title:
PrítzÍed Nanze I rtle
5727722.2
P\A-2214
sF'r 2CF 2 ..'ññ^ñFñMYI]O TT Y Y)
PAGE I'fiLL PROPERTIES II, L'P'
STIBS CRiPTTON AGREEI\4ENT ANÐ INVESTGR
QUALIFICATIONSTA1'Eh{EI\iTSIGNA'I'UREPAGE,, .'.
IN WITNESS WIIEREOF, the Invcsror has executed this Subscription '
Agreement and Investor Qualification Statement on the date set forth below' ' .' ,
':Date:
:
Amount of Commitment: $(U.S.)
(Please Type or Print Name of Investor)
By:Signature
(Please T1,pe or Pdnt Name of Signatory)
Title:
Nante of Trustecs or olher Fi.duciaries Exercisíng Invesl.ntent
Discretion v'ílh Resp.ecl to Beneftf PI'øn or Trust
Signntu,re Printed Na'me Title
il572't'122.2
Pl{l-2215
SETlOF2
State of
County of
On this daY of 2006, before me personally appeared
''.àtobethepersonrr4loexecutedtheforegoing: . inrt.i*.nt in his/Ì:er aurhorized capacity, and t'ho duly acknou'ledged to me that execution of the
sam.isIiis/herownfrceactanddee-dandnladewithappropria1eauthority.
My Commission ExPires:Notary Public
Notaty:Pleaseconlpletestate,cou.nl),,dale.andnantesofallpersonssignìllgandffixlzotaríalseal.= == --.= == == = = = = = = = = = = = = = == = = - = = = = = = = = = = -- =.= =: = = = = =: = =
For Fund Use OnlY'.'
: Do not n'rite below this point''
The subscription is hereby acccpled in the amount set forth bclorv and the inYestor is hereby
adnritted as a Limited Fartner as of '
GENIERAL-PARTNÐR:
PAGE N4ILL PROPERTIES I] GP, LLC,a Delau'are limited liability company
Acce.pted Commitment Amount $(U.S.)
Þ'r.
Name: David A. Taran
Title: AuthorizedSignatorY
)
)
ACK}iO\4/LEDGh{ENT
c< .
5i27i22.2 ilI
P\A-2216
SETl OF2
.:
PAGE }fl-L PROPERTIES II, L'P.
''.BY: PAGE MiLL PROPERTIES II CP, LLC,
Its General Partner
. D,DDV.
Name: David A. TaranTitle: Autho¡izedSignatorY
IVa!
Pl/]l-2217
SET2OF2
ACKI\{O1\/LÐÐGh{ENT
State of
County of
). SS.:
)
On thji daY of 2006, before me personally appeared :
rvho proved ro rre on ,¡" Ur*i, of ,uUrfu.toryÃidt*" to be the persort u'ho executed the foregoing
jnstrument in 'is/her
uuiho,i""¿ capacitv' ;9 it: dulv acknowi:ti:1,1" nre that execution of the
,r*. i, rt;tnter ou'n fr"e act and cieei aná made with appropriate authority'
My Conunission ExPires:Notaly Public
lSeall
NotatT: Please contplete s¡aÍe, counly, dale and 2'Lan¡es of aII pcrsotts sigrlirrg and affix nolaríal seal'
= = = = = = = = -- = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = : = = = -- = :
For F-und Use OnlY
Ðo nol .n'rite below this Point
the amount set forth belorv and the inlestor is herebyThe subscription is hcreby accepled in
admitted as a Linrited Pa¡-tner as of
GE¡*ERAL PARTNER:
PACE N4iLL PROPERTES II CP, LLC,
a Delau'ar-e limited liability company
Accepted Commitment Amount $(U'S')
By:Name:Tirle:
David A. Taran
Authorized SignatorY
V5'727722.2
P\/l-2218
SET2 OF2
FUlrÐ:
PAGE },IILL PRCPERTTFS II, L.P.
By: PACE i\4ILL PROPERTIES II GP, LLC,:Its Çeneral Partner
. By:Name: David A. Taran
' Title: Authorized SignatorY
VI
P\ll-2219
SETlOF2
P'¿'GE h{ILL PROPERTIES itr' L'P'L í},{ITEÐ PARTN.ER SI GNATTIR'E PA GE
Ah{E}îÐNÐ ANÐ RESTATEÐ AGREEh{EI{T CF LII\'ÍITEÐ PAR.TNERSHIP
By its signa.ture below, the undersigne.d hereby agrces that effective as of the date of its
admission to t'age ttlitt propeiries lI, L.P. (rhe "Fund") as a Linrited Parlner it shall (i) become a party
to the Amendej and Restated Agreement of Li¡:ited Partnership of the Fund, as the same nray be
amende.d, reslated or supp)enrel:tãd fionl t;tne to ti:¡re in accordance wjth the ptovisions thereof (the
ËilË;;ent') an¿'(ii) be bound by cach and every term and provision of the Fund Agreerlent.
Amount of Con:¡lrilment: U-S. $ Date:
Title:
(Please Type Name of Ljmited Partner)
By:Signature
(PIease Type or Piint Name of Signatory)
========
State of
County of
On this day of 2006, before rne personally appeared
@ofsatisfactol-yer.idencetobetheperSonu,hoexecutedtheforegoingjnstrument in his/her authorized capacity, und *'ho duly acknou'ledged to me that execution of the
,unr. i, his/her orvn t'ee act and deed and made tvith appropriate authority.
My Commission ExPires:
ISeal]
Noraty: Please conp|ete sla\e, coltli'D,, d'ale and ].,an?ies of aII persotts sigt.Lillg an"d ffix notaríal seal.
572'17?2.2 vtr
Pl\/'-2220
SETzOF2
PAGE T'{ILL PROPERTIES ltr, L.P.
LTI\{ITEÐ PARTNER SICN¡.TUNB PAGETO
AtraENÐtrÐ ANÐ RESTATEÐ ¿cnret rpNT CF LIn{iTEÐ PAR'TNIIERSIIIP '
ByitsSignaturebelotr,,rheundersignedhe:.ebyagreestlrateffectir,easofthedateofitsadmission to page tr4iil properries rI, L.p. (the ..Fund") as a Limir.¿ parrner it shair (i) become a parry
to tlre Amended and Restated Agreenent of Liniirei Partnership of the Fund' as the sarne may be
amended, restated or supplemented from time to tinre in accol-dance u'ith the provisions thereof (the
..Fund Agreeme¡r") #"ôit|";"und by each and every te¡rl'r and provision 9f the Fund-Agreemenl
Date:Amcunt of Comn:itment: U'S' $ _.
(Pt"rt" T)"" Name of Limited Partner)
By:Signature
flr." t¡pe or Print Name of Signatory)
Title:
State of
County of:
:
2006, before rne personally appearedOn this day of
)ss.:
)
u,lro proved to me on th of 'uti'futto'y
*ia"-ntt to ue the person r¡'ho executed the foregoing
insrru¡nenr in his/her uuil,tir"¿ capacity, tid "'ho
duly acknou'i:9-i:9-lt me that execution of ,the
::ä. ffirÄ;;;ir;.;.i un¿ ¿."¿ aná made *,ith appropriate authoritv'
My Commission ExPires:Notary Public
ISeal]
td i¡antes of ctll persotts signtttg ond affix nolarial seal'Notaty:PleasecotnpleÍeslale,coLt)xly'daleanditatttesoJclttpersoll
5'12'1122.2VilI
P\11-2221
i..:. l
:
..
,iOF: PAGE Ì\{ILL PROPERTIES II, L.P.
