Exhibit 10.2
ELEVENTH AMENDMENT TO LEASE
This Eleventh Amendment to Lease (this "Eleventh Amendment") is made and entered
into by and between KBSII FOUNTAINHEAD LLC, a Delaware limited liability company
("Landlord"), as successor-in-interest to US Real Estate Limited Partnership
("Original Landlord"), and THE UNIVERSITY OF PHOENIX, INC., an Arizona
corporation ("Tenant"), effective as of February 6, 2019 (the "Effective Date").
WITNESSETH
WHEREAS, Landlord and Tenant are parties to that certain Fountainhead Corporate
Park Lease dated June 29, 2009 originally entered by and between Original
Landlord and Tenant (the "Original Lease"), as amended by (i) that certain First
Amendment to Lease dated August 11, 2009 (the "First Amendment"), (ii) that
certain Second Amendment to Lease dated November 1, 2009 (the "Second
Amendment"), (iii) that certain Third Amendment to Lease dated February 19, 2010
(the "Third Amendment"), (iv) that certain Fourth Amendment to Lease dated March
11, 2011 (the "Fourth Amendment"), (v) that certain Fifth Amendment to Lease
dated August 3, 2011 (the "Fifth Amendment"), (vi) that certain Sixth Amendment
to Lease dated December 22, 2011 (the "Sixth Amendment"), (vii) that certain
Seventh Amendment to Lease dated June 1, 2012 (the "Seventh Amendment"), (viii)
that certain Eighth Amendment to Lease dated August 18, 2017 (the "Eighth
Amendment"), (ix) that certain Ninth Amendment to Lease dated April 2018 (the
"Ninth Amendment;"); and (x) that certain Tenth Amendment to Lease, dated
January 2, 2019 (the "Tenth Amendment"; the Original Lease, as so amended, being
the "Lease"), pursuant to which Tenant is currently leasing from Landlord
certain real property and improvements located at 1625 Fountainhead Parkway,
Tempe, Arizona 85282 and 1601 Fountainhead Parkway, Tempe, Arizona 85282
(collectively, the "Premises");
WHEREAS, Landlord and Tenant desire to amend the Lease, all as more particularly
provided below.
NOW, THEREFORE, pursuant to the foregoing, and in consideration of the mutual
covenants and agreements contained in the Lease and herein, Landlord and Tenant
hereby agree that the Lease is hereby modified and amended as set forth below:
1.Defined Terms. All capitalized terms used herein shall have the same meaning
as defined in the Lease, unless otherwise defined in this Eleventh Amendment.
2.Letter of Credit. Landlord and Tenant acknowledge and agree that: (a) Tenant
shall have the right to replace the New Letter of Credit that was deposited with
Landlord in accordance with the terms of the Ninth Amendment with a letter of
credit in the form attached hereto as Exhibit "A" issued by UMB Bank, N.A.,
Kansas City Missouri (the "Replacement Letter of Credit"); and (b) within five
(5) business days following Tenant's delivery of the Replacement Letter of
Credit to Landlord, Landlord shall return the New Letter of Credit to Tenant.
3.Guaranty. APOLLO EDUCATION GROUP, INC., an Arizona corporation formerly known
as Apollo Group, Inc. (the "Guarantor"), executed that certain Guaranty dated as
of June 29, 2009, in favor of Landlord under the Lease (the "Guaranty"), for the
benefit of Tenant. The effectiveness of this Eleventh Amendment shall be subject
to and conditioned upon Guarantor joining

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in the execution of this Eleventh Amendment, and such execution shall evidence
only: (i) the consent of Guarantor to the terms and conditions of this Eleventh
Amendment; (ii) the agreement of Guarantor that the Guaranty is and shall remain
in full force and effect following the execution of this Eleventh Amendment; and
(iii) the liability of Guarantor under the Guaranty shall extend to and cover
all of the obligations of Tenant under the Lease, as amended by this Eleventh
Amendment.
4.Brokers. Tenant represents and warrants to Landlord that it has had no
dealings with any broker or agent in connection with the negotiation or
execution of this Eleventh Amendment, and Tenant hereby agrees to indemnify and
hold Landlord harmless from and against any and all costs, expenses or liability
for commissions or other compensations or charges claimed by any broker or agent
claiming to have represented Tenant with respect to this Eleventh Amendment or
the transactions evidenced hereby.
5.Miscellaneous. With the exception of those terms and conditions specifically
modified and amended herein, the herein referenced Lease shall remain in full
force and effect in accordance with all their respective terms and conditions.
In the event of any conflict between the terms and provisions of this Eleventh
Amendment and the terms and provisions of the Lease, the terms and provisions of
this Eleventh Amendment shall supersede and control.
6.Counterparts/Facsimile Signatures. This Eleventh Amendment may be executed in
any number of counterparts, each of which shall be deemed an original, and all
of such counterparts shall constitute one agreement. To facilitate execution of
this Eleventh Amendment, the parties may execute and exchange facsimile
counterparts of the signature pages and facsimile counterparts shall serve as
originals.
[Signature Page Follows]

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IN WITNESS WHEREOF, the parties hereto have executed this Eleventh Amendment on
the dates set forth in the respective signature blocks below, to be effective
for all purposes, however, as of the Effective Date.

