Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 107

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 107
---
 Collateral Account with the remaining net sale proceeds required to be used to reduce the Amended and Restated Portfolio Loan Facility Borrowers’ obligations under the Amended and Restated Portfolio Loan Facility, and (b) in respect of the sale of The Almaden, the first $10.0 million of net sale proceeds is required to be used to reduce the Amended and Restated Portfolio Loan Facility Borrowers’ obligations under the Amended and Restated Portfolio Loan Facility with the remaining net sale proceeds to be applied on an equal basis to reduce the Amended and Restated Portfolio Loan Facility Borrowers’ obligations under the Amended and Restated Portfolio Loan Facility and to fund the Cash Sweep Collateral Account.  The Eighth Extension Agreement continues to provide that, if elected by the required Portfolio Loan Lenders, a default will occur under the Amended and Restated Portfolio Loan Facility if a written demand for payment is delivered to REIT Properties III under (a) the Company’s Credit Facility, (b) the payment guaranty agreement of the Company’s Modified Portfolio Revolving Loan Facility or (c) as a result of a default under any guaranty or any other indebtedness of REIT Properties III where the demand made or amount guaranteed is greater than $5.0 million. Further, the occurrence of a default (after any required notice, cure or standstill period, as applicable) under the Accenture Tower Loan will cause a default under the Accenture pledge, resulting in a cross-default under the Amended and Restated Portfolio Loan Facility. Amendment to Advisory Agreement

In connection with the Eighth Extension Agreement, on February 6, 2025, the Company and the Advisor entered into an amendment to the Advisory Agreement to (i) defer a portion of the asset management fee associated with the Portfolio Loan Properties as described above and (ii) subject to the further limitations contained in the Advisory Agreement and the Company’s charter, reduce the disposition fees associated with the sales of the Portfolio Loan Properties, Accenture Tower and The Almaden to 0.65% of the contract sales price of each property.  

F-44

Table of ContentsKBS REAL ESTATE INVESTMENT TRUST III, INC.SCHEDULE IIIREAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATIONDecember 31, 2024(dollar amounts in thousands)

Initial Cost to CompanyGross Amount at whichCarried at Close of PeriodDescriptionLocationOwnershipPercentEncumbrancesLandBuilding andImprovements