..', FpTIFS TI- L.p. (the "Fund") are concemed about
. \\¡e'at PAGE IUILL PROPERTIES II' L'P' (the
the privacy of our invesfors. T]lis notice 'un*¡^t the Fund's policies and plactices with
respect to the trearnient of nonpublic f"rronut information drat we acquire about our
invesrors. The provrsions of this policy "ppf;t;;ent and fci-mer investors in the Fund and
are subject to change.
1. we collect nonpublic peisonal infomation about investors from the following sources:
tions u'ith us and our affiliates; and'Infonnation about you' transec
cnsumer reporting].Informationaboutyouthat-wemayreceivefromaconsrìmerreporullts
asencv,."g;Ëíour li"¿it status' '
This information may be received in any.man1]l.ti::t"1if.i-nerson discussions'
t"t "pt,
on" "onu.rrutio,ir'unã
ål".ooni c or other wri tten coinmuni c ati ons.
r :. '
2.Wedonotdisc]oseanynonpublicpersonalinformationabouttheFund's.investorstoanyone other than the Funå's affiliates u'jihout permission'.exc.ept as required or permitted
bv law. rne "xcepììons
include tlrira purti*- ihat assist the Fund in providing you with
sãrvices, such as a broker or accountant' f
'
3. we restrict access to nonpublic personal information about you to those employees and
agenrs who need ro ino* if,ui info,mrtønJ" "t¿"i to provide ser-vices to you' We maintain
o¡vsical, electronic and procedur"l .uttgoár¿s tnat cãmply u'ith applicable regulations to
!;#ö";iã"p,ui;"p",son'linformation...'
4. We will continue to adliere to the policies and practices described in this privacy notlce
with respect to information that we have- acquìred ã¡out )'oll' e'en if rve no longer províde
services to )/ou'
5. We reserve the iìght to change these
.,ou .vith a notice clescribi:ig the levised
úe sent to )'ou annuallY'
.1.
policies and practices at any tinle and will provide
J"l;;;"t. In aãdition, the Fund's pd'acy poiicy u'ili
'ff},ouhaveanyquestionsabouttJreFund'sprir,acypolicies,pleasecallDavidA.Taran at (OSO) S¡¡-¡SOO' :
s'72'¡i22.2
Pl{l-2222
I nvestment Opportu n itiesFocus on threeopportunity for
primary areas that wethe pañnership:
TYPE
Rationale
-U
IN)N)N)(-.)
. Faced withcorporate liquidityissues and non-corereal estate assets
. Sell decisionpredicated oncorporate finance.matters notmaximizing realestate values
believe present the most
DISTRESSEDFINANCIAL.OWNERS
. Realestate privateequity funds seekingto dispose ofaggressive, poorly-timed investments
. Lenders facingforeclosures,squeeze downs andloan take out issues
Renovation, re-leasing, re-financingof portfolios andsingle assets
Many lack localoperationalcapabilities
wwPTG fu hffI LLPROrÆffirES
Page M¡ll Properties Annual lnvestor Meeting
!I
N)N)N)Þ
PTC E.MI LL
November 13r 2OO7
P R O P.:.E.IR T I E S.j;::.: l.
.r':.,:..:r..r -i.:...,,.il ì
'1
Acc¡ s s F u ru o
Pa c n M t r r
I.II.III.IV.
V.
VI.
Ag.tda
Page Mitl Properties Funds Overview
Investment Activity Update
Management Activity Update
Redevelopment Activity Update
Capital Calls
Other Developments. Page Mill Properties Team
Current Investment Opportunities. New Fundraising Activity
!I
N)N)N)(¡
pnclffitt trro¡frffiirsPnCEMILLP R o p. E ìn r I E s
r. Page Mill Properties Funds ovenriew
!I
N)¡\)N)O)
"ffi TrPncftXfirrrr n o e[4! 1fu r e s
PecnMILLP R O P, E R f I É S
W:' Since its rrception, Page Mill Properties II, L.P., and Page Mill Properties Access Fund, LLC,
have completed 80 investrnents and tied up 15 additional invesffnents for a total of 95
investrnents at an ^ggregate
purchase price of approximately $271M. These individual
Page Mill Properties Funds Ovetview
slî^
nts in aggregate represent over 1,800 units, serve over,6.000 residents and cover over
./'46 acrç'in the centraliy located sub-market of California's Bay Area known as East Palo Alto.lPalo Alto borders Palo Alto to the \üest and South, Menlo Park to the North and the San
Francisco Bay to the East.
. Crurently we are targeting up to 18 additional.investrnents in this area v¡ith an estimated
aggregate purchase price of approximately $27M reptesentjng oye r 115 additional units and 5
4srg9
. In a privatefpublic partnership, Page Mill is working to facilitate and accelerate East Palo
Alto's economic redevelopment and development initiatives by Wiryinfrastructurç, improving the reqt4l¡,..gffering preferred
and discounted rentals for state and municipal employees, promotingaffordable and attractive
home ownership or rentals, including work force housing, via potential condo ot apartment
redevelopment utilizing green energy and environmental desþ and operations standards and
certifications, and expanding community oriented retail and service businesses including those
owned andf or managed by minorities and u/omen.
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4
P¡ GEMILLo P..E.'R I I E S
Page Mill Propetties Funds Overview - Cont'dAqrtk' 7
,,/To date, approximately 650/o or $ZéIAof committed capital has been allg/ated to the EPÁ.
investments and operations. Âdditional acquisition and operations fu{ancnghas been
secured via approximately @ bo¡ggy/i11gg uriá RBS at LIBOR +70bps and approximately $179M in mortgage borowings (at approximately 80% LTC)u¡ith l7achovia at LIBOR + 145bps.
During the remainder of 2007 and the first half of 2008, Page Mill v¡ill focus on
completing the assemblage of EPA invesürrents, enharìcing the operations of each of itsmultifamily rental invesunents, fi.uther advancing each existing investment's
redevelopment and development potential and exploring additional investment
opportunities.
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Representative Investments - Conttd
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PECNMILL? R o P,.:ìÊ.P I r f: 5
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III. Managemerrt Activity tlpdate
WoodlandPark
pncäffi"trrc¡ft1for;s!
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Doing Well By Doing Good
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. Quadruple Bottom Line: Achieving and Exceeding Targeted Financial and Social Returns.
. Aligning with Key Gonstituents for Shared Success.
Pn c n M r r rPNOPERIIES
Fan get }ÐQfu +Heturns
13
PnCEMILLP R O ' ..8 -'R T I E 5
Representative Portfolio Management Activities
RGat Collêcaionr il
EsEbllsbÉd râaa¡srtizeat ler EôtlectiG, 3 d4' mÉcê sd eli(tlor ip'g¡e L
trnit l\¡nors Pro=amTËctirg l.oln¡æry 30 day mricer, iarul¡¡¡t!ry er,'icriû!s, Hmity l::::i
v¡cuior,ffirutnedywocias- l:l.Ìl:.:ritl[g,Over !:. rì j
o t¡cæies- i;lilRew¡m Enhs¡<mot Promru
LaudryProgræSmds¡diziEg au¡loß Erd @mcts-Sr$dârdi'ing Erùrrûtre proEßnStealsrdi¡jry @UestioB prc-Ee
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Singlc Fsib. l¡mÊ lrasbg Pmgru.Aaldtug r4rlrfÐeÃrst üErl psrtj,' åEatsr'lroEr.E-
P¡rliEg PloEn¡r.St!¡rlsrdizêrl p5rl$,g proErânt for !¡lpruporde5.ReE¡strr€ÜasriBDéd p!¡kiag ed<¡e¡¡/rpsÊed.
