Exhibit 10.3


 


 



 


MEZZANINE LOAN AGREEMENT


 





 



 


 


 


Dated as of September 23, 2020


 


 


Among


 


EYP
MEZZANINE, LLC,


as Borrower,


 


 


and


 


 


MORGAN STANLEY MORTGAGE
CAPITAL HOLDINGS LLC and


WELLS FARGO BANK, NATIONAL ASSOCIATION,


individually or collectively,
as the context may require,

 as Lenders


 


 





 



 


ERNST & YOUNG PLAZA


 





 



 






     


     


    

 


TABLE OF CONTENTS


 


	 	 	 	Page
	 	 	 	 
	ARTICLE 1. DEFINITIONS; PRINCIPLES OF CONSTRUCTION 	2
	Section 1.1.	 	Definitions	2
	Section 1.2.	 	Principles of Construction	38
	 	 	 	 
	ARTICLE 2. GENERAL TERMS	39
	Section 2.1.	 	Loan Commitment	39
	Section 2.2.	 	The Loan	39
	Section 2.3.	 	Disbursement to Borrower	40
	Section 2.4.	 	The Note and the Other Loan Documents	40
	Section 2.5.	 	Interest Rate	40
	Section 2.6.	 	Loan Payments	49
	Section 2.7.	 	Prepayments	51
	Section 2.8.	 	Interest Rate Cap Agreement	53
	Section 2.9.	 	Extension of the Maturity Date	56
	Section 2.10. 	 	Upfront Fee	57
	 	 	 	 
	ARTICLE 3. REPRESENTATIONS AND WARRANTIES 	57
	Section 3.1.	 	Legal Status and Authority	57
	Section 3.2.	 	Validity of Documents	57
	Section 3.3.	 	Litigation	58
	Section 3.4.	 	Agreements	59
	Section 3.5.	 	Financial Condition	59
	Section 3.6.	 	Previously-Owned Property	59
	Section 3.7.	 	No Plan Assets	59
	Section 3.8.	 	Not a Foreign Person	60
	Section 3.9.	 	Collateral	60
	Section 3.10. 	 	Business Purposes	60
	Section 3.11. 	 	Principal Place of Business	60
	Section 3.12. 	 	Status of Property	61
	Section 3.13. 	 	Financial Information	63
	Section 3.14. 	 	Condemnation	63
	Section 3.15. 	 	Separate Lots	63
	Section 3.16. 	 	Insurance	64
	Section 3.17. 	 	Use of Property	64
	Section 3.18. 	 	Leases	64
	Section 3.19. 	 	Filing and Recording Taxes	65
	Section 3.20. 	 	Management Agreement	65
	Section 3.21. 	 	Illegal Activity/Forfeiture	65
	Section 3.22. 	 	Taxes	66
	Section 3.23. 	 	Other Indebtedness	66
	Section 3.24. 	 	Third Party Representations	66
	Section 3.25. 	 	Parking Management Agreements	66
	Section 3.26. 	 	Federal Reserve Regulations	66
	Section 3.27. 	 	Investment Company Act	66




 






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TABLE OF CONTENTS


(continued)


 


	 	 	 	Page
	 	 	 	 
	Section 3.28.	 	Fraudulent Conveyance	66
	Section 3.29.	 	Embargoed Person	67
	Section 3.30.	 	Patriot Act and OFAC Regulations	67
	Section 3.31.	 	Organizational Chart	68
	Section 3.32.	 	Bank Holding Company	68
	Section 3.33.	 	[Intentionally Omitted]	68
	Section 3.34.	 	[Intentionally Omitted]	68
	Section 3.35.	 	No Material Agreements	68
	Section 3.36.	 	Ernst & Young Plaza Integration Agreements	69
	Section 3.37.	 	Co-Tenancy Agreement	69
	Section 3.38.	 	No Change in Facts or Circumstances; Disclosure	69
	Section 3.39.	 	No Contractual Obligations	69
	Section 3.40.	 	Mortgage Loan Representations and Warranties	69
	Section 3.41.	 	Subsidiaries	70
	 	 	 	 
	ARTICLE 4. COVENANTS	70
	Section 4.1.	 	Existence	70
	Section 4.2.	 	Legal Requirements	70
	Section 4.3.	 	Required Repairs; Maintenance and Use of Property;
    Completion	72
	Section 4.4.	 	Waste	72
	Section 4.5.	 	Property Taxes and Other Charges	73
	Section 4.6.	 	Litigation	74
	Section 4.7.	 	Access to Property	74
	Section 4.8.	 	Notice of Default	74
	Section 4.9.	 	Cooperate in Legal Proceedings	74
	Section 4.10.	 	Performance of Loan Documents	74
	Section 4.11.	 	[Intentionally Omitted]	74
	Section 4.12.	 	Books and Records	74
	Section 4.13.	 	Estoppel Certificates	76
	Section 4.14.	 	Leases and Rents	77
	Section 4.15.	 	Management Agreement	80
	Section 4.16.	 	Payment for Labor and Materials	82
	Section 4.17.	 	Performance of Other Agreements	83
	Section 4.18.	 	Debt Cancellation	83
	Section 4.19.	 	ERISA	83
	Section 4.20.	 	No Joint Assessment	84
	Section 4.21.	 	Alterations	84
	Section 4.22.	 	Parking Management Agreements	85
	Section 4.23.	 	Appraisals	87
	Section 4.24.	 	Contractual Obligations	87
	Section 4.25.	 	Collective Bargaining Agreements	87
	Section 4.26.	 	CFIUS Covenants	88
	Section 4.27.	 	[Intentionally Omitted.]	88
	Section 4.28.	 	Ernst & Young Plaza Integration Agreements	88



 






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TABLE OF CONTENTS


(continued)


 


	 	 	 	Page
	 	 	 	 
	Section 4.29.	 	Material Agreements	90
	Section 4.30.	 	Notices	90
	Section 4.31.	 	Special Distributions	90
	Section 4.32.	 	Curing	90
	Section 4.33.	 	Mortgage Borrower Covenants	91
	Section 4.34.	 	Limitations on Distributions	92
	Section 4.35.	 	Limitations on Securities Issuances	92
	Section 4.36.	 	Other Limitations	92
	Section 4.37.	 	Acquisition of the Mortgage Loan	92
	Section 4.38.	 	Bankruptcy Related Covenants	93
	 	 	 	 
	ARTICLE 5. ENTITY COVENANTS	93
	Section 5.1.	 	Single Purpose Entity/Separateness	93
	Section 5.2.	 	Independent Manager	99
	Section 5.3.	 	Change of Name, Identity or Structure	100
	Section 5.4.	 	Business and Operations	101
	Section 5.5.	 	Recycled Entity	101
	Section 5.6.	 	Mortgage Borrower SPE Provisions	101
	 	 	 	 
	ARTICLE 6. NO SALE OR ENCUMBRANCE 	101
	Section 6.1.	 	Transfer Definitions	101
	Section 6.2.	 	No Sale/Encumbrance	102
	Section 6.3.	 	Permitted Transfers	103
	Section 6.4.	 	Permitted Assumptions	107
	Section 6.5.	 	[Intentionally Omitted]	110
	Section 6.6.	 	Economic Sanctions, Anti-Money Laundering, OFAC,
    Patriot Act and Transfers	110
		 		 
	ARTICLE 7. INSURANCE; CASUALTY; CONDEMNATION; RESTORATION 	110
	Section 7.1.	 	Insurance	110
	Section 7.2.	 	Casualty	111
	Section 7.3.	 	Condemnation	111
	Section 7.4.	 	Restoration	112
	 	 	 	 
	ARTICLE 8. RESERVE FUNDS	112
	Section 8.1.	 	[Intentionally Omitted]	112
	Section 8.2.	 	Leasing Reserve Funds	112
	Section 8.3.	 	GSA Tenant Space Leasing Reserve Funds	113
	Section 8.4.	 	Operating Expense Funds	113
	Section 8.5.	 	Excess Cash Flow Funds	113
	Section 8.6.	 	Tax and Insurance Funds	114
	Section 8.7.	 	Free Rent Reserve Funds	114
	Section 8.8.	 	Discounted/Free Parking Reserve Funds	115
	Section 8.9.	 	Parking Rent Shortfall Reserve Funds	115
	Section 8.10. 	 	Assessments Reserve Funds	115



 






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TABLE OF CONTENTS


(continued)


 


	 	 	 	Page
	 	 	 	 
	Section 8.11.	 	The Accounts Generally	116
	Section 8.12.	 	Letters of Credit	119
	 	 	 	 
	ARTICLE 9. CASH MANAGEMENT	120
	Section 9.1.	 	Establishment of Certain Accounts	120
	Section 9.2.	 	Payments Received Under this Agreement	120
	Section 9.3.	 	Distributions to Borrower	121
	 	 	 	 
	ARTICLE 10. EVENTS OF DEFAULT; REMEDIES 	121
	Section 10.1.	 	Event of Default	121
	Section 10.2.	 	Remedies	126
	 	 	 	 
	ARTICLE 11. SECONDARY MARKET 	128
	Section 11.1.	 	Securitization	128
	Section 11.2.	 	Disclosure	132
	Section 11.3.	 	Reserves/Escrows	134
	Section 11.4.	 	Intentionally Omitted	134
	Section 11.5.	 	Rating Agency Costs	134
	Section 11.6.	 	Syndication	135
	Section 11.7.	 	Costs and Expenses	138
	 	 	 	 
	ARTICLE 12. INDEMNIFICATIONS 	139
	Section 12.1.	 	General Indemnification	139
	Section 12.2.	 	Mortgage and Intangible Tax Indemnification	140
	Section 12.3.	 	ERISA Indemnification	140
	Section 12.4.	 	Duty to Defend, Legal Fees and Other Fees and Expenses	140
	Section 12.5.	 	Survival	141
	Section 12.6.	 	Environmental Indemnity	141
	 	 	 	 
	ARTICLE 13. EXCULPATION 	141
	Section 13.1.	 	Exculpation	141
	 	 	 	 
	ARTICLE 14. NOTICES 	146
	Section 14.1.	 	Notices	146
	 	 	 	 
	ARTICLE 15. FURTHER ASSURANCES 	147
	Section 15.1.	 	Replacement Documents	147
	Section 15.2.	 	Recording of Security Instrument, etc.	147
	Section 15.3.	 	Further Acts, etc.	148
	Section 15.4.	 	Changes in Tax, Debt, Credit and Documentary Stamp Laws	148
	 	 	 	 
	ARTICLE 16. WAIVERS 	149
	Section 16.1.	 	Remedies Cumulative; Waivers	149
	Section 16.2.	 	Modification, Waiver, Consents and Approvals in Writing	149
	Section 16.3.	 	Delay Not a Waiver	149
	Section 16.4.	 	Waiver of Trial by Jury	150
	Section 16.5.	 	Waiver of Notice	150
	Section 16.6.	 	Remedies of Borrower	150




 






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TABLE OF CONTENTS


(continued)


 


	 	 	 	Page
	 	 	 	 
	Section 16.7.	 	Marshalling and Other Matters	150
	Section 16.8.	 	Waiver of Statute of Limitations	151
	Section 16.9.	 	Waiver of Counterclaim	151
	Section 16.10. 	 	Sole Discretion of Lender	151
	 	 	 	 
	ARTICLE 17. MISCELLANEOUS 	151
	Section 17.1.	 	Survival	151
	Section 17.2.	 	Governing Law	152
	Section 17.3.	 	Headings	153
	Section 17.4.	 	Severability	153
	Section 17.5.	 	Preferences	153
	Section 17.6.	 	Expenses	153
	Section 17.7.	 	Cost of Enforcement	155
	Section 17.8.	 	Schedules and Exhibits Incorporated	155
	Section 17.9.	 	Offsets, Counterclaims and Defenses	155
	Section 17.10.	 	No Joint Venture or Partnership; No Third Party Beneficiaries; Non Liability of Lenders	155
	Section 17.11.	 	Publicity; Confidentiality	157
	Section 17.12.	 	Limitation of Liability	158
	Section 17.13.	 	Conflict; Construction of Documents; Reliance	158
	Section 17.14.	 	Entire Agreement	158
	Section 17.15.	 	Liability	158
	Section 17.16.	 	Duplicate Originals; Counterparts	159
	Section 17.17.	 	Brokers	159
	Section 17.18.	 	Set-Off	159
	Section 17.19.	 	Intercreditor Agreement	160
	Section 17.20.	 	Reinstatement of Debt	160
	Section 17.21.	 	[Intentionally Omitted]	160
	Section 17.22.	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	160
	Section 17.23.	 	Titled Parties	161
	Section 17.24.	 	Federal Reserve Bank Assignments; German Covered Bonds	161
	Section 17.25.	 	Information to Assignee, Etc.	161
	Section 17.26.	 	Servicer	162
	Section 17.27.	 	Borrower Affiliate Lender	163
	Section 17.28.	 	Co-Tenancy Provisions	163




 






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	SCHEDULES
    AND EXHIBITS	 
	 	 	 	 
	Schedule
    I	 	[Reserved]	 
	Schedule
    II	 	Qualified
    Managers	 
	Schedule
    III	 	Organizational
    Chart	 
	Schedule
    IV	 	Required
    Repairs	 
	Schedule
    V	 	Qualified
    Parking Managers	 
	Schedule
    VI	 	Amended
    REA Terms	 
	Schedule
    VII	 	Lease
    Representation Disclosures	 
	Schedule
    VIII	 	Labor
    Agreements	 
	Schedule
    IX	 	Closing
    Date Free Rent	 
	Schedule
    X	 	Closing
    Date Discounted/Free Parking	 
	Schedule
    XI	 	Closing
    Date Approved Leasing Costs	 
	Schedule
    XII	 	[Reserved]	 
	Schedule
    XIII	 	Previously-Owned
    Property	 
	 	 	 	 
	Exhibit
    A	 	Form
    of Subordination of Management Agreement	 
	Exhibit
    B	 	Form
    of Consent to Permitted Easement	 




 






    -vi- 


     


    

 


MEZZANINE LOAN AGREEMENT


 


This
MEZZANINE LOAN AGREEMENT, dated as of September 23, 2020 (as amended, restated, replaced, supplemented or otherwise modified
from time to time, this “Agreement”), is by and among MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a
New York limited liability company, having an address at 1585 Broadway, New York, New York 10036, as lender (“MS”)
and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, having an address at 401 S. Tryon Street, 8th
Floor, Charlotte, North Carolina 29202 (“Wells” and together with MS, together with their respective
successors and permitted assigns, individually or collectively, as the context may require, “Lender”), and EYP
MEZZANINE, LLC, a Delaware limited liability company, having its principal place of business at c/o Brookfield Properties,
250 Vesey Street, 15th Floor, New York, New York 10281 (“Borrower”).


 


RECITALS:


 


Morgan
Stanley Bank, N.A. and Wells Fargo Bank, National Association (collectively, together with their respective successors and assigns,
 “Mortgage Lender”) made a mortgage loan in the original principal amount of $275,000,000 (the “Mortgage
Loan”) to EYP Realty, LLC, a Delaware limited liability company (“Mortgage Borrower”) pursuant to
a Mortgage Loan Agreement dated as of the date hereof by and between Mortgage Borrower and Mortgage Lender (as the same may be
amended, supplemented or otherwise modified from time to time, the “Mortgage Loan Agreement”), which Mortgage
Loan is evidenced by the Note (as defined in the Mortgage Loan Agreement) (collectively, as the same may be amended, supplemented
or otherwise modified from time to time, the “Mortgage Note”) and secured by, among other things, the Security
Instrument (as hereinafter defined) pursuant to which Mortgage Borrower has granted Mortgage Lender a mortgage lien on, among other
things, the Property (as hereinafter defined).


 


Borrower
is the legal and beneficial owner of one hundred percent (100%) of the equity interests in Mortgage Borrower.


 


Borrower desires to obtain the Loan (defined below)
from Lenders.


 


As
a condition precedent to the obligation of Lender to make the Loan to Borrower, Borrower has entered into that certain Mezzanine
Loan Pledge and Security Agreement, dated as of the date hereof, in favor of Lender (as amended, supplemented or otherwise modified
from time to time, the “Pledge Agreement”), pursuant to which Borrower has granted to Lender a first priority
security interest in the Collateral (as hereinafter defined) as collateral security for the Debt (as hereinafter defined).


 


Lenders
are willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan Documents
(defined below).


 


In
consideration of the making of the Loan by Lenders and the covenants, agreements, representations and warranties set forth in this
Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows:


 






     


     


    

 


ARTICLE 1.


 


DEFINITIONS; PRINCIPLES OF CONSTRUCTION


 


Section 1.1.
Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates
a contrary intent:


 


“Acceptable
LLC” shall mean a limited liability company formed under Delaware law which (i) has at least one springing member, which,
upon the dissolution of all of the members or the withdrawal or the disassociation of all of the members from such limited liability
company, shall immediately become the sole member of such limited liability company, and (ii) otherwise meets the Rating Agency
criteria then applicable to such entities.


 


“Account
Collateral” shall mean (i) the Accounts, and all cash, checks, drafts, certificates and instruments, if any, from time
to time deposited or held in the Accounts from time to time; (ii) any and all amounts invested in Permitted Investments; (iii)
all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise payable in respect
of, or in exchange for, any or all of the foregoing; and (iv) to the extent not covered by clauses (i) - (iii) above,
all “proceeds” (as defined under the UCC as in effect in the State in which the Accounts are located) of any or all
of the foregoing.


 


“Accounts”
shall mean any account established by this Agreement or the other Loan Documents.


 


“Act” shall have the meaning set
forth in Section 5.1 hereof.


 


“Additional Guaranty”
shall have the meaning set forth in Section 6.3 hereof.


 


“Adjusted LIBOR Rate” shall mean, with
respect to the applicable Interest Accrual Period, the quotient of (i) LIBOR applicable to such Interest Accrual Period,
divided by (ii) one (1)   minus the Reserve
Percentage (it being understood that the Reserve Percentage is currently zero):


 


	 	Adjusted LIBOR Rate	=	 LIBOR	 
	 	 	 	(1 – Reserve Percentage)	 




 


“Affiliate”
shall mean, as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common
Control with such Person.


 


“Affiliated
Manager” shall mean any Manager of the Property which is an Affiliate of Borrower, Mortgage Borrower, Guarantor, Sponsor,
BPY, any SPE Component Entity or any Mortgage SPE Component Entity.


 


“Affiliated
Parking Manager” shall mean any Parking Manager of the Property which is an Affiliate of Borrower, Mortgage Borrower,
Guarantor, Sponsor, BPY, any SPE Component Entity or any Mortgage SPE Component Entity.


 


“Agent” shall have the meaning set
forth in Section 11.6 hereof.


 






    - 2 -


     


    

 


“Aggregate Debt
Service” shall mean, with respect to any particular period of time, the sum of (a) Debt Service and (b) Mortgage Debt
Service.


 


“Agreement” shall have the
meaning set forth in the first paragraph hereof.


 


“ALTA” shall mean the American Land Title Association or any
successor thereto.


 


“Alteration Threshold”
shall mean an amount equal to five percent (5%) of the Outstanding Principal Balance (as defined in the Mortgage Loan Agreement).


 


“Alternate
Index Rate” shall mean, with respect to each Interest Accrual Period, the first alternative set forth in the order below
that can be determined by the Lender as of the Benchmark Replacement Date:


 


1.            
the sum of: (a) Term SOFR and (b) the applicable Alternate Rate Spread Adjustment;


 


2.            
the sum of: (a) Compounded SOFR and (b) the applicable Alternate Rate Spread Adjustment;


 


3.             the
sum of: (a) the alternate rate of interest that has been selected by the Lender as the replacement for the then-current Benchmark
giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a
rate by the Relevant Governmental Body at such time or (ii) any evolving or then-prevailing market convention for determining
a rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated stand-alone floating rate CMBS
loans and/or syndicated credit facilities at such time and (b) the applicable Alternate Rate Spread Adjustment;


 


provided
that, in the case of clauses (1) and (2) above, such rate, or the underlying rates component thereof, is or are displayed
on a screen or other information service that publishes such rate or rates from time to time as selected by the Lender in its reasonable
discretion. If the Alternate Index Rate as determined pursuant to clause (1), (2) or (3) above would be less
than zero, the Alternate Index Rate shall be deemed to be zero for the purposes of this Agreement.


 


“Alternate
Rate” shall mean, with respect to each Interest Accrual Period, the per annum rate of interest of the Alternate Index
Rate, determined as of the applicable Determination Date plus the Spread.


 


“Alternate
Rate Conforming Changes” shall mean, with respect to any conversion of the Loan to an Alternate Rate Loan, any
technical, administrative or operational changes (including, but not limited to, changes to definitions such as
 “Interest Accrual Period” and “Determination Date,” to the timing and frequency of determining rates,
and to other administrative matters, but expressly excluding changes to the frequency of making payments of interest) that
the Lender reasonably decides may be appropriate to reflect the adoption and implementation of the Alternate Index Rate and
to permit the administration thereof by the Lender in a manner substantially consistent with market practice (or, if the
Lender decides that adoption of any portion of such market practice is not administratively feasible or if the Lender
determines that no market practice for the administration of the Alternate Index Rate exists, in such other manner of
administration as the Lender decides is reasonably necessary in connection with the administration of this Agreement).


 






    - 3 -


     


    

 


“Alternate
Rate Loan” shall mean the Loan at such time as interest thereon accrues at a per annum rate of interest equal to the
Alternate Rate.


 


“Alternate
Rate Spread Adjustment” shall mean, for any Interest Accrual Period, the first alternative set forth in the order below
that can be determined by the Lender as of the Benchmark Replacement Date:


 


(1)            the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value
or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Alternate Index
Rate;


 


(2)            if
the applicable Unadjusted Alternate Index Rate is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and


 


(3)            the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value
or zero) that has been selected by the Lender giving due consideration to (i) any selection or recommendation of a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable
Unadjusted Alternate Index Rate by the Relevant Governmental Body at such time or (ii) any evolving or then- prevailing market
convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of the then-current Benchmark with the applicable Unadjusted Alternate Index Rate for U.S. dollar- denominated stand-alone floating
rate CMBS loans and/or syndicated credit facilities at such time;


 


provided
that, in the case of clauses (1) and (2) above, such adjustment is displayed on a screen or other information service
that publishes such Alternate Rate Spread Adjustment from time to time as selected by the Lender in its reasonable discretion.


 


“Amended REA”
shall have the meaning set forth in Section 4.28(a) hereof.


 


“Appraisal”
shall mean an appraisal prepared in accordance with the requirements of FIRREA and USPAP, prepared by an independent
third-party appraiser holding an MAI designation, who is state licensed or state certified if required under the laws of the
State, who meets the requirements of FIRREA and USPAP and who otherwise is reasonably satisfactory to Lender.


 


“Approved
Accounting Method” shall mean GAAP (consistently applied), International Financial Reporting Standards (solely with respect
to Guarantor financial reporting), or such other method of accounting, consistently applied, as may be reasonably acceptable to
Lender.


 






    - 4 -


     


    

 


“Approved Alterations”
shall have the meaning set forth in Section 4.21 hereof.


 


“Approved
Annual Budget” shall have the meaning set forth in Section 4.12 hereof.


 


“Approved ID
Provider” shall mean each of CT Corporation, Corporation Service Company, National Registered Agents, Inc.,
Wilmington Trust Company, Stewart Management Company and Lord Securities Corporation; provided, that, (A) the
foregoing shall be deemed Approved ID Providers unless and until disapproved by any Rating Agency and (B) additional national
providers of Independent Managers may be deemed added to the foregoing hereunder to the extent approved in writing by Lender
and the Rating Agencies.


 


“Assignment and Assumption”
shall have the meaning set forth in Section 11.6 hereof.


 


“Award”
shall mean any compensation paid by any Governmental Authority in connection with a Condemnation in respect of all or any
part of the Property.


 


“Bail-In
Action” shall mean the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in
respect of any liability of an EEA Financial Institution.


 


“Bail-In
Legislation” shall mean, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the
European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time
which is described in the EU Bail-In Legislation Schedule.


 


“BAM”
shall mean Brookfield Asset Management, Inc., a corporation organized under the laws of Ontario, Canada.


 


“Bankruptcy
Code” shall mean Title 11 of the United States Code entitled “Bankruptcy”, as amended from time to time,
and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable
foreign laws relating to bankruptcy, insolvency or creditors’ rights.


 


“Bankruptcy
Event” shall mean the occurrence of any one or more of the following: (i) Borrower, Mortgage Borrower, any SPE
Component Entity or any Mortgage SPE Component Entity shall commence any case, proceeding or other action (A) under the
Bankruptcy Code and/or any Creditors Rights Laws seeking to have an order for relief entered with respect to it, or seeking
to adjudicate it a bankrupt or insolvent, or seeking reorganization, liquidation or dissolution or (B) seeking appointment of
a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets
(other than with the written consent, or at the written direction of, Lender); (ii) Borrower, Mortgage Borrower, any SPE
Component Entity or any Mortgage SPE Component Entity shall make a general assignment for the benefit of its creditors
(except to Lender or otherwise with the written consent, or at the written request of, Lender); (iii) any Restricted Party
(or Affiliate thereof) shall file, or join or collude in the filing of, (A) an involuntary petition against Borrower,
Mortgage Borrower, any SPE Component Entity or any Mortgage SPE Component Entity under the Bankruptcy Code or any other
Creditors Rights Laws, or shall solicit or cause to be solicited or shall collude with petitioning creditors for any
involuntary petition under the Bankruptcy Code or any other Creditors Rights Laws against Borrower, Mortgage Borrower, any
SPE Component Entity or any Mortgage SPE Component Entity or (B) any case, proceeding or other action seeking issuance of a
warrant of attachment, execution, distraint or similar process against all or any substantial part of Borrower’s,
Mortgage Borrower’s, any SPE Component Entity’s or any Mortgage SPE Component Entity’s assets; (iv)
Borrower, Mortgage Borrower, any SPE Component Entity or any Mortgage SPE Component Entity shall file an answer consenting to
or otherwise acquiescing in (i.e., failing to object to such filing to the extent Borrower, Mortgage Borrower, such SPE
Component Entity or such Mortgage SPE Component Entity has standing and a good faith basis to object) or joining in any
involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Creditors Rights Laws, or
shall solicit or cause to be solicited or shall collude with petitioning creditors for any involuntary petition against it
from any Person; (v) any Restricted Party (or Affiliate thereof) shall consent to or acquiesce in (i.e., failing to object to
such filing to the extent such Restricted Party (or Affiliate thereof) has standing and a good faith basis to object) or
shall join in an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower, Mortgage
Borrower, any SPE Component Entity or any Mortgage SPE Component Entity or any portion of the Property or the Collateral
(other than with the written consent, or at the written direction of, Lender); or (vi) any Restricted Party (or Affiliate
thereof) contests or opposes any motion made by Lender to obtain relief from the automatic stay or seeks to reinstate the
automatic stay in the event of any proceeding under the Bankruptcy Code or any other Creditors Rights Laws involving
Guarantor or its subsidiaries.


 






    - 5 -


     


    

 


“Benchmark”
shall mean (i) initially LIBOR and (ii) on and after the conversion to an Alternate Index Rate pursuant to Section 2.5(b)(iii)
hereof, the Alternate Index Rate determined in accordance with the terms and conditions hereof.


 


“Benchmark
Replacement Condition” shall mean either (i) an opinion of nationally recognized REMIC counsel as to the compliance of
such conversion with applicable REMIC requirements as determined under the IRS Code, the regulations, revenue rulings, revenue
procedures and other administrative, legislative and judicial guidance relating to the tax treatment of REMIC Trusts (which such
opinion shall be, in form and substance and from a provider, in each case, reasonably acceptable to Lender) obtained at Borrower’s
costs and expense, provided that Borrower shall have no obligation to pay any such cost or expense in excess of $5,000, or (ii)
formal guidance issued by the IRS that such conversion complies with REMIC requirements.


 


“Benchmark
Replacement Date” shall mean the earliest to occur of the following events with respect to the then-current Benchmark:


 


1.   
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of the Benchmark permanently or indefinitely ceases to provide the Benchmark;


 


2.    in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement
or publication of information referenced therein; or


 


3.    in
the case of a Term SOFR Transition Event, the date that is five (5) Business Days after the applicable Rate Election Notice
is provided to each of the other parties hereto, subject to the rights of Borrower to object pursuant to Section
2.5(b)(iii)(A)(1) hereof.


 


For the avoidance of doubt,
if a Benchmark Replacement Date occurs on the same day as the Determination Date in respect of any determination of the Interest
Rate, the Benchmark Replacement Date will be deemed to have occurred after such Determination Date for such determination. Notwithstanding
the foregoing, if a Securitization has occurred, then in no event shall the Benchmark Replacement Date occur prior to satisfaction
of the Benchmark Replacement Condition or waiver thereof by Lender.


 






    - 6 -


     


    

 


“Benchmark Transition
Event” shall mean the occurrence of one or more of the following events with respect to the then-current Benchmark:


 


1.   
a public statement or publication of information by or on behalf of the administrator of the Benchmark (or the published
component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide the Benchmark
(or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is
no successor administrator that will continue to provide the Benchmark;


 


2.   
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or
the published component used in the calculation thereof), the central bank for the currency of the Benchmark (or such component),
an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with
jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution
authority over the administrator for the Benchmark (or such component), which states that the administrator of the Benchmark (or
such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark
(or such component); or


 


3.   
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or
the published component used in the calculation thereof) announcing that the Benchmark (or such component) is no longer representative.


 


“Borrower” shall have the meaning
set forth in the first paragraph hereof.


 


“Borrower Affiliate Lender”
shall have the meaning set forth in Section 17.27 hereof.


 


“Borrower Party” and “Borrower
Parties” shall mean each of Borrower, Mortgage Borrower, any SPE Component Entity, any Mortgage SPE Component
Entity, any Affiliated Manager, and Guarantor.


 


“BPY” shall mean Brookfield Property
Partners, L.P., a Bermuda limited partnership.


 






    - 7 -


     


    

 


“Breakage Costs” shall have
the meaning set forth in Section 2.5(b)(vii) hereof.


 


“Broker” shall have the meaning set forth in Section
17.17 hereof.


 


“Business
Day” shall mean any day other than a Saturday, a Sunday or a legal holiday on which national banks are not open for general
business in the State of New York.


 


“Capital
Expenditures” shall mean amounts expended for replacements and alterations to the Property (excluding tenant improvements)
and required to be capitalized according to GAAP.


 


“Cash
and Cash Equivalents” shall mean: (i) United States dollars and (ii) any of the following which may be liquidated without
restrictions within five (5) Business Days or less: (a) securities issued or directly and fully guaranteed or insured by the United
States government or any agency or instrumentality thereof having maturities of not more than six (6) months from the date of
acquisition; (b) certificates of deposit and Eurodollar time deposits with maturities of six (6) months or less from the date
of acquisition, bankers’ acceptances with maturities not exceeding six months and overnight bank deposits, in each case,
with any domestic commercial bank having capital and surplus in excess of $500,000,000 and an S&P Certificate of Deposit Rating
(short term) of “A-1” or better or the equivalent by Moody’s; (c) repurchase obligations with a term of not
more than seven (7) days for underlying securities of the types described in clauses (ii)(a) and (b) above entered into with any
financial institution meeting the qualifications specified in clause (ii)(b) above; (d) commercial paper having the highest rating
obtainable from Moody’s or S&P, and in each case maturing within six (6) months after the date of acquisition; and (e)
money market funds substantially all the assets of which are comprised of securities and other obligations of the types described
in clauses (i) and (ii)(a) through (d) above.


 


“Cash
Management Agreement” shall mean that certain Cash Management Agreement, dated as of the date hereof, executed by Borrower,
Lender, Mortgage Borrower, and Mortgage Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified
from time to time.


 


“Cash Management
Provisions” shall have the meaning set forth in Section 9.1 hereof.


 


“Casualty” shall have the
meaning set forth in Section 7.2 hereof.


 


“CBA”
shall mean, individually and/or collectively, each document set forth on Schedule VIII attached hereto.


 


“CFIUS
Laws” shall mean the Defense Production Act of 1950, as amended (50 U.S.C. § 4565), the Foreign Investment Risk
Review Modernization Act (Pub. L. No. 115-232, Title XVII, Subtitle A), all regulations promulgated pursuant to the foregoing,
and all orders issued pursuant to such statutes and regulations.


 






    - 8 -


     


    

 


“Change
in Law” shall mean the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the
administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority;
provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection
Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests,
rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case
pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,
adopted or issued.


 


“Closing Date” shall mean the date
hereof.


 


“Closing
Date Debt Yield” shall mean seven and fifty-seven one-hundredths percent (7.57%).


 


“Co-Lender” shall have the meaning
set forth in Section 11.6 hereof.


 


“Co-Lending
Agreement” shall mean any co-lending agreement entered into between the Co-Lenders.


 


“Co-Tenancy
Agreement” shall mean that certain Amended and Restated Lot 4 Co- Ownership Agreement dated as of September 10, 2014,
by and among Mortgage Borrower, BOP FIGAT7TH LLC, Maguire Properties – 777 Tower, LLC and Maguire Properties – 755
S Figueroa, LLC, recorded in the Official Records of Los Angeles County as Instrument No. 20140962892.