LANDLORD:
KBSII FOUNTAINHEAD, LLC,
a Delaware limited liability company
By:
KBS Capital Advisors, LLC,

a Delaware limited liability company,
as agent
By:
/s/Tim Helgeson    

Tim Helgeson,
Senior Vice President
Date:
2/6/2019

TENANT:
THE UNIVERSITY OF PHOENIX, INC.,
an Arizona corporation
By
/s/ Chris Lynne

Name:
Chris Lynne

Title:
Chief Financial Officer

Date:    2/1/2019

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JOINDER
APOLLO EDUCATION GROUP, INC., an Arizona corporation, acting in its capacity as
Guarantor, join in the execution of this Eleventh Amendment to Lease for the
purposes specified in Paragraph 3 of this Twelfth Amendment to Lease.
GUARANTOR:
APOLLO EDUCATION GROUP, INC.,
an Arizona corporation
By
/s/ William Molina

Name:
William Molina

Title:
V.P., Tax

Date:    1/31/ 2019

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Exhibit A
Form of Letter of Credit
[see attached]

5

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DATE:
IRREVOCABLE STANDBY LETTER OF CREDIT NO.
ISSUING BANK:
UMB BANK, N.A.
INTERNATIONAL TRADE SERVICES 1008 OAK STREET
KANSAS CITY, OK 64106
BENEFICIARY:
KBSII FOUNTAINHEAD, LLC
ATTN: KBS CAPITAL ADVISORS, LLC
TIM HELGESON
800 NEWPORT CENTER DRIVE, SUITE 700 NEWPORT BEACH, CA 92660
APPLICANT:
THE UNIVERSITY OF PHOENIX, INC.
4025 S. RIVERPOINT PARKWAY
PHOENIX, AZ 85040
EXPIRY DATE: (ONE YEAR FROM DATE OF ISSUE)
PLACE FOR PRESENTATION: OUR COUNTERS
AMOUNT: USO 10,300,000.00 (TEN MILLION THREE HUNDRED THOUSAND AND 00/100 U.S.
DOLLARS) WE HEREBY ISSUE IN BENEFICIARY'S FAVOR THIS IRREVOCABLE STAN DBY LETTER
OF CREDIT NO.__________. WHICH IS AVAILABLE BY PAYMENT WITH OURSELVES AGAINST
PRESENTATION OF BENEFICIARY'S DRAFTS AT SIGHT DRAWN ON UMB BANK, N.A., KANSAS
CITY, MISSOURI BEARING THE CLAUSE: "DRAWN UNDER LETTER OF CREDIT NO. _______ OF
UMB BANK, N.A., KANSAS CITY, MISSOURI" ACCOMPANIED BY FOLLOWING DOCUMENT:
BENEFICIARY'S SIGNED AND DATED STATEMENT WORDED AS FOLLOWS:
"THE UNIVERSITY OF PHOENIX, INC. ("TENANT") HAS DEFAULTED UNDER THAT CERTAIN
FOUNTAINHEAD CORPORATE PARK LEASE DATED JULY 29, 2009, INCLUDING ANY AMENDMENTS
AND RESTATEMENTS THERETO, BETWEEN TENANT AND KBSII FOUNTAINHEAD, LLC (AS
"LANDLORD") (THE "LEASE") AND (I) LANDLORD HAS GIVEN WRITTEN NOTICE TO TENANT TO
CURE THE DEFAULT PURSUANT TO THE TERMS OF THE LEASE, (II) SUCH DEFAULT HAS NOT
BEEN CURED UP TO THIS DATE OF DRAWING UNDER THIS LETTER OF CREDIT, AND (Ill)
LANDLORD IS ENTITLED TO DRAW DOWN ON THE LETTER OF CREDIT PURSUANT TO THE TERMS
OF THE LEASE AND LANDLORD WILL APPLY THE FUNDS OF THE LETTER OF CREDIT IN
ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE LEASE."
PARTIAL DRAWING AND MULTIPLE PRESENTATIONS ARE A LLOWED .
WE HAVE BEEN INFORMED BYTHEAPPLICANT THAT THIS LETTER OF CREDIT IS ISSUED
RELATIVE TO THE ABOVE- DESCRIBED LEASE RELATING TO PREMISES LOCATED AT 1601 AND
1625 FOUNTAINHEAD PARKWAY, TEMPE, ARIZONA 85282.