liii P¡sns sr¡bEi¡lÈd¡Eds¡rDrþüèilApprond v.adon ì't!ìijl¡rsdgrhr en'¡wE¡rtry ÉiêDdl!. ugù'rÌËffiê ëfËicie¡rE¡tabtirhéd 3lsail¡¡diæd lpplcëd lendo¡i iúturtbg gsrts, 86.¡."rì:il"pgt";t,
SrrÃd$dtrad reüe:El of ünllfùdriæll'IúoD€rqttë sèùicl€3"
sodprlcs- i:l.,i rrp€rsdes,lorrûo$sùcr¡'Etûttet5, ê1c.
l:itili.':.ì
Tel¡nt SrñiacsEErsblicEÉd (*D¡E¡) EBtEê ¡€qurt ¡mÊFru wirl 1+ bou epæse i¡i
Sn¡dios - $?1û880ftlBR-S8r(L990¡ E,R'- S90È1,1O02 BR - Sl,lli-1,4853 ER -$t.3OJ-1,îO5
dnË sal no E¡¡trÊ rtr!. I !rÊ€¡ sê3oh¡¡fr lidê.
Builôbg R.pajr. \r¡iari¡rqsc BRa Jeitor¡âl PremÐ iliT.-tiã-o*o1Ëi"**-* "ìñl*,oo"se æsEy requiredÈrs-
pßgru i t' :i n¡tr¡.,]'g ¡vie¡ rcÊ: dteætiß'É fôr lâ¡dscsÞing ÍrilrùÀoÊ
w rErrr S50 to S1ûO ¡rs rú ebG'e b plâre rÐts.
if tiat"dincu"ffi.-_i:t I SÈÀal¡rdþj¡E ù.€q¡loas æd, (orllraßs.
pFEE@ ¡fi'i! IaffirjÊstiÀg oibÉ ''ttem" o'pÈrårbEi¡dulitres.EíBbtisb€d coru æa (!eâEE! q¡rg¡rd{ qtrd, trsrüÊd<s progrsn i:,r iifntuigrdÃE rp@#bip ôf sæ F¡ffiisqui¡o crerEsrlbtisb€d coru æa (teâEE! q¡rg¡rd{ qtrd trsrüÊd<s progrr^ i:t ijlo.*icrtiìg s;**bii of sæ F¡ffiisqut¡o creê} Ë¡É¡dp-Es¡Ebüsbed ¿rruispaùtiry ud rcs;tåed<Ê IæEn4 li: ,i
ì' :rj Sü¡ldrdizbg nrt¡r¡'qñ(e prc_æ.f . I StsadãdiziEÉco¡lRiG!@gr@li. j stsadãdiziEBco¡lRiGF@gr¡e
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PFgrsE.Upib¡ail ud c¡{cDÊd Ep lry ¡rsiEßÊDsEEÊ h¡dsc¡D¡np.EËnil ÞcEÈ ¡¡ft sàfrry ¡!d codê lsræ5.RÊh¡b¡liEleal (our¡lø æs - slr)s, b¡lls, elcvaros udBools.
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i,!r,{ Radr¡ci¡¡gu¡¡lirÍco5ts,íì.,ii IüÞlÉEEtiEg rès¡al¿üÎü¡¡itytfÈi¡g syíeE(RUAS).
pncïffirrt'no'-.,Ë¡É.'"
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al,; ;fiatrU tU it *qdri."^ t *b*e qlstiÀg tþdrß,Ê¡Ê!úrB
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;.:.r'i ql4¡oßEi1jrzffi.
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f:'ij¡sptrau¡¡g e¡eÐ ope¡s¡ing i¡iti¡tivG-
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S4ics P¡!ÊΡË
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Roof aqd b¡l*oaie5 r¿Flere{ rÐdred ¡o¡l nqimi¡e&Isstsûe{ ¡Êpbßed" æprired ftoces.PâÍDr{al.
Rec¡<ìi¡g Prognam-
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furplÉmÂÞÉñE gpea o¡¡€!-sthg inidâfüe.Replacbg aìl üEËqipE n'fth energy eÊE.i"nt liglting .
Replacbg appliucer rritL eoer5i effiEieüt n¡¡dêf5.
[I¡¡.lañoD¡iEt EEe pl¡¡Eg g¡ltrslr b coordinE¡joBwj¡h CEÞ¡py.
ProDÊrtt' ¡f2n¡EËmÉat Soft$srËpþPËnIDra¡ågÉ¡uÊ¡tr s]to¡alê proÊrâo.
hrds(sni¡E Prp¡rerptu¡Sler¡Ê¡rÉat rrreÊ r¡rd ls¡dscspe råi!¡sasÀce r!d, cleErbg p*g*- [jit!
Sccuritr,Saftty Proerso i'i !
I{cs mmrp¡nrd ;':: :Keyucanageoeo,s)-eBsËw, ti./ ì
CirtÊ råiúesslEe !¡d, seruÉty. i-; ,.i
Cont'd.
SE€el ¡Drt ¡l¡ildùg lígbrÍnbg irrpcor,eueril ltro:rslr. iiii:Àiu hours ucrgesE)' rEsFD¡se prçEr¡¡u'. 1;,:,:i
P¡ir'¡fe secuity serr.ices- il..,i!4 hnu dis¡rrch. ì, ..,:i
R:gulorvehicle&fompatols, i Ï
D¿i¡ysß¡iTityr¡rrr i¡ß¡alÉltlelors. ii,jDheÊr tur€rfr<e nriú lotice de¡renoert. ii ,ÏSecurity gres erd llrares srsEdardizêd oà cårdkéy È]s:rE )l-
liriljI ..,¡
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15
PAG EM ILL
Before And After
1-8 Newell Ct. "Before" L-8 Newell Ct. 66After"
Pool fence was too low Landscaping worn and outdated. Fence replaced. New grass/landscaping. Buildings repainted.
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and repairs required in robbv402F-. O'Keefe St. "Before"
16
402n. OtKeefe St. "After"Lobby cleaned, tiled and painted.-^ Pnc E
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Before And After
1920 & 1928 Cooley Ave. 'rBefore"Wom, chipped, dull paint.
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L7 20 W. Bayshore Road'óBeforet'Dark lobby. Worn, dull paint.
1920 &,1928 Cooley Ave. 6rAfter,
Power washed and repainted w/ ligtrt, invitingcolor/trim.
17
1720 \ry. Bayshore Road ttl¡fter"
Lightened lobby by removing interior wall. Repainted
w/ light, inviting color/trim. PAGEMILLP R O P.,..8'. P T I T S
Before And After
25 Newell Road "Before"No security fences around property.
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1837 Clarke Avenue "Beforettveway and parking open to street, not secure.
25 Newell Road rsAfter"
New fences installed with secured key access.
18
1837 Clarke Avenue'sBefore'New secure vehicular / pedestrian gates / fence installed.
PnCEMILLJRÓPEPIITS
Before And After
200L Manhattan Ave. "Before"Worn / dirty floors / walls in
laundry room.
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2001 Manhattan Ave. rrAfter"
Cleaned and tiled.430 E, O'Keefe St "Beforet'
Nondescript / worn lobbylinoleum / hall carpet.
430 E. O'Keefe St.'rAfter"Tiled and relighted.
IV: Redevelopment Activity Update
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"¡!ù- ./6-
WoodlandPark
20
PAGE.MILLP R O P-,'E',R r I t S
Opportunity to redevelop or develop urban infill mid rise residennal and mixed use retail /offìce for rent andf or sa\e.