 


“Collateral”
shall mean the “Collateral” as such term is defined in the Pledge Agreement, and shall also include all amounts on
deposit in any account at any time pledged to Lender, in each case, whether existing on the date hereof or pledged or assigned
to Lender hereafter.


 


“Collateral
Assignment of Interest Rate Cap Agreement” shall mean that certain Mezzanine Collateral Assignment of Interest Rate Cap
Agreement delivered in connection with the Interest Rate Cap Agreement and executed by Borrower in connection with the Loan for
the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.


 


“Compounded
SOFR” shall mean the compounded average of SOFRs for approximately a one-month period, with the rate, or methodology
for this rate, and conventions for this rate (which may include compounding in advance or compounding in arrears with a lookback
and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Accrual Period)
being established by the Lender in accordance with:


 






    - 9 -


     


    

 


1.             the
rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for
determining compounded SOFR; provided that:


 


2.             if,
and to the extent that, Lender determines that Compounded SOFR cannot be determined in accordance with clause (1) above,
then the rate, or methodology for this rate, and conventions for this rate that Lender determines are substantially consistent
with the rate or methodology for U.S. dollar-denominated stand-alone floating rate CMBS loans and/or syndicated credit facilities;


 


provided,
further, that if the Lender decides that any such rate, methodology or convention determined in accordance with clause
(1) or clause (2) is not administratively feasible for the Lender, then Compounded SOFR will be deemed unable to be
determined for purposes of the definition of “Alternate Index Rate”.


 


“Condemnation”
shall mean a temporary or permanent taking by any Governmental Authority as the result, in lieu or in anticipation, of the exercise
of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto,
including any right of access thereto or any change of grade affecting the Property or any part thereof.


 


“Connection
Income Taxes” shall mean Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes.


 


“Constituent Member” shall have
the meaning set forth in Section 5.2(b) hereof.


 


“Consumer
Price Index” shall mean the Consumer Price Index as published by the United States Department of Labor, Bureau of Labor
Statistics or any substitute index hereafter adopted by the Department of Labor.


 


“Control”
shall mean the power to direct the management and policies of a Person, directly or indirectly, whether through the ownership of
voting securities or other beneficial interests, by contract or otherwise, notwithstanding the rights of investors or partners
or another Person to veto or affirmatively consent to specified major decisions. The terms “Controlled” and
 “Controlling” shall have correlative meanings.


 


“Counterparty”
shall mean the counterparty under any Interest Rate Cap Agreement, Replacement Interest Rate Cap Agreement, or Substitute Interest
Rate Cap Agreement, which counterparty shall satisfy the Minimum Counterparty Rating.


 


“Covered Disclosure Information”
shall have the meaning set forth in Section 11.2 hereof.


 


“Covered Rating Agency
Information” shall mean any Provided Information furnished to the Rating Agencies in connection with issuing,
monitoring and/or maintaining the Securities.


 






    - 10 -


     


    

 


“Creditors
Rights Laws” shall mean any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization, conservatorship, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other
relief with respect to debts or debtors.


 


“Crowdfunded
Person” shall mean a Person capitalized primarily by monetary contributions (A) of less than $35,000 each from more
than thirty-five (35) investors who are individuals and (B) which are funded primarily (I) in reliance upon Regulation
Crowdfunding promulgated by the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended and/or
(II) through internet-mediated registries, platforms or similar portals, mail- order subscriptions, benefit events and/or
other similar methods.


 


“Debt”
shall mean the Outstanding Principal Balance set forth in, and evidenced by, this Agreement and the Note together with all interest
accrued and unpaid thereon and all other sums due to Lender in respect of the Loan under the Note, this Agreement or the other
Loan Documents (including, without limitation, all costs and expenses payable to Lender hereunder or thereunder).


 


“Debt
Service” shall mean, with respect to any particular period of time, scheduled principal (if applicable) and interest
payments hereunder during such period of time.


 


“Debt
Service Coverage Ratio” shall mean the ratio calculated by Lender as of any date of calculation, of (i) the Net Operating
Income to (ii) the Aggregate Debt Service which would have been due for the twelve (12) month period immediately preceding the
date of calculation; provided, that, the foregoing shall be calculated by Lender assuming that the Loan and the Mortgage
Loan had been in place for the entirety of said period at the then Outstanding Principal Balance and the then outstanding principal
balance of the Mortgage Loan, as applicable.


 


“Debt Yield”
shall have the meaning set forth in the Mortgage Loan Agreement.


 


“Deemed
Approval Requirements” shall mean, with respect to any matter, that (i) no Event of Default shall have occurred and
be continuing (either at the date of any notices specified below or as of the effective date of any deemed approval), (ii)
Borrower shall have sent Lender a written request for approval with respect to such matter in accordance with the applicable
terms and conditions hereof (the “Initial Notice”), which such Initial Notice shall have been (A)
accompanied by any and all required information and documentation relating thereto as may be reasonably required in order to
approve or disapprove such matter (the “Approval Information”) and (B) marked in bold lettering with the
following language: “LENDER’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE
PURSUANT TO THE TERMS OF A MEZZANINE LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND LENDER” and the envelope containing
the Initial Notice shall have been marked “PRIORITY-DEEMED APPROVAL MAY APPLY”; (iii) Lender shall have failed to
have provided a substantive response in writing (which may be by e-mail) to the Initial Notice within the aforesaid
time-frame; (iv) Borrower shall have submitted a second request for approval with respect to such matter in accordance with
the applicable terms and conditions hereof (the “Second Notice”), which such Second Notice shall have been
(A) accompanied by the Approval Information and (B) marked in bold lettering with the following language:
 “LENDER’S RESPONSE IS REQUIRED WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS
OF A MEZZANINE LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND LENDER” and the envelope containing the Second Notice
shall have been marked “PRIORITY-DEEMED APPROVAL MAY APPLY”; and (v) Lender shall have failed to have provided a
substantive response in writing (which may be by e- mail) to the Second Notice within the aforesaid time-frame. For purposes
of clarification, Lender requesting additional and/or clarified meaningful and material information (as determined by Lender
in good faith), in addition to approving or denying any request (in whole or in part), shall be deemed a substantive response
by Lender for purposes of the foregoing.


 






    - 11 -


     


    

 


“Default”
shall mean the occurrence of any event hereunder or under the Note or the other Loan Documents which, but for the giving of notice
or passage of time, or both, would be an Event of Default.


 


“Default
Rate” shall mean, with respect to the Loan, a rate per annum equal to the lesser of (i) the Maximum Legal Rate and (ii)
three percent (3%) above the Interest Rate.


 


“Determination
Date” shall mean, (i) with respect to any Interest Accrual Period that occurs while the Loan is a LIBOR Loan, the date
that is two (2) London Business Days prior to the commencement date of such Interest Accrual Period, (ii) with respect to any Interest
Accrual Period that occurs while the Loan is a Prime Rate Loan, the date that is two (2) Business Days prior to the commencement
date of such Interest Accrual Period and (iii) with respect to any Interest Accrual Period that occurs while the Loan is an Alternate
Rate Loan, the time determined by the Lender in accordance with the Alternate Rate Conforming Changes.


 


“Disclosure
Documents” shall mean, collectively and as applicable, any structural and collateral term sheet, offering circular, prospectus,
prospectus supplement, private placement memorandum or other offering document, in each case in preliminary or final form, used
in connection with a Secondary Market Transaction.


 


“Division”
shall mean, as to any Person, such Person dividing and/or otherwise engaging in and/or becoming subject to, in each case, any division
(whether pursuant to plan of division or otherwise), including, without limitation and to the extent applicable, pursuant to §18-217
of the Act.


 


“EEA
Financial Institution” shall mean (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is
a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an
EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and
is subject to consolidated supervision with its parent.


 


“EEA
Member Country” shall mean any of the member states of the European Union, Iceland, Liechtenstein, Norway, and the United
Kingdom.


 


“EEA
Resolution Authority” shall mean any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee), which has authority to exercise any Write-Down and Conversion Powers.


 


“Eligible
Account” shall mean a separate and identifiable account from all other funds held by the holding institution that is
an account or accounts (or subaccounts thereof) maintained with a federal or state-chartered depository institution or trust company
which complies with the definition of Eligible Institution. An Eligible Account will not be evidenced by a certificate of deposit,
passbook or other instrument.


 


“Eligible
Institution” shall mean a depository institution or trust company insured by the Federal Deposit Insurance
Corporation the short-term unsecured debt obligations or commercial paper of which are rated at least “A-1” by
S&P, “P-1” by Moody’s and “F1” by Fitch in the case of accounts in which funds are held for
thirty (30) days or less or, in the case of accounts in which funds are held for more than thirty (30) days, the long-term
unsecured debt obligations of which are rated at least (i) “A” by S&P, (ii) “A” by Fitch (and the
short-term deposits or short-term unsecured debt obligations or commercial paper of which are rated no less than
 “F1” by Fitch) and (iii) “A2” by Moody’s, or in the case of Letters of Credit, the long-term
unsecured debt obligations of which are rated at least (i) “A+” by S&P (and the short-term deposits or
short-term unsecured debt obligations or commercial paper of which are rated no less than “A-1” by S&P), (ii)
 “A+” by Fitch (and the short-term deposits or short-term unsecured debt obligations or commercial paper of which
are rated no less than “F1” by Fitch) and (iii) “A1” by Moody’s (and the short-term deposits or
short-term unsecured debt obligations or commercial paper of which are rated no less than “P-1” by
Moody’s). Notwithstanding the foregoing, Wells Fargo Bank, National Association shall be deemed an Eligible Institution
provided there has been no downgrade, withdrawal or qualification to its ratings as of the Closing Date or any material
adverse change to its financial condition, operations or ability to conduct its business in the ordinary course subsequent to
the Closing Date.


 






    - 12 -


     


    

 


“Embargoed Person”
shall have the meaning set forth in Section 3.29 hereof.


 


“Environmental
Indemnity” shall mean that certain Mezzanine Environmental Indemnity Agreement, dated as of the date hereof,
executed by Borrower and Guarantor in connection with the Loan for the benefit of Lender and the Indemnified Parties (as
defined therein), as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.


 


“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as the same may heretofore have been or shall be amended, restated,
replaced or otherwise modified.


 


“ERISA Affiliate”
shall have the meaning set forth in Section 3.7 hereof.


 


“Ernst
 & Young Plaza Development” shall mean that certain development in the City of Los Angeles, State of California comprising
of that certain office tower commonly known as “Ernst & Young Plaza” and other adjacent and appurtenant development
projects, and is collectively referred to as the “Property” in the Owner’s REA.


 


“Ernst
 & Young Plaza Integration Agreements” shall mean, collectively, the Owner’s REA, the Sub-REA, any Amended REA,
and any amendment, modification or supplement to any of the foregoing entered into in accordance with this Agreement.


 


“Ernst
 & Young Plaza Owners” shall mean each of the owners of a portion of the “Property” (as defined in the
Owner’s REA) that is part of the Ernst & Young Plaza Development, and their respective successors and assigns.


 


“EU
Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association
(or any successor Person), as in effect from time to time.


 


“Event of Default” shall have
the meaning set forth in Section 10.1 hereof.


 


“Exchange Act” shall mean the Securities and Exchange Act
of 1934, as amended.


 






    - 13 -


     


    

 


“Exchange Act Filing” shall have
the meaning set forth in Section 11.1 hereof.


 


“Excluded
Taxes” shall mean any of the following Taxes imposed on or with respect to Lender or required to be withheld or
deducted from a payment to Lender: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and
branch profits Taxes, in each case, (i) imposed as a result of such recipient being organized under the laws of, or having
its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such
Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal
withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to its interest in the Loan
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan (other than pursuant to
an assignment request by Borrower under Section 2.6(f)) or (ii) such Lender changes its lending office, except in each
case to the extent that, pursuant to Section 2.5(b)(iv), amounts with respect to such Taxes were payable either to
such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it
changed its lending office, (c) Taxes attributable to such
recipient’s failure to comply with Section 2.5(b)(x) and (d) any U.S. federal withholding Taxes imposed under
FATCA.


 


“Exculpated Parties” shall
have the meaning set forth in Section 13.1 hereof.


 


“Extended Maturity Date” shall have the meaning set
forth in Section 2.9 hereof.


 


“Extension Options” shall have the meaning set forth in Section 2.9
hereof.


 


“Extension Period” shall have the meaning set forth in Section 2.9 hereof.


 


“FATCA”
shall mean Sections 1471 through 1474 of the IRS Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the IRS Code, and any fiscal or regulatory legislation,
rules or practices adopted pursuant to any intergovernmental agreement, treaty, or convention among Governmental Authorities and
implementing such Sections of the IRS Code.


 


“Federal
Reserve Bank of New York’s Website” shall mean the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.


 


“FIRREA”
shall mean the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (as the same may have been or may hereafter
be amended, restated, supplemented or otherwise modified).


 


“First Monthly
Payment Date” shall mean November 9, 2020.


 


“Fitch” shall mean Fitch Ratings, Inc.


 


“Flood
Insurance Acts” shall have the meaning set forth in the Mortgage Loan Agreement.


 






    - 14 -


     


    

 


“Foreign Lender”
shall mean each Lender that is not a U.S. Person.


 


“GAAP”
shall mean generally accepted accounting principles in the United States of America as of the date of the applicable financial
report. In the event of any change in GAAP after the date hereof which would affect in any material respect the computation of
any financial covenant, ratio or other requirement set forth in any Loan Document, then upon the request of Lender, Borrower, Guarantor,
and Lenders shall negotiate promptly, diligently and in good faith in order to amend the provisions of the Loan Documents such
that such financial covenant, ratio or other requirement shall continue to provide substantially the same financial tests or restrictions
of Borrower and Guarantor as in effect prior to such accounting change, as determined by the Lender in its good faith judgment.
Until such time as such amendment shall have been executed and delivered by Borrower, Guarantor, and Lender, such financial covenants,
ratio and other requirements, and all financial statements and other documents required to be delivered under the Loan Documents,
shall be calculated and reported as if such change had not occurred.


 


“Governmental
Authority” shall mean any court, board, agency, commission, office or other authority of any nature whatsoever for any
governmental unit (federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence.


 


“Gross
Income from Operations” shall have the meaning set forth in the Mortgage Loan Agreement.


 


“GSA
Tenant Trigger Period” shall have the meaning set forth in the Mortgage Loan Agreement.


 


“Guarantor”
shall mean Brookfield DTLA Holdings LLC, a Delaware limited liability company, and any successor(s) to and/or replacement(s) of
such Person pursuant to and in accordance with the applicable terms and conditions of the Loan Documents.


 


“Guaranty”
shall mean that certain Mezzanine Limited Recourse Guaranty executed by Guarantor and dated as of the date hereof, as the same
may be amended, restated, replaced, supplemented or otherwise modified from time to time.


 


“Improvements”
shall mean the “Improvements” as defined in the Security Instrument.


 


“Indebtedness”
shall mean, for any Person, without duplication, (i) all indebtedness of such Person for borrowed money, for amounts drawn
under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii)
all unfunded amounts under a loan agreement, letter of credit, or other credit facility for which such Person would be liable
if such amounts were advanced thereunder, (iii) all amounts required to be paid by such Person as a guaranteed payment to
equity owners, including any mandatory redemption of shares of interests, (iv) all indebtedness (as described in any other
clause of this definition) of another Person guaranteed by such Person, directly or indirectly, (v) all obligations under
leases that constitute capital leases for which such Person is liable, (vi) all obligations of such Person under interest
rate swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable
contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise
assures a creditor against loss, and (vii) all obligations under any PACE Loans, in each case for which such Person is liable
or its assets are liable, whether such Person (or its assets) is liable contingently or otherwise, as obligor, guarantor or
otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss.


 






    - 15 -


     


    

 


“Indemnified
Parties” shall mean (a) Lender and any Affiliate of Lender (in their capacity as Lender), (b) any successor owners
or holders of the Loan or participations in the Loan (in their capacity as holders of the Loan or participants in the Loan),
(c) any Servicer or prior Servicer of the Loan (in its capacity as Servicer), (d) any Investor or any prior Investor in any
Securities, (e) any trustees, custodians or other fiduciaries who hold or who have held a full or partial interest in the
Loan for the benefit of any Investor or other third party (in such capacity), (f) any receiver or other fiduciary appointed
in a foreclosure or other Creditors Rights Laws proceeding (in such capacity), (g) any officers, directors, shareholders,
partners, members, employees, agents, authorized representatives, Affiliates or subsidiaries of any and all of the foregoing,
and (h) the heirs, legal representatives, successors and assigns of any and all of the foregoing (including, without
limitation, any successors by merger, Division, consolidation or acquisition of all or a substantial portion of the
Indemnified Parties’ assets and business), in all cases whether during the term of the Loan or as part of or following
a foreclosure of the Loan; provided, however, in no event shall the foregoing be deemed to include any Person
(other than Lender or any Affiliate of Lender) that acquires the Collateral or any portion thereof (i) at a foreclosure sale
or pursuant to an assignment in lieu thereof or any similar transaction under applicable Legal Requirements or (ii) following
an event described in foregoing clause (i), from Lender or an Affiliate of Lender.


 


“Indemnified
Taxes” shall mean (a) all Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a), Other
Taxes.


 


“Independent Manager”
shall have the meaning set forth in Section 5.2 hereof.


 


“Initial Maturity Date” shall mean October 9,
2022.


 


“Insurance Account”
shall have the meaning set forth in the Mortgage Loan Agreement.


 


“Insurance Premiums” shall have the meaning
set forth in the Mortgage Loan Agreement.


 


“Intercreditor Agreement” shall have the meaning set forth in Section
17.19 hereof.


 


“Interest
Accrual Period” shall mean the period beginning on (and including) the fifteenth (15th) day of each calendar month during
the term of the Loan and ending on (and including) the fourteenth (14th) day of the next succeeding calendar month; provided,
however, that (i) the Interest Accrual Period that would otherwise extend beyond the scheduled Maturity Date shall end on
the scheduled Maturity Date and (ii) except as specifically provided in the preceding subclause (i), no Interest Accrual
Period shall be shortened by reason of any payment of the Loan prior to the expiration of such Interest Accrual Period.


 


“Interest
Rate” shall mean the rate or rates at which the outstanding principal amount of the Loan bears interest from time to
time as determined in accordance with the provisions of Section 2.5 hereof.


 






    - 16 -


     


    

 



 


“Interest
Rate Cap Agreement” shall mean, as applicable, any interest rate cap agreement (together with the confirmation and schedules
relating thereto) and any guaranty or other credit support relating thereto, each in form and substance reasonably satisfactory
to Lender between Borrower and Counterparty or any Replacement Interest Rate Cap Agreement, in each case which also satisfies the
requirements set forth in Section 2.8.


 


“Investor”
shall mean any investor or potential investor in the Loan (or any portion thereof or interest therein) in connection with any Secondary
Market Transaction.


 


“IRS” shall mean the United States
Internal Revenue Service.


 


“IRS
Code” shall mean the Internal Revenue Code of 1986, as amended from time to time or any successor statute.


 


“ISDA”
shall mean the International Swaps and Derivatives Association, or any successor organization.


 


“ISDA
Definitions” shall mean the 2006 ISDA Definitions published by ISDA, as amended or supplemented from time to time, or
any successor definitional booklet for interest rate derivatives published by ISDA from time to time.


 


“ISDA
Fallback Adjustment” shall mean the spread adjustment (which may be a positive or negative value or zero) that would
apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation
event with respect to the then-current Benchmark.


 


“ISDA
Fallback Rate” shall mean the rate that would apply for derivatives transactions referencing the ISDA Definitions to
be effective upon the occurrence of an index cessation date with respect to the then-current Benchmark, excluding the applicable
ISDA Fallback Adjustment.


 


“Land” shall mean the “Land”
as defined in the Security Instrument.


 


“Lease Term Sheet” shall have the
meaning set forth in Section 4.14(f) hereof.


 


“Lease
Termination Payments” shall mean all payments made to Mortgage Borrower in connection with any rejection, termination,
surrender, contraction, or cancellation of any Lease (including in any bankruptcy case) or any lease buy-out or surrender payment
from any Tenant (including any payment relating to unamortized tenant improvements and/or leasing commissions).


 


“Leases”
shall mean, individually or collectively, as the context may require, the “Leases” as defined in the Security Instrument.


 


“Legal
Requirements” shall mean all federal, state, county, municipal and other governmental statutes, laws, rules,
orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting Borrower, Mortgage
Borrower, the Property or the Collateral or any part thereof, or the construction, use, alteration or operation thereof, or
any part thereof, whether now or hereafter enacted and in force, including, without limitation, the Americans with
Disabilities Act of 1990, and all Permits, authorizations and regulations relating thereto, and all covenants, agreements,
restrictions and encumbrances contained in any instruments, either of record or known to Borrower, at any time in force
affecting Borrower, Mortgage Borrower or the Property or the Collateral or any part thereof, including, without limitation,
any which may (i) require repairs, modifications or alterations in or to the Property or the Collateral or any part thereof,
or (ii) in any way limit the use and enjoyment thereof.


 






    - 17 -


     


    

 


“Lender”
shall have the meaning set forth in the first paragraph hereof.


 


“Lender Affiliate” shall have the meaning set
forth in Section 11.2 hereof.


 


“Lender
Documents” shall mean any agreement among Lender, Mortgage Lender and/or any participant or any fractional owner of a
beneficial interest in the Loan or the Mortgage Loan relating to the administration of the Loan, the Mortgage Loan, the Loan Documents
or the Mortgage Loan Documents, including without limitation any intercreditor agreements, co-lender agreements and participation
agreements.


 


“Lender Group”
shall have the meaning set forth in Section 11.2 hereof.


 


“Letter
of Credit” shall mean an irrevocable, unconditional, transferable (without payment of any transfer fee by the transferring
or transferee beneficiary thereof), clean sight draft letter of credit acceptable to Lender in its reasonable discretion (either
an evergreen letter of credit or one which does not expire until at least sixty (60) days after the last Extended Maturity Date
or payment of the subject obligation or completion of the subject activity for which such Letter of Credit was provided (as determined
by Lender)) in favor of Lender and entitling Lender to draw thereon, in whole or in part, in New York, New York or such other domestic
location approved by Lender or pursuant to procedures of the issuing bank provided that such issuing bank allows for draws (including
partial draws) by facsimile, issued by an Eligible Institution or the U.S. agency or branch of a foreign Eligible Institution,
to an applicant/obligor that is not Borrower or Mortgage Borrower.


 


“LIBOR”
shall mean, with respect to each Interest Accrual Period, the rate (expressed as a percentage per annum and rounded upward,
as necessary, to the next nearest 1/1000 of 1%) equal to the rate reported for deposits in U.S. dollars, for a one-month
period, that appears on “Thomson Reuters ICE LIBOR# Rates – LIBOR01” (or the successor thereto) as of 11:00
a.m., London time, on the related Determination Date; provided that, (i) if such rate does not appear on “Thomson
Reuters ICE LIBOR# Rates – LIBOR01” (or the successor thereto) as of 11:00 a.m., London time, on such
Determination Date, LIBOR shall be the rate determined as of 11:00 a.m., London time on the Determination Date with respect
to the immediately preceding Interest Accrual Period; and (ii) notwithstanding anything to the contrary contained herein, in
no event shall LIBOR be less than zero percent (0%). Lender’s computation of LIBOR shall be conclusive and binding on
Borrower and Lender for all purposes, absent manifest error.


 


“LIBOR Conversion”
shall have the meaning set forth in Section 2.8(g) hereof.


 


“LIBOR Loan”
shall mean the Loan at such time as interest thereon accrues at a rate of interest equal to the LIBOR Rate.


 






    - 18 -


     


    

 


“LIBOR Rate” shall mean the
sum of (i) the Adjusted LIBOR Rate and (ii) the Spread.


 


“Liquidation Event” shall have the meaning set forth
in Section 2.7(b) hereof.


 


“Litigation” shall have the meaning set forth in Section 3.3 hereof.


 


“Loan” shall mean the loan
made by Lenders to Borrower pursuant to this Agreement.


 


“Loan Bifurcation” shall have the meaning set forth
in Section 11.1 hereof.


 


“Loan
Documents” shall mean, collectively, this Agreement, the Note, the Pledge Agreement, the Environmental Indemnity, the
Subordination of Management Agreement, the Subordination of Parking Management Agreement, the Collateral Assignment of Interest
Rate Cap Agreement, the Cash Management Agreement, the Guaranty, and all other documents executed and/or delivered by any Borrower
Party in connection with the Loan, as each of the same may be amended, restated, replaced, extended, renewed, supplemented or otherwise
modified from time to time.


 


“London
Business Day” shall mean any day other than a Saturday, Sunday or any other day on which commercial banks in London,
England, or in New York, New York, are not open for business.


 


“Losses”
shall mean any and all actual claims, suits, liabilities (including, without limitation, strict liabilities), actions, proceedings,
obligations, debts, damages (excluding punitive, consequential, exemplary and/or special damages except to the extent actually
paid by such Person to a third party), losses, actual out-of-pocket costs, expenses, fines, penalties, charges, fees, judgments,
awards, amounts paid in settlement of whatever kind or nature (including, without limitation, reasonable legal fees and other actual
and reasonable out-of-pocket expenses); provided, however, under no circumstances shall Borrower be liable for any Loss resulting
from the gross negligence or willful misconduct of Lender.


 


“Low
Cash Flow Period” shall have the meaning set forth in the Mortgage Loan Agreement.


 


“LTV”
shall mean a percentage calculated by multiplying (i) a fraction, the numerator of which is the sum of the Outstanding Principal
Balance and the outstanding principal balance of the Mortgage Loan and the denominator of which is the then-current “as-is”
value of the Property, based on a newly-commissioned Appraisal obtained by Lender, at Borrower’s cost and reasonably approved
by Lender in form and substance by (ii) one hundred percent (100%). For purposes of determining such “as-is” value
of the Property, the Appraisal will be upwardly adjusted for all Reserve Funds (as defined in the Mortgage Loan Agreement) deposited
by Mortgage Borrower on the Closing Date and then being held by Mortgage Lender in accordance with the Mortgage Loan Agreement
and the other Mortgage Loan Documents, so long as the items to be funded by such Reserve Funds (as defined in the Mortgage Loan
Agreement) reduced the concluded “as-is” appraised value.


 






    - 19 -


     


    

 


“Major
Lease” shall mean (i) any Lease with an Affiliate of Guarantor or Sponsor, (ii) any Lease at the Property which,
individually or when aggregated with all other leases at the Property with the same Tenant or its Affiliate, demises or,
assuming the exercise of all expansion rights and similar rights to lease additional space contained in such lease, is
expected to represent more than 75,000 square feet of the aggregate rentable square feet at the Property, (iii) any Lease
which contains any option, offer, right of first refusal or other similar entitlement to acquire all or any portion of the
Property, (iv) any Lease entered into during the continuance of an Event of Default or (v) any instrument guaranteeing or
providing credit support for any Lease meeting the requirements of (i), (ii), (iii) and/or (iv)
above.


 


“Management
Agreement” shall mean that certain Second Amended and Restated Management Agreement and Leasing Agreement, entered into
by and between Mortgage Borrower and Manager, pursuant to which Manager is to provide management and other services with respect
to the Property, as the same may be amended, restated, replaced, extended, renewed, supplemented or otherwise modified from time
to time.


 


“Manager”
shall mean (i) Brookfield Properties Management (CA) Inc., a Delaware corporation, or (ii) such other Person selected as the manager
of the Property in accordance with the terms of this Agreement and the other Loan Documents.


 


“Material
Action” shall mean with respect to any Person, any action to consolidate, divide or otherwise engage in or permit any
Division, or merge such Person with or into any Person, or sell all or substantially all of the assets of such Person, or to institute
proceedings to have such Person be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency
proceedings against such Person or file a voluntary bankruptcy petition or any other petition seeking, or consent to, reorganization
or relief with respect to such Person under any applicable federal or state law relating to bankruptcy, or consent to the appointment
of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of such Person or a substantial part of
its property (except with the written consent or at the written request of Lender), or make any assignment for the benefit of creditors
of such Person, or admit in writing such Person’s inability to pay its debts generally as they become due (excluding any
written statement to Lender and any statement required by Legal Requirements or in any legal proceeding or discovery request, or
unless such admission is true), or take action in furtherance of any such action, or, to the fullest extent permitted by law, dissolve
or liquidate such Person.


 


“Material
Adverse Effect” shall mean any event or condition which causes (i) a material impairment of the ability of any Person
to perform any of its material obligations under any Mortgage Loan Documents and/or any Loan Documents (including, without limitation,
payment of principal and interest due hereunder or thereunder), (ii) a material adverse effect upon the legality, validity, binding
effect or enforceability of any Loan Document or the rights and remedies of Lender under the Loan Documents, or (iii) a material
adverse effect on the use, value or operation of the Property (including the Net Operating Income) or the Collateral.


 


“Material
Agreements” shall mean any contract or other arrangement, whether written or oral, to which Borrower or Mortgage
Borrower is a party or is bound (including recorded encumbrances upon Mortgage Borrower’s Property), as to which (a)
other than with respect to Permitted Easements and Permitted Encumbrances, the counterparty is an Affiliate of Borrower or
Mortgage Borrower (unless the same is not binding upon any successor owner of the Property and will not result in any
Property-level liability for which any such successor owner could be liable), or (b) other than with respect to any cleaning
or elevator and maintenance contracts that are entered into with persons that are not Affiliates of Borrower or Mortgage
Borrower and on commercially reasonable terms and in the ordinary course of Borrower’s or Mortgage Borrower’s
business, there is an obligation of Borrower or Mortgage Borrower to pay more than $1,000,000 per annum (unless cancelable on
forty-five (45) days’ or less notice without requiring the payment of termination fees or payments of any kind (for the
avoidance of doubt, payments owed to a counterparty for performance through the date of termination are not
 “termination fees or payments of any kind”)); provided that the Loan Documents, the Ernst & Young
Plaza Integration Agreements, the Management Agreement, the Parking Management Agreement, the Parking Structure Management
Agreement, contracts entered into in connection with Approved Alterations, contracts entered into with respect to Required
Repairs, the Mortgage Loan Documents, the Co-Tenancy Agreement, contracts entered into in connection with Approved Capital
Expenditures, and insurance policies required by this Agreement shall not be Material Agreements (provided, that such
exclusion shall not be deemed to be a waiver of any of Lender’s rights with respect to any such documents that are
otherwise set forth in the Loan Documents).


 






    - 20 -


     


    

 


“Maturity
Date” shall mean the Initial Maturity Date, as such date may be extended pursuant to and in accordance with Section
2.9 hereof, or such other date on which the final payment of the principal amount of the Loan becomes due and payable as herein
provided, whether at such stated maturity date, by declaration of acceleration, or otherwise.


 


“Maximum
Legal Rate” shall mean the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted
for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan
Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest
rate provisions of the Loan.


 


“Member” is defined in Section
5.1 hereof.


 


“Mezzanine
Debt Service Account” shall have the meaning set forth in the Mortgage Loan Agreement.


 


“Minimum
Counterparty Rating” shall mean a long-term unsecured debt or counterparty rating from S&P of at least “A+”,
which rating shall not include a “t” or otherwise reflect a termination risk. Notwithstanding anything to the contrary,
SMBC Capital Markets, Inc. shall qualify as a Counterparty without satisfying the Minimum Counterparty Rating subject to providing
a guaranty reasonably acceptable to Lender from an affiliate satisfying the Minimum Counterparty Rating.


 


“Minimum Disbursement Amount” shall
mean $15,000.00.


 


“Minimum
Ownership/Control Test” shall mean that a Qualified Equityholder or Qualified Equityholders (i) own, directly or
indirectly (including direct or indirect ownership by one or more funds Controlled by such Qualified Equityholder), at least
twenty-five percent (25%) of the equity interests in Borrower and Mortgage Borrower, and the right to at least twenty-five
percent (25%) of the distributions from, Borrower and Mortgage Borrower, and (ii) possess, directly or indirectly, the power
to direct or cause the direction of the management and policies of Borrower and Mortgage Borrower, whether through the
ability to exercise voting power, by contract or otherwise (notwithstanding that other Persons may have the right to
participate in or veto significant management decisions).


 






    - 21 -


     


    

 


“Monthly
Debt Service Payment Amount” shall mean, for the First Monthly Payment Date and for each Monthly Payment Date occurring
thereafter, a payment equal to the amount of interest which has accrued and will accrue, in each case, on the Loan during the Interest
Accrual Period in which such Monthly Payment Date occurs computed at the Interest Rate in the manner set forth in Section 2.5
of this Agreement.


 


“Monthly
Payment Date” shall mean the First Monthly Payment Date and the ninth (9th) day
of every calendar month occurring thereafter during the term of the Loan.


 


“Moody’s” shall mean Moody’s
Investors Service, Inc.


 


“Morningstar”
shall mean Morningstar Credit Ratings, LLC, or any of its successors in interest, assigns, and/or changed entity name or designation
resulting from any acquisition by Morningstar, Inc. or other similar entity of Morningstar Credit Ratings, LLC.


 


“Mortgage Borrower”
shall have the meaning set forth in the Recitals hereto.