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THIS LETTER OF CREDIT IS DEEMED TO BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT
FOR ONE YEAR FROM THE EXPIRY DATE HEREOF, AND THEREAFTER FROM EACH FUTURE
ANNIVERSARY OF THE EXPIRY DATE, UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO THE
EXPIRY DATE OR ANY EXPIRY DATE ANNIVERSARY WE SEND WRITTEN NOTICE BY CERTIFIED
MAIL OR COURIER SERVICE TO BENEFICIARY AT THE ABOVE ADDRESS OR SUCH OTHER
ADDRESS AS
BENEFICIARY MAY ADVISE US OF IN WRITING AND WHICH HAS BEEN INCORPORATED INTO
THIS LETTER OF CREDIT BY AN AMENDMENT HEREOF, THAT WE ELECT NOT TO CONSIDER THIS
LETTER OF CREDIT EXTENDED FOR ANY SUCH ADDITIONAL PERIOD. IN SUCH EVENT,
BENEFICIARY MAY DRAW ON US AT SIGHT FOR AN AMOUNT NOT TO EXCEED THE BALANCE
REMAINING IN THIS IRREVOCABLE LETTER OF CREDIT PRIOR TO THE THEN APPLICABLE
EXPIRY DATE, BY PRESENTATION OF BENEFICIARY'S DRAFT AND BENEFICIARY'S SIGNED AND
DATED STATEMENT WORDED AS FOLLOWS:
"THIS CERTIFIES THAT THE UNDERSIGNED IS ENTITLED TO THE AMOUNT SPECIFIED UNDER
LETTER OF CREDIT NO. _____ OF UMB BANK, N.A. AS (A) THE UNDERSIGNED HAS RECEIVED
A NON- EXTENSION NOTICE FROM UMB BANK, N.A. OF ITS DECISION NOTTO AUTOMATICALLY
EXTEND LETTER OF CREDIT NO. _______ (B) THE UNDERLYING OBLIGATION REMAINS
OUTSTANDING AND (C)THE UNIVERSITY OF PHOENIX, INC. ("TENANT") HAS NOT PROVIDED A
REPLACEMENT LETTER OF CREDIT ON OR BEFORE THE NEW LETTER OF CREDIT REPLACEMENT
DEADLINE (AS SUCH TERM IS DEFINED IN THAT CERTAIN EIGHTH AMENDMENT TO LEASE
DATED AUGUST 18, 2017 BY AND AMONG KBSII FOUNTAINHEAD, LLC (AS "LANDLORD"), AND
TENANT."
NOTWITHSTANDING THE ABOVE, THIS LETTER OF CREDIT SHALL NOT BE EXTENDED FOR ANY
PERIOD BEYOND SEPTEMBER 30, 2023 (THE "TERMINAL EXPIRATION DATE") ON WHICH DATE
IT SHALL EXPIRE IN FULL AND FINALLY.
THE AMOUNT OF THIS LETTER OF CREDIT WI LL BE AUTOMATICALLY DECREASED WITHOUT
AMENDMENT BY THE AMOUNT INDICATED, ON THE DATE INDICATED,TO THE NEW BALANCE
INDICATED, WHICH NEW BALANCE SHALL BE THE MAXIMUM AMOUNT AVAILABLE FOR DRAWING,
LESS ANY PRIOR PARTIAL DRAWINGS.
REDUCTION DATE
 