21Incorporating US Green Building Council (IJSGBC) leadership in energy and environmentaldesþ (LEED) standatds and certification.
Increasing density and units by rrp to 50-1000/o versus current density.
Providing affordable value to dramatically supply constrained market.
Preliminary redevelopment / development underwritirg ,rggests doubling potential returns to30o/o-l over 3-5+ years.
Includes affordable housing component and 3570 density bonus.
,tffordable housing offered on priority basis to municþal employees and CaIPERS pensionmembers and existing tenants and teachers.
Enable/support local businesse s f conttactors rncluding those owned / managed,by
minorities and women.
Redevelopment Opporrunities
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PAGlffi"ttt,nor_H¡1furrsPECEMILLP R C P E'P f I T 5
Repre s entative Re development Activitie s
CoodmùirøCcoræ¡sicoM¡¡c¡a¡nù¡luRsrftflrd-fæsfro¡;i:,i ii.ig.IorV"t&.tR"a"thittfÃGlilru¡¿¡¡rhiErt-Ihblbcroq¡ .,.,i1MãtrldrEsnrstß ilJlliúû*"DÉßËtr¡.f.ro,S"tt Ho iogSaamgies
Rrotsùbiri¡¡rb¡ iliffiffiT:pmjeÍÁna iu;i*ffiHflff**Æffi:trtrtr*nøSabit¡¿¡tiøûdi¡¡¡rclf¡os¡¡¡ùu¡-¡f¡o¡&tr'¡¡.4¡r¡ i,:¡CAyU¡¡l¡iUoMitdog-
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pÞü liijCcErr¡l Ehïuioos ¡1 il Couff¡url Eduaer of Bsc!¡bue ld¿srurn¡¡E EI€!!É!¡B
f¡c¡¡r¡l F¡6 od Zñihg l¡EolsisÈlcics !l¡0¡ - ùfs5!s t5!d iri;Íp*¡og Sttot!' plt* - Smrtured ¡od S¡r&re Þaúi¡g i:¡j p¡o¡c¡ Oe*p Cr¡eria
ÞkEsr,,:[r(ù¡le t-Drblirc¡mqp iiii - i;i:ifx¡¡iarf fvf¡¡¡cs¡¿r
PÞÜf¡c¡¡r¡l F¡6 od Zñihg l¡JcolsisÈlcics !l¡0¡ - ùfs5!s t5!d iri;Íp*¡qg Sfist!' plá¡s - Smrtured ¡od S¡r&re Þaúi¡g i,¡.J ¡¡oje c¡ Oe*p Cr¡eria
Þkøsr,,:[rcù¡re r-Drblirc¡m{p iiii ilifx¡¡irrrf fvf¡¡¡cs¡¿r¡:.i.!.i,_ - !:'.,::
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l'¡r'å¡u ìiilupat¡"r¡¡et'ts"*to"t s"tu*t i'.CIEüL@dL:séCdûør¡ty-DIåpjp{r r+iT,vpiedf¡úd!¡Âylâ}!ús
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Drs¡olitioFeods Menrcsd¡¡¡- tl¡¡¡¡,&t'¿s,o¡ts i.iicEQ¡{E¡¡nru¡o¡alcËlf}tir- F¡ljèct l¡{}¡üÎs!'i€st¡ ii.lip.re¡¡ct Coo'r¿¡na¡uüpdâtë\,Ìsi@Et€¡ú¡êrü auno¡crueec¡rioa i.rì¡-*¡ghbo.hood,D*o=topõEntz6êtrfaÈir -lbssi¡E I¡çâEt5 ì:'i;ute€¡re-{R€.üÍEhF@tTe@.0/feerio5r-ifrs*erlord
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tomåE¡,IR.PrüÊErFd-s¡t€CoD firsÀfeæm¡ailsr-IIæ ;'iiuuttygø¡ssnstqiÉ i ji_ _trr¡¡¡âra :'i',i ;:,.,j!+i!ctÊ+-r@4g_
IÞÈãtevirimDæürlrsodFrûjEÊrDerÉ¡iFriotr :;riLEElS C{ftiÍ.lliouÁEtrsis ijtjyêEd!€:qiÉc5ri'strEf,mldúk Xo*iog-le*i'0ûCÀg.,{tuÀtil") i¡Ì¡'ø*t*too¿-Deælopcarzæas i.,;'jFrq€ct!ütr prÊ'_ApPlifftioaSlttflirtrl
t¡rl:si[oã]. tldG' - Itædl¡dh,idnat Þrojerrs,ßuil;ling¡ ii¡i C*-crd* D*tiÊp Cli¡*i" iril.lfrbti( O¡EÊ¡ú ?r'oer¡¿¡ - .qpex Sd¡egi€5
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22
PAG EMp...È.,'p r
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Representative Redevelopment Activities - Cont'd
Od¡oFha.ro.A¡d¡l l¡bñt¡s$tl'fopog¡4:ù¡c Sl[ælt ûf Ss Fred5qìr¡¡o CffüRigh-of-l[b'n¡Étrd1lvf¡lfiry - P¡øÉ<tår€s
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I LIIE5
23
PnCEMILLP f, O P.! P r r C S
Illusttative Redevelopment - Zotlre 15
Redevelopment Repre s entation
!I
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pocï ffi'" t'no'rfuÈ.,,,s
24
IL,L
Summary - Preliminary IJnrealtzed Returns
SI]MMARY OF' IhIVESTMENTSAs oJSeptember 30,2007
-
tqkEquity P.Ed¡lgIûv6tcd/ Rrdiz.d REdÌz.d U[räli¡¡d
Conoitt.d P.ocæd! Pmcccds V¡luc
A Apartment Group l0
PAGE MILL PROPERTIEStr, LP/PAGE MILLACCESS FTJND,LLC
-U
tl\)N)A@
A Apafment Group 12
A Apafment Group 14
$r.02.0
9.5
2.6
l9.lt3.8
9.8
3.1
0.8
11.7
8.7
0.5
4t.l.13"8
Tot¡l RqliædProceed!& Mdtipleor Groro
Ilorc¡lizcd I¡vsacd Atrlu¡lV¡luc Fduity IRR
.-U,e(
¿/il/4 lrflqrúø
s2.7
2.5
9.5
6.1
27.9
33.6
12;l
5.7
2.3
18.3
16.9
0.6
64.9
hWWrUdl,fr,,.v,)ru-( ¿o n¿d u|/vt¿(nt
h (nttru'nu
52.7
2.5
9.5
6.1
27.9
33.6
12.',|
5;l2.3
I8.3
16.9
0.6
64.9
28.5
,Mu¿rà fuMøtt'k- Vr*t rnulÁ,o Aün/, ftrf T rføø' fTft%fqm øþJûnu¿rw
2.4x 35.0%
l.3x ß.zYo
25
AllrpunlJ,ul ,
úrr-4 m K b7 ó!, l,/o/¿.ila
V: Capi tal Requiremenrs
!Il\)l\)s(o
pnclnïtrt, * o '-ff[: r[ r r s
26
PnCnMILLi P O P.J!: P I I T S
.-'-------\I.[o-!4L.¡- 2piqlcalls QTjNIL Uite expected this year. T_g!.rt capltalcall is estimated for 1H 2ì-0-8F- )-= luNúl ¿¿ûrt^ø /,//Ì:'d/Ld, t//,/l&lø( " ."'
PM Access Fund capita| contributions to PMP II have been funded to darethrough r\ccess Fund's own separate subscription líne, @
Capital Calls
Access Fund qygglgp3llexpected at this tÌme.