 


“Mortgage
Borrower Operating Agreement” shall mean the limited liability company agreement of Mortgage Borrower, as the same
may be amended from time to time to the extent permitted under the Mortgage Loan Agreement and this Agreement.


 


“Mortgage
Debt” shall have the meaning ascribed to the term “Debt” in the Mortgage Loan Agreement.


 


“Mortgage
Debt Service” shall mean, with respect to any particular period of time, scheduled principal (if applicable) and interest
payments due under the Mortgage Loan Agreement, the Mortgage Note and the other Mortgage Loan Documents.


 


“Mortgage Lender” shall have
the meaning set forth in the Recitals hereto.


 


“Mortgage Loan” shall have the meaning set forth in the Recitals
hereto.


 


“Mortgage Loan Agreement” shall
have the meaning set forth in the Recitals hereto.


 


“Mortgage
Loan Documents” shall have the meaning ascribed to the term “Loan Documents” in the Mortgage Loan Agreement.


 


“Mortgage
Loan Event of Default” shall have the meaning ascribed to the term “Event of Default” in the Mortgage Loan
Agreement.


 


“Mortgage
Loan Restoration Provisions” shall mean the terms and conditions of the Mortgage Loan Agreement relating to Restoration
in connection with a Casualty and/or Condemnation of the Property.


 






    - 22 -


     


    

 


“Mortgage Note” shall have the meaning
set forth in the Recitals hereto.


 


“Mortgage
SPE Component Entity” shall mean “SPE Component Entity” as defined in the Mortgage Loan Agreement.


 


“MS” shall have the meaning set
forth in the first paragraph hereof.


 


“Multi-Asset
Person” shall mean a Qualified Equityholder or any other Person (and its co-guarantors or co-borrowers, if any) in respect
of which, at the time the applicable pledge is made, such Person’s (or Persons’) pro rata share of the net cash flow
from the Property is less than twenty-five percent (25%) of such Person’s (or Persons’) aggregate gross income.


 


“Multiemployer Plan” shall have
the meaning set forth in Section 3.7 hereof.


 


“Net
Liquidation Proceeds After Debt Service” shall mean, with respect to any Liquidation Event, all amounts paid to or received
by or on behalf of Borrower or Mortgage Borrower in connection with such Liquidation Event, including, without limitation, proceeds
of any sale, refinancing or other disposition or liquidation, less (i) Mortgage Lender’s and/or Lender’s reasonable
out-of-pocket costs incurred in connection with the recovery thereof, (ii) the costs incurred by Mortgage Borrower and/or Borrower
in connection with a Restoration of all or any portion of the Property made in accordance with the Mortgage Loan Documents, (iii)
amounts required or permitted to be deducted therefrom, and amounts paid, pursuant to the Mortgage Loan Documents to Mortgage Lender,
(iv) in the case of a foreclosure sale, disposition or transfer of the Property in connection with realization thereon following
a Mortgage Loan Event of Default, such reasonable and customary costs and expenses of such sale, disposition or transfer (including
reasonable attorneys’ fees and brokerage commissions), (v) in the case of a foreclosure sale, such out-of-pocket costs and
expenses incurred by Mortgage Lender under the Mortgage Loan Documents as Mortgage Lender shall be entitled to receive reimbursement
for under the terms of the Mortgage Loan Documents and (vi) in the case of a refinancing of the Mortgage Loan, such costs and expenses
(including reasonable attorneys’ fees) of such refinancing as shall be reasonably approved by Lender; provided, that
in no event shall Net Liquidation Proceeds After Debt Service include any amounts that are (x) not applied to the Loan or the Mortgage
Loan in accordance with Section 2.7(a) hereof or Section 2.7(a) of the Mortgage Loan Agreement and (y) distributed to the
Mortgage Borrower in accordance with Sections 2.7(b) or 7.4 of the Mortgage Loan Agreement or distributed to the Borrower in accordance
with Section 2.7(b) or Section 7.4 of this Agreement.


 


“Net
Operating Income” shall have the meaning set forth in the Mortgage Loan Agreement.


 


“Net Proceeds” shall have the meaning
set forth in the Mortgage Loan Agreement.


 


“Net
Worth” shall mean, with respect to any Person as of a given date, (i) such Person’s total assets as of such date
(exclusive of any equity attributable to the Property or in any other asset that is part of the collateral for the Loan) less (ii)
such Person’s total liabilities as of such date, determined in accordance with an Approved Accounting Method.


 






    - 23 -


     


    

 


“New
Manager” shall mean any Person replacing or becoming the assignee of the then current Manager, in each case, in accordance
with the applicable terms and conditions hereof.


 


“New
Non-Consolidation Opinion” shall mean a substantive non-consolidation opinion provided by outside counsel to Borrower
that is reasonably acceptable to Lender and, after a Securitization, acceptable to the Rating Agencies and otherwise in form and
substance reasonably acceptable to Lender and, after a Securitization, reasonably acceptable to the Rating Agencies.


 


“Non-Consolidation
Opinion” shall mean that certain substantive non-consolidation opinion delivered to Lender by Richards, Layton &
Finger PA in connection with the closing of the Loan.


 


“Note” shall mean, collectively,
Note A-1 and Note A-2.


 


“Note
A-1” shall mean that certain Mezzanine Promissory Note A-1 dated the date hereof, in the original principal amount of
Twenty-Four Million and No/100 Dollars ($24,000,000.00) made by Borrower in favor of MS, as the same may be amended, restated,
replaced, extended, renewed, supplemented, severed, split, or otherwise modified from time to time.


 


“Note
A-2” shall mean that certain Mezzanine Promissory Note A-2 dated the date hereof, in the original principal amount of
Six Million and No/100 Dollars ($6,000,000.00) made by Borrower in favor of Wells, as the same may be amended, restated, replaced,
extended, renewed, supplemented, severed, split, or otherwise modified from time to time.


 


“OFAC” shall have the meaning set
forth in Section 3.30 hereof.


 


“Officer’s
Certificate” shall mean, with respect to any Person, a certificate delivered to Lender by such Person which is signed
by a Responsible Officer of such Person and which, in all events, will be subject to the exculpation provisions in this Agreement.


 


“Operating Expenses” shall
have the meaning set forth in the Mortgage Loan Agreement.


 


“Organizational Chart” shall have the meaning set
forth in Section 3.31 hereof.


 


“Organizational
Documents” shall mean (i) with respect to a corporation, such Person’s certificate of incorporation and
by-laws, and any shareholder agreement, voting trust or similar arrangement applicable to any of such Person’s
authorized shares of capital stock, (ii) with respect to a partnership, such Person’s certificate of limited
partnership, partnership agreement, voting trusts or similar arrangements applicable to any of its partnership interests,
(iii) with respect to a limited liability company, such Person’s certificate of formation, limited liability company
agreement or other document affecting the rights of holders of limited liability company interests, and (iv) any and all
agreements between any constituent member, partner or shareholder of the Person in question, including any contribution
agreement or indemnification agreements. In each case, “Organizational Documents” shall include any indemnity,
contribution, shareholders or other agreement among any of the owners of the entity in question.


 


“Other Charges” shall have the meaning
set forth in the Mortgage Loan Agreement.


 






    - 24 -


     


    

 


“Other
Connection Taxes” shall mean, with respect to Lender, Taxes imposed as a result of a present or former connection between
such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).


 


“Other
Taxes” shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.6(f)).


 


“Outstanding
Principal Balance” shall mean, as of any date of determination, the unpaid principal balance of the Loan.


 


“Owner’s
REA” shall mean that certain Amended and Restated Owners’ Operating and Reciprocal Easement Agreement, dated
as of June 20, 1986 and recorded on the June 4, 1987, as Instrument No. 87-885291 in the Official Records of Los Angeles
County, as amended pursuant to (i) that certain Amendment No. 1 to Amended and Restated Owners’ Operating and
Reciprocal Easement Agreement dated December 5, 1990, and recorded on December 21, 1990, as Instrument No, 90-2108281 in the
Official Records of Los Angeles County and rerecorded on April 30, 1991, as Instrument No, 91-619078 in the Official Records
of Los Angeles County and (ii)   that certain
Amendment No. 2 to Amended and Restated Owners’ Operating and Reciprocal Easement Agreement dated January 1, 1993, and
recorded on January 30, 1995, as Instrument No. 95-150496 in the Official Records of Los Angeles County, as the same may be
amended, restated, supplemented or modified from time to time in accordance with the terms and provisions of this Agreement,
and as the same may be assigned from time to time.


 


“PACE
Loan” shall mean (a) any “Property-Assessed Clean Energy loan” or (b) any other indebtedness, without regard
to the name given to such indebtedness, which is (i) incurred for improvements to any Property for the purpose of increasing energy
efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid
through multi-year assessments against any Property.


 


“Parking
Management Agreement” shall mean that certain Management Agreement, dated as of August 1, 2014, entered into by and between
Mortgage Borrower and Parking Manager, as amended by that certain Letter Agreement dated as of September 8, 2020, pursuant to which
Manager is to provide parking management and other services with respect to the executive garage at the Property, as the same may
be amended, restated, replaced, extended, renewed, supplemented or otherwise modified from time to time.


 


“Parking
Manager” shall mean (i) ABM Industry Groups, LLC, a Delaware limited liability company or (ii) such other Person selected
as the parking manager of the Property in accordance with the terms of this Agreement and the other Loan Documents.


 


“Parking
Structure Management Agreement” shall mean that certain Management Agreement, dated as of September 10, 2014, by and
among Mortgage Borrower, BOP FIGAT7TH LLC, a Delaware limited liability company, BOP FIGAT7TH Parking LLC, a Delaware limited liability
company, Maguire Properties – 777 Tower, LLC, a Delaware limited liability company, and Parking Manager, as amended by that
certain Letter Agreement dated as of September 8, 2020, as the same may be amended, restated, supplemented or modified from time
to time in accordance with the terms and provisions of this Agreement, and as the same may be assigned from time to time.


 






    - 25 -


     


    

 


“Participant” shall have the
meaning set forth in Section 11.6 hereof.


 


“Participant Register” shall have the meaning set forth in
Section 11.6 hereof.


 


“Patriot Act” shall have the meaning set forth in Section 3.30 hereof.


 


“Pension
Plan” shall have the meaning set forth in Section 3.7 hereof.


 


“Permits”
shall mean all certificates, licenses, permits, franchises, certificates of occupancy, consents, and other approvals (governmental
and otherwise) necessary or desirable for the operation of the Property and the conduct of Mortgage Borrower’s business (including,
without limitation, all required zoning, building code, land use, environmental and other similar permits or approvals).


 


“Permitted Assumption”
shall have the meaning set forth in Section 6.4 hereof.


 


“Permitted
Easement” shall have the meaning set forth in the Mortgage Loan Agreement, provided that any lender approvals
required therein shall mean approval by Lender hereunder.


 


“Permitted
Encumbrances” shall mean, (1) with respect to the Mortgage Borrower and/or the Property, collectively, (a) the lien
and security interests created by the Mortgage Loan Agreement and the other Mortgage Loan Documents, (b) the lien and
security interests created by this Agreement, the other Loan Documents, (c) all liens, encumbrances and other matters
disclosed in the Title Insurance Policy, (d) liens, if any, for Taxes and Other Charges imposed by any Governmental Authority
not yet delinquent or that are being contested in good faith in accordance with the requirements of the Mortgage Loan
Agreement and this Agreement (or liens, if any, for Taxes and Other Charges which are permitted to exist pursuant to the
terms of the Mortgage Loan Agreement without constituting a Mortgage Loan Event of Default thereunder and pursuant to the
terms of this Agreement without constituting an Event of Default hereunder), (e) the Ernst & Young Plaza Integration
Agreements, existing Leases and new Leases entered into in accordance with the Mortgage Loan Agreement and this Agreement,
and any amendments, modifications, supplements or restatements to each of the foregoing permitted hereunder and under the
Mortgage Loan Documents, (f) any Permitted Equipment Leases, (g) any workers’, mechanics’ or other similar liens
on the Property arising in the ordinary course of business provided that any such lien is being contested in good faith in
accordance with the requirements of the Mortgage Loan Agreement and this Agreement (or any workers’, mechanics’
or other similar liens, if any, which are permitted to exist pursuant to the terms of the Mortgage Loan Agreement without
constituting a Mortgage Loan Event of Default thereunder and pursuant to the terms of this Agreement without constituting an
Event of Default hereunder), (h) Permitted Easements, (i) such other title and survey exceptions as Mortgage Lender has
approved or may approve in writing in Mortgage Lender’s sole discretion or which do not require Mortgage Lender’s
consent or approval under the Mortgage Loan Agreement, (j) subordination, non-disturbance and attornment agreements with
tenants or subtenants (i) entered into by Mortgage Lender, or (ii) entered into by Mortgage Borrower (A) where Mortgage
Lender has consented in writing to Mortgage Borrower entering into such non-disturbance agreement or (B) where Mortgage
Lender has entered into a non- disturbance agreement with respect to the sublease in question, (k) any liens of a bank or a
securities intermediary on any Accounts (as defined in the Mortgage Loan Agreement) which arise as a matter of law (and not
by contract) on items in the course of collection or encumbering deposits, and (l) any current or future ordinance, including
any supplemental use district ordinance, allowing the installation of signage at the Property, and (2) with respect to the
Borrower and/or the Loan, (a) the lien and security interests created by this Agreement and the Loan Documents, and (b) all
liens, encumbrances and other matters disclosed in the UCC title insurance policy relating to the Pledged Interests issued on
the date hereof.


 






    - 26 -


     


    

 


“Permitted
Equipment Leases” shall mean equipment leases or other similar instruments entered into with respect to the Personal
Property; provided, that, in each case, such equipment leases or similar instruments (i) are entered into on commercially
reasonable terms and conditions in the ordinary course of Mortgage Borrower’s business and (ii) relate to Personal Property
which is used in connection with the operation and maintenance of the Property in the ordinary course of Mortgage Borrower’s
business.


 


“Permitted
Investments” shall mean any one or more of the following obligations or securities acquired at a purchase price of not
greater than par, including those issued by Servicer, or any trustee under any Securitization or any of their respective Affiliates,
payable on demand or having a maturity date not later than the Business Day immediately prior to the first Monthly Payment Date
following the date of acquiring such investment and meeting one of the appropriate standards set forth below:


 


(a)   
the following obligations of, or the following obligations directly and unconditionally guaranteed as to principal and interest
by, the U.S. government or any agency or instrumentality thereof, when such obligations are backed by the full faith and credit
of the United States of America and have maturities not in excess of one year:


 


		(i)	U.S Treasury obligations (all direct or fully guaranteed obligations);



 


		(ii)	U.S. Department of Housing and Urban Development public
housing agency bonds (previously referred to as local authority bonds);



 


		(iii)	Federal Housing Administration debentures;



 


		(iv)	Government National Mortgage Association (GNMA) guaranteed
mortgage-bank securities or participation certificates;



 


		(v)	RefCorp debt obligations; and



 


		(vi)	SBA-guaranteed participation certificates and guaranteed
pool certificates;



 






    - 27 -


     


    

 


(b)            
federal funds, unsecured certificates of deposit, time deposits, banker’s acceptances, and repurchase agreements having
maturities of not more than 90 days of any commercial bank organized under the laws of the United States of America or any
state thereof or the District of Columbia, the short-term debt obligations of which are rated (a)   “A-1+”
(or the equivalent) by S&P and, if it has a term in excess of three months, the long-term debt obligations of which are
rated “AAA” (or the equivalent) by S&P, and that (1)   is
at least “adequately capitalized” (as defined in the regulations of its primary Federal banking regulator) and
(2) has Tier 1 capital (as defined in such regulations) of not less than $1,000,000,000, (b) in one of the following
Moody’s rating categories: (1) for maturities less than one month, a long-term rating of “A2” or a
short-term rating of “P-1”, (2)   for
maturities between one and three months, a long-term rating of “A1” and a short- term rating of
 “P-1”, (3) for maturities between three months to six months, a long-term rating of “Aa3” and a
short-term rating of “P-1” and (4) for maturities over six months, a long-term rating of “Aaa” and a
short-term rating of “P-1”, or such other ratings as confirmed in a Rating Agency Confirmation and (c) in one of
the following Fitch rating categories: (1) for maturities less than three months, a long term rating of “A” and a
short term rating of “F-1” and (2) for maturities greater than three months, a long-term rating of
 “AA-” and a short term rating of “F-1+”;


 


 (c)           deposits that are fully insured by the Federal Deposit Insurance Corp.;




 


(d)           commercial
paper rated (a) “A-1+” (or the equivalent) by S&P and having a maturity of not more than 90 days, (b) in one
of the following Moody’s rating categories: (i)  for
maturities less than one month, a long-term rating of “A2” or a short-term rating of “P-1”, (ii) for
maturities between one and three months, a long-term rating of “A1” and a short-term rating of “P-1”,
(iii) for maturities between three months to six months, a long- term rating of “Aa3” and a short-term rating of
 “P-1” and (iv) for maturities over six months, a long-term rating of “Aaa” and a short-term rating of
 “P-1” and (c) in one of the following Fitch rating categories: (1) for maturities less than three months, a long
term rating of “A” and a short term rating of “F-1” and (2) for maturities greater than three months,
a long-term rating of “AA-” and a short term rating of “F-1+”; and


 


(e)         
such other investments as to which each Rating Agency shall have delivered a Rating Agency Confirmation.


 


Notwithstanding
the foregoing, “Permitted Investments” (i) shall exclude any security with the S&P’s “r”
symbol (or any other Rating Agency’s corresponding symbol) attached to the rating (indicating high volatility or
dramatic fluctuations in their expected returns because of market risk), as well as any mortgage-backed securities and any
security of the type commonly known as “strips”; (ii) shall be limited to those instruments that have a
predetermined fixed dollar of principal due at maturity that cannot vary or change; (iii) shall only include instruments that
qualify as “cash flow investments” (within the meaning of Section 860G(a)(6) of the IRS Code); and (iv) shall
exclude any investment where the right to receive principal and interest derived from the underlying investment provides a
yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment. Interest may either be
fixed or variable, and any variable interest must be tied to a single interest rate index plus a single fixed spread (if
any), and move proportionately with that index. No investment shall be made which requires a payment above par for an
obligation if the obligation may be prepaid at the option of the issuer thereof prior to its maturity. All investments shall
mature or be redeemable upon the option of the holder thereof on or prior to the earlier of (x) three months from the date of
their purchase and (y) the Business Day preceding the day before the date such amounts are required to be applied
hereunder.


 






    - 28 -


     


    

 


“Permitted Transfers” shall have
the meaning specified in Section 6.3 hereof.


 


“Person”
shall mean any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association,
any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such
capacity on behalf of any of the foregoing.


 


“Personal Property”
shall mean the “Personal Property” as defined in the Security Instrument.


 


“Plan” shall have the meaning
set forth in Section 3.7 hereof.


 


“Pledge Agreement” has the meaning set forth in the Recitals hereto.


 


“Pledged Interests” shall have the
meaning set forth in the Pledge Agreement.


 


“Policies”
and “Policy” shall have the meanings specified in the Mortgage Loan Agreement.


 


“Prepayment Date” shall have
the meaning specified in Section 2.7(a) hereof.


 


“Prepayment Notice” shall have the meaning specified
in Section 2.7(a) hereof.


 


“Prepayment
Premium” shall mean with respect to a repayment or prepayment of the outstanding principal balance of the Loan made
on or prior to the Prepayment Premium Date and which requires the payment of the Prepayment Premium pursuant to the
applicable terms and conditions hereof, an amount equal to the product of (a) the Spread (or Prime Rate Spread, as
applicable, but in no event less than the Spread), (b) the outstanding principal balance of the Loan being prepaid, and (c) a
fraction, the numerator of which is the number of days remaining from (and including) the date that such prepayment is made
through (and including) the Prepayment Premium Date and the denominator of which is 360. For the avoidance of doubt, no
Prepayment Premium is payable on any repayment or prepayment of the outstanding principal balance of the Loan made after the
Prepayment Premium Date. The amount of the Prepayment Premium shall be determined by Lender in its reasonable discretion and
shall be final and binding absent manifest error.


 


“Prepayment Premium
Date” shall mean the Monthly Payment Date occurring in October, 2021.


 


“Previously-Owned Property”
shall mean the property set forth on Schedule XIII hereto.


 


“Prime Index
Rate” shall mean, with respect to each Interest Accrual Period, the rate of interest published in The Wall Street
Journal from time to time as the “Prime Rate” for the U.S. on the related Determination Date. If more than one
 “Prime Rate” for the U.S. is published in The Wall Street Journal for a day, the average of such “Prime
Rates” shall be used, and such average shall be rounded up to the nearest 1/100th of one percent (0.01%). If The Wall
Street Journal ceases to publish the “Prime Rate” for the U.S., Lender shall select an equivalent publication
that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are
limited, regulated or administered by a governmental or quasigovernmental body, then Lender shall select a comparable
interest rate index.


 






    - 29 -


     


    

 


“Prime
Rate” shall mean, with respect to each Interest Accrual Period, the per annum rate of interest equal to the Prime Index
Rate plus the Prime Rate Spread; provided, however, that the Prime Rate shall not be less than the Spread.


 


“Prime
Rate Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest equal to the Prime Rate.


 


“Prime
Rate Spread” shall mean, as the same may be reallocated pursuant to, and in accordance with, the restrictions and limitations
contained in Section 11.1 hereof, in connection with any conversion of the Loan from (a) a LIBOR Loan to a Prime Rate Loan,
the difference (expressed as the number of basis points) obtained by subtracting (i) the Prime Index Rate as of the Determination
Date for which LIBOR was last available from (ii) the Adjusted LIBOR Rate, determined as of such Determination Date, plus the Spread,
or (b) an Alternate Rate Loan to a Prime Rate Loan, the difference (expressed as the number of basis points) obtained by subtracting
(i) the Prime Index Rate as of the Determination Date for which the Alternate Index Rate was last available from (ii) the Alternate
Index Rate, determined as of such Determination Date, plus the Spread.


 


“Prior
Loan” shall mean any prior financing of the Collateral or any portion thereof between the Borrower and the lender thereunder.


 


“Prohibited
Entity” shall mean any Person which (i) is a statutory trust or similar Person, (ii) owns a direct or indirect
interest in Borrower, Mortgage Borrower, any SPE Component Entity, any Mortgage SPE Component Entity or the Property or the
Collateral through a tenancy-in- common or other similar form of ownership interest (other than the tenancy-in-common
interest in the Property held by Mortgage Borrower on the date hereof (and any transfer of the same in accordance with the
terms and conditions of Article 6 hereof)) and/or (iii) is a Crowdfunded Person.


 


“Prohibited Transfer”
shall have the meaning set forth in Section 6.2 hereof.


 


“Property”
shall mean each parcel of real property, the Improvements now or hereafter erected thereon, and all Personal Property owned by
Mortgage Borrower and encumbered by the Security Instrument, together with all rights pertaining to the Property and Improvements,
as more particularly described in Article 1 of the Security Instrument and referred to therein as the “Property”.


 


“Provided
Information” shall mean any information provided by or on behalf of any Borrower Party in connection with the Loan,
the Mortgage Loan, the Property, the Collateral or such Borrower Party, and/or any related matter or Person (but excluding in
all events any summary of the terms of the Loan Documents or the Mortgage Loan Documents).


 






    - 30 -


     


    

 


“Qualified
Equityholder” shall mean (i) Sponsor, BPY and/or BAM, or any successor to any of the foregoing by merger,
acquisition, initial public offering or similar corporate transaction, (ii) any entity approved by Lender, such approval not
to be unreasonably withheld, conditioned, or delayed, or (iii) any Affiliate (including any subsidiary) of any of the
foregoing, any investment fund directly or indirectly controlled by Sponsor, BPY, and/or BAM, or any other Person, in each
case under this clause (iii) (a) with a Net Worth equal to or in excess of $100,000,000, (b) possessing experience
directly or indirectly investing in or making loans with respect to commercial real estate office properties in the United
States, and (c) that (1) prior to the Securitization of the entire Loan, satisfies Lender’s customary “know your
customer” requirements and (2) after the Securitization of the entire Loan, is not subject to a Bankruptcy Event or a
material governmental or regulatory investigation which resulted in a final, non- appealable conviction for criminal activity
involving moral turpitude or a civil proceeding in which such Person has been found liable in a final non-appealable judgment
to have attempted to hinder, delay or defraud creditors, in each case for the past seven (7) years; provided, that
this clause (c) does not, in and of itself, afford any Person the right to approve the Qualified Equityholder based on
anything other than the matters set forth in this clause (c), or to impose additional fees or expenses in connection
with such Qualified Equityholder (or the approval thereof), and (d) that is able to remake Borrower’s representations
and comply with Borrower’s covenants set forth in Sections 3.29 and 3.30 hereof.


 


“Qualified
Management Agreement” shall mean a management agreement with a Qualified Manager with respect to the Property which
is (a) (i) substantially in the same form and substance as any Management Agreement approved (or deemed approved) by Lender with
respect to the Loan and (ii) entered into on an arm’s-length basis and otherwise on commercially reasonable terms, with
economic terms and management fees and leasing commissions comparable to the then-existing local market rates and in no event
shall such management fees exceed three percent (3.0%) of Gross Income from Operations unless approved by Lender, or (b) otherwise
reasonably approved by Lender in writing. To the extent that the Deemed Approval Requirements are fully satisfied in connection
with any Borrower request for approval under clause (b)  
of this definition and Lender thereafter fails to respond, Lender’s approval shall be deemed given with respect to
the matter for which approval was requested.


 


“Qualified
Manager” shall mean (i) the initial Manager, (ii) a property management company controlled by Sponsor, BAM and/or
BPY, (iii) a property management company listed on Schedule II attached hereto or any property management company that
is Controlled by or under common Control with any management company on such schedule, (iv) a reputable and experienced real
estate management organization possessing experience in managing, during the five (5) years immediately preceding such
management company’s engagement as Manager, at least five (5) Class A office buildings in major U.S. metropolitan areas
with square footage in excess of two million (2,000,000) leasable square feet in the aggregate, (v) a property management
company that is reasonably approved by Lender, or (vi) following any Permitted Assumption or Permitted Transfer, any
Affiliate of the applicable Replacement Guarantor. To the extent that the Deemed Approval Requirements are fully satisfied in
connection with any Borrower request for approval under clause (v) of this definition and Lender thereafter fails to
respond, Lender’s approval shall be deemed given with respect to the matter for which approval was requested.


 






    - 31 -


     


    

 


“Qualified
Parking Management Agreement” shall mean a parking management agreement with a Qualified Parking Manager with respect
to the Property which is (a) (i) substantially in the same form and substance as any Parking Management Agreement approved (or
deemed approved) by Lender with respect to the Loan and (ii) entered into on an arm’s-length basis and otherwise on commercially
reasonable terms, with economic terms and management fees comparable to the then-existing local market rates and in no event shall
such management fees exceed the management fees payable under the Parking Management Agreement in effect on the Closing Date unless
approved by Lender, or (b) otherwise reasonably approved by Lender in writing. To the extent that the Deemed Approval Requirements
are fully satisfied in connection with any Borrower request for approval under clause (b) of this definition and Lender
thereafter fails to respond, Lender’s approval shall be deemed given with respect to the matter for which approval was requested.


 


“Qualified
Parking Manager” shall mean (i) the initial Parking Manager, (ii) a parking management company controlled by Sponsor,
BAM and/or BPY, (iii) a parking management company listed on Schedule V attached hereto or any parking management company
that is Controlled by or under common Control with any management company on such schedule, or (iv) a property management company
that is reasonably approved by Lender. To the extent that the Deemed Approval Requirements are fully satisfied in connection with
any Borrower request for approval under clause (iv) of this definition and Lender thereafter fails to respond, Lender’s
approval shall be deemed given with respect to the matter for which approval was requested.


 


“Rate
Election Notice” shall mean a written notice of the election by Lender, made in Lender’s sole discretion, to declare
that a “Term SOFR Transition Event” shall occur.


 


“Rating
Agencies” shall mean each of S&P, Moody’s, Fitch, Morningstar, and any other nationally-recognized statistical
rating agency designated by Lender (and any successor to any of the foregoing).


 


“Rating
Agency Condition” shall be deemed to exist if (i) any Rating Agency fails to respond to any request for a Rating Agency
Confirmation with respect to any applicable matter or otherwise elects (orally or in writing) not to consider any applicable matter
or (ii) Lender (or its Servicer) is not required to and/or elects not to obtain (or cause to be obtained) a Rating Agency Confirmation
with respect to any applicable matter, in each case, pursuant to and in compliance with any pooling and servicing agreement(s)
or similar agreement(s), in each case, relating to the servicing and/or administration of the Loan.


 


“Rating
Agency Confirmation” shall mean (i) prior to a Securitization or if the Rating Agency Condition exists, that Lender
has (in consultation with the Rating Agencies (if required by Lender)) approved the matter in question in writing based upon
Lender’s good faith determination of applicable Rating Agency standards and criteria and (ii) from and after a
Securitization (to the extent the Rating Agency Condition does not exist), a written affirmation from each of the Rating
Agencies (obtained at Borrower’s sole cost and expense) that the credit rating of the Securities by such Rating Agency
immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is sought will not be
qualified, downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld
in such Rating Agency’s sole and absolute discretion.


 






    - 32 -


     


    

 


“Register” shall have the meaning
set forth in Section 11.6 hereof.


 


“Registration Statement” shall
have the meaning set forth in Section 11.2 hereof.


 


“Regulation AB” shall mean
Regulation AB under the Securities Act and the Exchange Act, as such Regulation may be amended from time to time.


 


“REIT”
shall mean a real estate investment trust within the meaning of Section 856 of the IRS Code.


 


“Related
Collateral” shall mean an asset that is “related” within the meaning of the definition of Significant Obligor
to the Collateral.


 


“Related
Loan” shall mean a loan to an Affiliate of Borrower or secured by Related Collateral, that is included in a Securitization
with the Loan (or any portion thereof or interest therein).


 


“Relevant
Governmental Body” shall mean the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.


 


“Rents” shall mean the “Rents”
as defined in the Security Instrument.


 


“Replacement
Guarantor” shall mean a Qualified Equityholder who (a) either Controls Borrower and Mortgage Borrower or owns a direct
or indirect interest in Borrower and Mortgage Borrower, and (b) satisfies (in the aggregate, together with any other Replacement
Guarantor) the financial covenants set forth in Section 26 of the Guaranty.


 


“Replacement Interest
Rate Cap Agreement” shall have the meaning set forth in Section 2.8(c) hereof.


 


“Reporting Failure” shall have
the meaning set forth in Section 4.12 hereof.


 


“Required Financial Item” shall have the meaning set forth
in Section 4.12 hereof.


 


“Reserve Accounts”
shall mean each escrow account (if any) established by this Agreement and the other Loan Documents.


 


“Reserve Funds”
shall mean any escrow funds established by this Agreement or the other Loan Documents.


 


“Reserve
Percentage” shall mean the rates (expressed as a decimal) of reserve requirements applicable to Lender on the date
two (2) London Business Days prior to the beginning of such Interest Accrual Period (including, without limitation, basic,
supplemental, marginal and emergency reserves) under any regulations of any Governmental Authority as now and from time to
time hereafter in effect, dealing with reserve requirements prescribed for Eurocurrency funding (currently referred to as
 “Eurocurrency Liabilities” in Regulation D of the Board of Governors of the Federal Reserve System) (or against
any other category of liabilities which includes deposits by reference to which LIBOR is determined or against any category
of extensions of credit or other assets which includes loans by a non-United States office of a depository institution to
United States residents or loans which charge interest at a rate determined by reference to such deposits). The determination
of the Reserve Percentage shall be based on the assumption that Lender funded one hundred percent (100%) of the Loan in the
interbank Eurodollar market. In the event of any change in the rate of such Reserve Percentage during an Interest Accrual
Period, or any variation in such requirements based upon amounts or kinds of assets or liabilities, or other factors,
including, without limitation, the imposition of Reserve Percentages, or differing Reserve Percentages, on one or more but
not all of the holders of the Loan or any participation therein, Lender may use any reasonable averaging and/or attribution
methods which it deems appropriate and practical for determining the rate of such Reserve Percentage which shall be used in
the computation of the Reserve Percentage. Lender’s computation of the Reserve Percentage shall be determined
conclusively by Lender and shall be conclusive and binding on Borrower for all purposes, absent manifest error.
Notwithstanding the foregoing, the parties agree that following a Securitization of the entire Loan, the Reserve Percentage
shall be zero and shall not be applicable to this Loan in determining the Adjusted LIBOR Rate.


 






    - 33 -


     


    

 


“Responsible
Officer” shall mean, with respect to a Person, the chairman of the board, president, chief operating officer, chief financial
officer, treasurer, secretary, vice president or other duly authorized officer of such Person.


 


“Restoration”
shall have the meaning set forth in the Mortgage Loan Agreement.


 


“Restricted Party” shall have the meaning set
forth in Section 6.1 hereof.


 


“S&P”
shall mean S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC.


 


“Sale or Pledge” shall have
the meaning set forth in Section 6.1 hereof.


 


“Sanctions” shall have the meaning set forth in Section
3.30 hereof.


 


“Secondary Market Adverse Change”
shall have the meaning set forth in Section 11.1 hereof.