NEW BALANCE
AUGUST 31, 2021
 
$
7,330,748.00

AUGUST 31, 2022
 
$
3,910,014.00

IN THE EVENT OF A DRAWING HEREUNDER, THE REDUCTION AMOUNT FOR THE SUBSEQUENT
PERIOD(S) WILL NOT BE DECREASED BY THE AMOUNT OF SAID DRAWING(S). HOWEVER, IN
THE EVENT THE THEN-BALANCE OF THIS LETTER OF CREDIT AS OF THE APPLICABLE
REDUCTION DATE IS LESS THAN THE APPLICABLE "NEW BALANCE" SET FORTH IN THE TABLE
ABOVE, THEN THE THEN-EXISTING AMOUNT OF THE LETTER OF CREDIT SHALL REMAIN IN
PLACE (I.E. IN NO EVENT SHALL THE AUTOMATIC REDUCTION ABOVE IN ANY WAY RESULT IN
THE AMOUNT OF THE LETTER OF CREDIT BEING INCREASED IF, AS OF THE APPLICABLE DATE
OF REDUCTION SET FORTH ABOVE, THE THEN-BALANCE OF THE LETTER OF CREDIT IS BELOW
THE APPLICABLE "NEW BALANCE" FOR SUCH REDUCTION DATE).
EXCEPT AS EXPRESSLY STATED HEREIN, THIS UNDERTAKING IS NOT SUBJECT TO ANY
AGREEMENT, CONDITION OR QUALIFICATION. THE OBLIGATION OF UMB BANK, N.A. UNDER
THIS LETTER OF

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CREDIT IS THE INDIVIDUAL OBLIGATION OF UMB BANK, N.A., AND IS IN NO WAY
CONTINGENT UPON REIMBURSEMENT WITH RESPECT THERETO.
THIS LETTER OF CREDIT MAY BE TRANSFERRED IN FULL, ONE OR MORE TIMES, UPON
PRESENTATION TO US OF (I) A DULY COMPLETED TRANSFER INSTRUCTION SUBSTANTIALLY IN
THE FORM OF EXHIBIT A TO THIS LETTER OF CREDIT SIGNED BY A PERSON PURPORTING TO
BE YOUR REPRESENTATIVE, BEARING BENEFICIARY'S BANKERS STAMP AND SIGNATURE
AUTHENTICATION, OR IN LIEU OF SUCH SIGNATURE AUTHENTICATION, AN INCUMBENCY
CERTIFICATE FROM BENEFICIARY SETTING FORTH THE AUTHORITY OF THE PERSON EXECUTING
SUCH TRANSFER INSTRUCTION AND (II) THE ORIGINAL OF THIS LETTER OF CREDIT, AND
ORIGINAL AMENDMENTS IF ANY. UPON SUCH PRESENTATION, WE SHALL ISSUE A REPLACEMENT
LETTER OF CREDIT IN FAVOR OF THE TRANSFEREE IN THE AMOUNT AND IN THE FORM OF
THIS LETTER OF CREDIT.
ALL BANKING CHARGES RELATIVE TO TRANSFER WILL BE FOR THE ACCOUNT OF THE
APPLICANT. PAYMENT OF YOUR TRANSFER COMMISSION AND ANY EXPENSES WHICH MAY BE
INCURRED BY YOU IN CONNECTION WITH THIS TRANSFER ARE FOR THE ACCOUNT OF THE
APPLICANT AND THE FAILURE OF THE APPLICANT TO PAY ANY SUCH COMMISSION OR
EXPENSES WILL NOT AFFECT SUCH TRANSFER.
ALL BANKING CHARGES INCLUDING TRANSFER FEE ARE FOR THE APPLICANT'S ACCOUNT.
PRESENTATION MAY BE MADE TO US IN PERSON, OR BY COURIER AT OUR OFFICES AT UMB
BANK, N.A., 1008 OAK STREET, KANSAS CITY, MO 64106, ATTN: INTERNATIONAL TRADE
SERVICES, OR BY FACSIMILE TRANSMISSION. PRESENTATIONS BY FACSIMILE TRANSMISSION
ARE PERMITTED TO US AT FACSIMILE NO . 816-860-7548, OR ANY OTHER FAX NUMBER WE
MAY SUBSEQUENTLY ADVISE TO YOU IN WRITING. YOUR DEMAND BY FACSIMILE TRANSMISSION
WILL NOT BE EFFECTIVELY PRESENTED UNTIL YOU CONFIRM WITH US BY TELEPHONE OUR
RECEIPT OF SUCH FACSIMILE DRAWING BY CALLING OUR INTERNATIONAL TRADE SERVICES
TELEPHONE NUMBER 816-860-7560. IN THE EVENT OF YOUR DEMAND BY FACSIMILE
TRANSMISSION, THE ORIGINAL OF THE DRAWING REQUEST MUST BE SENT TO US AT THE
ABOVE ADDRESS WITHIN TWO (2) BUSINESS DAYS OF THE DATE OF ANY SUCH FACSIMILE
TRANSMISSION; PROVIDED, HOWEVER, WE WILL DETERMINE HONOR OR DISHONOR ON THE
BASIS OF PRESENTATION BY FACSIMILE ALONE AND WILL NOT EXAMINE THE ORIGINALS
THEREAFTER.
EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED, THIS STANDBY LETTER OF CREDIT IS
SUBJECT TO THE INTERNATIONAL STANDBY PRACTICE 98 (ISP98), INTERNATIONAL CHAMBER
OF COMMERCE PUBLICATION NO. 590.
UMB BANK, N.A.