-U
=IN)l\)('ro
pncälffirrtrrorÄr1fuirs
27
PAGE,.MILLP R o P. E'fi r r t s
VI: Other Developments
Page Mill Properties TeamCurrent Investment OpporfLlnities
b{e\á Fundraising Activity
!I
N)N)(JlJ
PAGE lffi.t r t'ro'_fu1åL,,'
28
PAGEMILLP R o p.e'.,n ¡ r E s
Page Mill Properties Leadership Te aÍrl'
a
a
¡
a
David Tatan - CEO - 26Years, Page Mill, Divco Ïüest, Graham & James
Randy Williams - Princþal,2lYears, I(eiretsu Fonrm, Diablo Valley Buttk, I{ennedy-rü(/ilson
Tetry Lee - CFO - 18 Years, Morgan Stanley, Deloitte & Touche
Jim Thompson - Director Acquisitiorus/Deuelopment - 23 Years, Page Mill/Divco l7est
Consultant, HMH Engineers, City of Bdsbane
Jennifer Moore - Deueloþment Officer,1L Years, HMH Engineers, TS/CiviI Engineering
Terry Wang -Acquisitions Ofiær,14 Years, I(B Home, Pulte Homes, Amwest
Steve Lucanic - Corutroller,36Years, Bddge Housing, utban Pacific Properties, HodgeDevelopment, MBTS, FDC
Sean Taube - Inuestment Associate,5Year.s, Divco SØest, RNIM Ptoperties
Brad Ehikian - Inue¡tment Associate,4 Years, Premier Properties Management, General Services
Administration
a
a
a
a
a
!I
N)N)(¡l\)
Suategic Relationships of ,tccess Funds / Investors
PAGHtffittt'ro'rfr¡1fu;ts
29
PeCE.MILLP II O P,.E,R T I T S
Representative Current Investment Opportunities
Three infill assemblage and redevelopment deals in Los Angeles of estimated average size of$300M each (does not include the redevelopment portion).
Four infill assemblag e and.red.evelopment deals in the San Francisco Bay Arcaof estjmated 30
sizes rangng from $20M to $100M each (does not include the redevelopment portion).
One redevelopment deal in San Diego with estimated acquisition cost of $20M.
Various land and redevelopment deals in the Bay Area of estimated sizes r^nglngfrom $10Mto $100M (does not include the redevelopment portion).
One Orange County redevelopment deal of estimated size of $100M.
Multiple new, existing and distressed resort developments in Cahforrua, Colorado, Idahq
aJ.
4.
5.
6.
Hawaü. Passed on two in Florida.
7. Multiple distressed condominium projects, land developments, and loans in California,
Colorado,Hawai, and Florida. Passed on a number of these akeady.
L Multiple performing B Notes.
9. Excess home builder inventory. In discussions vrith a few home builders and one bank.
10. Single family REO and NPL. On hold for time being.
TI
N)N)(¡o)
PAGHtfftttrro1fu1fu,tsPECEMILLP R
"^:.':.,: :
E S
New Page Mill Properties Fundraising Activity
Page Mill Properties Fund II Fully Invested / Committed; Page Mill Properties ,{.ccess trund I
Expected To Be F"lly Invested / Commttted In Next 12 Months.
Page Mill Properties Has Multi Billion Dollar Pipeline of Proprietary Off Market Small to
Medium Size Deals
Page Mill Properties Has Commenced Additional Fundraising:
. Third Institutional Fund: Page Mill Properties Fund III
. Second Strategic Hlgh Net Worth Investor Fund: Page Mill Properties Access Fund IIr Focused on Opportunistic, Value Add and Development Deals
. Distressed Debt and Equity and Domestic Emerging Markets (Itfìll Redevelopment)
. Multiple Asset Classes: Multi Family, Residential ,Land,Office, Hospitality, Etc.
. Multiple Structures: Debt, Eqoity, Options, JV, etc.
r Target 20o/o+ IRRs
!I
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PAcï ffi't t trnorrfulfurts
31
PncE.MILLPftoP'Eltttt:;
New Page Mill PropertiesFund III and Page Mill
Funds: Page MillProperties Access
T¡l\)l\)(Jt(Jl
PAGëffitrtrroeåtLil:ts
PropertiesFund II
32
PnCnMILLP R
"^:.,:,,',-" I E s
TIIAN|I( YOUForYoar Trast, Inaestment and
Suþport of Page Mill Properties, Page Mill Properties
Fønd II ønd Page Mìll Properties Access Fand I
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pncËfft rtrno,Fotnfu,rs
JJ
Fss EMILLP,,'.E]P 1 I E 5
ru ru ËH re x:rïåriiirui'
age Mill Properties recently purchased the propertywhere you are living. Based in Palo Alto, California,
Page Mill Properties is a leading private real estateinvestmen! development and management firm. Page
Mill Property Services is the part of our firm that managesproperties like yours.
We are local and we Care about the servicewe provide. We have started this newsletter to keep youinformed about our programs and services.
ln order to respond to residents' needs, Page Mill PropertyServices has developed a Properlry lmprovement Program. The
Program covers all types of improvements from re-paintingbuildings, to security fencing, to repairing dry rot, to addingnew plants and landscaping.
We have a great maintenance tealrì, whichyou may have seen, on and around your building. Ourteam is busy at work at each of the properties cleaning,trim.ming, fixing and repairing the interiors and exteriorsof the buildings.
Page Mill Froperties looks forward to serving your lrousingneeds and providing you with quality service.
PnCEMItLPROPERÏIE5
Page M¡ll Propert¡es BeginsProperty lmprovement Program
You Are lnvitedNext Police Beat MeetingBeat FourDate: Thursday, August 16th,2007Time: 6:30 - 8:00 p.m.Location: West Park Apartments,9 Newell Ct East Palo Alto(behind the building on the lawnbeside the pool)
For more information, pleasecall the Crime Prevention Unitat (6s0) 853-5939.
lmportant Numberslf you have any inquiries or servicerequests, please contact your propertybon-site manager.
lf you are in need of emergencymaintenance assistance duringnon-business hourt please contactyour pfoperty manager or ouron-call maintenance personnel at(650) 92+0319. ln the event of a lifethreatening emergency, please call 911.
For rental information, contect theLeasing Office at (650) 4449752.
Who We ArePage Mill Propefty Services9 Newell Ct., East Palo Alto, CA 94303Phone (650) 32+1907Faxí(650) 32+1202Office Hour*Monday-Friday 8:30 a.rn. to 5:00.p.m.-Saturday 10:00 a.m. to 4:00 p.in.Closed Sundayg
P\A-2257
Safety and Security Programs part of the Property lmprovement Program,Page Mill is implementing a safeÇ and security
program at the properties to improve safety and
the quality of life for our residents by eliminatíngdangerous property conditions and issues.
You may have noticed fences and security gates
being repaired or constructed at your property.
We've included "Before" and "After" photos of acouple of the properties where this work is beingdone. Part of this program includes replacing andincreasing the security lighting at the properties,
Page Mill has also increased security patrols at theproperties and is working closely with the City and
the Police Department in an effort to make ourproperties a safer place to live for everyone.
The Police Department divides the city up into four"beats" and individual officers are assigned to watch
over their beats in a special way. You are invitedto the next Beat Meeting in your neighborhoodon Thursday, August 16th where they will discuss
recent crime stat¡stics, community concerns, and
security tips and answer your questions.
a5 NEWttt RD. (BEFORE) Walkways were open
to the sldewalh there sere no security fónces,and the pool fence w¡¡ too low.
r837 CTARKE AVE,
(¡¡Fôns) rhe drlveway
and parking area was.
open to the stréet.