 


“Secondary Market Transaction”
shall have the meaning set forth in Section 11.1 hereof.


 


“Securities” shall have the meaning set forth
in Section 11.1 hereof.


 


“Securities Act” shall mean
the Securities Act of 1933, as amended.


 


“Securitization” shall have the meaning set forth in Section 11.1
hereof.


 


“Security
Deposits” shall mean any advance deposits or any other deposits collected with respect to the Property, whether in the
form of cash, letter(s) of credit or other cash equivalents (including, without limitation, such deposits made in connection with
any Lease).


 


“Security
Documents” shall mean, collectively, (i) the Pledge Agreement, (ii) an acknowledgement and consent to such Pledge Agreement
by Mortgage Borrower and each Mortgage SPE Component Entity, (iii) all Uniform Commercial Code financing statements required by
this Agreement to be filed with respect to the security interests in personal property created pursuant to the Pledge Agreement,
from time to time, and (iv) all other documents and agreements executed or delivered to Lender by Borrower in connection with any
of the foregoing documents.


 






    - 34 -


     


    

 


“Security Instrument” shall
have the meaning set forth in the Mortgage Loan Agreement.


 


“Servicer” shall have the
meaning set forth in Section 17.26 hereof.


 


“Servicing Agreement” shall
have the meaning set forth in Section 17.26 hereof.


 


“Severed Loan Documents” shall have the meaning set forth
in Article 10 hereof.


 


“Significant Obligor”
shall have the meaning set forth in Item 1101(k) of Regulation AB under the Securities Act.


 


“Single
Purpose Entity” shall mean an entity whose structure and organizational and governing documents are otherwise in form
and substance acceptable to Lender and the Rating Agencies, and which has complied since the date of its formation and shall comply
with the requirements set forth in Section 5.1 hereof.


 


“SOFR”
shall mean, with respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of
New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s
Website.


 


“SPE Component
Entity” shall have the meaning set forth in Section 5.1 hereof.


 


“Special Member” shall have
the meaning set forth in Section 5.1 hereof.


 


“Sponsor”
shall mean Brookfield DTLA Holdings LLC, a Delaware limited liability company.


 


“Spread”
shall mean, as the same may be reallocated pursuant to, and in accordance with, the restrictions and limitations contained in Section
11.1 hereof, 6.850%.


 


“State”
shall mean the applicable state in which the Property or the Collateral or any part of either of the foregoing is located.


 


“Strike Rate”
shall mean four percent (4.00%).


 






    - 35 -


     


    

 


“Sub-REA”
shall mean that certain Reciprocal Easement and Cost Sharing Agreement, by and among Mortgage Borrower, BOP FIGAT7TH LLC, a Delaware
limited liability company, and BOP FIGAT7TH PARKING LLC, a Delaware limited liability company, dated as of September 10, 2014 and
recorded in the Official Records of Los Angeles County on September 11, 2014 as Instrument No. 20140962893, as amended by that
certain First Amendment to Reciprocal Easement and Cost Sharing Agreement, dated as of September 23, 2020, and as the same may
be amended, restated, supplemented or modified from time to time in accordance with the terms and provisions of this Agreement,
and as the same may be assigned from time to time.


 


“Subordination
of Management Agreement” shall mean that certain Mezzanine Subordination of Management Agreement and Management Fees,
dated as of the date hereof, by and among Lender, Borrower, Mortgage Borrower, and Manager, as the same may be amended, restated,
replaced, extended, renewed, supplemented or otherwise modified from time to time.


 


“Subordination
of Parking Management Agreement” shall mean that certain Mezzanine Subordination of Parking Management Agreement and
Parking Management Fees, dated as of the date hereof, by and among Lender, Borrower, Mortgage Borrower, and Parking Manager, as
the same may be amended, restated, replaced, extended, renewed, supplemented or otherwise modified from time to time.


 


“Substitute Cash Management Provisions”
shall have the meaning set forth in Section 9.1 hereof.




 


“Substitute
Interest Rate Cap Agreement” shall have the meaning set forth in Section 2.8(g) hereof.


 


“Substitute
Strike Rate” shall mean the greater of (i) four percent (4.00%) (as adjusted by the Alternate Rate Spread Adjustment)
and (ii) a percentage rate equal to the Alternate Rate or Prime Rate, as applicable, which would yield a Debt Service Coverage
Ratio of 1.10:1.00.


 


“Successor
Property Owner” shall mean a “Transferee” as defined in the Mortgage Loan Agreement.


 


“Survey”
shall mean the survey of the Property certified and delivered to Lender in connection with the closing of the Loan.


 


“Syndication” shall have the meaning
set forth in Section 11.6 hereof.


 


“Tax Account” shall have the
meaning set forth in the Mortgage Loan Agreement.


 


“Taxes” shall mean all present
or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other
charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.


 


“Tenant”
shall mean any Person leasing, subleasing or otherwise occupying any portion of the Property under a Lease or other occupancy agreement.


 






    - 36 -


     


    

 



 


“Term
SOFR” shall mean the forward-looking term rate for an approximately one-month period based on SOFR that has been selected
or recommended by the Relevant Governmental Body.


 


“Term SOFR Transition Event” shall
mean the occurrence of:


 


(i)        
a determination by the Lender that Term SOFR for approximately a one- month period is displayed on a screen or other information
service that publishes such rate from time to time and such screen or other information service is acceptable to Lender in its
reasonable discretion; and


 


(ii)        
the provision by the Lender of the applicable Rate Election Notice to each of the other parties hereto.


 


“TIC
Property” shall mean the portion of the Property owned by Mortgage Borrower as a tenant-in-common pursuant to the Co-Tenancy
Agreement.


 


“Title
Insurance Policy” shall mean the ALTA mortgagee title insurance policy issued with respect to the Property and insuring
the lien of the Security Instrument.


 


“Transferee” shall have the meaning
set forth in Section 6.4 hereof.


 


“Trigger Period” shall have
the meaning set forth in the Mortgage Loan Agreement.


 


“UCC” or “Uniform
Commercial Code” shall mean the Uniform Commercial Code as in effect in the State.


 


“Unadjusted
Alternate Index Rate” shall mean the Alternate Index Rate excluding the Alternate Rate Spread Adjustment.


 


“Underwriter Group”
shall have the meaning set forth in Section 11.2 hereof.


 


“Unencumbered
Liquid Assets” shall mean, with respect to any Person, the “liquid assets” of such Person, free and
clear of all liens and shall include only the following assets of such Person as set forth on such Person’s balance
sheet: (x) all Cash and Cash Equivalents, (y) the following, to the extent acquired for investment or with a view to
achieving trading profits (and which may be liquidated without restrictions within five (5) Business Days or less):
marketable securities owned of record and beneficially by such Person and which are freely tradeable, without any restriction
on the New York Stock Exchange, NYSE Amex Equities or NASDAQ, and (z) any irrevocable, non-discretionary, uncalled capital
commitments of such Person’s investors to such Person (other than persons that (i) are the subject of a bankruptcy
proceeding as of the applicable date of determination, or (ii) have previously defaulted with respect to such capital
commitment, which default has not been cured) that are payable in cash and readily available to be called by such Person
without restriction or any other condition at any time and from time to time other than notice.


 


“Updated Information”
shall have the meaning set forth in Section 11.1 hereof.


 






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“U.S. Obligations”
shall mean direct full faith and credit obligations of the United States of America that are not subject to prepayment, call or
early redemption.


 


“U.S. Person”
shall mean any Person that is a “United States person” as defined in Section 7701(a)(30) of the IRS Code.


 


“USPAP”
shall mean the Uniform Standards of Professional Appraisal Practice (as the same may have been or may hereafter be amended, restated,
supplemented or otherwise modified).


 


“Waived Restoration Provisions”
shall have the meaning set forth in Section 7.4 hereof.


 


“Wells” shall have the meaning set forth in the
first paragraph hereof.


 


“Withholding Agent” shall
mean Borrower or Lender, as applicable.


 


“Work Charge” shall have the meaning set forth in Section 4.16
hereof.


 


“Write-Down
and Conversion Powers” shall mean, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.


 


Section 1.2.Principles of
Construction.


 


(a)   
All references to sections and schedules are to sections and schedules in or to this Agreement unless otherwise specified.
Any reference in this Agreement or in any other Loan Documents to any Loan Documents shall be deemed to include references to such
documents as the same may hereafter be amended, modified, supplemented, extended, replaced and/or restated from time to time (and,
in the case of any note or other instrument, to any instrument issued in substitution therefor). All uses of the word “including”
shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified,
the words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified,
all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms
so defined.


 


(b)   
With respect to cross-references contained herein or in any other Loan Document to the Mortgage Loan Documents or to any
Mortgage Loan Document (including with respect to any cross-references to defined terms therein) unless otherwise specifically
provided herein, such cross-references shall be with respect to the Mortgage Loan Documents or such Mortgage Loan Document, as
the case may be, in existence as of the date hereof.


 


(c)    Notwithstanding
anything to the contrary contained herein, including references to the Mortgage Loan or to capitalized terms being defined in
the Mortgage Loan Documents, (i) nothing herein creates any obligation of Borrower with respect to any of the Mortgage Loan
Documents and Borrower has no obligation to comply with and shall not be liable under any Mortgage Loan Document; and (ii)
nothing herein creates any obligation of Mortgage Borrower with respect to any of the Loan Documents, and Mortgage Borrower
has no obligation to comply with and shall not be liable under any Loan Document.


 






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(d)   
Notwithstanding anything stated herein to the contrary, any provisions in this Agreement cross-referencing or incorporating
by reference provisions of the Mortgage Loan Documents shall be effective notwithstanding the termination of the Mortgage Loan
Documents by payment in full of the Mortgage Loan or otherwise.


 


(e)   
To the extent that any terms, provisions or definitions of any Mortgage Loan Documents that are incorporated herein by reference
are incorporated into the Mortgage Loan Documents by reference to any other document or instrument, such terms, provisions or definitions
that are incorporated herein by reference shall at all times be deemed to incorporate each such term, provision and definition
of the applicable other document or instrument as the same is set forth in such other document or instrument as of the Closing
Date, without regard to any amendments, restatements, replacements, supplements, waivers or other modifications to or of such other
document or instrument occurring after the Closing Date, unless Lender expressly agrees that such term, provision or definition
as appearing, incorporated into, or used in this Agreement have been revised.


 


(f)   
The words “Borrower shall cause” or “Borrower shall not permit” (or words of similar meaning) shall
mean “Borrower shall cause Mortgage Borrower to” or “Borrower shall not cause or permit Mortgage Borrower to”,
as the case may be, to so act or not to so act, as applicable. Borrower and Lender hereby acknowledge and agree that, as to any
clauses or provisions contained in this Agreement or any of the other Loan Documents to the effect that (i) Borrower shall cause
Mortgage Borrower to act or to refrain from acting in any manner or (ii) Borrower shall cause to occur or not to occur, or otherwise
be obligated in any manner with respect to, any matters pertaining to Mortgage Borrower, the Property or the Collateral, or (iii)
other similar effect, such clause or provision, in each case, is intended to mean, and shall be construed as meaning, that Borrower
has undertaken to act and is obligated to act only in its capacity as the shareholder of Mortgage Borrower but not directly with
respect to Mortgage Borrower, the Collateral or the Property or in any other manner which would violate any of the covenants contained
in Article 5 hereof or other similar covenants contained in Borrower’s organizational documents.


 


ARTICLE 2.


 


GENERAL TERMS


 


Section
2.1. Loan Commitment. Except as expressly and specifically set forth herein, Lenders have no obligation or other commitment
to loan any funds to Borrower or otherwise make disbursements to Borrower. Borrower hereby waives any right it may have to make
any claim to the contrary.


 


Section 2.2.
The Loan. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees
to accept the Loan on the Closing Date.


 






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Section
2.3. Disbursement to Borrower. Borrower may request and receive only one borrowing hereunder in respect of the Loan and any
amount borrowed and repaid hereunder in respect of the Loan may not be re-borrowed.


 


Section
2.4. The Note and the Other Loan Documents. The Loan shall be evidenced by the Note and this Agreement and secured by this
Agreement and the other Loan Documents.


 


Section 2.5. Interest
Rate.


 


(a)       
Generally. Interest on the outstanding principal balance of the Loan shall accrue from the Closing Date at the Interest
Rate until repaid in accordance with the applicable terms and conditions hereof.


 


 (b)        Determination of Interest Rate.




 


(i)        The
Interest Rate with respect to the Loan shall be: (A) the LIBOR Rate with respect to the applicable Interest Accrual Period if
the Loan is a LIBOR Loan, (B) the Alternate Rate with respect to the applicable Interest Accrual Period if the Loan is an
Alternate Rate Loan, or (C) the Prime Rate with respect to the applicable Interest Accrual Period if the Loan is a Prime Rate
Loan.


 


(ii)      
Subject to the terms and conditions hereof, the Loan shall be a LIBOR Loan and Borrower shall pay interest on the outstanding
principal balance of the Loan at the LIBOR Rate for the applicable Interest Accrual Period. Each determination by Lender of the
Interest Rate shall be conclusive and binding upon Borrower and Lender for all purposes, absent manifest error. Any change in the
rate of interest hereunder due to a change in the Benchmark shall become effective as of the opening of business on the first day
on which such change in the Benchmark shall become effective.


 


 (iii)       Conversion of Loan.




 


		(A)	Alternate Index Rate.



 


		(1)	Notwithstanding anything to the contrary herein or in any other Loan Document,
if a Benchmark Transition Event or a Term SOFR Transition Event, as applicable, and its related Benchmark Replacement Date have
occurred, then the Loan shall be converted to an Alternate Rate Loan and the applicable Alternate Index Rate shall become the Benchmark
hereunder, without any amendment to, or further action or consent of any other party to, this Agreement, effective (x) as of such
Benchmark Replacement Date, if the Alternate Index Rate is determined in accordance with clause (1) or (2) of the
definition of “Alternate Index Rate”, or (y) the tenth (10th) Business Day after the date notice of such Alternate
Index Rate is provided to the Borrower, so long as the Lender has not received from the Borrower, by the fifth (5th) Business Day
after the date notice of such Alternate Index Rate is provided to the Borrower, written notice of the
Borrower’s reasonable good faith objection that such Alternate Index Rate was not determined in accordance with the terms
hereof, in which case Lender shall consult with the Borrower in good faith and thereafter reissue a notice of Alternate Index Rate
which Alternate Index Rate will become effective as of the fifth (5th) Business Day after the date second notice of such Alternate
Index Rate is provided to the Borrower, if the Alternate Index Rate is determined in accordance with clause (3) of the definition
of “Alternate Index Rate”.






 






    - 40 -


     


    

 


		(2)	In connection with the implementation of an Alternate Index Rate in accordance
with this Section 2.5(b)(iii)(A), the Lender shall have the right to make Alternate Rate Conforming Changes from time to
time and, notwithstanding anything to the contrary contained herein or in any other Loan Document, any amendments implementing
such Alternate Rate Conforming Changes will become effective without any further action or consent of the Borrower.



 


(B)             
In the event that Lender shall have reasonably determined that by reason of circumstances affecting the relevant market
or otherwise, adequate and reasonable means do not exist for ascertaining the Benchmark component of the applicable Interest Rate
as provided herein (or, if the Benchmark is LIBOR, such Benchmark is determined pursuant to the proviso in the definition of “LIBOR”)
and a Benchmark Transition Event or Term SOFR Transition Event, as applicable, and the related Benchmark Replacement Date have
not occurred with respect to the then-current Benchmark, then Lender shall, if such determination shall have been made with respect
to other similarly situated loans wherein Lender has a similar contractual right, forthwith give notice by telephone of such determination,
confirmed in writing, to Borrower at least one (1) Business Day prior to the next applicable Determination Date. If such notice
is given, the LIBOR Loan or Alternate Rate Loan, as applicable, shall be converted, as of the first day of the next applicable
Interest Accrual Period, to a Prime Rate Loan.


 


(C)             
If, pursuant to the terms of clause (B) above, the Loan has been converted to a Prime Rate Loan but thereafter:


 


		(1)	Lender shall determine (which determination shall be conclusive and binding
upon Borrower absent manifest error) that the Benchmark component of the Interest Rate can again be ascertained as provided herein,
then Lender shall, if such determination shall have been made with respect to other similarly situated loans wherein Lender has
a similar contractual right, forthwith give notice by telephone of such determination, confirmed in writing, to Borrower at least
one (1) Business Day prior to the next Determination Date. If
such notice is given, the Prime Rate Loan shall be converted, as of the first day of the next Interest Accrual Period, back to
a LIBOR Loan or an Alternate Rate Loan, as applicable.






 






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		(2)	Lender shall determine (which determination shall be conclusive and binding
upon Borrower absent manifest error) that a Benchmark Transition Event or a Term SOFR Transition Event, as applicable, and the
related Benchmark Transition Date have occurred with respect to the then- current Benchmark, then the Prime Rate Loan shall be
converted to an Alternate Rate Loan, in accordance with and subject to the requirements in clause (A) above.



 


(D)             
The Lender shall promptly notify the Borrower of (A) any occurrence of a Benchmark Transition Event or Term SOFR Transition
Event, as applicable, and its related Benchmark Replacement Date, (B) the implementation of any Alternate Index Rate, (C) the effectiveness
of any Alternate Rate Conforming Changes and/or (D) any conversion to a LIBOR Loan, Alternate Rate Loan or Prime Rate Loan as described
in Section 2.5(B)(iii)(B) or (C). Any determination, decision or election that may be made by the Lender pursuant
to this Section 2.5(b)(iii), including any determination with respect to a rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive
and binding absent manifest error and may be made in its sole discretion and without consent from the Borrower, except, in each
case, as expressly required pursuant to this Section 2.5(b)(iii).


 


(E)              
Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to convert the
Loan to a LIBOR Loan, an Alternate Rate Loan or a Prime Rate Loan.


 


(iv)             Any
and all payments by or on account of any obligation of Borrower under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith
discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a
Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall
timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and,
if such Tax is an Indemnified Tax, then the sum payable by Borrower shall be increased as necessary so that after such
deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable
under this Section 2.5(b)(iv)) the applicable recipient receives an amount equal to the sum it would have received had
no such deduction or withholding been made. Borrower shall timely pay to the relevant Governmental Authority in accordance
with applicable law, or at the option of Lender timely reimburse it for the payment of, any Other Taxes. As soon as
practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to this Section 2.5(b)(iv),
Borrower shall deliver to Lender the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to Lender. Borrower shall indemnify Lender, within ten (10) days after written demand therefor, for the full
amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under
this Section 2.5(b)(iv)) payable or paid by such recipient or required to be withheld or deducted from a payment to
such recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to Borrower by Lender shall be conclusive absent manifest error.


 






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(v)              
If any Change in Law shall hereafter make it unlawful for any Lender to make or maintain a LIBOR Loan as contemplated hereunder
(A) the obligation of such Lender hereunder to make a LIBOR Loan or to convert an Alternate Rate Loan or a Prime Rate Loan to a
LIBOR Loan shall be canceled forthwith and (B) any outstanding LIBOR Loan of such Lender shall be converted automatically to an
Alternate Rate Loan or, if Lender shall reasonably determine (which determination shall be conclusive and binding upon Borrower
absent manifest error) that no Alternate Index Rate can be ascertained as provided in the definition thereof, to a Prime Rate Loan
on the last day of the then current Interest Accrual Period or within such earlier period as required by law. Borrower hereby agrees
to promptly pay to Lender, upon demand, any additional amounts necessary to compensate such Lender for any reasonable out-of-pocket
costs incurred by such Lender in making any conversion in accordance with this Agreement, including, without limitation, any interest
or fees payable by such Lender to lenders of funds obtained by it in order to make or maintain the LIBOR Loan hereunder. Such notice
(which shall be sent by Lender) of such costs, as certified to Borrower, shall be conclusive absent manifest error.


 


 (vi)               In the event of any Change in Law:




 


(A)             
shall hereafter impose, modify or hold applicable any reserve, capital adequacy, special deposit, compulsory loan or similar
requirement against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit
extended by, or any other acquisition of funds by, any office of any Lender which is not otherwise included in the determination
of LIBOR hereunder;


 


(B)             
shall hereafter have the effect of reducing the rate of return (other than as a result of Taxes) on any Lender’s capital
as a consequence of its obligations hereunder to a level below that which such Lender could have achieved but for such adoption,
change or compliance (taking into consideration such Lender’s policies with respect to capital adequacy) by any amount deemed
by such Lender to be material;


 






    - 43 -


     


    

 


(C)             
 shall hereafter impose on Lender any other condition (other than Taxes) and the result of any of the foregoing is to increase
the cost to Lender of making, renewing or maintaining loans or extensions of credit or to reduce any amount receivable hereunder;
or


 


(D)             
shall subject Lender to any Taxes (other than (I) Indemnified Taxes, (II) Taxes described in clauses (b) through
(d) of the definition of Excluded Taxes, and (III) Connection Income Taxes) on its loans, loan principal, letters of credit,
commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;


 


then, in any such case,
Borrower shall promptly pay to Lender, upon demand, any additional amounts necessary to compensate Lender for such additional incurred
cost or reduced amount receivable as determined by Lender in good faith. If Lender becomes entitled to claim any additional amounts
pursuant to this subsection, Lender shall provide Borrower with not less than thirty (30) days’ written notice specifying
in reasonable detail the event by reason of which it has become so entitled and the additional amount required to fully compensate
Lender for such additional cost or reduced amount. A certificate as to any additional costs or amounts payable pursuant to the
foregoing sentence submitted by Lender to Borrower shall be conclusive in the absence of manifest error. This provision shall survive
payment of the Note and the satisfaction of all other obligations of Borrower under this Agreement and the Loan Documents.


 


(vii)           Borrower
agrees to indemnify Lender and to hold Lender harmless from any actual loss or expense which Lender sustains or incurs as a
consequence of (A) any default by Borrower in payment of the principal of or interest on a LIBOR Loan (or Alternate Rate Loan
or Prime Rate Loan, as applicable), including, without limitation, any such loss or expense arising from interest or fees
payable by any Lender to lenders of funds obtained by it in order to maintain a LIBOR Loan (or Alternate Rate Loan or Prime
Rate Loan, as applicable) hereunder and (B) any prepayment (whether voluntary or mandatory) of the LIBOR Loan (or Alternate
Rate Loan or Prime Rate Loan, as applicable) made prior to the Prepayment Premium Date and on a day that is not a Monthly
Payment Date, including, without limitation, such loss or expense arising from interest or fees payable by any Lender to
lenders of funds obtained by it in order to maintain the LIBOR Loan (or Alternate Rate Loan or Prime Rate Loan, as
applicable) hereunder (the amounts referred to in clauses (A) and (B) are herein referred to collectively as
the “Breakage Costs”); provided, however, Borrower shall not indemnify Lender from any
Breakage Costs arising from Lender’s gross negligence or willful misconduct. This provision shall survive payment of
the Note in full and the satisfaction of all other obligations of Borrower under this Agreement and the other Loan
Documents.


 






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(viii)         Lender
shall not be entitled to claim compensation pursuant to this subsection for any Taxes, Breakage Costs, increased cost or
reduction in amounts received or receivable hereunder, or any reduced rate of return, which was incurred or which accrued
more than one hundred and eighty (180) days before the date Lender notified Borrower of the change in law, the circumstance
resulting in the Breakage Costs or other circumstance on which such claim of compensation is based and delivered to Borrower
a written statement setting forth in reasonable detail the basis for calculating the additional amounts owed to Lender under
this subsection, which statement shall be conclusive and binding upon all parties hereto absent manifest error.


 


(ix)            
Lender will use reasonable efforts (consistent with legal and regulatory restrictions) to maintain the availability of
the LIBOR Loan and to avoid or reduce any increased or additional costs payable by Borrower under this Section 2.5(b),
including, if requested by Borrower, a transfer or assignment of the Loan to a branch, office or affiliate of the applicable Lender
in another jurisdiction, or a redesignation of its lending office with respect to the Loan, in order to maintain the availability
of the LIBOR Loan or to avoid or reduce such increased or additional costs, provided that the transfer or assignment or
redesignation (A) would not result in any additional costs or expenses to the applicable Lender that are not reimbursed by Borrower
and (B) would not be disadvantageous in any other material respect to the applicable Lender as determined by such Lender in its
sole discretion. Borrower hereby agrees to pay all reasonable out-of- pocket costs and expenses incurred by any Lender in connection
with any such designation or assignment to the extent that such Lender would also require its other borrowers under similarly
situated loans in Lender’s particular portfolio (where the Loan is held) to pay for such designation or assignment.


 


(x)            
Tax Forms.




 


(A)             
Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to Borrower, at the time or times reasonably requested by Borrower, such properly completed and executed
documentation reasonably requested by Borrower as will permit such payments to be made without withholding or at a reduced rate
of withholding. In addition, any Lender, if reasonably requested by Borrower, shall deliver such other documentation prescribed
by applicable law or reasonably requested by Borrower as will enable Borrower to determine whether or not such Lender is subject
to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences,
the completion, execution and submission of such documentation (other than such documentation set forth in Sections 2.5(b)(x)(B),
2.5(b)(x)(C) and 2.5(b)(x)(D) below) shall not be required if in Lender’s reasonable judgment such completion,
execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the
legal or commercial position of such Lender. For purposes of this clause (x), Agent shall be (I) entitled to request and
receive such properly completed and executed documentation as if it were a Borrower and (II) treated as a Lender and shall be
required to provide documentation in the same manner as if it were a Lender.


 


(B)             
Any Lender that is a U.S. Person shall deliver to Borrower on or prior to the date on which such Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of Borrower), an executed copy of IRS Form W-9
certifying that such Lender is exempt from U.S. federal backup withholding tax.


 






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(C)             
 Any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower (in such number of copies
as shall be requested by Borrower) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the reasonable request of Borrower), whichever of the following is applicable:


 


		(1)	in the case of a Foreign Lender claiming the benefits of an income tax
treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies
of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding
Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under
any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal
withholding Taxes pursuant to the “business profits” or “other income” article of such tax treaty;



 


		(2)	executed copies of IRS Form W-8ECI;



 


		(3)	in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the IRS Code, (x) a certificate in form and substance reasonably satisfactory to Borrower
to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the IRS Code,
(y) a “10 percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the IRS Code, or a “controlled
foreign corporation” described in Section 881(c)(3)(C) of the IRS Code (a “U.S. Tax Compliance Certificate”)
and (y) executed copies of IRS Form W-8BEN or W-8BEN-E, as applicable; or



 


		(4)	to the extent a Foreign Lender is not the beneficial owner, executed copies
of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate, IRS
Form W-9, and/or other certification documents from each beneficial owner, as applicable, provided that if the Foreign Lender
is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption,
such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner.



 


Any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to Borrower (in such number of copies as shall be requested by
Borrower) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time
thereafter upon the reasonable request of Borrower or Lender), executed copies of any other form prescribed by applicable law
as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit Borrower to determine the withholding or
deduction required to be made.


 






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(D)             
If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA
if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section
1471(b) or 1472(b) of the IRS Code, as applicable), such Lender shall deliver to Borrower at the time or times prescribed by law
and at such time or times reasonably requested by Borrower such documentation prescribed by applicable law (including as prescribed
by Section 1471(b)(3)(C)(i) of the IRS Code) and such additional documentation reasonably requested by Borrower as may be necessary
for Borrower to comply with its obligations under FATCA and to determine that such Lender has complied with such Lender’s
obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause
(D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.


 


Lender
agrees that if Borrower notifies it that any form or certification previously delivered by Lender pursuant to Section 2.5(b)(x)
has expired or has become obsolete or inaccurate in any material respect, Lender shall update such form or certification or
promptly notify Borrower in writing of its legal inability to do so.


 


(xi)           
[Intentionally omitted].




 


(xii)          
If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as
to which it has been indemnified pursuant to this Section 2.5(b) (including by the payment of additional amounts pursuant
to this Section 2.5(b)), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section 2.5(b) with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall
repay to such indemnified party the amount paid over pursuant to this Section 2.5(b)(xii) (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay
such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.5(b)(xii) in no
event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 2.5(b)(xii)
the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party
would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 2.5(b)(xii)
shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating
to its Taxes that it deems confidential) to the indemnifying party or any other Person.


 






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(xiii)        
For purposes of Sections 2.5(b)(iv) and (x), the term “applicable law” includes FATCA.


 


(xiv)         
Each party’s obligations under Sections 2.5(b)(iv), (vi), (x), and (xii) shall survive
any assignment of rights by a Lender, and the repayment, satisfaction or discharge of all obligations under any Loan Document.


 


(c)   
Default Rate. In the event that, and for so long as, any Event of Default shall have occurred and be continuing,
(i) the then Outstanding Principal Balance shall accrue interest at the Default Rate, calculated from the date the applicable Event
of Default occurred, (ii) without limitation of any rights or remedies contained herein and/or in any other Loan Document, any
interest accrued at the Default Rate in excess of the interest component of the Monthly Debt Service Payment Amount shall be due
and payable on each Monthly Payment Date (and, from and after the Maturity Date, shall be due and payable immediately upon demand),
and (iii) all references herein and/or in any other Loan Document to the “Interest Rate” shall be deemed to refer to
the Default Rate.


 


(d)    Interest
Calculation. Interest on the outstanding principal balance of the Loan shall be calculated by multiplying (a) the actual
number of days elapsed in the period for which the calculation is being made by (b) a daily rate based on a three hundred
sixty (360) day year (that is, the Interest Rate or the Default Rate, as then applicable, expressed as an annual rate divided
by 360) by (c) the outstanding principal balance of the Loan. The accrual period for calculating interest due on each Monthly
Payment Date shall be the Interest Accrual Period in which the related Monthly Payment Date occurs; provided, however,
the accrual period for calculating interest due on the last Monthly Payment Date shall end on the scheduled Maturity Date.
Borrower understands and acknowledges that such interest accrual requirement results in more interest accruing on the Loan
than if either a thirty (30) day month and a three hundred sixty (360) day year or the actual number of days and a three
hundred sixty-five (365) day year were used to compute the accrual of interest on the Loan.


 


(e)    Usury
Savings. This Agreement and the other Loan Documents are subject to the express condition that at no time shall Borrower
be required to pay interest on the principal balance of the Loan (including, to the extent applicable, any Prepayment Premium
and/or penalty) at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of
the Maximum Legal Rate. If by the terms of this Agreement or the other Loan Documents, Borrower is at any time required or
obligated to pay interest on the principal balance due hereunder (including, to the extent applicable, any Prepayment Premium
and/or penalty) at a rate in excess of the Maximum Legal Rate, the Interest Rate or the Default Rate, as the case may be,
and/or, to the extent applicable, any Prepayment Premium and/or penalty shall, in each case, be deemed to be immediately
reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been
payments in reduction of principal and not on account of the interest due hereunder (without any Prepayment Premium, charge
or other sum). All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the
Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full
stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan (including, to
the extent applicable, any Prepayment Premium and/or penalty) does not exceed the Maximum Legal Rate from time to time in
effect and applicable to the Loan for so long as the Loan is outstanding.


 






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Section 2.6.Loan Payments.


 


(a)   
Borrower shall make a payment to Lender of interest only on the Closing Date for the period from (and including) the Closing
Date through (and including) the fourteenth (14th) day of either (i) the month in which the Closing Date occurs (if the Closing
Date occurs on or before the fourteenth (14th) day of such month), or (ii) the month following the month in which the Closing Date
occurs (if the Closing Date occurs on or after the fifteenth (15th) day of the then current calendar month); provided, however,
if the Closing Date is the fourteenth (14th) day of a calendar month, no such separate payment of interest shall be due. Borrower
shall make a payment to Lender of interest in the amount of the Monthly Debt Service Payment Amount on the First Monthly Payment
Date and on each Monthly Payment Date occurring thereafter to and including the Maturity Date. Provided no Event of Default has
occurred and is continuing, payments pursuant to this Section 2.6 shall be applied to each Note, pari passu and pro
rata.


 


(b)   
Borrower shall pay to Lender on the Maturity Date the Outstanding Principal Balance, all accrued and unpaid interest, and
all other amounts due hereunder and under the Note, the Pledge Agreement and the other Loan Documents.


 


(c)   
Lender shall, upon the written request and at the expense of Borrower, upon payment in full of all principal and interest
due on the Loan and all other amounts due and payable under the Loan Documents, release the lien of the Pledge Agreement. Borrower
shall pay all costs, taxes and expenses, other than in each case Excluded Taxes, associated with the release of the lien of the
Pledge Agreement, including Lender’s reasonable attorneys’ fees.


 


(d)   
If any interest due under the Loan Documents is not paid by Borrower on the date on which it is due, Borrower shall pay
to Lender upon demand an amount equal to the lesser of three percent (3%) of such unpaid interest or the maximum amount permitted
by applicable law (less any amount of interest at the Default Rate paid in respect of such interest that is overdue) in order to
defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss
of the use of such delinquent payment. Any such amount shall be secured by the Pledge Agreement and the other Loan Documents. Any
late payment charges received shall be applied to each Note, pari passu and pro rata.


 


 (e)




 


(i)    
Except as otherwise specifically provided herein, all payments and prepayments under this Agreement and the Note shall be
made to Lender not later than 3:00 P.M., New York City time, on the date when due and shall be made in lawful money of the United
States of America in immediately available funds at Lender’s office, and any funds received by Lender after such time shall,
for all purposes hereof, be deemed to have been paid on the next succeeding Business Day.