__________________________________
(AUTHORIZED SIGNATURE)

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EXHIBIT A
TO IRREVOCABLE LETTER OF CREDIT NO. _________    
Date : _______                    INSTRUCTION TO TRANSFER IN FULL
UMB BANK, N.A.
1008 OAK STREET
KANSAS CITY, MISSOURI 64106
ATTN: INTERNATIONAL TRADE SERVICES
RE:    YOUR IRREVOCABLE TRANSFERABLE STANDBY LETTER OF CREDIT NO. ______
THE UNDERSIGNED BENEFICIARY IRREVOCABLY TRANSFERS ALL RIGHTS OF THE UNDERSIGNED
BENEFICIARY TO THE ABOVE LETTER OF CREDIT TO:
(NAME OF
TRANSFEREE)_________________________________________________________________
(ADDRESS OF
TRANSFEREE)______________________________________________________________
BY THIS TRANSFER ALL RIGHTS OF THE UNDERSIGNED BENEFICIARY IN SUCH LETTER OF
CREDIT ARE TRANSFERRED TO THE TRANSFEREE AND THE TRANSFEREE SHALL HAVE THE SOLE
RIGHTS AS BENEFICIARY THEREOF, INCLUDING SOLE RIGHTS RELATING TO ANY AMENDMENTS,
WHETHER INCREASES OR EXTENSIONS OR OTHER AMENDMENTS AND WHETHER NOW EXISTING OR
HEREAFTER MADE. WE HEREBY WAIVE ANY RIGHTS OF REFUSAL TO ANY SUBSEQUENT
AMENDMENTS TO THIS LETTER OF CREDIT. ALL AMENDMENTS ARE TO BE ADVISED DIRECT TO
THE TRANSFEREE WITHOUT NECESSITY OF ANY CONSENT OR NOTICE TO THE UNDERSIGNED
BENEFICIARY.
THE ORIGINAL LETTER OF CREDIT IS RETURNED HEREWITH, AND WE ASK YOU TO ENDORSE
THE TRANSFER ON THE REVERSE THEREOF, AND ISSUE A REPLACEMENT LETTER OF CREDIT IN
FAVOR OF THE TRANSFEREE IN THE AMOUNT AND IN THE FORM OF THIS LETTER OF CREDIT.
PAYMENT OF YOUR TRANSFER COMMISSION AND ANY EXPENSES WHICH MAY BE INCURRED BY
YOU IN CONNECTION WITH THIS TRANSFER ARE FOR THE ACCOUNT OF THE APPLICANT AND
THE FAILURE OF THE APPLICANT TO PAY ANY SUCH COMMISSION OR EXPENSES WILL NOT
AFFECT SUCH TRANSFER.
NAME OF BENEFICIARY (TRANSFEROR):
____________________________________________________________
NAME OF AUTHORIZED SIGNER AND TITLE:
__________________________________________________________
AUTHORIZED SIGNATURE:
_________________________________________________________________________
SIGNATURE AUTHENTICATION:
THE SIGNATURE AND TITLE ABOVE CONFORM WITH THOSE SHOWN IN OUR FILES AS
AUTHORIZED TO SIGN FOR THE BENEFICIARY. POLICIES GOVERNING SIGNATURE
AUTHORIZATION AS REQUIRED FOR WITHDRAWALS FROM CUSTOMER ACCOUNTS SHALL ALSO BE
APPLIED TO THE AUTHORIZATION OF SIGNATURES ON THIS FORM.

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THE AUTHORIZATION OF THE BENEFICIARY'S SIGNATURE AND TITLE ON THIS FORM ALSO
ACTS TO CERTIFY THAT THE AUTHORIZING FINANCIAL INSTITUTION (I) IS REGULATED BY A
U.S. FEDERAL BANKING AGENCY; (II) HAS IMPLEMENTED ANTI-MONEY LAUNDERING POLICIES
AND PROCEDURES THAT COMPLY WITH APPLICABLE REQUIREMENTS OF LAW; (Ill) HAS
APPROVED THE BENEFICIARY UNDER ITS ANTI­ MONEY LAUNDERING COMPLIANCE PROGRAM.
NAME OF BANK:
______________________________________________________________________________________
AUTHORIZED SIGNATURE:
_____________________________________________________________________________
NAME AND TITLE:
_____________________________________________________________________________________
ADDRESS: __________________________________________________________PHONE NUMBER:
_________________