. r83z CIARKE ÀVq. GFÍER)New me{al pedeslian gate âlJd
sliding vehlci¡lar gati p¡ov¡de
acce$- 10 the Prop€rty.
25 NEwEtt RD. (AFTER) New wood fenccswere built and a metål entr!, gatc prc-
vides key access for residents. Pool
fences were replaced to íncrease saþty.'4
Pf\A-2258
J'IfrYou Are lnvitedNext Pol¡ce Beat Meet¡ngBeat FourDate: Thursday, September 20th, 2007Time: 6:30 - 8:00 p.m.Location: West Park Apartments, on thelawn in front of 5 Newell Ct., East Palo Alto
For more information, please call theCrime Prevention Un¡t at (650) 853-5939.
lmportant Numberslf you have any inquiries or servicerequests, please contact your property'son-síte manager. lf you are in need ofemergency maintenance assistanceduring non-business hours, pleasecontact your property manager or ouron-call maintenance personnel at(650) 924-0319. ln the event of a life-threatening emergency, please call 911.
For rental information, contact theLeasing Office at (650) 444-9752. TheCommun¡ty Legal Services offers freeassistance if you have questîons or concerns
' regardíng your rental agreement. Theirtelephone number is (650) 853-1600.
We've Moved!Our management office has moved andre-cipened at the West Park Apartments.Our location may have changed,bút ouroffice hours and commitmentto qualityservice has not. lf we can be,of further . .
ássistance, please feel free to.call oi¡top by our new location: ,
P.¿ge Mill Property Services5 Newell Ct, Egst palo Alto, GA.9.4.303 -
Phonq (650),32+6180 tarc (6fi) 32&1202':.otliCEHoiirs:, :t .,. .i , ,. r '
Monday;Friday S:30 a-m..to 5:00 p.m. :rjSaturday 10:00 a.m. to4:00 p.m. 'Closq{ Su4d¡yi
-,.. ' ,
P]RCEM.I:ILP R,O P E R T'l'É S
Thank Youto everyone who came to the monthlyPolice Beat Meeting behind 5 Newell
Court on August 16th. We had
roughly 50 people in attendance.
Those who attended the meeting heard Beat Four Leader
Sergeant Barberini give an overview of crime statistics forJune 2007 in the "Beat Four area" of East Palo Alto.
The Police Department divides the city up into four "beats"
and an individual officer is assigned to work a beat. A beat is a
regular route an officer or team of officers follows. The term is
somêtimes also used to describe an area covered by an officerwhile he is on duty. The city is going to "area command"
and they have reorganized the Police
Department so that one Captain ¡s
responsible for two beats. Our Beat is
covered by Acting Captain Thomas Alipio.Residents can ema¡l the Acting Captain.
His email address is talipio@cityofepa.org.
The meëting concluded with the police 'answering,questions from the'audience..: l:
Bêat meetings will be held on'the third: '
of er4ery'month.':You are invited to:att-end the,nextBëat Fgur Meeting on Thir'l'5{gy,,SeBtember,20th at:the West fark,Apar:t.r:nenJs.Refresh,méntswjllbesqrved.:
PM-2259
PAGE MILL IMPROVEMENT PROGRAM S
Comprehensive Security and Property lmprovementft! rg" Mill Properties' goal is to improve safery and theII property conditions for the residents in our properties bycorrecting life safety items and dangerous property conditionissues.
To best accomplish this goal we have developed a
Comprehensive Security and Property lmprovement Programthat includes many elements including many constructionprojects and security upgrades.
We have conducted safety inspections of properties withcode enforcement, the building division and other agenciesin order to identify items and potential project improvements.This is an on'going process, and we will continue to inspectthe properties with help from the City, in an effort to makeour properties a safer place to live for everyone.
We are busy tiling, repairing dry rot and painting at certainproperties. We have also been power-washing the buildings,enhancing the landscaping and adding fencing and betterlighting to each apartment building.
We are incorporating more energy efficient elements into ourplanning as well. We are replacing the lighting at each property
w¡th energy éfficient lighting in the hallways, stairwells and carporß.
We are also currently researching alternative energy sources such
as solar energy and solar power for heating and electricity.SecuriÇ has been a big priority in our planning as well. ln
addition to the Police Beat meetings (see story, page 1), wehave been working with the police department, the City andour securiÇ companies, CSI and Peninsula Patrol, to identifypotential trap zones and areas in need of improved safety
Jgzo E t9z8
buildinE andcolor and the
wear¡nE ¡n
building wasrepalnted d light,contrast¡nE tfin
cunentli the
prepped for
r-8 Newell Ct.: Bdote The pool fence was too low andthe landscaping looked wom and oütdated. AfietThe pool þncc was replaced to increase safety andthe courTyard arca got all new grass. The buildings
were repainted and the hallways got new tile.
We will cont¡nue to inspect
the properties w¡th help
from the City, in an effort tomake our properties a safer
place to live for everyone.
PM-2260
ccEsS sToRtES
Programlighting. This includes interior and exterior lighting at theproperties. We are also making it a priority to fix all existingsecurity gates and equip them to utilize key cards.
CSI and Peninsula Patrol are local security companies thatprovide residential/housing security services in East palo Alto andneighboring cities. They get directly involved with the communitywith everything from block part¡es, neighborhood watch programs,
child car seat installations to apprehending criminals. Theywork closely with the police department and talk to citizensabout their concerns. CSI has a website for residents to emailor report serious problem items or suspicious activities. you
may contact CSI using the "Email us" link on their websiteat u ¡/w.cantysecurity.com or by calling (650) 966-8600.
iTzo W' Bayshori Rd.: Before'The bulldlngwas,nondescrlpt and lobby area tiras. : .
dark after.lhe building.yvas rcpginied tohighlight tlie buildings features anS thà.
lobby was improved b¡y renróvinþ aninlerior wall to allow more light.
Ave: BeJore The
'. were a dull grray
t was dr¡pped orrreas. after The
rer washèd andriting color with a
lor for the pàlios.
'perty is beingpe improvenentr.
PAGE Myl/LL EMPLOYEE
sP #tLrcHrTeresita AlanizProperty Portfolio Manager
Teresita Alaniz joined Page
Mill in 2006 as Property
Portfolio Manager after
working with Ehikian &
Company since 1995. At Page
Mill, Mrs. Alaniz manages
over 1500 residential units.
Mrs. Alaniz is a native Spanish
speaker who has over 12 years ofresidential property mana gement
experiencq including leasing and
tenant relations. Prior to joining
Page Mill, Mrs.,Alaniz managed
300 units for Ehikian & Company.
Throughout the years, Mrs. Alaniz
has expanded her relationship withthe City of East Palo Alto to ensure the
"quiet enjoyment" of her residents,
Quiet enjoyment is a real estate term
that means tenants have certain
rights. Teresita's job is to make sure
that those rights are being upheld
not only by the City and its various
departments, but by other tenants
and neighbors as well.
Prvt-2261
Page Mill Property Services Leasing Referral Program
Any Page Mill Property Services resident will receive a rent credit
in the amount of $100.00 when referring a potential applicant.
To receive the referral credit, the applicant must meet all
qualifications and criteria and execute a lease with Page Mill
Property Services. Residents of Page Mill Property Services willreceive credit against rents in the amount of the fee with approved
referral fee statement. There is no limít to the number of referral
credits a resident can receive.
To apply for your referral credit, please contact our Leasing
Coordinator Norma Jaimez at the Leasing Office at (650) 444-9752
or visit our property management office to pick up a.rental
application and referral form.