 






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(ii)    
 Whenever any payment to be made hereunder or under any other Loan Document shall be stated to be due on a day which is
not a Business Day, the due date thereof shall be deemed to be the immediately preceding Business Day.


 


(iii)    
All payments required to be made by Borrower hereunder or under the Note or the other Loan Documents shall be made irrespective
of, and without deduction for, any setoff, claim or counterclaim and shall be made irrespective of any defense thereto.


 


 (f)




 


(i)     
In the event Borrower is required to pay any Lender compensation for any Indemnified Taxes, increased cost or reduction
in amounts received or receivable hereunder, pursuant to Section 2.5(b)(iv), (v) or (vi), then such Lender
shall (at the request of Borrower) use reasonable efforts to designate a different lending office for funding or booking its Loan
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment
of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.5(b)(iv),
(v)   or (vi), as the case may be, in
the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous
to such Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment.


 


(ii)    
In the event Borrower is required to pay any Lender compensation for any Indemnified Taxes, increased cost or reduction
in amounts received or receivable hereunder pursuant to Section 2.5(b)(iv), (v) or (vi), and, in each case,
such Lender has declined or is unable to designate a different lending office in accordance with clause (i) of this Section
2.6(f), then the Borrower may, at its sole expense and effort, upon three (3) Business Days’ notice to such Lender, require
such Lender to assign and delegate, without recourse, all of its interests, rights (other than its existing rights to payments
for Indemnified Taxes, increased cost or reduction in amounts received or receivable hereunder) and obligations under this Agreement
and the related Loan Documents to an assignee that is a “Qualified Transferee” as set forth in the Intercreditor Agreement
and that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided
that:


 


(A)     
such Lender shall have received payment of an amount equal to the outstanding principal of its Loan, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Loan Documents from the assignee (to the extent
of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);


 


(B)       
in the case of any such assignment resulting from a claim for compensation for Indemnified Taxes or increased costs, such
assignment will result in a reduction in such compensation or payments thereafter; and


 






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(C)     
 such assignment complies with the applicable transfer provisions in the Intercreditor Agreement and does not conflict
with Legal Requirements.


 


A
Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender
or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.


 


Section
2.7.Prepayments.


 


(a)      
 Voluntary Prepayment.




 


(i)   
Except as provided herein, Borrower shall not have the right to prepay the Loan in whole or in part. Borrower may at its
option and upon prior notice to Lender as set forth herein, prepay the Debt in whole or in part, on any Business Day (a “Prepayment
Date”); provided that such prepayment is accompanied by payment of the Prepayment Premium (if applicable). Lender
shall not be obligated to accept any prepayment unless it is accompanied by payment of the Prepayment Premium (if applicable)
due in connection therewith. As a condition to any voluntary prepayment, Borrower shall give Lender written notice (a “Prepayment
Notice”) of its intent to prepay, which notice must be given at least ten (10) Business Days and not more than ninety
(90) days prior to the Prepayment Date and must specify such proposed Prepayment Date. A Prepayment Notice given by Borrower to
Lender pursuant to this Section 2.7(a) may be revoked by written notice of revocation delivered to Lender no later than
three (3) Business Days prior to the Prepayment Date specified in any such Prepayment Notice; provided that in connection
with such revocation Borrower shall pay Lender all reasonable out-of-pocket costs and expenses incurred by Lenders in connection
with such anticipated prepayment. Concurrently with any voluntary prepayment made pursuant to this Section 2.7(a) and subject
to the rights set forth in Section 2.7(a)(iii) below, a simultaneous pro-rata prepayment of the Mortgage Loan shall be
made and Borrower shall provide Lender evidence reasonably satisfactory to Lender of such prepayment of the Mortgage Loan.


 


(ii)
       [Intentionally Omitted].




 


(iii)   
So long as no Event of Default has occurred and is continuing, (A) Borrower shall have the right to make a voluntary prepayment
in accordance with clause (i) above to be applied to the Loan, without any obligation of the Mortgage Borrower to make
a corresponding prepayment of the Mortgage Loan and (B) Mortgage Borrower shall have the right to make a voluntary prepayment
of the Mortgage Loan in accordance with the Mortgage Loan Documents and without any obligation of Borrower to make a corresponding
prepayment of the Loan; provided that the foregoing rights of Borrower and Mortgage Borrower shall not apply to (A) prepayments
made to cure a Low Cash Flow Period or GSA Tenant Trigger Period or (B) prepayments made from the Excess Cash Flow Account, which
in each case shall be made concurrently with a pro rata prepayment of the Loan and the Mortgage Loan.


 






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(b)      
Mandatory Prepayment. Subject to Section 2.7(b) of the Mortgage Loan Agreement, in the event of (i) any Casualty
to all or any portion of the Property, (ii) any Condemnation of all or any portion of the Property, (iii) a transfer of the Property
or any portion thereof in connection with the enforcement of remedies under the Mortgage Loan Documents after the occurrence of
a Mortgage Loan Event of Default, including, without limitation, a foreclosure sale or public auction, or any Sale or Pledge of
all or any portion of the Property that is prohibited by this Agreement, (iv) any refinancing of the Property or the Mortgage
Loan or any payoff of the Mortgage Loan, or (v) the receipt by Mortgage Borrower of any excess proceeds realized under its owner’s
title insurance policy after application of such proceeds by Mortgage Borrower to cure any title defect (each, a “Liquidation
Event”), Borrower shall cause the related Net Liquidation Proceeds After Debt Service to be remitted to Lender (or as
directed by Lender) directly (or, if such direct remittance is not commercially practicable, paid to Lender (or as directed by
Lender) promptly, but in no event later than within two (2) Business Days after receipt thereof). On each date on which Lender
actually receives a distribution of Net Liquidation Proceeds After Debt Service, Borrower shall apply any such Net Liquidation
Proceeds After Debt Service actually received by Borrower or Lender to prepay the outstanding principal balance of the Loan in
an amount equal to one hundred percent (100%) of such Net Liquidation Proceeds After Debt Service. Except during the continuance
of an Event of Default, any amounts of Net Liquidation Proceeds After Debt Service in excess of the Debt shall be paid to Borrower.
Once Borrower has knowledge that a Liquidation Event has occurred, Borrower shall, or shall cause Mortgage Borrower to, promptly
deliver written notice of such Liquidation Event to Lender. Borrower shall be deemed to have knowledge of (i)(x) a sale (other
than a foreclosure sale) of all or any portion of the Property on the date on which a contract of sale for such sale is entered
into and (y) a foreclosure sale on the date notice of such foreclosure sale is given to Borrower and (ii) a refinancing of all
or any portion of the Property on the date on which a binding commitment for such refinancing has been entered into. The provisions
of this Section 2.7(b) shall not be construed to contravene in any manner the restrictions and other provisions regarding
refinancing of the Mortgage Loan or the Sale or Pledge of the Property set forth in this Agreement, the other Loan Documents and
the Mortgage Loan Documents.


 


(c)      
Prepayments After Default.




 


(i)   
Notwithstanding anything to the contrary contained herein or in any other Loan Document, any prepayment of the Debt during
the continuance of an Event of Default shall be applied to the Debt in such order and priority as Lender shall determine in its
sole discretion.


 


(ii)    If,
during the continuance of an Event of Default or from and after an acceleration of the Debt pursuant to the terms of this
Agreement, by operation of law or otherwise, payment of all or any part of the Debt is tendered by or on behalf of Borrower
or Guarantor and accepted by Lender (provided that, if such payment is for all of the Debt, Lender shall be required
to accept such payment) or is otherwise recovered by Lender (including through application of any Reserve Funds), such tender
or recovery shall be deemed to be a voluntary prepayment by Borrower in violation of the prohibition against prepayment set
forth in Section 2.7 hereof, and the Debt shall include, all of: (i) all accrued interest at the Default Rate and (ii)
an amount equal to the Prepayment Premium.


 






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Section 2.8.Interest Rate
Cap Agreement.


 


(a)   
Prior to or contemporaneously with the Closing Date, Borrower shall enter into an Interest Rate Cap Agreement with a LIBOR
strike rate equal to the Strike Rate. The Interest Rate Cap Agreement (i) shall be in a form and substance reasonably acceptable
to Lender, (ii) shall, subject to Sections 2.8(c) and 2.8(e) below, at all times be with a Counterparty, (iii) shall
at all times be for a duration at least equal to the then current Maturity Date, (iv) shall have a notional amount equal to or
greater than the Outstanding Principal Balance, and (v) shall at all times provide for a strike rate that does not exceed the Strike
Rate. Borrower shall direct such Counterparty to deposit directly into the Restricted Account any amounts due Borrower under such
Interest Rate Cap Agreement so long as any portion of the Debt is outstanding, provided that the Debt shall be deemed to
be outstanding if the Collateral is transferred by foreclosure or assignment-in-lieu thereof. Additionally, Borrower shall collaterally
assign to Lender, pursuant to the Collateral Assignment of Interest Rate Cap Agreement, all of its right, title and interest in
and to the Interest Rate Cap Agreement (and any replacements thereof), including, without limitation, its right to receive any
and all payments under the Interest Rate Cap Agreement (and any replacements thereof), and Borrower shall, and shall cause Counterparty
to, deliver to Lender a fully executed Interest Rate Cap Agreement (which shall, by its terms, authorize the assignment to Lender
and/or an acknowledgment to the Collateral Assignment of Interest Rate Cap Agreement shall require that payments be deposited directly
into the Restricted Account).


 


(b)   
Borrower shall comply in all material respects with all of its obligations under the terms and provisions of the Interest
Rate Cap Agreement. All amounts paid by the Counterparty under the Interest Rate Cap Agreement to Borrower or Lender shall be deposited
promptly into the Restricted Account. Borrower shall take all actions reasonably requested by Lender to enforce Lender’s
rights under the Interest Rate Cap Agreement in the event of a default by the Counterparty and shall not waive, amend or otherwise
modify any of its rights thereunder.


 


(c)   
In the event of any downgrade, withdrawal or qualification of the rating of the Counterparty by any applicable Rating Agency
below the Minimum Counterparty Rating, Borrower shall replace the Interest Rate Cap Agreement not later than ten (10) Business
Days following receipt of notice of such downgrade, withdrawal or qualification with an Interest Rate Cap Agreement in form and
substance reasonably satisfactory to Lender (and meeting the requirements set forth in this Section 2.8) (a “Replacement
Interest Rate Cap Agreement”) from a Counterparty having a Minimum Counterparty Rating.


 


(d)    In
the event that Borrower fails to purchase and deliver to Lender the Interest Rate Cap Agreement or fails to maintain the
Interest Rate Cap Agreement in accordance with the terms and provisions of this Agreement, Lender may purchase the Interest
Rate Cap Agreement and the cost incurred by Lender in purchasing such Interest Rate Cap Agreement shall be paid by Borrower
to Lender with interest thereon at the Default Rate from the date such cost was incurred by Lender until such cost is
reimbursed by Borrower to Lender.


 






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(e)   
Each Interest Rate Cap Agreement shall contain the following language or its equivalent: “In the event of any downgrade,
withdrawal or qualification of the rating of the Counterparty below a long-term unsecured debt or counterparty rating from S&P
of at least “A+”, which rating shall not include a “t” or otherwise reflect a termination risk, the Counterparty
must, within ten (10) business days, (y) find a replacement Counterparty, at the Counterparty’s sole cost and expense, acceptable
to each Rating Agency, Lender and Borrower; provided that, notwithstanding such a downgrade, withdrawal or qualification,
unless and until the Counterparty transfers the Interest Rate Cap Agreement to a replacement Counterparty pursuant to the foregoing
clause (y), the Counterparty will continue to perform its obligations under the Interest Rate Cap Agreement, or (z) deliver
a guaranty (or replacement guaranty, as applicable) of the Counterparty’s obligations from a Counterparty having a Minimum
Counterparty Rating in form and substance acceptable to Lender and each Rating Agency. Failure to satisfy the foregoing shall constitute
an “Additional Termination Event” as defined by Section 5(b)(v) of the ISDA Master Agreement, with the Counterparty
as the “Affected Party.” In the event that a Counterparty is required pursuant to the terms of an Interest Rate Cap
Agreement to (i) find a replacement Counterparty or (ii) deliver a guaranty (or replacement guaranty, as applicable), Borrower
covenants and agrees that Borrower shall seek Lender’s approval with respect thereto and shall not approve or consent to
the foregoing unless and until Borrower receives Lender’s prior written approval (which approval shall not be unreasonably
withheld, conditioned or delayed), and shall, in its reasonable discretion, approve or consent to the foregoing upon receipt of
Lender’s prior written approval.”


 


(f)   
With respect to each Interest Rate Cap Agreement, Borrower shall use commercially reasonable efforts to promptly obtain
and deliver to Lender an opinion (upon which Lender and its successors and assigns may rely) from counsel (which counsel may be
in house counsel for the Counterparty) for the Counterparty (and any related guarantor) which shall provide, in relevant part,
that:


 


(i)          
the Counterparty (and any related guarantor) is duly organized, validly existing, and in good standing under the laws of
its jurisdiction of incorporation and has the organizational power and authority to execute and deliver, and to perform its obligations
under, the Interest Rate Cap Agreement (and any related guaranty, if applicable);


 


(ii)         
the execution and delivery of the Interest Rate Cap Agreement by the Counterparty (and any related guaranty by such guarantor,
if applicable), and any other agreement which the Counterparty (and any related guarantor) has executed and delivered pursuant
thereto, and the performance of its obligations thereunder have been and remain duly authorized by all necessary action and do
not contravene any provision of its certificate of incorporation or by-laws (or equivalent organizational documents) or any law,
regulation or contractual restriction binding on or affecting it or its property;


 


(iii)         all
consents, authorizations and approvals required for the execution and delivery by the Counterparty of the Interest Rate Cap
Agreement (and any related guaranty by such guarantor, if applicable), and any other agreement which the Counterparty (and
any related guarantor) has executed and delivered pursuant thereto, and the performance of its obligations thereunder have
been obtained and remain in full force and effect, all conditions thereof have been duly complied with, and no other action
by, and no notice to or filing with any governmental authority or regulatory body is required for such execution, delivery or
performance; and


 






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(iv)         
the Interest Rate Cap Agreement, and any other agreement which the Counterparty (and any related guarantor) has executed
and delivered pursuant thereto, has been duly executed and delivered by the Counterparty (and any related guarantor) and constitutes
the legal, valid and binding obligation of the Counterparty (and any related guarantor), enforceable against the Counterparty (and
any related guarantor) in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’
rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought
in a proceeding in equity or at law).


 


(g)   
Notwithstanding anything to the contrary contained in this Section 2.8, in Section 2.9(c) below or elsewhere
in this Agreement, if, at any time, Lender converts the Loan from (I) a LIBOR Loan to either a Prime Rate Loan or an Alternate
Rate Loan or (II) a Prime Rate Loan to an Alternate Rate Loan, or (III) an Alternate Rate Loan to a Prime Rate Loan or an Alternate
Rate Loan based on a different Alternate Index Rate, each in accordance with Section 2.5 above (each, a “LIBOR
Conversion”), then:




 


(i)   
within thirty (30) days after such LIBOR Conversion, Borrower shall enter into, make all payments under, and satisfy all
conditions precedent to the effectiveness of, a Substitute Interest Rate Cap Agreement (and in connection therewith, but not prior
to Borrower taking all the actions described in this clause (i), Borrower shall have the right to terminate any then-existing
Interest Rate Cap Agreement) provided that if interest rate protection agreements with respect to Prime Rate Loans or Alternate
Rate Loans are not available at a commercially reasonable cost (as reasonably determined by Lender), Lender and Borrower may pursue
another option that is mutually acceptable to both Lender and Borrower that provides Lender equivalent protection from rising interest
rates; and


 


(ii)   
following such LIBOR Conversion (provided Lender has not converted the Loan back to a LIBOR Loan in accordance with Section
2.5(b)(iii) hereof), in lieu of satisfying the condition described in Section 2.9(c) with respect to any future Extension
Period, Borrower shall instead enter into, make all payments under, and satisfy all conditions precedent to the effectiveness of
a Substitute Interest Rate Cap Agreement on or prior to the first day of such Extension Period.


 


As
used herein, “Substitute Interest Rate Cap Agreement” shall mean an interest rate cap agreement between a Counterparty
and Borrower, obtained by Borrower and collaterally assigned to Lender pursuant to this Agreement and shall contain each of the
following:


 


 (A)          a term expiring no earlier than the then current Maturity Date;




 






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 (B)          the notional amount of the Substitute Interest Rate Cap Agreement shall be equal to or greater than the Outstanding Principal Balance;




 


 (C)          it provides that the only obligation of Borrower thereunder is the making of a single payment to the Counterparty thereunder upon the execution and delivery thereof;




 


 (D)          a strike rate no greater than the Substitute Strike Rate; and




 


 (E)          without limiting any of the provisions of the preceding clauses (A) through (D) above, it satisfies all of the requirements set forth in Section 2.8(a) hereof (other than clause (v) thereof).




 


From and after the date of
any LIBOR Conversion, all references to “Interest Rate Cap Agreement” and “Replacement Interest Rate Cap Agreement”
herein (other than in the definition of “Interest Rate Cap Agreement”, the definition of “Replacement Interest
Rate Cap Agreement” and as referenced in the first sentence of Section 2.8(a) hereof) shall be deemed to refer or
relate, as applicable, to a Substitute Interest Rate Cap Agreement.


 


Section
2.9. Extension of the Maturity Date. Borrower shall have the option to extend the term of the Loan beyond the Initial Maturity
Date for three (3) successive terms (the “Extension Options”) of one (1) year each (each, an “Extension Period”)
to (i) October 9, 2023, if the first Extension Option is exercised, (ii) October 9, 2024, if the second Extension Option is exercised,
and (iii) October 9, 2025, if the third Extension Option is exercised (each such date, the “Extended Maturity Date”)
upon satisfaction of the following terms and conditions:


 


(a)   
Borrower shall notify Lender of its election to extend the applicable Maturity Date as aforesaid not earlier than ninety
(90) days and no later than ten (10) days prior to the applicable Maturity Date; provided, however, that Borrower
shall be permitted to revoke such notice at any time up to three (3) days before the applicable Maturity Date provided that
Borrower pays to Lender all actual out-of-pocket costs and expenses incurred by Lender in connection with such notice (excluding,
however, any Breakage Costs);


 


(b)   
no Event of Default shall have occurred and be continuing on the date that the applicable Extension Period is commenced;


 


(c)   
Borrower shall obtain and deliver to Lender prior to the date that the applicable Extension Period is commenced, a Substitute
Interest Rate Cap Agreement, which Substitute Interest Rate Cap Agreement shall be effective commencing on the first day of the
related Extension Period and shall have a term expiring not earlier than the related Extended Maturity Date;


 


(d)   
Borrower shall have paid to Lender all actual out-of-pocket costs and expenses incurred by Lender in connection with Borrower’s
exercise of the applicable Extension Option.


 


(e)   
to the extent that any portion of the Mortgage Loan is outstanding as of the applicable Maturity Date, Borrower shall have
delivered to Lender evidence that the Mortgage Loan has been extended or shall be concurrently
extended through a date not earlier than the applicable Extended Maturity Date.


 






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All
references in this Agreement and in the other Loan Documents to the Maturity Date shall mean the Extended Maturity Date in the
event the applicable Extension Option is exercised.


 


Section
2.10. Upfront Fee. On the date hereof, Borrower has paid to Lender an up-front fee in the amount of $300,000, which up-front
fee shall be fully-earned as of the funding of the Loan.


 


ARTICLE 3.


 


REPRESENTATIONS AND WARRANTIES


 


Borrower represents and warrants to Lender as of the
Closing Date that:


 


Section
3.1. Legal Status and Authority. Each of Borrower and SPE Component Entity is duly organized, validly existing and in good
standing under the laws of its state of formation. Borrower (a) is duly qualified to transact business and is in good standing
in the State of Delaware; and (b) has all necessary approvals, governmental and otherwise, and full power and authority to own
the Collateral. Borrower has full power, authority and legal right to encumber, grant, bargain, sell, pledge, assign, warrant,
transfer and convey the Collateral pursuant to the terms hereof and to keep and observe all of the terms of this Agreement, the
Note, the Pledge Agreement and the other Loan Documents on its part to be performed. Borrower is a single member limited liability
company, and the jurisdiction in which Borrower is organized is Delaware. Borrower has the power and authority and the requisite
ownership interests in Mortgage Borrower and Mortgage SPE Component Entity to control the actions of Mortgage Borrower and Mortgage
SPE Component Entity. Without limiting the foregoing, Borrower has sufficient control over Mortgage Borrower and Mortgage SPE Component
Entity to cause Mortgage Borrower to (i) take any action on Mortgage Borrower’s part required by the Loan Documents and the
Mortgage Loan Documents and (ii) refrain from taking any action prohibited by the Loan Documents and the Mortgage Loan Documents.


 


Section 3.2. Validity of
Documents.


 


(a)   (1)
The execution, delivery and performance of this Agreement, the Note, the Pledge Agreement and the other Loan Documents to which
it is a party by Borrower, and the borrowing evidenced by the Note and this Agreement (i) are within the power and authority of
Borrower; (ii) have been authorized by all requisite organizational action of Borrower; (iii) have received all necessary approvals
and consents, corporate, governmental or otherwise; (iv) will not violate in any material respect, conflict with in any material
respect, result in a material breach of or constitute (with notice or lapse of time, or both) a material default under any provision
of law, any order or judgment of any court or Governmental Authority, any material license, certificate or other approval required
to own the Collateral or any portion thereof, any organizational documents of Borrower, or any applicable material indenture,
agreement or other instrument binding upon Borrower or the Collateral; (v) will not result in the creation or imposition of any
lien, charge or encumbrance whatsoever upon any of its assets, except the lien and security interest created hereby and by the
other Loan Documents; and (vi) will not require any material authorization or license from, or any filing with, any Governmental
Authority (except for Uniform Commercial Code filings relating to the security interest created hereby), (2) this Agreement, the
Note, the Pledge Agreement and the other Loan Documents to which it is a party have been duly executed and delivered by Borrower,
and (3) this Agreement, the Note, the Pledge Agreement and the other Loan Documents to which it is a party constitute the legal,
valid and binding obligations of Borrower, subject to bankruptcy, insolvency, reorganization, moratorium or other similar Creditors
Rights Laws and general principles of equity. The Loan Documents are not subject to any right of rescission, set-off, counterclaim
or defense by Borrower or Guarantor, including the defense of usury, nor would the operation of any of the terms of the Loan Documents,
or the exercise of any right thereunder, render the Loan Documents unenforceable (except as such enforcement may be limited by
(i) bankruptcy, insolvency, reorganization, moratorium or other similar Creditors Rights Laws, and (ii) general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law)).


 






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(b)   
(1) The execution, delivery and performance of the Loan Documents to which Guarantor is a party (i) are within the power
and authority of Guarantor; (ii) have been authorized by all requisite organizational action of Guarantor; (iii) have received
all necessary approvals and consents, corporate, governmental or otherwise; (iv) will not violate in any material respect, conflict
with in any material respect, result in a material breach of or constitute (with notice or lapse of time, or both) a material default
under any applicable organizational documents of Guarantor, or any applicable material indenture, agreement or other instrument
binding upon Guarantor; (v) will not result in the creation or imposition of any lien, charge or encumbrance whatsoever upon any
of Guarantor’s assets; and (vi) will not require any material authorization or license from, or any filing with, any Governmental
Authority, (2) the Loan Documents to which Guarantor is a party have been duly executed and delivered by Guarantor and (3) the
Loan Documents to which Guarantor is a party constitute the legal, valid and binding obligations of Guarantor, subject to bankruptcy,
insolvency, reorganization, moratorium or other similar Creditors Rights Laws and general principles of equity.


 


(c)   
Neither Borrower nor Guarantor has asserted any right of rescission, set- off, counterclaim or defense with respect to the
Loan Documents.


 


Section
3.3. Litigation. There is no action, suit, proceeding or governmental investigation, in each case, judicial, administrative
or otherwise (including any condemnation or similar proceeding) (herein, “Litigation”), pending and served (if
service is required by applicable law) or, to Borrower’s knowledge, threatened in writing or contemplated against Borrower,
Mortgage Borrower, the Property, or any portion thereof, or the Collateral or any portion thereof, in each case which, if adversely
determined, is reasonably expected to result in a Material Adverse Effect. There is no Litigation pending or threatened in writing
or, to Borrower’s knowledge, contemplated against or affecting the Guarantor which, if adversely determined, is reasonably
expected to result in a Material Adverse Effect.


 






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Section
3.4. Agreements. Neither Borrower nor Mortgage Borrower is in default in any material respect in the performance, observance
or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party
or by which Borrower, Mortgage Borrower, the Collateral (or any portion thereof) or the Property (or any portion thereof) is bound
which would result in a Material Adverse Effect. Except as set forth in the financial statements of Borrower previously delivered
to Lender in connection with the closing of the Loan, Borrower has no material financial obligations under any agreement or instrument
to which it is a party or by which Borrower or the Collateral (or any portion thereof), in each case is otherwise bound, other
than (a) obligations incurred in the ordinary course of the ownership of the Collateral and (b) obligations under this Agreement,
the Pledge Agreement, the Note and the other Loan Documents. There is no agreement or instrument to which Borrower is a party or
by which Borrower is bound that would require the subordination in right of payment of any of Borrower’s obligations hereunder
or under the Note to an obligation owed to another party.


 


Section 3.5. Financial
Condition.


 


(a)   
Borrower is solvent and has received reasonably equivalent value for the granting of the Pledge Agreement. No proceeding
under Creditors Rights Laws with respect to any Borrower Party has been initiated.


 


(b)   
In the last ten (10) years, (i) no petition in bankruptcy has been filed by or against any Borrower Party and (ii) no Borrower
Party has ever made any general assignment for the benefit of creditors or taken advantage of any Creditors Rights Laws.


 


(c)   
No Borrower Party is contemplating either the filing of a petition by it under any Creditors Rights Laws or the liquidation
of its assets or property and Borrower has no knowledge of any Person contemplating the filing of any such petition against any
Borrower Party.


 


Section
3.6. Previously-Owned Property. No Borrower Party has any material contingent or actual liability or obligation with
respect to the Previously-Owned Property.


 


Section
3.7. No Plan Assets. As of the date hereof, (a) Borrower is not an “employee benefit plan,” as defined in
Section 3(3) of ERISA, subject to Title I of ERISA, (b) Borrower is not a “governmental plan” within the meaning
of Section 3(32) of ERISA, (c) assuming that the assets used to fund the Loan do not constitute assets of a governmental
plan, transactions by or with Borrower hereunder or under the other Loan Documents are not in violation of any state statute
regulating investments of, or fiduciary obligations with respect to, governmental plans and (d) none of the assets of
Borrower constitute “plan assets” of one or more such plans described in clause (a) above within the
meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA. To the extent Borrower maintains, sponsors or
contributes to an “employee pension benefit plan” within the meaning of Section 3(2) of ERISA that is subject to
Title IV of ERISA or Section 412 of the IRS Code or a “multiemployer pension plan” (“Multiemployer
Plan”) within the meaning of Section 3(37)(A) of ERISA (collectively, “Plan”), or if any entity
that is a member of a controlled group of corporations within the meaning of Section 414(b) of the IRS Code, a group of
entities that are under common control within the meaning of Section 414(c) of the IRS Code or, for purposes of Section 302
of ERISA and Section 412 of the IRS Code, an affiliated service group within the meaning of Section 414(m) of the IRS Code
(an “ERISA Affiliate”) with the Borrower maintains, sponsors or contributes to a Plan, then, except as
would not result in a material tax, penalty or other liability to the Borrower, (i) the present value of all benefits vested
under each Plan, other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any
ERISA Affiliate of the Borrower or to which any ERISA Affiliate of the Borrower contributes or has an obligation to
contribute, or has any liability (each, a “Pension Plan”), does not exceed the value of the assets of the
Pension Plan allocable to such vested benefits (based on the value of such assets as of the last annual valuation date)
determined in accordance with the assumptions used for funding such Pension Plan pursuant to Sections 412 and 430 of the IRS
Code, (ii) no prohibited transactions (with respect to any Pension Plan and with respect to any Multiemployer Plan as to
which any Borrower Party is aware which would result in a Material Adverse Effect), failure to meet the minimum funding
standard set forth in Section 302(a) of ERISA and Section 412(a) of the IRS Code (with respect to any Pension Plan other than
a Multiemployer Plan), withdrawals or reportable events have occurred with respect to any Pension Plan, (iii) no notice of
intent to terminate a Pension Plan has been filed, nor has any Pension Plan been terminated under Section 4041(c) of ERISA,
nor has the Pension Benefit Guaranty Corporation instituted proceedings to terminate, or appoint a trustee to administer, a
Pension Plan and (iv) to Borrower’s knowledge, no event has occurred or condition exists that might constitute grounds
under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan.


 






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Section
3.8. Not a Foreign Person. Borrower (or if Borrower is treated as a disregarded entity for U.S. federal income tax purposes,
its regarded owner) is not a “foreign person” within the meaning of Section 1445(f)(3) of the IRS Code.


 


Section
3.9. Collateral. Borrower is the record and beneficial owner of, and has good title to, the Collateral pledged by Borrower
under the Pledge Agreement free and clear of all liens whatsoever except such other liens as are permitted pursuant to the Loan
Documents and the liens created by the Loan Documents. The Collateral is not and will not be subject to any contractual restriction
upon the transfer thereof (except for any such restriction contained in the Pledge Agreement, this Agreement, and the Mortgage
Loan Agreement). The Pledge Agreement, together with the delivery of any certificate evidencing the Pledged Interests and the UCC
Financing Statement relating to the Collateral, when properly filed in the appropriate records and/or delivered to Lender (as applicable),
will create a valid, perfected first-priority security interest in the Collateral. No creditor of Borrower other than Lender has
in its possession any certificates or other documents that constitute or evidence the Collateral or the possession of which would
be required to perfect a security interest in the Collateral. The Pledged Interests have been duly authorized and validly issued
and are not subject to any options to purchase or similar rights of any Person.


 


Section
3.10. Business Purposes. The Loan is solely for the business purpose of Borrower and is not for personal, family, household,
or agricultural purposes.


 


Section
3.11. Principal Place of Business. Borrower’s principal place of business and its chief executive office as of the
date hereof is c/o Brookfield Properties, 250 Vesey Street, 15th Floor, New York, New York 10281. Borrower’s mailing
address, as set forth in Section 14.1 hereof or as changed in accordance with the provisions hereof, is true and
correct. Borrower’s organizational identification number assigned by the state of its incorporation or organization is
6754542. Borrower’s federal tax identification number is 82-4512044. Borrower is not subject to back-up withholding
taxes.


 






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Section 3.12. Status of Property.


 


(a)   
Except as set forth in the zoning report delivered to Lender in connection with the closing of the Loan, Mortgage Borrower
has obtained all material Permits (the absence of which could reasonably be expected to have a Material Adverse Effect), all of
which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.


 


(b)   
The Property and the present and contemplated use and occupancy thereof are in compliance in all material respects with
all applicable zoning ordinances, building codes, land use laws and other similar Legal Requirements. The use being made of the
Property is in conformity in all material respects with the certificate of occupancy issued for the Property.


 


(c)   
The Property is served by all utilities required for the current use thereof. All utility service is provided by public
utilities and the Property has accepted or is equipped to accept such utility service.


 


(d)   
Except as set forth in the zoning report delivered to Lender in connection with the closing of the Loan, all public roads
and streets necessary for service of and access to the Property for the current use thereof have been completed and are serviceable.
The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of an
easement or similar agreement inuring in favor of Mortgage Borrower and any subsequent owners of the Property.


 


 (e)    The Property is served by public water and sewer systems.




 


(f)   
The Property is free from damage caused by fire or other casualty (other than to a de minimis extent and which could not
reasonably be expected to have a Material Adverse Effect). Except as shown on any reports delivered by Borrower or Mortgage Borrower
to Lender or obtained by Lender, in each case in connection with the closing of the Loan, the Property, including, without limitation,
all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, septic
and sewer systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping,
irrigation systems and all structural components, are in good operating condition and repair in all material respects. Except as
shown on the property condition reports delivered by Borrower or Mortgage Borrower to Lender or obtained by Lender, in each case
in connection with the closing of the Loan, there exist no structural or latent defects or damages in the Property, and neither
Borrower nor Mortgage Borrower has received notice from any insurance company or bonding company of any defects or inadequacies
in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary
premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.


 






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(g)   All
material costs and material expenses of any and all labor, materials, supplies and equipment due and payable in the construction
of the Improvements have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for
work, labor or material (and, no rights are outstanding that under applicable Legal Requirements could give rise to any such liens)
affecting the Property which are or may be prior to or equal to the lien of the Security Instrument. The parties agree that any
time the representations made in this clause (g) are re-made (or deemed to have been re-made) by Borrower, such representations
by Borrower shall be deemed to have excepted (i) any such costs and expenses that are being contested in good faith in accordance
with (and subject to the terms and conditions of) Section 4.16(b) hereof and (ii) inchoate mechanic’s liens that
may be asserted in connection with work recently completed and for which the statutory lien period has not expired.


