While updating (Click on OK button, or Script on SSMS Wizard page),
SSMS got Error: Object reference not set to an instance of an object. (SqlMgmt)
Although there is no problem to do that action with system procedure (EXEC sys.sp_updateextendedproperty) and this will be execute successfully, but it seems that SSMS can't generate this action on wizard page (Stored Procedure Properties).
I had reinstall SSMS on my local system, but it didn't worked!
Same Error exists on every local system of our client and developer that connect to this instance! and I believe that this is a problem on instance wide of server, not SSMS on client side.
There is no Problem for update extended properties from other Object (like Tables, Views, function, etc), but just Stored Procedure!
I think maybe there is some dirty records in some System Tables on the msdb Database!!!