' ;' to. rtöwru nder,'the;
Pl\A-2262
Está tJsted invitadoPróxima reunión del distrito policialD¡str¡to número cuatroFecha: Juevet 16 de agosto del 2007Horariol 6:30 - 8:00 p.m.Ubicación: Apartamentos de West Park,9 Newell Ct, East Palo Alto(detrás del edificÍo que está rodeadode césped, al lado de la alberca)
Para obtener más información, porfavor llame a la Unidad de Prevencióndel Crimen (crime Prevention Un¡t)al (6s0) 8s3-5939.
Núrneros importantes5¡ tiene alguna pregunta o desea solicítarservicio, por favor comuníquese con eladministrador localizado en su propiedad.
Si usted necesita asistencia demantenim¡ento de emergencia fueradel horario normal de oficina, por favorcomuníquese con el administrador desu propiedad o con nuestro personal demantenimiento de turno llamando al(650) 92+0319. En caso de una emergenc¡aque amenaza la vida, por favor llame al 911 .
Para obtener ínformación de alquiler,comuníquese con la oficina dealquiler llamando al (6SO) 4449752.
Quiénes somosPage Mill Property Services9 Newell Ct.. East Palo Alto, CA 94303Teléfono: (650) 32+ 1 9O7
Faxr (650) 32+1202Horario de oflcina:Lunes a viernes de 8:30 a.m. a 5:00 p.m.Sábados de '10:00 a.m. a 4:00 p.m.Cérrado los domingos
rurukÆ ii-.I;ä:ï'#''
Page M¡ll lroperties inicia unprograma pafa el mejoramientode la propiedadffi ecientemente, Page Mill Properties compró la propiedadäÀË donde usted res¡de. Con sede central en Palo Alto,California, Page Mill Properties es una empresa pr¡vada líderde inversión, desarrollo y administrac¡ón de bienes raíces.
Page Mill Property Services es la rama de nuestra empresaque administra propiedades como la suya.
Sornos una empresa local y nos importael servicio que proveemos. Hemos iniciado este boletínde noticias para mantenerlo informado sobre nuestrosprogramas y serv¡c¡os.
Con el fin de reiponder a las necesidades de los residentes,Page Mill Property Services ha desarrollado un programade mejoramiento de la propiedad, El programa cubre todotipo de mejoras desde volver a p¡ntar los edificios a constru¡rcercos de seguridad, reparar el deterioro, plantar plantasnuevas y rediseñar el paisaje.
Tênemos un excelente equ¡po de mantenimiento,que pgsiblemente usted ya haya visto en o alrededor deledificio. Nuestro equipo está trabajando arduamente en
cada una de las prop¡edades para limpiar, podar plantas,
arreglar y reparar el interior y el exterior de los edificios.
Page Mill Properties espera sat¡sfacer sus neces¡dades devivienda y proveerle un Servicio de calidad.PnCEMILt
PROPERTIES
Plvl-2263
Programa de seguridadomo parte del programa de mejoramientode la propiedad, Page Mill está implementando
un programa de seguridad para aumentar la seguridady mejorar la calidad de vida de nuestros residentesmediante la eliminación de circunstancias y situacionesproblemáticas en la propiedad.
Es posible que haya notado la reparación o construcciónde cercos y portones de seguridad en su propiedad.Hemos incluido fotos del estado de un par de propiedadesoantes" y "después" del trabajo que se está realizando.Una parte del programa es reemplazar y aumentar la
iluminación de seguridad en las propiedades. Page
Mill también ha aumentado la cantidad de patrullas
de seguridad en la propiedad y está trabajando encoordinación con la ciudad y el departamento depolicía con el propósito de lograr que nuesraspropiedades sean un lugar más seguro para vivir.
El departamento de policía divide la ciudad en cuatro
"distritos" y se nombran a oficiales individuales paraque vigilen sus distritos de manera especial. Está ustedinvitado a la próxima reunión del distrito policial en
su vecindario a realizarse el jueves, 16 de agosto.Durante la reunión se hablará de las estadísticas de
crimen recientes y las inquÍetudes de la comunidad.Además, se darán consejos de seguridad y se
contestarán sus preguntas.
25 NEwEtL RD. (ANTES) tos senderos
estaban abiertos a la acera, No había
cerco de segurldad. y el cerco de la
albe¡ca era demasiado baJo.
rE37 C¡.AnKE AVE. (ANTES) I
La eritrade de auto'móviles y
el årea d9 estaçionamíentoe¡la.hin ablehas ¡ la'crlle.
un úuevô portón da metal para
pe¡tonèr y.uri po{n co¡qdr'zo
.parr veþlculol proveen acccso' a la propiedad.
25 NEwEr.L RD. (DEsPuÉs) Se Gonstruyeron
nuwos cercos de rnadera y ün pottón de
entrada de mctål provce u¡ acceso con llave
para los resldentes. se reemplazåron los cercos
de la alberca para aumentar la seguridad.
4
P\A-2264
Está usted invitadoPróxima reunión del distrito policialD¡strito número cuatrcFecha: Jueves, 20 de septiembre del 2007Horario: 6:30 - 8:00 p.m.Ubicaciónl Apartamentos de West Park,5 Newell Ct, East Palo Alto
Para obtener más información, por favorllame a la Unidad de Prevención del Crîmen(Crime Prevention Unit) al (650) 853-5939.
Números importantesSi tiene alguna pregunta o desea solic¡tarservicio. por favor comuníquese con el .
administrador localîzado en su propiedad. 5iusted necesita asistenciâ de mantenimientode emergencia fuera del horario normalde oficina, por favor comuníquese conel administrador de su propiedad o connuestro personal de mantenimiento deturno llamando al (650) 9244319. Encaso de una emergencia que amenazala vida, por favor Ilame al 911.
Para obtener información de alquileçcomuníquese con la oficina de alquilerllamando al (650) 44tl-9752. The CommunityLegal Services (Servicios Legales de laComunidad) ofrece asistencia gratuitasi usted tíene preguntas o inquietudessobre su contrato de alquiler. Sunúmero de teléfono es (650) 853-1600.
iNos hemos mudado!Nuesträ oficina de.administración se ha :..mudado y ha vuelto a abrir sú3 puertas en ,
los Apartamentos de West Parkl Nüestra. ubicacíón ha cambiado, pero sigúen igualesnuestro horario de oficina y nuestro'compromiso.de ofrecer servicio de calidad.5í podemos ayudarlo, porfàúor: no dude en .
I lamamos o þsar. por nuestr€ nuêva ofi ci¡a:
Page Mill Propêrty Serv¡¿:es(Seiliq¡os .
d.ç Admig¡ist¡ación derPagq,Mift) :. :'5 ñewell €ti, Èast Palo,A.ttb;iÀ9-4303. i.:TeléTor¡o:'(650) 32¿t-618O Fax (650)324-1202 , 'rHorafio de oficina: ,.r.:. ,' . .. ''Lunes atúieriiés de8:30 a.Ín.'a 5-;00 p.m.Sábâdo dè 10:00 a.ní. a 4:0Q p-¡n:'Cêrrado-losdom¡ngosì . -.
GraciasGracias a todos los que asistieron a lareunión mensual del distrito policial que
se real¡zó detrás de 5 Newell Court el 16
de agosto. Asistieron aproximadamente50 personas.
Quienes as¡stieron a la reunión oyeron aljefe del distrito policialnúmero cuatro, el sargento Barberini, ofrecer una sinopsis de las
estadísticas de crimen para junio del 2007 en el "área del distritocuatro" de la zona de Palo Alto Este.