 


(h)   Mortgage
Borrower has paid in full for, and is the owner or lessee of, all furnishings, fixtures and equipment (other than Tenants’
property or the property subject to a Permitted Equipment Lease) used in connection with the operation of the Property, free and
clear of any and all security interests, liens or encumbrances, except the lien and security interest created by the Mortgage
Loan Agreement, the Security Instrument and the other Mortgage Loan Documents and other security interests, liens and encumbrances
permitted pursuant to this Agreement, including Permitted Encumbrances.


 


(i)   Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal
Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts.
No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.


 


(j)   
Except as disclosed on the Survey, all the Improvements lie within the boundaries of the Land and any building restriction
lines applicable to the Land.


 


(k)   Except
as expressly disclosed on the Title Insurance Policy, there are no pending or, to Borrower’s knowledge, proposed special
or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements
to the Property that may result in such special or other assessments.


 


(l)   Mortgage
Borrower has not (i) made, ordered or contracted for any construction, repairs, alterations or improvements to be made on or
to the Property which have not been completed and paid for in full, (ii) ordered materials for any such construction,
repairs, alterations or improvements which have not been paid for in full or (iii)  attached
any fixtures to the Property which have not been paid for in full, in each case other than expenses which (1) are due and
payable in the ordinary course of Mortgage Borrower’s current monthly payment cycle, (2) will be paid in the ordinary
course of Mortgage Borrower’s current monthly payment cycle and (3) if unpaid, would not result in Material Adverse
Effect. There is no such construction, repairs, alterations or improvements ongoing at the Property as of the Closing Date.
There are no outstanding or disputed claims for any Work Charges and there are no outstanding liens or security interests in
connection with any Work Charges.


 






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(m)   Neither
Borrower nor Mortgage Borrower has any direct employees. No work stoppage, labor strike, slowdown, union organizing campaign or
proceeding, or lockout is pending or, to the knowledge of Borrower, threatened in writing by or with respect to employees and
other laborers at the Property. There is no pending or threatened in writing material labor dispute, material grievance or litigation
against Borrower, Mortgage Borrower or Manager or otherwise relating to the Property concerning labor matters involving any employees
and other laborers at the Property, including, without limitation, violation of any federal, state, or local labor, safety, or
employment laws (domestic or foreign) and/or charges of unfair labor practices or discrimination complaints. To Borrower’s
knowledge, none of Borrower, Mortgage Borrower or Manager have engaged with respect to the Property in any unfair labor practices
within the meaning of the National Labor Relations Act or the Railway Labor Act. Except as set forth on Schedule VIII attached
hereto, none of Borrower, Mortgage Borrower or Manager is a party to, or bound by, any existing collective bargaining agreement
or union contract with respect to employees and other laborers at the Property, nor is there any such agreement or contract affecting
the Property. Mortgage Borrower and Manager have complied in all material respects with all applicable requirements of the CBAs
with respect to the Property. As of the Closing Date, neither Borrower nor Mortgage Borrower has received any notice that any
payments that are required to be paid under any collective bargaining agreement have not been paid.


 


Section
3.13. Financial Information. All financial data in respect to Borrower, Mortgage Borrower, Guarantor, the Collateral and/or
the Property, including, without limitation, the balance sheets, statements of cash flow, statements of income and operating expense,
and rent rolls, that have been delivered to Lender by Borrower, Mortgage Borrower or Guarantor or any Affiliate of Borrower, Mortgage
Borrower or Guarantor or, to Borrower’s knowledge, by any other Person (a) are true in all material respects, (b) accurately
represent the financial condition of Borrower, Mortgage Borrower, Guarantor, the Collateral or the Property, as applicable, as
of the date of such reports, and (c) to the extent prepared or audited by an independent certified public accounting firm, have
been prepared in accordance with the Approved Accounting Method throughout the periods covered, except as disclosed therein. Borrower
has no contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses
from any unfavorable commitments that are known to Borrower and are reasonably likely to have a Material Adverse Effect, except
as referred to or reflected in said financial statements. Since the date of such financial statements, there has been no materially
adverse change in the financial condition, operations or business of Borrower, Mortgage Borrower or Guarantor from that set forth
in said financial statements.


 


Section
3.14. Condemnation. No Condemnation or other proceeding has been commenced or, to Borrower’s knowledge, is threatened
in writing or is contemplated with respect to all or any portion of the Property or for the relocation of the access to the Property.


 


Section
3.15. Separate Lots. The Property is assessed for real estate tax purposes as one or more wholly independent tax lot or lots,
separate from any adjoining land or improvements not constituting a part of such lot or lots, and no other land or improvements
is assessed and taxed together with the Property or any portion thereof.


 






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Section
3.16. Insurance. Borrower has obtained and has delivered to Lender certified copies of all Policies or certificates of the
Policies (or such other evidence reasonably acceptable to Lender) reflecting the insurance coverages, amounts and other requirements
set forth in this Agreement. There are no present claims of any material nature under any of the Policies, and to Borrower’s
knowledge, no Person, including Mortgage Borrower and Borrower, has done, by act or omission, anything which would impair the coverage
of any of the Policies.


 


Section 3.17.
Use of Property. The Property is used primarily for office purposes and other appurtenant, ancillary, and related uses.


 


Section
3.18. Leases. Except as disclosed in the certified rent roll for the Property delivered to Lender in connection with the
closing of the Loan (the “Rent Roll”) or in the Tenant estoppel certificates delivered by Tenants to
Lender in connection with the closing of the Loan, (a)  Mortgage
Borrower is the sole owner of the entire lessor’s interest in the Leases; (b) the Leases to which Mortgage Borrower is
a party are valid and enforceable and in full force and effect (subject to laws affecting creditors’ rights generally
and general principles of equity); (c) all free rent, gap rent, free or discounted parking, or rent abatements due to any
Tenant as of the Closing Date are set forth on Schedule IX and Schedule X attached hereto; (d) except as
disclosed on Schedule VII attached hereto, neither Borrower nor Mortgage Borrower nor, to Borrower’s knowledge,
any other party under any Lease to which Mortgage Borrower is a party is in monetary or material non-monetary default, after
the expiration of all notice and cure periods applicable thereto; (e) except as disclosed on Schedule VII attached
hereto, all Rents due have been paid in full and no Tenant is in arrears in its payment of Rent; (f) except as disclosed on Schedule
VII attached hereto, neither Borrower nor Mortgage Borrower is currently in discussions or negotiations (directly or
indirectly) with any Tenant with respect to, and no Tenant has requested in writing, any material amendment or modification
of the Lease (including, without limitation, any reduction in the rent or the term thereof); (g) to Borrower’s
knowledge, none of the Rents reserved in the Leases to which Mortgage Borrower is a party are subject to any assignment,
pledge or hypothecation, except pursuant to the Loan Documents; (h) none of the Rents have been collected for more than one
(1) month in advance (except a Security Deposit shall not be deemed Rent collected in advance); (i) except as set forth on Schedule
XI attached hereto, the premises demised under the Leases have been completed (to the extent Mortgage Borrower, as
landlord, is required to complete the same), all improvements, repairs, alterations or other work required to be furnished on
the part of Mortgage Borrower under the Leases have been completed to the extent Mortgage Borrower, as landlord, is required
to complete the same, the Tenants under the Leases have accepted the premises demised thereunder and have taken possession of
the same on a rent- paying basis and, except as set forth on Schedule IX and Schedule X attached hereto, any
payments, credits or abatements required to be given by Borrower to the Tenants under the Leases have been made in full; (j)
there exist no material offsets or defenses to the payment of any portion of the Rents and, except as set forth on Schedule
XI attached hereto, which sets forth all outstanding tenant improvement and leasing commission obligations of Mortgage
Borrower as of the Closing Date, neither Borrower nor Mortgage Borrower has any material outstanding monetary obligations to
any Tenant under any Lease; (k) neither Borrower nor Mortgage Borrower has received any notice from any Tenant challenging
the validity or enforceability of any Lease; (l) the copies of the Leases provided to Lender are true and complete copies of
such Leases in all material respects; (m) [intentionally omitted]; (n) no Lease contains an option to purchase, right of
first refusal to purchase, or, except as set forth in the Leases, right of first refusal to lease additional space at the
Property; (o) no Person has any possessory interest in, or right to occupy, the Property except under and pursuant to a Lease
and/or a Permitted Encumbrance; (p) all Security Deposits relating to the Leases are reflected on the Rent Roll and have been
collected by Mortgage Borrower; (q) except as set forth on Schedule XI attached hereto, no brokerage commissions or
finders fees are currently due and payable regarding any Lease; (r) each Tenant under a Major Lease is in actual, physical
occupancy of the premises demised under its Lease (other than any Tenant that is not in actual, physical occupancy of such
premises as a result of any legal requirement prohibiting or limiting such occupancy, including without limitation, any local
government orders or directives relating to “shelter-in-place,” “stay-at-home” and essential
businesses, provided such Tenant is continuing to pay full rent and otherwise complying with the terms and conditions of its
Lease), and neither Borrower nor Mortgage Borrower has any liability under any holdover indemnity agreement with respect to
such Tenant; (s) to Borrower’s knowledge, there are no actions or proceedings (voluntary or otherwise) pending against
any Tenants or guarantors under Leases, in each case, under bankruptcy or similar insolvency laws or regulations; and (t) to
Borrower’s knowledge, no event has occurred giving any Tenant the right to terminate its Lease or pay reduced or
alternative Rent to Mortgage Borrower under any of the terms of such Lease. Prior to the Closing Date, Borrower has requested
(or has caused Mortgage Borrower to request) Tenant estoppel certificates from each Tenant. Borrower has made available to
Lender true and correct copies in all material respects of all Leases in effect with respect to the Property that have been
requested by Lender.


 






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Section
3.19. Filing and Recording Taxes. All material mortgage, mortgage recording, stamp, intangible or other similar tax required
to be paid by any Person under applicable Legal Requirements currently in effect (or any payments in lieu thereof) in connection
with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of this Agreement, the Pledge
Agreement, the Note and the other Loan Documents have been paid or will be paid, and, to Borrower’s knowledge, under current
Legal Requirements, the Pledge Agreement and the other Loan Documents are enforceable in accordance with their terms by Lender
(or any subsequent holder thereof), except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar Creditors Rights Laws, and by general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law).


 


Section
3.20. Management Agreement. The Management Agreement is in full force and effect and there are no material defaults thereunder
by any party thereto. As of the date hereof, no management fees under the Management Agreement are due and payable, other than
the current monthly management fee.


 


Section 3.21. Illegal Activity/Forfeiture.


 


(a)   No portion of the Property or the Collateral has been or will be purchased, improved, equipped or furnished with proceeds
of any illegal activity and to Borrower’s knowledge, there are no illegal activities or activities relating to controlled
substances at the Property.


 


(b)   To
Borrower’s knowledge, there has not been committed by Borrower, Mortgage Borrower or any other Person in occupancy of
or involved with the operation or use of the Property or the ownership of the Collateral any act or omission affording the
federal government or any state or local government the right of forfeiture as against the Property or any part thereof or
the Collateral or any part thereof or any monies paid in performance of Borrower’s obligations under this Agreement,
the Note, the Pledge Agreement or the other Loan Documents to which it is a party. Borrower hereby covenants and agrees not
to commit, permit or suffer to exist any act or omission affording such right of forfeiture.


 






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Section
3.22. Taxes. Borrower has filed (or has obtained effective extensions for filing) all material federal and state, county, municipal,
and city income, personal property and other tax returns required to have been filed by it and has paid all federal or state income
and other material taxes and related liabilities which have become due pursuant to such returns or pursuant to any assessments
received by it, except as are being contested in good faith in accordance with (and subject to the terms and conditions of) Section
4.5(b) hereof. Neither Borrower nor Mortgage Borrower has received written notice of any material additional assessment in
respect of any such taxes and related liabilities for prior years.


 


Section
3.23. Other Indebtedness. Borrower has no material financial obligation (contingent or otherwise) under any indenture, mortgage,
deed of trust, loan agreement or other agreement or instrument to which Borrower is a party or by which Borrower or the Collateral
is otherwise bound, other than the obligations under the Loan Documents.


 


Section
3.24. Third Party Representations. Each of the representations and the warranties made by Guarantor in the other Loan Documents
(if any) are true, complete and correct in all material respects.


 


Section
3.25. Parking Management Agreements. The Parking Management Agreement and Parking Structure Management Agreement are each in
full force and effect and there are no material defaults thereunder by any party thereto. As of the date hereof, no fees under
the Parking Management Agreement or Parking Structure Management Agreement are past due.


 


Section
3.26. Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring
any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for
any other purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for
any purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement, the Pledge Agreement, the Note
or the other Loan Documents.


 


Section
3.27. Investment Company Act. Borrower is not (a) an “investment company” or a company “controlled”
by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding
company” or a “subsidiary company” of a “holding company” or an “affiliate” of either
a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company
Act of 2005, as amended; or (c) subject to any other federal or state law or regulation which purports to restrict or regulate
its ability to borrow money.


 


Section
3.28. Fraudulent Conveyance. Borrower has not entered into the Loan or any Loan Document to which it is a party, in each
case with the actual intent to hinder, delay, or defraud any creditor, and has received reasonably equivalent value in
exchange for its obligations under such Loan Documents. Giving effect to the Loan, the fair saleable value of
Borrower’s assets exceeds and will, immediately following the execution and delivery of the Loan Documents to which it
is a party, exceed Borrower’s total liabilities, including, without limitation, subordinated, unliquidated, disputed or
contingent liabilities. The fair saleable value of Borrower’s assets is and will, immediately following the execution
and delivery of the Loan Documents to which it is a party, be greater than Borrower’s probable liabilities, including
the maximum amount of its contingent liabilities or its debts as such debts become absolute and matured. Borrower’s
assets do not and, immediately following the execution and delivery of the Loan Documents to which it is a party will not,
constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Borrower does
not intend to, and does not believe that it will, incur debts and liabilities (including, without limitation, contingent
liabilities and other commitments) beyond its ability to pay such debts as they mature (taking into account the timing and
amounts to be payable on or in respect of obligations of Borrower).


 






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Section
3.29. Embargoed Person. As of the date hereof and at all times throughout the term of the Loan, including after giving
effect to any transfers of interests permitted pursuant to the Loan Documents, (a) none of the funds or other assets of any
Borrower Party constitute (or will constitute) property of, or are (or will be) beneficially owned, directly or indirectly,
by any Person or government that is the subject of economic sanctions or trade restrictions under U.S. law, including without
limitation, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., the Trading with the Enemy
Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder with the result that
transactions involving or the investment in any such Borrower Party (whether directly or indirectly) is prohibited by
applicable law or the Loan made by Lenders is in violation of applicable law (“Embargoed Person”); (b) no
Embargoed Person has (or will have) any interest of any nature whatsoever in any Borrower Party, with the result that the
investment in any such Borrower Party (whether directly or indirectly), is prohibited by applicable law or the Loan is in
violation of applicable law; and (c) none of the funds of any Borrower Party have been (or will be) derived from any unlawful
activity with the result that transactions involving or the investment in any such Borrower Party (whether directly or
indirectly), is prohibited by applicable law or the Loan is in violation of applicable law. Any violation of the clauses
(a), (b) or (c) above shall, at Lender’s option, constitute an Event of Default hereunder. The
representations contained in this Section 3.29 shall not be deemed to apply to any Person whose ownership interests in
any indirect owner of Borrower is solely through the ownership of shares of stock in such indirect owner of Borrower whose
shares are listed on the Toronto Stock Exchange, the New York Stock Exchange, or another nationally recognized stock
exchange.


 


Section
3.30. Patriot Act and OFAC Regulations. Borrower hereby represents and warrants that none of Borrower, Mortgage Borrower,
SPE Component Entity, Mortgage SPE Component Entity or Guarantor and, to Borrower’s knowledge, any other owner of a
direct or indirect interest in Borrower: (i) is a person who has been determined by competent authority to be subject to
economic sanctions administered or enforced by the Office of Foreign Assets Control (“OFAC”) of the
Department of the Treasury, the Department of State, or other relevant sanctions authority (“Sanctions”);
(ii) has been previously indicted for or convicted of, or pled guilty or no contest to, any felony or crimes under the USA
PATRIOT Act or other applicable anti-money laundering laws and regulations and all Sanctions; (iii) fail to operate (or have
operated) under policies, procedures and practices, if any, that are in compliance with the USA PATRIOT Act and other
applicable anti-money laundering laws and regulations and Sanctions; (iv) be (or have been) in receipt of any notice from
OFAC, the Secretary of State or the Attorney General of the United States or any other department, agency or office of the
United States, in each case, claiming a violation or possible violation of applicable anti-money laundering laws and
regulations and/or Sanctions; (v) be (or have been) the subject of Sanctions, including those listed as a Specially
Designated National or as a “blocked” Person on any lists issued by OFAC and those owned or controlled by or
acting for or on behalf of such Specially Designated National or “blocked” Person; (vi) be (or have been) a
Person who has been determined by competent authority to be subject to any of the prohibitions contained in the USA PATRIOT
Act; or (vii) be (or have been) owned or controlled by or be (or have been) acting for or on behalf of, in each case, any
Person who has been determined to be subject to the prohibitions contained in the USA PATRIOT Act. Borrower covenants and
agrees that in the event Borrower receives any notice that any Borrower Party (or any of their respective beneficial owners
or Affiliates) became the subject of Sanctions or is indicted, arraigned, or custodially detained on charges involving
Sanctions, money laundering or predicate crimes to money laundering, Borrower shall promptly notify Lender. It shall be an
Event of Default hereunder if any Borrower Party becomes the subject of Sanctions or is indicted, arraigned or custodially
detained on charges involving Sanctions, money laundering or predicate crimes to money laundering. All capitalized words and
phrases and all defined terms used in the USA PATRIOT Act of 2001, 107 Public Law 56 (October 26, 2001) and in other statutes
and all orders, rules and regulations of the United States government and its various executive departments, agencies and
offices related to applicable anti-money laundering laws and regulations (collectively referred as the “Patriot
Act”) are incorporated into this Section. The representations contained in this Section 3.30 shall not be
deemed to apply to any Person whose ownership interests in any indirect owner of Borrower is solely through the ownership of
shares of stock in such indirect owner of Borrower whose shares are listed on the Toronto Stock Exchange, the New York Stock
Exchange, or another nationally recognized stock exchange.


 






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Section
3.31. Organizational Chart. The organizational chart attached as Schedule III hereto (the “Organizational Chart”),
relating to Borrower and certain Affiliates and other parties, is true and correct on and as of the date hereof.


 


Section
3.32. Bank Holding Company. Borrower is not a “bank holding company” or a direct or indirect subsidiary of a “bank
holding company” as defined in the Bank Holding Company Act of 1956, as amended, and Regulation Y thereunder of the Board
of Governors of the Federal Reserve System.


 


Section 3.33.
[Intentionally Omitted]. 


 


Section 3.34. [Intentionally Omitted].


 


Section
3.35. No Material Agreements. Neither Borrower nor Mortgage Borrower has entered into, and neither is bound by, any Material
Agreement which continues in existence as of the Closing Date, except those previously disclosed in writing to Lender or permitted
under the Loan Documents.


 






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Section
3.36. Ernst & Young Plaza Integration Agreements. With respect to each Ernst & Young Plaza Integration Agreement, Borrower
hereby represents that (a) each such Ernst & Young Plaza Integration Agreement is in full force and effect and has not been
amended, restated, replaced or otherwise modified (except, in each case, as expressly set forth herein or as disclosed on the Title
Insurance Policy), (b) there are no material defaults under such Ernst & Young Plaza Integration Agreement by Mortgage Borrower
or to Borrower’s knowledge, by any party thereto and, to Borrower’s knowledge, no event has occurred which, but for
the passage of time, the giving of notice, or both, would constitute a material default under any such Ernst & Young Plaza
Integration Agreement which would have a Material Adverse Effect, and (c) to Borrower’s knowledge, no party to any Ernst
 & Young Plaza Integration Agreement has commenced any action or given or received any notice for the purpose of terminating
(or contemplating the termination of) such Ernst & Young Plaza Integration Agreement.


 


Section
3.37. Co-Tenancy Agreement. With respect to the Co-Tenancy Agreement, Borrower hereby represents that (a) the Co-Tenancy Agreement
is in full force and effect and has not been amended, restated, replaced or otherwise modified (except, in each case, as expressly
set forth herein or as disclosed on the Title Insurance Policy), (b) there are no material defaults under the Co-Tenancy Agreement
by Mortgage Borrower or to Borrower’s knowledge, by any party thereto and, to Borrower’s knowledge, no event has occurred
which, but for the passage of time, the giving of notice, or both, would constitute a material default under the Co-Tenancy Agreement
which would have a Material Adverse Effect, and (c) to Borrower’s knowledge, no party to the Co-Tenancy Agreement has commenced
any action or given or received any notice for the purpose of terminating (or contemplating the termination of) the Co-Tenancy
Agreement.


 


Section
3.38. No Change in Facts or Circumstances; Disclosure. All information submitted by Borrower, Mortgage Borrower, Sponsor or
Guarantor or any Affiliate of Borrower, Mortgage Borrower, Sponsor or Guarantor or, to Borrower’s knowledge, by any other
Person to Lender and in all financial statements (but not financial projections), rent rolls, reports, certificates and other documents
submitted in connection with the Loan or in satisfaction of the terms thereof and all statements of fact made by Borrower, Mortgage
Borrower and/or Guarantor in this Agreement or in the other Loan Documents, are accurate and correct in all material respects (as
each may have been or may be updated or supplemented in writing through the Closing Date). There has been no material adverse change
in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading
in any material respect or that is reasonably likely to cause a Material Adverse Effect.


 


Section
3.39. No Contractual Obligations. As of the date of this Agreement, other than (a)   the
Loan Documents, (b) the organizational documents of Borrower and the organizational documents of Mortgage Borrower and/or (c)
agreements to provide for independent manager services and agent for service of process services provided by Corporation
Service Company as of the Closing Date, Borrower is not bound by any agreement, instrument or undertaking and has no
outstanding Indebtedness (other than the Debt and other than as permitted under Section 5.1(a)(vii) hereof).


 


Section
3.40. Mortgage Loan Representations and Warranties. All of the representations and warranties contained in the Mortgage
Loan Documents (subject to any and all disclosures set forth therein) are (a) true and correct in all material respects as of
the date hereof and (b) hereby incorporated into this Agreement and deemed made hereunder as and when made thereunder and
shall remain incorporated without regard to any waiver, amendment or other modification thereof by Mortgage Lender (after the
date hereof) or to whether the related Mortgage Loan Document has been repaid or otherwise terminated, unless otherwise
consented to in writing by Lender.


 






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Section 3.41.
Subsidiaries. Borrower does not have any subsidiaries other than Mortgage Borrower.


 


Borrower
agrees that, unless expressly provided otherwise, all of the representations and warranties of Borrower set forth in this Article
3 and elsewhere in this Agreement and the other Loan Documents are made as of the date hereof but shall survive for so long
as any portion of the Debt remains owing to Lender. All representations, warranties, covenants and agreements made in this Agreement
and in the other Loan Documents shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore
or hereafter made by Lender or on its behalf.


 


ARTICLE 4.


 


COVENANTS


 


From the date hereof and
until payment and performance in full of all obligations of Borrower under this Agreement, the Pledge Agreement, the Note and
the other Loan Documents or the earlier release of the lien of the Pledge Agreement (and all related obligations) in
accordance with the terms of this Agreement, the Pledge Agreement, the Note and the other Loan Documents, Borrower hereby
covenants and agrees with Lender that (a) in each instance where the covenant relates to Borrower, as to itself, or (b) in
each instance where the covenant relates to Mortgage Borrower or the Property, in Borrower’s capacity as the owner of
Mortgage Borrower, as applicable:


 


Section
4.1. Existence. Borrower will continuously maintain (a) its existence and shall not dissolve or permit its dissolution, (b)
its rights to do business in the State and (c) its franchises and trade names, if any. Borrower will cause Mortgage Borrower to
continuously maintain (x) its existence and shall not dissolve or permit its dissolution, (y) its rights to do business in the
State of Delaware, and (z) its franchises and trade names, if any.


 


Section 4.2. Legal Requirements.


 


(a)   Borrower
shall (and shall cause Mortgage Borrower to) promptly comply in all material respects and shall cause the Property and the Collateral
to comply in all material respects with all Legal Requirements applicable to Borrower, Mortgage Borrower, the Collateral and the
Property or the use thereof (which such covenant shall be deemed to require Mortgage Borrower to keep all material Permits in
full force and effect), unless such failure to preserve, renew, keep or comply is not reasonably expected to result in a Material
Adverse Effect.


 


(b)   Borrower
shall from time to time, if requested by Lender (which request will be made only if Lender has a reasonable basis for
believing the Property and/or the Collateral may not be in compliance with Legal Requirements), provide Lender with evidence
reasonably satisfactory to Lender that Borrower, Mortgage Borrower, the Collateral and the Property comply with all Legal
Requirements in all material respects or is exempt from compliance with Legal Requirements.


 






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(c)   Borrower shall give prompt notice to Lender of the receipt by Borrower or Mortgage Borrower, as applicable, of any notice
alleging a violation of any Legal Requirements applicable to Borrower, Mortgage Borrower, the Collateral or the Property, or the
commencement of any proceedings or investigations which relate to compliance with Legal Requirements, in each case the result of
which would be reasonably likely to cause a Material Adverse Effect.


 


(d)   Borrower,
at its own expense, may contest (or may permit Mortgage Borrower to contest) by appropriate legal proceeding, promptly
initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any
Legal Requirement to Borrower, Mortgage Borrower, the Collateral or the Property or any alleged violation of any Legal
Requirement, provided that (i) no Event of Default has occurred and remains uncured; (ii) such proceeding shall be
permitted under and be conducted in accordance with the provisions of any material instrument to which Borrower or Mortgage
Borrower is subject and shall not constitute a default thereunder and such proceeding shall be permitted by and conducted in
accordance with all applicable Legal Requirements; (iii) neither the Collateral nor the Property (nor any part thereof or
interest therein) will be in imminent danger of being sold, forfeited, terminated, cancelled or lost, nor shall there be any
risk of the lien of the Pledge Agreement and/or Security Instrument being primed by any lien arising from any such alleged
violation; (iv) Borrower shall (or shall cause Mortgage Borrower to) promptly upon final determination thereof comply in all
material respects with any such Legal Requirement determined to be valid or applicable or cure any material violation of any
Legal Requirement; (v) such proceeding shall suspend the enforcement of the contested Legal Requirement against Borrower,
Mortgage Borrower, the Collateral or the Property (or, alternatively, the applicable Person shall comply with such Legal
Requirement during the pendency of the dispute); (vi) Borrower shall (or shall cause Mortgage Borrower to) furnish such
security as may be required by the Mortgage Loan Agreement or, if Mortgage Lender shall have waived in writing such security,
Borrower shall furnish such security as may be (A) required in the proceeding or (B)  if
no such security is so required, reasonably requested by Lender, in each case to insure compliance with such Legal
Requirement, together with all interest and penalties payable in connection therewith, provided such amount under clause
(vi)(B) shall not be greater than one hundred percent (100%) of the maximum amount reasonably expected by Lender to be
payable in the event such contest is unsuccessful; and (vii) if the amount in dispute exceeds $125,000, Borrower shall have
provided Lender with prior written notice of such contest or action. Lender may apply any such security or part thereof, as
necessary to cause compliance with such Legal Requirement at any time when, in the reasonable judgment of Lender, the
validity, applicability or violation of such Legal Requirement is finally established or the Collateral or the Property (or
any part thereof or interest therein) shall be in imminent danger of being sold, forfeited, terminated, cancelled or lost or
there shall be a risk of the lien of the Pledge Agreement and/or the Security Instrument being primed by any lien arising
from any such alleged violation. Any security provided to Lender pursuant to clause (vi) above will be released to
Borrower upon resolution of the dispute relating to compliance with the Legal Requirement and discharge of any sum owed by
Borrower or Mortgage Borrower to resolve that dispute.


 






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Section
4.3. Required Repairs; Maintenance and Use of Property; Completion. Borrower shall cause Mortgage Borrower to perform the repairs
at the Property as set forth on Schedule IV hereto and shall complete each of such repairs on or before the respective deadline
for each repair as set forth on Schedule IV hereto. Borrower shall (and shall cause Mortgage Borrower to) cause the Property
to be maintained in a good and safe condition and repair. The Improvements and the Personal Property shall not be removed, demolished
or materially altered (except for (x) Approved Alterations and (y) normal replacement of the Personal Property or removal of obsolete
Personal Property without replacement) without the consent of Lender, which consent shall not be unreasonably withheld, conditioned
or delayed, or as otherwise permitted pursuant to Section 4.21 hereof. Subject to the terms and conditions of Article
7 hereof and subject to the requirements of the Ernst & Young Plaza Integration Agreements, Borrower shall perform (or
shall cause Mortgage Borrower to perform or cause to be performed) the prompt repair, replacement and/or rebuilding of any part
of the Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any
proceeding of the character referred to in Section 3.14 hereof and shall complete and pay for (or use commercially reasonable
efforts to cause the completion and payment for in circumstances where a third party is obligated to perform the work pursuant
to the terms of a Lease or an Ernst & Young Plaza Integration Agreement and is undertaking such work) any work at the Property
at any time in the process of construction or repair on the Land. Subject to any alterations expressly permitted by this Agreement,
Borrower shall cause Mortgage Borrower to operate the Property for the same uses as the Property is currently operated and Borrower
shall not (and shall not allow or permit Mortgage Borrower to), without the prior written consent of Lender, (i) change the use
of the Property from an office building and related and ancillary uses including parking or (ii) except as otherwise permitted
hereunder, initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or other public
or private restriction, limiting or defining the uses which may be made of the Property or any part thereof. If under applicable
zoning provisions the use of all or any portion of the Property is or shall become a nonconforming use, Borrower will not cause
or permit (and shall cause Mortgage Borrower to not cause or permit) the nonconforming use to be discontinued or the nonconforming
Improvement to be abandoned without the express written consent of Lender, which consent shall not be unreasonably withheld, conditioned
or delayed.


 


Section
4.4. Waste. Borrower shall not commit or knowingly suffer (and shall not permit Mortgage Borrower to commit or knowingly suffer)
any waste of the Property or make any change in the use of the Property which will in any way materially increase the risk of fire
or other hazard arising out of the operation of the Property, or knowingly take any action that would invalidate or give cause
for cancellation of any Policy, or do or permit (to the extent within Borrower’s control to prevent) to be done thereon anything
that would materially impair the value of the Property or the security for the Loan. Borrower will not (and will cause Mortgage
Borrower to not), without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or
delayed, permit any drilling or exploration for or extraction, removal, or production of any minerals from the surface or the subsurface
of the Property, regardless of the depth thereof or the method of mining or extraction thereof.


 






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Section 4.5. Property
Taxes and Other Charges.


 


(a)   Borrower shall pay (or cause to be paid) all Taxes and Other Charges now or hereafter levied or assessed or imposed against
the Property or the Collateral or any part thereof prior to the date the same shall become delinquent, subject to Borrower’s
right to contest any Taxes and Other Charges pursuant to Section 4.5(b) below; provided, however, prior to
the occurrence and continuance of an Event of Default, Borrower’s obligation to cause such Taxes to be directly paid shall
be suspended for so long as Borrower complies with the terms and provisions of Article 9 hereof and causes Mortgage Borrower
to comply with the terms and provisions of Section 8.6 of the Mortgage Loan Agreement. Borrower shall, following receipt of a written
request by Lender, furnish to Lender receipts for the payment of such Taxes and the Other Charges prior to the date the same shall
become delinquent (provided, however, that Borrower is not required to furnish such receipts for payment of Taxes
in the event that such Taxes have been paid by Mortgage Lender pursuant to Section 8.6 of the Mortgage Loan Agreement). Subject
to Borrower’s right to contest same pursuant to Section 4.5(b) below, Borrower shall not suffer (or permit to be suffered)
and shall promptly cause to be paid and discharged any lien or charge whatsoever (in each case, other than a Permitted Encumbrance)
which may be or become a lien or charge against the Property (or any portion thereof), and shall cause Mortgage Borrower to promptly
pay for all utility services provided to the Property (or any portion thereof).


