EX-10.91



 Exhibit 10.91 
  

 
 



 
 Commercial Real Estate 
 Institutional and Metro Markets Group 
 2030 Main Street, Suite 800 

Irvine, CA 92614 
 Telephone:
(949) 251-4300 
 April 10, 2013 
 KBSIII Legacy
Town Center, LLC 
 c/o KBS Capital Advisors LLC 
 620
Newport Center Drive, Suite 1300 
 Newport Beach, CA 92660 

Re:   Loan No. 1006987 
 This
Letter Modification Agreement dated April 10, 2013 (“Modification Agreement”) is entered into by and between Wells Fargo Bank, National Association, as Administrative Agent (collectively with its successors or assigns,
“Lender”), and KBSIII Legacy Town Center, LLC, a Delaware limited liability company, (“Borrower”). 
 Pursuant to the terms of that certain Loan Agreement dated March 27, 2012, and as the same may be amended, modified, supplemented or replaced from time to time (“Loan Agreement”),
Lender made a loan to Borrower in the principal amount of Sixty Million Two Hundred Fifty Thousand Dollars ($60,250,000). The Loan is evidenced by a Secured Promissory Note dated as of the date of the Loan Agreement, executed by Borrower in favor of
Lender, in the principal amount of the Loan as the same may be amended, modified, supplemented or replaced from time to time, (“Note”) and is further evidenced by certain other documents described in the Loan Agreement as
Loan Documents. 
 The Note is secured by, among other things a Deed of Trust with Absolute Assignment of Leases and Rents,
Security Agreement and Fixture Filing dated March 27, 2012 and recorded March 28, 2012 under 20120328000357790 of the Real Property Records of Collin County, Texas (collectively, as the same may be amended, modified, supplemented or
replaced from time to time, “Security Instrument”) encumbering real property described more particularly therein. 

The Loan Agreement has been previously amended and modified by that certain Modification Agreement dated March 15, 2013 (the “First
Modification”). 
 Borrower and Lender agree to modify the Loan Agreement as follows: 

 

	 	1.	  Definitions.   Effective April 10, 2013, the following definition in Article 1 of the Loan Agreement is hereby deleted
and restated as follows: 


 “Maturity Date” – means April 22, 2013.








 Borrower hereby represents and warrants that no breach or failure of condition has occurred, or would
exist with notice or the lapse of time or both, under any of the Loan Documents (as defined in the Loan Agreement), as modified by this Modification Agreement, and all representations and warranties herein and in the other Loan Documents are true
and correct, which representations and warranties shall survive execution of this Modification Agreement. 
  

											
	“Borrower”
	
	 KBSIII LEGACY TOWN CENTER, LLC,
 a Delaware limited liability company

		
	By:	  	KBSIII REIT ACQUISITION III, LLC,
		  	 a Delaware limited liability company,
 its sole member

			
		  	By:	  	KBS REIT PROPERTIES III, LLC,
		  		  	 a Delaware limited liability company,
 its sole member

				
		  		  	By:	  	KBS LIMITED PARTNERSHIP III,
		  		  		  	 a Delaware limited partnership,
 its sole member

					
		  		  		  	By:	  	KBS REAL ESTATE INVESTMENT TRUST III, INC.,
		  		  		  		  	 a Maryland corporation,
 its general partner

						
		  		  		  		  	By:	  	/s/ Charles J. Schreiber, Jr.                
		  		  		  		  		  	Charles J. Schreiber, Jr.,
	“Lender”	  		  		  		  	Chief Executive Officer

  

			
	Wells Fargo Bank, N.A.
		
	By:	 	/s/ Bryan
Stevens                                  
		 	Bryan Stevens, Senior Vice President








 GUARANTOR’S CONSENT 

The undersigned (“Guarantor”) consents to the foregoing Modification Agreement and the transactions contemplated thereby and reaffirms
its obligations under the Limited Guaranty (“Guaranty”) dated March 27, 2012. Guarantor reaffirms that its obligations under the Guaranty are separate and distinct from Borrower’s obligations and reaffirms its waivers, as set
forth in the Guaranty, of each and every one of the possible defenses to such obligations. 
  

							
	“Guarantor”
	
	 KBS REIT PROPERTIES III, LLC,
 a Delaware limited liability company

		
	By:	  	KBS LIMITED PARTNERSHIP III,
		  	a Delaware limited partnership,
		  	its sole member
			
		  	By:	  	KBS REAL ESTATE INVESTMENT TRUST III, INC.,
		  		  	a Maryland corporation,
		  		  	general partner
				
		  		  	By:	  	/s/ Charles J. Schreiber, Jr.                    
		  		  		  	Charles J. Schreiber, Jr.
		  		  		  	Chief Executive Officer