EX-10.90



 Exhibit 10.90 

 
 



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

Irvine, CA 92614 

Telephone: (949) 251-4300 

March 15, 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 March 15, 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. 

Borrower and Lender agree to modify the Loan Agreement as follows: 
  

	 	1.	 Definitions. Effective March 27, 2013, the following definitions in Article 1 of the Loan Agreement are hereby deleted and
restated as follows: 


 “Applicable Spread” –
means one and eighty-five one hundredths percent (1.85%). 
 “Maturity
Date” – means April 10, 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. 







 “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.,
		  		  		  		  		  	Chief Executive Officer

  

			
	“Lender”
	
	Wells Fargo Bank, N.A.
		
	By:	 	   /s/ Bryan Stevens

		 	Bryan Stevens, Senior Vice President








 GUARANTOR’S CONSENT 

The undersigned (“Guarantor”) consents to the foregoing Letter 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