 


(b)   Borrower
or Mortgage Borrower, at its own expense, may contest (or permit to be contested) by appropriate legal proceeding, promptly
initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of
any Taxes or Other Charges, provided that (i) no Event of Default has occurred and remains uncured; (ii) such
proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which
Borrower or Mortgage Borrower is subject and shall not constitute a default thereunder and such proceeding shall be permitted
by and conducted in accordance with all applicable Legal Requirements; (iii) neither the Property nor the Collateral nor any
part thereof or interest therein will be in imminent danger of being sold, forfeited, terminated, canceled or lost; (iv)
Borrower or Mortgage Borrower shall promptly upon final determination thereof (or, if required under applicable Legal
Requirements, prior thereto in connection with such contest) pay the amount of any such Taxes or Other Charges, together with
all costs, interest and penalties which may be payable in connection therewith; (v) such proceeding shall suspend the
collection of such contested Taxes or Other Charges from the Property or the Collateral; (vi) Borrower shall (or shall cause
Mortgage Borrower to) (A) furnish such security as may be required pursuant to the Mortgage Loan Agreement, or if Mortgage
Lender shall have waived in writing such security, Borrower shall furnish such security as may be required in the proceeding,
or (B) if no such security is so required and to the extent that Mortgage Lender shall have waived in writing any reserve
deposits under the Mortgage Loan Agreement, deliver to Lender such reserve deposits as may be reasonably requested by Lender
(it being agreed that Lender shall take into account any amounts then on deposit in the Tax Account), in each case to insure
the payment of any such Taxes or Other Charges, together with all interest and penalties thereon, provided such amount
under clause (vi)(B) shall not be greater than one hundred percent (100%) of the maximum amount reasonably expected by
Lender to be payable in the event such contest is unsuccessful; and (vii) if the amount in dispute exceeds $100,000, Borrower
shall have provided Lender with prior written notice of such contest or action. Lender may pay over any such cash deposit or
part thereof held by Lender to the claimant entitled thereto at any time when, in the reasonable judgment of Lender, the
entitlement of such claimant is established or the Property or the Collateral (or part thereof or interest therein) shall be
in imminent danger of being sold, forfeited, terminated, canceled or lost. Without limiting Lender’s rights set forth
in the preceding sentence, any such security provided to Lender pursuant to clause (vi) above will be released to
Borrower to pay and discharge any sum ultimately determined to be owed by Borrower or Mortgage Borrower for disputed Taxes
and Other Charges (with the remainder, if any, going to Borrower or Mortgage Borrower, as applicable).


 






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Section
4.6. Litigation. Borrower shall give prompt written notice to Lender of any litigation or governmental proceedings pending
or threatened in writing against Borrower or Mortgage Borrower which is reasonably likely to have a Material Adverse Effect.


 


Section
4.7. Access to Property. Borrower shall cause Mortgage Borrower to permit agents, representatives and employees of Lender to
inspect the Property or any part thereof at reasonable hours upon reasonable advance notice, subject to the rights of Tenants under
their respective Leases.


 


Section
4.8. Notice of Default. Borrower shall promptly advise Lender of any Event of Default or Mortgage Loan Event of Default of
which Borrower has knowledge.


 


Section
4.9. Cooperate in Legal Proceedings Borrower shall cooperate in all reasonable respects (and shall cause Mortgage Borrower
to cooperate in all reasonable respects) with Lender with respect to any proceedings before any court, board or other Governmental
Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any of the Note, the
Pledge Agreement or the other Loan Documents and, in connection therewith, permit Lender, at its election, to participate in any
such proceedings.


 


Section
4.10. Performance of Loan Documents. Borrower hereby acknowledges and agrees that Borrower’s observance, performance
and fulfillment of each and every covenant, term and provision to be observed and performed by Borrower under this Agreement, the
Pledge Agreement, the Note and the other Loan Documents to which it is a party is a material inducement to Lender in making the
Loan.


 


Section 4.11. [Intentionally
Omitted]. 


 


Section 4.12. Books and Records.


 


 (a)    Borrower shall furnish to Lender:




 


(i)   quarterly
certified rent rolls for the Property within sixty (60) days after the end of each calendar quarter, which shall include a specific
description of any renewal, extension, amendment, modification, termination, rental reduction of, surrender of space of, shortening
of the term of, or monetary or material non- monetary default under, any Lease since the delivery of the prior rent roll under
this clause (a)(i);


 






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(ii)   quarterly operating statements (on a consolidated basis and also with respect to the Property) detailing the revenues received,
the expenses incurred and the components of Net Operating Income and containing appropriate year-to-date information, within sixty
(60) days after the end of each fiscal quarter (or thirty (30) days after the end of each calendar month, as applicable);


 


(iii)   within (A) ninety (90) days after the close of each fiscal year of Borrower, a copy of Borrower’s unaudited annual
financial statements, and (B) within one hundred twenty (120) days after the close of each fiscal year of Borrower commencing with
fiscal year 2020, a complete copy of Mortgage Borrower’s combined annual financial statements audited by a “Big Four”
accounting firm, BDO USA, LLP, Grant Thornton LLP, RSM US LLP, or other independent certified public accounting firm acceptable
to Lender in accordance with the Approved Accounting Method, which audited annual financial statements shall be accompanied by
(I) an annual unaudited balance sheet for Mortgage Borrower, a statement of cash flow and profit and loss statement for the Property,
and a statement of change in financial position, and (II) an annual unaudited operating statement of the Property (on a consolidated
basis and also with respect to the Property) (detailing the components of Net Operating Income); and


 


(iv)   by
no later than December 1 of each calendar year, an annual operating budget for the Property (which includes revenues and
expenses) (the “Annual Budget”) for the next succeeding calendar year presented on a monthly basis
consistent with the annual operating statement described above for the Property, including all proposed capital replacements
and improvements, which such budget shall (A) until the occurrence and continuance of a Trigger Period, be provided to Lender
and the Mortgage Lender for informational purposes, and (B) after the occurrence and during the continuance of a Trigger
Period, be provided to the Lender and the Mortgage Lender for approval by the Lender and the Mortgage Lender, which approval
shall not be unreasonably withheld, conditioned or delayed (such Annual Budget provided or approved, as applicable, pursuant
to clauses (A) or (B), the “Approved Annual Budget”); provided, however, that
any Approved Annual Budget in effect as of the commencement of a Trigger Period shall remain in effect as the Approved Annual
Budget for the remainder of the calendar year and shall not require additional approval of the Lender or Mortgage Lender.
During the occurrence and continuance of a Trigger Period, any amendments to any existing Annual Budget shall require the
consent of Lender and Mortgage Lender (which approval shall not be unreasonably withheld, conditioned or delayed). Until such
time that Lender and Mortgage Lender approve a proposed Annual Budget, the most recent Approved Annual Budget shall apply to
the then current calendar year; provided, that such Approved Annual Budget shall be adjusted to reflect (x) actual
increases in Taxes, Insurance Premiums, assessments, utilities expenses, and variable operating expenses that are directly
related to increased revenues at the Property and (y) the amount of the increase, if any, in the Consumer Price Index for the
immediately preceding calendar year for all other line items. To the extent that the Deemed Approval Requirements are fully
satisfied in connection with any Borrower request for Lender’s approval under this Section 4.12(a) and such
Person thereafter fails to respond, such Person’s approval shall be deemed given with respect to the matter for which
approval was requested.


 






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(v)   Within
five (5) Business Days following any modification and/or amendment to the Ernst & Young Plaza Integration Agreements and/or
the Co- Tenancy Agreement, Borrower shall (or shall cause Mortgage Borrower to) deliver to Lender a copy of such amendment and/or
modification together with a certification from an authorized signatory or officer that such modification and/or amendment complies
with the terms of the Mortgage Loan Agreement and this Agreement.


 


 (b)    Intentionally omitted.




 


(c)   Borrower
shall, within ten (10) Business Days after Lender’s request therefor, furnish Lender with such other additional financial
or management information relating to Borrower, Mortgage Borrower, the Collateral or the Property as may, from time to time, be
reasonably requested by Lender; provided, however, that such additional information shall be obtained at no material
expense to Borrower. During the continuance of an Event of Default, Borrower shall furnish to Lender and its agents reasonable
facilities for the examination and audit of any such financial or management information.


 


(d)   Borrower agrees that (i) Borrower shall (and shall cause Mortgage Borrower to) keep adequate books and records of account
and (ii) all items to be delivered to Lender pursuant to this Section 4.12 shall: (A) be complete and correct in all material
respects; (B) [reserved]; (C) disclose all liabilities that are required to be reflected or reserved against; and (D) be prepared
(1) in the form reasonably required by Lender (it being agreed that the form of financial reports submitted to Lender in connection
with the closing of the Loan shall be deemed acceptable to Lender) and certified by a Responsible Officer of Borrower, (2) in hardcopy
and electronic formats and (3) in accordance with the Approved Accounting Method.


 


(e)   Borrower
acknowledges the importance to Lender of the timely delivery of each of the items required by Sections 4.12(a)(ii), (iii),
and (iv) above (each, a “Required Financial Item” and, collectively, the “Required Financial
Items”). In the event Borrower fails to deliver to Lender any of the Required Financial Items within the time frame
specified herein (each such event, a “Reporting Failure”) and such Reporting Failure continues for sixty (60)
days after written demand is made for delivery of such Required Financial Item(s) (or such longer period of time agreed to by
Lender in its sole discretion taking into account an explanation from Borrower as to why such Required Financial Item(s) cannot
be timely delivered), the same shall, at Lender’s option, constitute an Event of Default hereunder.


 


Section 4.13. Estoppel Certificates.


 


(a)    After
request by Lender, Borrower shall, within fifteen (15) Business Days after such request, furnish Lender or any proposed
assignee of any Lender with a statement stating (i) the Outstanding Principal Balance of the Loan, (ii) the Interest Rate,
(iii) the date installments of interest and/or principal were last paid, (iv) any offsets or defenses to the payment and
performance of the obligations under the Loan Documents, if any, and (v) that this Agreement and the other Loan Documents
have not been modified or if modified, giving particulars of such modification. After request by Borrower not more than once
in any calendar year, Lender shall within fifteen (15) Business Days furnish Borrower with a statement stating (i) the
Outstanding Principal Balance of the Loan, (ii) the Interest Rate and (iii) that, to Lender’s knowledge, this Agreement
and the other Loan Documents have not been modified or if modified, giving particulars of such modification.


 






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(b)   Borrower
shall use commercially reasonable efforts to deliver to Lender or any proposed assignee of any Lender, upon request, estoppel
certificates from each Tenant under any Lease in substantially the same form and substance delivered at closing (which form is
hereby approved by Lender) or otherwise in form and substance reasonably satisfactory to Lender (subject to requirements set forth
in such Lease); provided, that, subject to the requirements set forth in the Leases, Borrower shall not be required to
deliver such certificates for any Lease more frequently than one (1) time in any calendar year.


 


(c)   In
connection with any Secondary Market Transaction, at Lender’s request, Borrower shall provide an estoppel certificate to
any Investor or any prospective Investor in such form, substance and detail as Lender, such Investor or prospective Investor may
reasonably require.


 


 (d)   Intentionally omitted.




 


(e)   Subject
to the terms thereof and the rights of third parties thereunder, Borrower shall use commercially reasonable efforts to
deliver to Lender, within fifteen (15) Business Days of
request, estoppel certificates from the other parties to each Ernst & Young Plaza Integration Agreement and/or the
Co-Tenancy Agreement in form and substance reasonably acceptable to Lender; provided, that (a) Borrower shall not be
required to deliver such certificates more frequently than one (1) time in any calendar year and (b) the estoppel certificate
delivered in connection with the closing of the Loan is deemed reasonably acceptable to Lender.


 


Section 4.14. Leases and
Rents.


 


(a)    Borrower
may permit Mortgage Borrower to, in the ordinary course of business without Lender’s consent, enter into, amend or
modify any Lease, provided that such Lease (i) is not a Major Lease, (ii) provides for economic terms, including
rental rates, comparable to existing local market rates for similar properties and tenants in the market in which the
Property is located, (iii) is on commercially reasonable terms (unless otherwise consented to by Lender), (iv) does not
contain any option to purchase or any right of first refusal to purchase, and (v) unless a subordination, non-disturbance and
attornment agreement reasonably acceptable to Mortgage Lender is delivered pursuant to Section 4.14 of the Mortgage Loan
Agreement, provides that such Lease is subordinate to the Security Instrument and the lessee will attorn to Mortgage Lender
and any purchaser at a foreclosure sale. Borrower may also, without Lender’s consent, cause or permit Mortgage Borrower
to enter into non-disturbance agreements on commercially reasonable terms with subtenants where if the sublease being
non-disturbed became a direct Lease with Mortgage Borrower, such Lease would not be a Lease requiring the consent of Lender
hereunder. All other Leases (and material amendments or modifications of such Leases that would have the effect of requiring
Borrower to obtain Lender approval pursuant to clauses (i) through (v) above) shall require the consent of the Lender,
not to be unreasonably withheld, conditioned, or delayed. Mortgage Borrower shall have the right, without the consent or
approval of Lender, to terminate or accept a surrender of any Lease that is not a Major Lease so long as such termination or
surrender is (A) by reason of a Tenant default under the applicable Lease or (B) in the ordinary course of Mortgage
Borrower’s business. Notwithstanding anything to the contrary contained herein, Borrower shall not (and shall not cause
Mortgage Borrower to), without the prior written approval of Lender (which approval shall not be unreasonably withheld,
conditioned or delayed), enter into, renew, extend, amend or modify (other than to a de minimis extent), consent to
any assignment of or subletting under, waive any provisions of, release any party to, terminate, reduce rents under, accept a
surrender of space under, or shorten the term of, in each case, any Major Lease, except (x) to the extent that the terms of
such Major Lease require Mortgage Borrower to act reasonably in approving such action and withholding approval under the
circumstances would be unreasonable and (y) to the extent that a Tenant under any Major Lease has, pursuant to the terms of
its Lease, a unilateral right (without Mortgage Borrower’s consent and/or approval) to effectuate such action. To the
extent that the Deemed Approval Requirements are fully satisfied in connection with any Borrower request for Lender’s
approval under this clause (a) and Lender thereafter fails to respond, Lender’s approval shall be deemed given
with respect to the matter for which approval was requested.


 






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(b)   Borrower
shall cause Mortgage Borrower to (i) observe and perform the material obligations imposed upon the lessor under the Leases in
a commercially reasonable manner; (ii) enforce all material terms, covenants and conditions contained in the Leases upon the part
of the Tenants thereunder to be observed or performed in a commercially reasonable manner, provided, however, Mortgage
Borrower shall not (and Borrower shall not permit Mortgage Borrower to) terminate or accept a surrender of a Major Lease without
the Lender’s prior approval, which approval shall not be unreasonably withheld, conditioned or delayed; provided,
further that to the extent that the Deemed Approval Requirements are fully satisfied in connection with a Borrower request
for such consent under this clause (ii) and Lender thereafter fails to respond, such Person’s approval shall be deemed
given; (iii) not collect any of the Rents under any Lease more than one (1) month in advance (other than Security Deposits); (iv)
not execute any assignment of Mortgage Borrower’s interest in the Leases or the Rents under any Lease (except as contemplated
by the Mortgage Loan Documents); (v) not, without the Lender’s prior written consent, alter, modify or change any Lease
so as to change the amount of or payment date for rent, change the term, grant any option for additional space or term, materially
reduce the obligations of the Tenant or increase the obligations of lessor, in each case, to the extent such alteration, modification
or change would require the Lender’s consent pursuant to Section 4.14(a) above; and (vi) comply with all Legal Requirements
in all material respects with respect to Security Deposits received under any Lease. Upon request, Borrower shall furnish Lender
with executed copies of all Leases.


 






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(c)   
 Notwithstanding anything contained herein to the contrary, Borrower shall (and shall cause Mortgage Borrower to) provide
to Lender any information regarding renewal, extension, amendment, modification, waiver of provisions of, termination, rental reduction
of, surrender of space of, or shortening of the term of, any Major Lease during the term of the Loan within fifteen (15) days after
the occurrence of any such event. Borrower further agrees to provide Lender with written notice of any Tenant under a Major Lease
 “going dark” under such Tenant’s Major Lease within fifteen (15) days after Borrower (or Mortgage Borrower) obtains
knowledge that such Tenant “has gone dark” (provided that a Tenant shall not be deemed to have “gone dark”
solely due to Tenant’s non-use of its premises as a result of any legal requirement prohibiting or limiting such occupancy,
including without limitation, any local government orders or directives relating to “shelter-in-place,” “stay-at-home”
and essential businesses, if such Tenant is continuing to pay full rent). Borrower agrees to provide (or cause Mortgage Borrower
to provide) Lender with written notice of any monetary or material non-monetary default under a Major Lease within fifteen (15)
days after Borrower (or Mortgage Borrower) obtains knowledge of the occurrence of any such event of default.


 


(d)   Borrower
shall notify Lender in writing, within five (5) Business Days following receipt thereof, of Mortgage Borrower’s receipt
of any Lease Termination Payment or other termination fee or payment paid by any Tenant under any Lease, and Borrower shall cause
Mortgage Borrower to deposit any such amounts in accordance with Section 4.14(d) of the Mortgage Loan Agreement.


 


 (e)    Intentionally Omitted.




 


(f)   Notwithstanding
the leasing approval procedure set forth in the foregoing portions of Section 4.14(a) and (b), to facilitate Borrower’s
leasing process, Borrower may present prospective leasing transactions to Lender for its approval prior to the negotiation of
a final Lease. Such presentation shall include a summary term sheet of all material terms of the proposed lease or a draft of
the Lease, either as supplemented by any additional information concerning such lease or the tenant thereunder as may be reasonably
requested by Lender (the “Lease Term Sheet”). Provided that Borrower’s written request for approval is
accompanied by a copy of the proposed Lease Term Sheet and any other information and documentation (and in such detail) as Borrower
reasonably believes is necessary to adequately and completely evaluate the request, and to the extent that the Deemed Approval
Requirements are fully satisfied in connection with a Borrower request for such consent under this clause (f) and Lender
thereafter fails to respond, such Person’s approval shall be deemed given; provided, however, that Lender’s
approval or deemed approval of a Lease Term Sheet shall constitute Lender’s approval of any Lease with such prospective
Tenant if such Lease is (i) on Mortgage Borrower’s form of Lease approved by Lender on or prior to the Closing Date with
market changes thereto that do not (w) change the amount of or payment date for rent or the term of the Lease, (x) grant any option
for additional space or term, (y) materially reduce the obligations of Tenant or increase the obligations of Mortgage Borrower,
or (z) contain any other material modifications to the form of Lease, and (ii) consistent with the terms of the Lease Term Sheet.
If Lender approves a Lease Term Sheet and Borrower thereafter submits the applicable Lease for approval, Lender may not disapprove
of any term expressly contained in such Lease Term Sheet.


 






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Section 4.15. Management Agreement.


 


(a)   Borrower
shall cause Mortgage Borrower to (i) diligently and promptly perform, observe and enforce all of the material terms, covenants
and conditions of the Management Agreement on the part of Mortgage Borrower to be performed, observed and enforced, (ii) promptly
notify Lender of any default (other than those of a de minimis nature) under the Management Agreement of which Borrower
or Mortgage Borrower is aware; (iii) [reserved]; (iv) promptly give notice to Lender of any written notice or credible information
that Borrower or Mortgage Borrower receives which indicates that Manager is terminating the Management Agreement or that Manager
is otherwise discontinuing its management of the Property; and (v) promptly enforce the performance and observance of all of the
covenants (other than those of a de minimis nature) required to be performed and observed by Manager under the Management
Agreement.


 


(b)   Borrower
shall not permit Mortgage Borrower to, without the prior written consent of Lender (not to be unreasonably withheld, conditioned
or delayed), (i) surrender, terminate or cancel the Management Agreement (other than in accordance with Section 4.15(f)
below); (ii) consent to any assignment of the Manager’s interest under the Management Agreement (other than in accordance
with Section 4.15(f) below); (iii) replace Manager or enter into any other management agreement with respect to the Property
(other than in accordance with Section 4.15(f) below); (iv) increase or consent to the increase of the management fees
or any other material fees or charges under the Management Agreement; or (v) otherwise modify, change, alter or amend, in any
material respect, or waive or release any of its material rights and remedies under, the Management Agreement in any material
respect.


 


(c)   During
the continuance of an Event of Default under the Loan Documents, subject to the rights of Mortgage Lender under the Mortgage Loan
Agreement, without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower
from any of its obligations hereunder, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform
any act or take any action reasonably necessary to cause all the terms, covenants and conditions of the Management Agreement on
the part of Mortgage Borrower to be performed or observed to be promptly performed or observed on behalf of Mortgage Borrower,
to the end that the rights of Mortgage Borrower in, to and under the Management Agreement shall be kept unimpaired and free from
default. Upon prior written notice to Borrower, Lender and any Person designated by Lender shall have, and are hereby granted,
the right to enter upon the Property during the continuance of an Event of Default for the purpose of taking any such action.
If Manager shall deliver to Lender a copy of any notice sent to Borrower or Mortgage Borrower of default under the Management
Agreement, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender in good
faith, in reliance thereon. Borrower shall not cause Mortgage Borrower to permit Manager to sub-contract to a third party (other
than an Affiliate) any or all of its management responsibilities under the Management Agreement, provided, that Manager
may sub-contract to a Qualified Manager any or all of the management responsibilities of Manager under the Management Agreement
pursuant to a sub-management agreement, provided, that (1) the fees and charges payable under any such sub-management agreement
do not exceed the management fees and charges payable to Manager under the Management Agreement and are the sole obligation of
Manager, (2) any sub-management agreement terminates in the event of a termination of the Management Agreement, and (3) Mortgage
Borrower shall not have any obligations or liabilities under any such sub- management agreement.


 






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(d)   Borrower shall, from time to time, use commercially reasonable efforts to cause Mortgage Borrower to obtain from Manager
such certificates of estoppel with respect to compliance by Mortgage Borrower with the terms of the Management Agreement as may
be requested by Lender.


 


(e)   In the event that the Management Agreement is scheduled to expire at any time during the term of the Loan, then, unless
the Management Agreement is subject to automatic renewals without any action to be taken on the part of any Person (and the Management
Agreement is in fact automatically extended) Borrower shall (or shall cause Mortgage Borrower to) submit to Lender by no later
than forty-five (45) days prior to such expiration an extension of the Management Agreement or a draft replacement management agreement
for approval in accordance with the terms and conditions hereof.


 


(f)   Borrower
shall have the right to permit Mortgage Borrower to replace Manager and either consent to the assignment of Manager’s rights
under the Management Agreement or enter into a Qualified Management Agreement with such replacement Manager, in each case, to
the extent that (i) no Event of Default has occurred and is continuing, (ii) Lender receives, in the case of an assignment to
a Manager who is not an Affiliated Manager, at least thirty (30) days’ and, in the case of an assignment to an Affiliated
Manager, at least fifteen (15) days’ prior written notice of the same, (iii) the applicable New Manager is a Qualified Manager
engaged pursuant to a Qualified Management Agreement (or Lender otherwise consents (not to be unreasonably withheld, conditioned
or delayed) to such replacement New Manager) and (iv) satisfaction of clauses (h) and (i) of this Section 4.15.


 


(g)   Without
limitation of the foregoing, if the Management Agreement is terminated or expires (including, without limitation, pursuant to
the Subordination of Management Agreement), ceases to be in full force or effect or is for any other reason no longer in effect
(including, without limitation, in connection with any Sale or Pledge), then Lender may, subject to the rights of the Mortgage
Lender under the Mortgage Loan Agreement, require Borrower to cause Mortgage Borrower to engage, in accordance with the terms
and conditions set forth herein and in the Subordination of Management Agreement, a New Manager to manage the Property, which
such New Manager shall be a Qualified Manager and shall be engaged pursuant to a Qualified Management Agreement.


 


(h)   As conditions precedent to any engagement of a New Manager hereunder, (i)  such
New Manager, Borrower and Mortgage Borrower shall execute a subordination of management agreement in form and substance
substantially similar to the form attached hereto as Exhibit A or otherwise reasonably acceptable to Lender and (ii)
to the extent that a Non-Consolidation Opinion was previously delivered, to the extent that such New Manager is an Affiliated
Manager, if requested in writing by Lender, Borrower shall deliver to Lender a New Non-Consolidation Opinion with respect to
such New Manager and new management agreement.


 






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(i)   To the extent Lender has any approval or consent rights under this Section 4.15  with
respect to a replacement Manager, any reasonable out-of-pocket costs expended by Lender pursuant to this Section 4.15 shall
bear interest at the Default Rate from the date that is ten (10) Business Days after Lender demands payment from Borrower for
the same (provided the same have not already been paid) to the date of payment to Lender, shall be deemed to constitute a
portion of the Debt, shall be secured by the lien of the Pledge Agreement and the other Loan Documents and shall be
immediately due and payable upon demand by Lender therefor.


 


Section 4.16. Payment for
Labor and Materials.


 


(a)   Subject
to Section 4.16(b) below, Borrower will cause Mortgage Borrower to promptly pay (or cause to be paid) when due all bills
and costs for labor, materials, and specifically fabricated materials incurred by Mortgage Borrower in connection with the Property
(any such bills and costs, a “Work Charge”), the failure of which to pay could reasonably be expected to have
a Material Adverse Effect.


 


(b)   Borrower
may cause Mortgage Borrower, at its own expense, to contest by appropriate legal proceeding, promptly initiated and conducted
in good faith and with due diligence, the validity of any Work Charge, the applicability of any Work Charge to Mortgage Borrower
or to the Property or any alleged non-payment of any Work Charge and defer paying the same, provided that (i) no Event
of Default has occurred and is continuing; (ii) such proceeding shall be permitted under and be conducted in accordance with the
provisions of any instrument to which Mortgage Borrower is subject and shall not constitute a default thereunder and such proceeding
shall be conducted in accordance with all applicable Legal Requirements; (iii) neither the Property nor any part thereof or interest
therein will be in imminent danger of being sold, forfeited, terminated, cancelled or lost nor shall there be any risk of the
lien of the Security Instrument and/or the Pledge Agreement being primed by any lien as a result of such Work Charge; (iv) Borrower
shall promptly upon final determination thereof pay (or cause to be paid) any such contested Work Charge determined to be valid,
applicable or unpaid; (v) such proceeding shall suspend the collection of such contested Work Charge from the Property or Borrower
shall have paid the same (or shall have caused the same to be paid) under protest; and (vi) if the amount in dispute exceeds $150,000
with respect to any individual matter or $1,000,000 in the aggregate, Borrower shall provide evidence reasonably acceptable to
Lender that such liabilities have been satisfactorily bonded over with third parties or Borrower shall furnish (or cause to be
furnished) such security as may be (A) required in the proceeding or (B) if no such security is so required, reasonably requested
by Lender (unless Mortgage Borrower has delivered such security to Mortgage Lender pursuant to Section 4.16(b) of the Mortgage
Loan Agreement and Borrower has provided Lender with evidence of the same), in each case to insure payment of such Work Charge,
together with all interest and penalties payable in connection therewith, provided such amount under clause (B)
shall not be greater than one hundred percent (100%) of the maximum amount reasonably expected by Lender to be payable in the
event such contest is unsuccessful. Lender may apply any such security or part thereof, as necessary to pay for such Work Charge
at any time when, in the reasonable judgment of Lender, the validity, applicability or non-payment of such Work Charge is finally
established or the Property (or any part thereof or interest therein) shall be in imminent danger of being sold, forfeited, terminated,
cancelled or lost or there shall be any danger of the lien of the Security Instrument and/or the Pledge Agreement being primed
by any lien as a result of such Work Charge.


 






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Section
4.17. Performance of Other Agreements. Borrower shall (and shall cause Mortgage Borrower to) observe and perform in all material
respects each and every material term to be observed or performed by such Person pursuant to the terms of any agreement or recorded
instrument binding upon or applicable to the Property or the Collateral (or any portion thereof), or given by Borrower to Lender
for the purpose of further securing the Debt and any amendments, modifications or changes thereto to the extent the failure to
observe and perform any of the foregoing would have a Material Adverse Effect.


 


Section
4.18. Debt Cancellation. Borrower shall not cancel or otherwise forgive or release any claim or debt (other than termination
of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course
of Borrower’s business, except to the extent such cancellation, forgiveness or release would not have a Material Adverse
Effect.


 


Section 4.19. ERISA.


 


(a)   
Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder
(or the exercise by Lender of any of its rights hereunder or under the other Loan Documents) to be a non-exempt prohibited transaction
under ERISA that could reasonably be expected to result in material liability to the Borrower.


 


(b)   
Borrower further covenants and agrees to annually deliver to Lender such certifications or other evidence throughout the
term of the Pledge Agreement, to the extent reasonably requested by Lender, that (i) Borrower is not an “employee benefit
plan” as defined in Section 3(3) of ERISA, or other retirement arrangement, which is subject to Title I of ERISA or Section
4975 of the IRS Code, or a “governmental plan” within the meaning of Section 3(32) of ERISA; (ii) transactions with
Borrower hereunder or under the other Loan Documents are not in violation of state statutes regulating investments and fiduciary
obligations with respect to governmental plans; and (iii) one or more of the following circumstances is true:


 


(A)   Equity
interests in Borrower are publicly offered securities, within the meaning of 29 C.F.R. § 2510.3-101(b)(2);


 


(B)    Less
than twenty-five percent (25%) of the value of each outstanding class of equity interests in Borrower are held by “benefit
plan investors” within the meaning of 29 C.F.R.§ 2510.3-101(f)(2), as modified by Section 3(42) of ERISA; or


 






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(C)    Borrower
qualifies as an “operating company” or a “real estate operating company” within the meaning of 29 C.F.R
 § 2510.3-101(c) or (e) or an investment company registered under The Investment Company Act of 1940, as amended.


 


(c)   
Borrower shall not maintain, sponsor, contribute to or become obligated to contribute to any Plan. Borrower will not, so
as to result, directly or indirectly, in any material liability to Borrower, (i) engage, and will exercise its best efforts not
to permit any of its ERISA Affiliates to engage, in any prohibited transaction (within the meaning of ERISA Section 406 or IRS
Code Section 4975) for which an exemption is not available or has not previously been obtained from the United States Department
of Labor, (ii) fail to meet the minimum funding standard set forth in Section 302(a) of ERISA and Section 412(a) of the IRS Code
with respect to any Pension Plan other than a Multiemployer Plan, (iii) fail to make any payments to a Multiemployer Plan that
Borrower or any ERISA Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law pertaining
thereto, (iv) terminate any Pension Plan, or (v) permit to exist any occurrence of any reportable event described in Title IV of
ERISA with respect to any Pension Plan, other than an event for which the thirty (30) day notice requirements have been waived
by regulations. Borrower shall notify Lender promptly if it becomes aware that any of the foregoing clauses in this paragraph becomes
untrue.


 


Section 4.20.
No Joint Assessment. Borrower shall not, and shall not permit Mortgage Borrower to, suffer, permit or initiate the joint assessment
of the Property with (a) any other real property constituting a tax lot separate from the Property, or (b) any portion of the Property
which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against
such personal property shall be assessed or levied or charged to the Property.


 


Section
4.21. Alterations. Lender’s prior approval (not to be unreasonably withheld, conditioned or delayed (other than in
the case of an alteration that is reasonably likely to have a Material Adverse Effect)) shall be required in connection with
any alterations to any Improvements (a)   that are
reasonably likely to have a Material Adverse Effect, (b) the cost of which (including any related alteration, improvement or
replacement) is reasonably anticipated to exceed the Alteration Threshold, or (c) that affect the structural integrity of the
Improvements; provided that Lender’s consent shall not be required for alterations that are (1) Required Repairs
or alterations required for life/safety purposes or required by applicable law, (2) decorative work performed in the ordinary
course of Mortgage Borrower’s business, (3) those items set forth on Schedule XI attached hereto or any other
alteration by Borrower or a Tenant pursuant to an existing Lease or a Lease entered into in accordance with the terms of this
Agreement, (4) performed in connection with the Restoration of the Property after the occurrence of a Casualty or
Condemnation in accordance with the terms and provisions of this Agreement, (5) specifically provided for in an Approved
Annual Budget to the extent such budget has been approved (or deemed approved) by Lender during a Trigger Period, or (6)
otherwise consented to by Lender (the alterations described in clauses (1) through (6), the “Approved
Alterations”). To the extent that the Deemed Approval Requirements are fully satisfied in connection with a
Borrower request for such consent in accordance with the foregoing sentence and Lender thereafter fails to respond, such
Person’s approval shall be deemed given. If the total unpaid amounts incurred and to be incurred with respect to any
alterations (other than the Approved Alterations) to the Improvements shall at any time exceed the Alteration Threshold,
Borrower shall promptly, upon Lender’s request, deliver to Lender as security for the payment of such amounts in excess
of the Alteration Threshold and as additional security for Borrower’s obligations under the Loan Documents any of the
following (unless Mortgage Borrower has delivered such security to Mortgage Lender pursuant to Section 4.21   of
the Mortgage Loan Agreement and Borrower has provided Lender with evidence of the same): (i) cash, (ii) U.S. Obligations,
(iii) other security reasonably acceptable to Lender (provided that, if such alteration occurs after a Securitization,
Lender shall have received a Rating Agency Confirmation as to the form and issuer of same), or (iv) a completion bond
reasonably acceptable to Lender (provided that, if such alteration occurs after a Securitization, Lender shall have
received a Rating Agency Confirmation as to the form and issuer of same); provided, however, Lender shall not
require any additional security if Guarantor has executed a guaranty reasonably acceptable to Lender with respect to the
amount equal to the excess of the total unpaid amounts incurred and to be incurred with respect to such alterations to the
Improvements over the Alteration Threshold; provided further, however, Borrower shall elect either (selection
of which option shall be at Borrower’s election) to (x) post such security with Lender or (y) provide the foregoing
guaranty. Any such security provided to Lender will be released on a percentage basis equal to Mortgage Borrower’s
completion of the alteration for which the security was provided.


 






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Section 4.22. Parking Management
Agreements.