El departamento de policía divide a la ciudad en cuatro "distritos" yse nombra a un oficial individual para trabajar en un distrito. Dentrodel distrito, el oficial o un equipo de oficiaies siguen una trayectoria
habitual. A veces, el término distrito tambiénes utilizado para describir el área que cubre
un oficial mientras está de guardia, La ciudadva a "comandar el ârea" y ha reorganizadoel departamento de pol¡cía de modo que un
capitán sea responsable por dos distritos.Nuestro distrito está cubierto por el capitán
a cargo, Thomas Alipio. Losìresidentes pueden
enviar correos electrónicos al capjtán a , I :.cargo. 5u dirección de correo electrónico es;,
tåiipioocityofepa.org, . .
.,.....: l _
Antes dö'cöncluir: la iëunión, la.policía contestó las:preguntas del público.:,,;: : . ' . j
, '.',,: ..
Se realizãrán reu'nio'nes de distrito:el terce¡ jueves delcada mes- 'Queda
usted-invitado a la próxima reunión del distrito cuatro a realizarse el ,
juevès, 20 de septiembre q¡ [os'Apartamentos de West Park. Se
servirán refrescos.
' . ,1 t " -." :
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Plvl-2265
HISTORIAS DE EXITO DEL PROGRAMA
Iogtama de seguridad completa y Meiora de la pra meta de Page Mill Properties es aumentar la seguridad ymejorar el estado de la propiedad para los residentes de nuestras
propiedades mediante la corrección de asuntos que amenazan la viday solucionando problemas de seguridad en la propiedad. para alcanzaresta meta, hemos desarrollado un programa de Seguridad Completay Mejoras de Ia Propiedad (Comprehensive Security and property
lrnprovement Program) que incluye elementos tales como muchosproyectos de construcción y mejoras de seguridad.
Hemos realizado inspecclones de seguridad en las propiedades conpersonal enørçdo de hacer cumplir los códigos, la división de construccióny otras agencias con el fin de identificar asuntos problemáticos ypotenciales proyectos de mejora. Éste es un proceso continuo, yseguiremos inspeccionando.las propiedades con la ayuda de la ciudadpara hacer que las propiedades sean un lugar más seguro para vivir.
Estamos muy ocupados colocando azulejos, reparando madera
r-8 Newell Ct.: Antes el cerco de la alberca/piscina erademasiado bajo y et diseño de paisaje se veía viejoy antioado. Luego se reemplazó el cerco dc la
alberca/piscina y la zona del pat¡o fue cublerta concésped nuevo, Los edificios fueron vueltos a pintar
y se colocaron nuanos azulejos en los pasillos.
deteriorada y pintando ciertas propiedades. También hemos lavado los
edificios con agua a presión, mejorado el diseño del paisaje y agregadocercos y mejor iluminación en cada edificio de apartamentos.
Adicionalmente, estamos incorporando más elementos de consumode energla eficiente a nuestra planificación. Estamos reemplazando la
iluminación de cada propiedad con iluminación de consumo efìcienteen los pasillos, escaleras y estacionamiéntos. En la actualidad, tambiénestamos investigando fuentes de energfa alternativa, tales como la
energfa y la potencia solar para.los sistemas de calefacción y electric¡dad.
La seguridad ha sido una prioridad importante en nuestro plan.
Además de las reuniones del d¡str¡to policial (vea la historia en Ia página l),hemos estado trabajando con el departamento de policía, la ciudad ynuestras compañfas de seguridad, CSI y Peninsula Patrol, para identificarpotenciales zonas peligrosas y áreas que requieren mejor iluminaciónde seguridad. Esto incluye iluminación interior y exterior en las
Continuaremos inspeccionando
las propiedades con la ayudade la ciudad con el fin de
, hacer que ellas sean un
lugar seguro para vivir.
l92o 6 1928 Cooley.
y los patios ean dey en algunas
desgastada y se
Luego el edificiopresión y vuello ay agadable conpara resaltar los
sc está
reallzar neloras
PM-2266
rpiedadMEIORAS DE PAGE MItL
propiedades. También estamos dándole prioridad al aneglo de losportones de seguridad existentes y los estamos equipando para quefuncionen con tarjetas llave.
CSl y Peninsula Patrol son compañías de seguridad locales queproveen servicios de seguridad residencial/de vivienda en la zona dePalo Alto Este y las ciudades vecinas. Ellos participan directamente conla comunidad en todo tipo de eventos tales como fiestas de manzana,programas de vigilancia vecinal, instalaciones ile asientos infantilespara el automóvil y deteniendo a criminales. Trabajan solidariamentecon el departamento de policía y hablan con los ciudadanos sobre susinquietudes. CSI tiene un sitio Web para residentes al cual se puedenenv¡ar coneos electrónicos sobre problemas serios o actividadessospechosas. Usted puede comunicarse con CSI utilizando el eslabón"Email us" (envíenos un correo electrónico) que aparece en su sitioWeb: www.cantysecurity.com o llamándolos al (650) 96G8600.
r72o w. Bayshore Rd.: Antcs.ei edit¡cio no decíanada y la zona de la recepclón.erà oscura:
tuego se volvió a pintar el edificio para reialtarsus características.y se mejoró la recepción
nredianie la eliminación de una pired interior. par¡ permitir i¡ entrada de ¡nåj luz.
re: AÍtes el edficion color Eris apagadola pintura estaba5a descascarando.lavado con agua a
t¡r de un cdor chrocolor contfastanteos. En la acluölidâdla piopiedad para
diseño de paisaie.
EMPLEADA E MILL
UETeresita AlanizAdrninistradora de la Carterade Propiedades (Property
Portfolio lvianager)
Teresìta Alaniz se unió al
equipo de Page Mill en el
2006 como Administradora
de la Cartera de Propiedades
(Property Portfolio Manager)
después de trabajar con
Ehikian & Company desde
1995. En Page Mill, la Sra.
Alaniz administra más de 1500
unidades residenciales.
El primer idioma de la Sra. Alaniz es el
español y ella posee más de 12 años
de experiencia en la administración de
propiedades residenciales, incl uyendo
alquileres y relaciones con los inquilinos.
Antes de unirse a Page Mill, la Sra.
Alaniz administraba 300 unidades para
Ehikian & Company. Con el paso de los
años, la Sra. Alaniz ha expandido su
relación con la ciudad de Pâlo AltoEste para garantizar el "tranquilodisfrutar" de sus residentes. El término
"tranquilo disfrutar" se utiliza en la
industria de los bienes raíces para
indicar que los inquilinos tienen ciertos
dereçhos. El deber de Teresita es
asegurar que esos derechos sean
respetados no sólo por la ciudad y sus
varios departamentos, sino tambiénpor otros inquilinos y vecinos.
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P\I-2267
Programa de Recomendación deServicios de Alquiler de Page Mill
Todo residente de Page Mill Property Services recibirá un crédito de
$100,00 para cubrir su renta cada vez que recomiende a un potencial
solicitante de alquiler. Para recibir este crédito, el solicitante debe cumplir
con todos los requisitos y.criterios y firmar un côntrato de alquiler con
Page Mill Property Services. Los residentes de Page Mill Property Services
recibirán un crédito equivalente al monto de la tarifa que se descontará
de sus rentas con una declaración de tarifa de recomendación autorizada.
No hay llmite para la cantidad de créditos por recomendación que puede
recibir un residente
Para solicitar su crédito por recomendación, por favor comuníquese con
nuestra Coordinadora de Alquileres (Leasing Coordinator), Norma
Jaimez, en la Oficina de Alquileres llamando al (650) 444-9752 ó visite
nuestra oficina de administración de propiedades para conseguir un
formulario de solicitud y recomendación de alquiler.
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Ptvt-2268
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