 


(a)   Borrower
shall cause Mortgage Borrower to (i) diligently and promptly perform, observe and enforce all of the material terms, covenants
and conditions of the Parking Management Agreement and the Parking Structure Management Agreement on the part of Mortgage Borrower
to be performed, observed and enforced, (ii) promptly notify Lender of any default (other than those of a de minimis nature)
under the Parking Management Agreement or Parking Structure Management Agreement of which Mortgage Borrower is aware; (iii) [reserved];
(iv) promptly give notice to Lender of any written notice or credible information that Mortgage Borrower receives which indicates
that Parking Manager is terminating the Parking Management Agreement or Parking Structure Management Agreement or that Manager
is otherwise discontinuing its services at the Property; and (v) promptly enforce the performance and observance of all of the
covenants (other than those of a de minimis nature) required to be performed and observed by Parking Manager or any other
Person under the Parking Management Agreement and Parking Structure Management Agreement.


 


(b)   Borrower
shall not and shall not permit Mortgage Borrower to, without the prior written consent of Lender (not to be unreasonably withheld,
conditioned or delayed), except in accordance with Sections 4.22(e) and (g) below, (i) surrender, terminate or cancel
the Parking Management Agreement or Parking Structure Management Agreement; (ii) consent to any assignment of the Parking Manager’s
interest under the Parking Management Agreement or Parking Structure Management Agreement; (iii) replace Parking Manager or enter
into any other management agreement with respect to parking services at the executive garage at the Property; (iv) increase or
consent to the increase of the management fees or any other material fees or charges under the Parking Management Agreement or
Parking Structure Management Agreement; or (v) otherwise modify, change, alter or amend, in any material respect, or waive or
release any of its material rights and remedies under, the Parking Management Agreement or Parking Structure Management Agreement
in any material respect.


 






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(c)   During the continuance of an Event of Default under the Loan Documents, subject to the rights of Mortgage Lender under the
Mortgage Loan Agreement, without limiting the generality of the other provisions of this Agreement, and without waiving or releasing
Borrower from any of its obligations hereunder, Lender shall have the right, but shall be under no obligation, to pay any sums
and to perform any act or take any action reasonably necessary to cause all the terms, covenants and conditions of the Parking
Management Agreement and the Parking Structure Management Agreement on the part of Mortgage Borrower to be performed or observed
to be promptly performed or observed on behalf of Mortgage Borrower, to the end that the rights of Mortgage Borrower in, to and
under the Parking Management Agreement and the Parking Structure Management Agreement shall be kept unimpaired and free from default.
Upon prior written notice to Borrower, Lender and any Person designated by Lender shall have, and are hereby granted, the right
to enter upon the Property during the continuance of an Event of Default for the purpose of taking any such action. If Parking
Manager shall deliver to Lender a copy of any notice sent to Mortgage Borrower of default under the Parking Management Agreement
or the Parking Structure Management Agreement, such notice shall constitute full protection to Lender for any action taken or omitted
to be taken by Lender in good faith, in reliance thereon. Borrower shall not and shall not cause or permit Mortgage Borrower to
permit Parking Manager to sub-contract to a third party (other than an Affiliate) any or all of its management responsibilities
under the Parking Management Agreement or Parking Structure Management Agreement except to a Qualified Parking Manager.


 


(d)   Borrower
shall, from time to time, use commercially reasonable efforts to cause Mortgage Borrower to obtain from Parking Manager such certificates
of estoppel with respect to compliance by Mortgage Borrower with the terms of the Parking Management Agreement as may be requested
by Lender, provided that Borrower shall not be required cause Mortgage Borrower to deliver such certificates more frequently
than one (1) time in any calendar year.


 


(e)   In the event that the Parking Management Agreement is scheduled to expire at any time during the term of the Loan, then,
unless the Parking Management Agreement is subject to automatic renewals without any action to be taken on the part of any Person
(and the Parking Management Agreement is in fact automatically extended) Borrower shall (or shall cause Mortgage Borrower to) submit
to Lender by no later than thirty (30) days prior to such expiration an extension of the Parking Management Agreement or a draft
replacement management agreement for approval in accordance with the terms and conditions hereof.


 


(f)   Borrower
shall have the right to cause or permit Mortgage Borrower to replace Parking Manager and either consent to the assignment of Parking
Manager’s rights under the Parking Management Agreement and/or Parking Structure Management Agreement or enter into a Qualified
Parking Management Agreement with such replacement Parking Manager, in each case, to the extent that (i) no Event of Default has
occurred and is continuing, (ii) Lender receives, in the case of an assignment to a Parking Manager who is not an Affiliated Parking
Manager, at least thirty (30) days’ and, in the case of an assignment to an Affiliated Parking Manager, at least fifteen
(15) days’ prior written notice of the same, (iii) the applicable new Parking Manager is a Qualified Parking Manager engaged
pursuant to a Qualified Parking Management Agreement (or Lender otherwise consents (not to be unreasonably withheld, conditioned
or delayed) to such replacement new Parking Manager) and (iv) satisfaction of clause (h) of this Section 4.22.


 






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(g)   Without
limitation of the foregoing, if the Parking Management Agreement is terminated or expires (including, without limitation, pursuant
to the Subordination of Parking Management Agreement), ceases to be in full force or effect or is for any other reason no longer
in effect (including, without limitation, in connection with any Sale or Pledge), then Lender may require Borrower to cause Mortgage
Borrower to engage, in accordance with the terms and conditions set forth herein and in the Subordination of Parking Management
Agreement, a new parking manager to perform the services previously performed by the Parking Manager, which such new parking manager
shall become the “Parking Manager” pursuant to this agreement and any such replacement parking management agreement
approved by Lender shall become the “Parking Management Agreement” hereunder.


 


(h)   As conditions precedent to any engagement of a new parking manager hereunder, (i) such new parking manager and Borrower
shall execute a subordination of parking management agreement in form and substance substantially similar to the Subordination
of Parking Management Agreement or otherwise reasonably acceptable to Lender and (ii) to the extent that a Non-Consolidation Opinion
was previously delivered, to the extent that such new parking manager is an Affiliate of Borrower, if requested in writing by Lender,
Borrower shall deliver to Lender a New Non-Consolidation Opinion with respect to such new parking manager and new parking management
agreement.


 


Section
4.23. Appraisals. Lender shall have the right to obtain a new or updated Appraisal of the Property (and/or any portions thereof)
from time to time. Borrower shall (and shall cause Mortgage Borrower to) cooperate with Lender in this regard, provided,
however, only if the appraisal is obtained at such time as an Event of Default exists shall Borrower pay for any such appraisal
upon Lender’s request.


 


Section
4.24 Contractual Obligations. Borrower will not enter into any agreement, instrument, or undertaking other than (a) the Loan
Documents, (b) the organizational documents of Borrower and the organizational documents of Mortgage Borrower and/or (c) agreements
to provide for independent manager services and agent for service of process services provided by Corporation Service Company (or
any replacement thereof permitted hereunder).


 


Section 4.25. Collective
Bargaining Agreements.


 


(a)   
 Promptly upon Borrower’s or Mortgage Borrower’s receipt of the same, Borrower shall (or shall cause Mortgage
Borrower to) provide Lender with copies of the following: (i) any notice from any Multiemployer Plan to which Borrower, Mortgage
Borrower, or Manager is obligated to contribute that such Multiemployer Plan is determined to be in critical or endangered status,
and (ii) any notice or demand to Borrower, Mortgage Borrower, or Manager from any Multiemployer Plan regarding Borrower’s,
Mortgage Borrower’s, or Manager’s actual or potential withdrawal liability under such Multiemployer Plan.


 






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(b)   
To the extent required pursuant to the terms of any CBA, Borrower shall cause Mortgage Borrower to comply, and shall cause
Mortgage Borrower to require the Manager (or any New Manager, if applicable) to comply, in all material respects with such agreements.
Without limiting the foregoing, Borrower shall not, and shall ensure that Mortgage Borrower and Manager (or any New Manager, if
applicable) not, incur any material withdrawal liability under any CBA or any other agreement with any labor union.


 


Section
4.26. CFIUS Covenants. With respect to the Property, Borrower shall (and shall cause Mortgage Borrower and each direct or indirect
constituent owner that is controlled by or under common control with Borrower or Mortgage Borrower to) comply with any applicable
obligation under the CFIUS Laws. Moreover, during the term of this Agreement, Borrower agrees not to cause or permit Mortgage Borrower
to engage in any transaction with respect to the Property that would be subject to CFIUS jurisdiction (including, but not limited
to, selling any ownership interest in the Property to another party) unless and until approved by Lender.


 


Section 4.27. [Intentionally
Omitted.]


 


Section 4.28. Ernst & Young Plaza Integration
Agreements.


 


(a)    Lender
hereby acknowledges and agrees that, notwithstanding anything to the contrary contained in this Agreement or any other Loan
Document, in connection with the integration of the Property with the remainder of the Ernst & Young Plaza Development,
the Property is subject to the Ernst & Young Plaza Integration Agreements. Subject to the terms of this Section
4.28, Borrower may cause or permit Mortgage Borrower to, without Lender’s prior approval, enter into, amend,
restate, supplement or otherwise modify and record the Ernst & Young Plaza Integration Agreements and modifications
and/or amendments to the Ernst & Young Plaza Integration Agreements so long as each such modification and/or amendment
does not (i) if and to the extent any such agreements contain a cost sharing allocation among the Ernst & Young Plaza
Owners, increase Mortgage Borrower’s proportionate share of costs or expenses under any Ernst & Young Plaza
Integration Agreement by more than a de minimis extent, (ii) adjust or modify the method of allocating revenues and
expenses among the Ernst & Young Plaza Owners from the allocations in effect as of the Closing Date in a manner that
increases Mortgage Borrower’s proportionate share of costs or expenses or decreases Mortgage Borrower’s
proportionate share of revenues by more than a de minimis extent, (iii) adversely modify any rights or protections
afforded to mortgagees or mezzanine lenders under any Ernst & Young Plaza Integration Agreement, (iv) modify or amend any
provisions related to insurance in a manner that would (A) decrease insurance coverage under any Ernst & Young Plaza
Integration Agreement or (B) modify any provisions relating to allocation of insurance proceeds or responsibility between the
parties thereto, (v) modify or amend any provisions related to restoration following a Casualty or Condemnation in any manner
which would increase Mortgage Borrower’s obligations or decrease Mortgage Borrower’s benefits thereunder, (vi)
modify or amend any provisions in a manner which would reduce or diminish the approval rights of Mortgage Borrower over any
matter set forth in the applicable Ernst & Young Plaza Integration Agreement, or (vii) otherwise have a Material Adverse
Effect. Within five (5) Business Days following any modification and/or amendment to the Ernst & Young Plaza Integration
Agreements, Borrower shall (or shall cause Mortgage Borrower to) deliver to Lender a copy of such amendment and/or
modification together with a certification from an authorized signatory or officer that such modification and/or amendment
complies with the terms of this Agreement and the Mortgage Loan Agreement. Notwithstanding the foregoing or anything to the
contrary contained herein, Borrower shall be permitted cause or permit Mortgage Borrower to amend or terminate the
Owner’s REA and Sub-REA, subject to, and in accordance with, the terms of Schedule VI attached hereto (an
 “Amended REA”).


 






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(b)   
In addition to Lender’s other consent rights as specified in this Agreement, unless the following actions are required
to effect a matter expressly required by Legal Requirements, Borrower shall not cause or permit Mortgage Borrower to exercise any
other material approval, consent or voting right to which it is entitled under the Ernst & Young Plaza Integration Documents,
that would reasonably be expected to result in a Material Adverse Effect or otherwise increase Borrower’s obligations or
diminish its rights under any Ernst & Young Plaza Integration Document, in each case, without obtaining Lender’s prior
written consent, which consent shall not be unreasonably withheld, conditioned or delayed.


 


(c)   
Upon Lender’s request, Borrower shall, or shall cause Mortgage Borrower and its applicable Affiliates to provide any
notice and satisfy any other requirements, including, without limitation, annual reporting requirements, that Borrower, Mortgage
Borrower, or such Affiliate is required to satisfy under each Ernst & Young Plaza Integration Agreement, other Permitted Encumbrances
or any other Material Agreement entered into by Mortgage Borrower or its Affiliates encumbering the Property, in each case, in
order for Mortgage Lender to obtain and maintain any mortgagee rights and protections available to a mortgagee under such documents.


 


(d)    Borrower
shall cause Mortgage Borrower to (i) pay all sums required to be paid by Mortgage Borrower under each Ernst & Young Plaza
Integration Agreement, (ii) diligently perform and observe in all material respects all of the terms, covenants and
conditions of each Ernst & Young Plaza Integration Agreement on the part of Mortgage Borrower and diligently enforce in a
commercially reasonable manner all of the material terms, covenants and conditions of each Ernst & Young Plaza
Integration Agreement, and (iii) promptly notify Lender of the receipt of (and deliver to Lender a true copy of) any written
notice from any third party under any Ernst & Young Plaza Integration Agreement of any material default by Mortgage
Borrower thereunder. Borrower shall not cause or permit Mortgage Borrower to, without the prior consent of Lender, which
consent shall not be unreasonably withheld, conditioned or delayed, surrender any material right under any Ernst & Young
Plaza Integration Agreement or terminate or cancel any Ernst & Young Plaza Integration Agreement, in each case, that
could reasonably be expected to have a Material Adverse Effect, except in connection with an Amended REA pursuant to Section
4.28(a) above.


 


(e)   
All actions taken by Lender in connection with this Section 4.28, including, without limitation, the review, approval
and/or negotiation of any Ernst & Young Plaza Integration Agreement, shall be at the sole cost and expense of Borrower.


 






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Section
4.29. Material Agreements. Borrower shall, and shall cause Mortgage Borrower to, duly and punctually perform and comply with
any and all material representations, warranties, covenants and agreements expressed as binding upon Borrower or Mortgage Borrower
under any Material Agreement to which Borrower or Mortgage Borrower is a party or is bound. Borrower shall not, and shall not permit
Mortgage Borrower to, without the prior written consent of Lender, not to be unreasonably withheld, conditioned or delayed, enter
into any new Material Agreement or execute material adverse modifications to any then existing Material Agreements. To the extent
the Deemed Approval Requirements are fully satisfied in connection with a Borrower request for such consent in accordance with
the foregoing sentence and Lender thereafter fails to respond, Lender’s approval shall be deemed given with respect to the
matter for which approval was requested.


 


Section
4.30. Notices. Borrower shall give notice, or cause notice to be given to Lender promptly upon Borrower obtaining actual knowledge
of any Mortgage Loan Event of Default under any Mortgage Loan Document.


 


Section
4.31. Special Distributions. On each date on which amounts are required to be paid to Lender under any of the Loan Documents,
Borrower shall, to the extent such action is permitted under the Mortgage Loan Documents, exercise its rights under the Mortgage
Borrower Operating Agreement to cause Mortgage Borrower to make to Borrower a distribution in an aggregate amount such that Lender
shall receive the amount required to be paid to Lender on such date, provided there is sufficient cash flow from operation of the
Property and provided further that no direct or indirect constituent member of such entity or any Affiliate shall be required to
make an additional capital contribution to satisfy such obligation. Notwithstanding the foregoing and for the avoidance of doubt,
the insufficiency of cash flow from the operation of the Property shall not absolve Borrower of the obligation to make any payments
as and when due pursuant to the Loan Documents, and such obligations shall be separate and independent and not conditioned on any
event or circumstance whatsoever.


 


Section 4.32. Curing.


 


(a)   Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, but shall not have the
obligation, to exercise Borrower’s rights, if any, as the sole member of Mortgage Borrower to cause Mortgage Borrower
(i) to cure a Mortgage Loan Event of Default and (ii) to satisfy any liens, claims or judgments against the Property if the
same has resulted in a Mortgage Loan Event of Default. All sums so paid and the costs and expenses incurred by Lender in
exercising rights under this Section 4.32 (including reasonable attorneys’ fees) (v) shall constitute additional
advances of the Loan to Borrower, (w) shall increase the then unpaid principal, (x) shall bear interest at the Default Rate
for the period from the date that such costs or expenses were incurred to the date of payment to Lender, (y) shall constitute
a portion of the Debt, and (z) shall be secured by the Loan Documents. In the event that Lender makes any payment in respect
of the Mortgage Loan in connection with the exercise of its rights pursuant to this Section, Lender shall be subrogated to
all of the rights of Mortgage Lender under the Mortgage Loan Documents against the Property and Mortgage Borrower to the
extent of such payment, without limitation to any other rights Lender may have under the Loan Documents or applicable law.
Notwithstanding the foregoing, unless and to the extent Lender has foreclosed on the Collateral pursuant to the Pledge
Agreement and/or other Security Documents, any Mortgage Loan Event of Default which is not cured prior to the expiration of
any applicable grace, notice or cure period afforded to Mortgage Borrower under the Mortgage Loan Documents shall constitute
an Event of Default hereunder, without regard to any subsequent payment or performance of any such obligations by Lender.


 






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(b)   Borrower
hereby indemnifies Lender from and against all actual liabilities, obligations, losses, damages, penalties, assessments, actions,
or causes of action, judgments, suits, claims, demands, costs, expenses (including attorneys’ and other professional fees,
whether or not suit is brought, and settlement costs) and disbursements of any kind or nature whatsoever which may be imposed
on, incurred by or asserted against Lender as a result of the foregoing actions other than any liabilities, obligations, losses,
damages, penalties, assessments, actions, or causes of action, judgments, suits, claims, demands, costs, expenses (including attorneys’
and other professional fees, whether or not suit is brought, and settlement costs) and disbursements resulting from the gross
negligence or willful misconduct of Lender. Lender shall not have an obligation to Borrower, Guarantor, Mortgage Borrower or any
other party to make any such payment or performance. Borrower shall not impede, interfere with, hinder or delay, and shall not
permit Mortgage Borrower to impede, interfere with, hinder or delay, any effort or action on the part of Lender to cure any default
or asserted default under the Mortgage Loan, or to otherwise protect or preserve Lender’s interests in the Loan and the
Collateral following a Mortgage Loan Event of Default.


 


(c)   If Lender shall receive a copy of any notice of default under the Mortgage Loan Documents sent by Mortgage Lender to Mortgage
Borrower, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender, in good
faith, in reliance thereon.


 


(d)   For the purpose of carrying out the provisions and exercising the rights, powers and privileges granted in this Section,
upon the occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably constitutes and appoints Lender
its true and lawful attorney-in-fact to, during the continuance of an Event of Default, execute, acknowledge and deliver any instruments
and do and perform any acts such as are referred to in this Section in the name and on behalf of Borrower. This power of attorney
is a power coupled with an interest and cannot be revoked.


 



Section 4.33. Mortgage Borrower Covenants. Borrower shall cause Mortgage Borrower to comply with all obligations with
which Mortgage Borrower has covenanted to comply under the Mortgage Loan Agreement and all other Mortgage Loan Documents
(including, without limitation, those certain affirmative and negative covenants set forth in Article 4 of the Mortgage Loan
Agreement) whether the Mortgage Loan has been repaid or the related Mortgage Loan Document terminated, unless otherwise
consented to in writing by Lender (provided, that, in the event the Mortgage Loan is no longer outstanding, Borrower shall
not be required to cause Mortgage Borrower to comply with provisions that are no longer relevant).


 






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Section
4.34. Limitations on Distributions. Subject to Section 4.31 hereof, following the occurrence and during the continuance
of an Event of Default, Borrower shall not make any distributions to its members. If any distributions shall be received by Borrower
or any Affiliate of Borrower after the occurrence and during the continuance of an Event of Default, Borrower shall hold, or shall
cause the same to be held, in trust for the benefit of Lender.


 


Section 4.35.
Limitations on Securities Issuances. Without the prior written consent of Lender, none of Borrower, Mortgage Borrower or Mortgage
SPE Component Entity nor any of their respective subsidiaries shall issue any limited partnership interests or liability company
interests or other securities other than those that have been issued as of the date hereof.


 


Section
4.36. Other Limitations. Prior to the payment in full of the Debt, neither Borrower nor any of its Affiliates shall give its
consent or approval to, or permit Mortgage Borrower to take, any of the following actions or items:


 


 (a)    the distribution by Mortgage Borrower to Borrower of property other than cash;







 


 (b)    a refinancing or other prepayment of the Mortgage Loan (except in accordance with the express terms and conditions of this Agreement);







 


(c)   the modification, amendment, waiver or termination to or of any of the Mortgage Loan Documents or the Mortgage Borrower
Operating Agreement or the other Organizational Documents of Mortgage Borrower or Mortgage SPE Component Entity (except to the
extent such modifications and amendments are required to be made pursuant to the terms of the Mortgage Loan Agreement or are otherwise
not material and do not adversely affect Lender (including, without limitation, replacing any member of the Board of Managers thereof
to the extent permitted by the Mortgage Loan Documents)). Borrower shall cause Mortgage Borrower to provide Lender or with a copy
of any amendment, waiver, modification or termination to or of the Mortgage Loan Documents within (5) days after the execution
thereof whether or not the same is permitted pursuant to the terms hereof; or


 


(d)   except
in accordance with Section 4.12 hereof, during the continuance of a Trigger Period, approve the terms of the Annual Budget.


 


Section
4.37. Acquisition of the Mortgage Loan. Lender shall have the right at any time to acquire all or any portion of the
Mortgage Loan without notice or consent of Borrower, Mortgage Borrower, Guarantor or any other Borrower Party, in which event
Lender shall have and may exercise all rights of Mortgage Lender thereunder (to the extent of its interest), including the
right (a) upon the occurrence and during the continuance of a Mortgage Loan Event of Default, to declare that the Mortgage
Loan is due and payable, (b) upon the occurrence and during the continuance of a Mortgage Loan Event of Default, to
accelerate the Mortgage Loan indebtedness in accordance with the terms thereof and (c) to pursue all remedies against any
obligor under the Mortgage Loan Documents in accordance with the terms thereof. In addition, to the extent permitted by
applicable law, Borrower hereby expressly agrees that any counterclaims (other than a compulsory counterclaim), defenses
(other than defenses raised in good faith in connection with any exercise of remedies) or offsets of any kind which Mortgage
Borrower or any other Person may have against Mortgage Lender relating to or arising out of the Mortgage Loan prior to the
date of such assignment, shall be the personal obligation of Mortgage Lender and in no event shall Mortgage Borrower be
entitled to bring, pursue or raise any such counterclaims, defenses or offsets against Lender or any Affiliate of any of them
or any other Person as the successor holder of the Mortgage Loan or any interest therein from any liability that predates the
assignment to Lender or provided that Mortgage Borrower may seek specific performance of its contractual rights under the
Mortgage Loan Documents.


 






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Section 4.38.
Bankruptcy Related Covenants. To the extent permitted by applicable law, Borrower shall not, nor shall Borrower cause Mortgage
Borrower or Mortgage SPE Component Entity to, seek substantive consolidation of Borrower, Mortgage Borrower or Mortgage SPE Component
Entity into the bankruptcy estate of Guarantor or Sponsor in connection with a proceeding under the Bankruptcy Code or under any
other federal, state or foreign insolvency law involving Guarantor or Sponsor.


 


ARTICLE 5.


 


ENTITY COVENANTS


 


Section 5.1.
Single Purpose Entity/Separateness.


 


(a)   Borrower will not do, and hereby represents and warrants to Lender that it has not done since the date of its formation,
any of the following:


 


(i)   engage
in any business or activity other than the ownership and management of the Collateral and activities incidental thereto. Borrower
has been, is and will be organized for the purpose of ownership and management of the Collateral, investing the equity capital
that was contributed to Borrower by the sole member of Borrower at such time in compliance with the provisions of this Article
5, and activities incidental thereto. No equity capital was raised by Borrower other than equity capital that was contributed
by its sole member. For the avoidance of doubt, there has been no direct or indirect commercial activity by Borrower or a person
or entity acting on its behalf to procure the transfer or commitment of capital by the sole member of Borrower for the purpose
of investing it in accordance with the provisions of this Article 5;


 


 (ii)    acquire or own any assets other than the Collateral;




 


(iii)   divide
or otherwise engage in or permit any Division or have the power to engage in or permit any Division, merge into or consolidate
with any Person, or, to the fullest extent permitted by law, dissolve, terminate, liquidate in whole or in part, transfer or otherwise
dispose of all or substantially all of its assets or change its legal structure, other than, in each case, such activities as
are contemplated or permitted pursuant to any provision of this Agreement or of any of the other Loan Documents;


 






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(iv)   fail
to observe all organizational formalities, or fail to preserve its existence as an entity duly organized, validly existing and
in good standing (if applicable) under the applicable Legal Requirements of the jurisdiction of its organization or formation,
and will not, without the prior written consent of Lender, amend (except as otherwise expressly permitted hereunder), modify,
terminate or fail to comply with the provisions of its organizational documents;


 


(v)   own
any subsidiary, or make any investment in, any Person (other than (A) with respect to any SPE Component Entity, in the Borrower
or (B) with respect to Borrower, Mortgage Borrower and any Mortgage SPE Component Entity);


 


 (vi)    commingle its funds or assets with the funds or assets of any other Person;







 


(vii)   incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than
Indebtedness not to exceed $10,000 and not material in the aggregate that is necessary to Borrower’s activities as the
equity owner of Mortgage Borrower. Other than Permitted Encumbrances, no Indebtedness other than the Mortgage Debt may be
secured (senior, subordinate or pari passu) by the Property. No Indebtedness other than the Debt may be secured
(senior, subordinate or pari passu) by the Collateral;


 


(viii)  
fail to maintain all of its books of account, records, financial statements, accounting records, other entity documents
and bank accounts separate and apart from those of any other Person (including, without limitation, any Affiliates). None of Borrower’s
assets have been or will be listed as assets on the financial statement of any other Person; provided, however, that,
notwithstanding the foregoing, Borrower’s assets may be included in a consolidated and/or combined financial statement of
its Affiliates provided that: (1) appropriate notation shall be made on such consolidated financial statements to indicate
the separateness of Borrower from such Affiliates and to indicate that Borrower’s assets and credit are not available to
satisfy the debts and other obligations of such Affiliates or any other Person and (2) such assets shall be listed on Borrower’s
own separate balance sheet. Borrower has maintained and will maintain its books of account, records, financial statements, accounting
records, other entity documents, resolutions and agreements as official records;


 


(ix)    enter
into any transaction, contract or agreement with any member, principal or Affiliate except (i) (A) agreements entered into
prior to the date hereof which are no longer in effect and (B) as may have been approved in writing by Lender in its sole and
absolute discretion and (ii) in the ordinary course of business and upon terms and conditions that are intrinsically fair,
commercially reasonable and substantially similar to those that would be available on an arm’s-length basis with
unaffiliated third parties;


 






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(x)   
maintain its assets in such a manner that it will make it costly or difficult to segregate, ascertain or identify its individual
assets from those of any other Person;


 


(xi)   
assume or guaranty the debts or obligations of any other Person, hold itself out to be responsible for the debts or obligations
of any other Person, or otherwise pledge its assets or credit for the benefit of any other Person or hold out its assets or credit
as being available to satisfy the debts or obligations of any other Person;


 


 (xii)    make any loans to any Persons;




 


(xiii)   fail to file its own income and other material tax returns separate from those of any other Person (unless prohibited by
applicable Legal Requirements from doing so or except to the extent Borrower is treated as a “disregarded entity” for
tax purposes and is not required to file such tax returns under applicable Legal Requirements) and pay any taxes so required to
be paid by Borrower under applicable Legal Requirements (to the extent there is sufficient cash flow from the Collateral to do
so);


 


(xiv)   fail to (A) hold itself out to the public and identify itself, in each case, as a legal entity separate and distinct from
any other Person and not as a division, department or part of any other Person, (B) conduct its business solely in its own name,
(C) hold its assets solely in its own name or (D) correct any known misunderstanding regarding its separate identity;


 


(xv)   fail to intend to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size
and character and in light of its contemplated business operations (to the extent there exists sufficient cash flow from the Collateral
to do so and Lender and Mortgage Lender permit such cash flow to be applied for such purposes (or to the extent funds have been
reserved for such purpose and Lender elects not to apply such amounts towards such purposes or to the extent Borrower’s lack
of access to cash flow from the Property is a result of Lender’s or Mortgage Lender’s exercise of remedies with respect
to such cash flow)); provided, however, that no Person shall be required to make (or prohibited from making) any
direct or indirect additional capital contributions or loans to Borrower in order to comply with the foregoing;


 


(xvi)   without
the prior unanimous written consent of all of its members, the prior unanimous written consent of its board of directors or
managers, as applicable, and the prior written consent of each Independent Manager (regardless of whether such Independent
Manager is engaged at the Borrower or SPE Component Entity level), (a) file or consent to the filing of any petition, either
voluntary or involuntary, to take advantage of any Creditors Rights Laws, (b) seek or consent to the appointment of a
receiver, liquidator or any similar official unless such appointment is sought by Lender, (c) take any action that could
reasonably be expected to cause such entity to become insolvent, (d) make an assignment for the benefit of creditors or (e)
take any Material Action with respect to Borrower or any SPE Component Entity (provided, that, none of any member or
shareholder (as applicable) of Borrower or any SPE Component Entity or any board of directors or managers (as applicable) of
Borrower or any SPE Component Entity may vote on or otherwise authorize the taking of any of the foregoing actions unless, in
each case, there is at least one (1) Independent Manager then serving in such capacity in accordance with the terms of the
applicable organizational documents and each Independent Manager has consented to such foregoing action);


 






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(xvii)  fail to allocate fairly and reasonably shared expenses with its Affiliates (including, without limitation, shared office
space), provided that failure to fairly and reasonably allocate any such shared expenses due to insufficient revenues available
to Borrower from the Property shall not violate this provision, or fail to use separate stationery, invoices and checks bearing
its own name;


 


(xviii)  fail
to intend to remain solvent and pay its own liabilities (including, without limitation, salaries of its own employees, if any)
only from its own funds or assets or fail to maintain a sufficient number of employees (if any) in light of its contemplated business
operations (in each case to the extent there exists sufficient cash flow from the Collateral to do so and Lender and Mortgage
Lender permit such cash flow to be applied for such purposes (or to the extent funds have been reserved for such purpose and Lender
elects not to apply such amounts towards such purposes or Borrower’s lack of access to cash flow from the Property is a
result of Lender’s or Mortgage Lender’s exercise of remedies with respect to such cash flow)); provided, however,
that no Person shall be required to make (or prohibited from making) any direct or indirect additional capital contributions or
loans to Borrower or any SPE Component Entity in order to comply with the foregoing;


 


(xix)   acquire
obligations or securities of its members or other Affiliates, as applicable other than, with respect to any SPE Component Entity,
its interest in the Borrower;


 


(xx)   identify its members or other Affiliates, as applicable, as a division, department or part of it;


 


(xxi)   violate
or cause to be violated the assumptions made with respect to Borrower and its principals in the Non-Consolidation Opinion or in
any New Non- Consolidation Opinion;


 


(xxii)   hold itself out as having agreed to pay indebtedness incurred by any Affiliate;


 






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(xxiii)    other than pursuant to the Environmental Indemnity and the Guaranty, hold out the assets or credit of any Affiliate
as being available to satisfy any of its debts or obligations; or


 


(xxiv)    allow an Affiliate to act in its name, to the extent of its power to do so.


 


(b)    If
Borrower is a partnership or limited liability company (other than an Acceptable LLC), each general partner (in the case of a
partnership) or at least one member (in the case of a limited liability company) of Borrower, as applicable, shall be an Acceptable
LLC (each, an “SPE Component Entity”) whose sole asset is its interest in Borrower. Each SPE Component Entity
(i) will at all times comply with each of the covenants, terms and provisions contained in Sections 5.1(a)(iii) –
(vi) (inclusive), Sections 5.1(a)(viii) – (xxiv) (inclusive), and Sections 5.1(c) and (d)
hereof, as if such representation, warranty or covenant was made directly by such SPE Component Entity; (ii) will not engage
in any business or activity other than owning an interest in Borrower; (iii)  
will not acquire or own any assets other than its partnership, membership, or other equity ownership interest in Borrower;
(iv) will at all times continue to own no less than a 0.5% direct equity ownership interest in Borrower; (v) will not incur any
debt, secured or unsecured, direct or contingent (including guaranteeing any obligation); and (vi) will cause Borrower to comply
with the provisions of this Section 5.1.


 


(c)    In
the event Borrower or any SPE Component Entity is an Acceptable LLC, the limited liability company agreement of Borrower or such
SPE Component Entity (as applicable) (the “LLC Agreement”) shall provide that (i) upon the occurrence of any
event that causes the last remaining member of Borrower or such SPE Component Entity (as applicable) (“Member”)
to cease to be the member of Borrower or such SPE Component Entity (as applicable) (other than upon continuation of Borrower or
such SPE Component Entity (as applicable) without dissolution upon (A) an assignment by Member of all of its limited liability
company interest in Borrower or such SPE Component Entity (as applicable) and the admission of the transferee in accordance with
the Loan Documents and the LLC Agreement or (B) the resignation of Member and the admission of an additional member of Borrower
or such SPE Component Entity (as applicable) in accordance with the terms of the Loan Documents and the LLC Agreement), each person
acting as Independent Manager of Borrower or such SPE Component Entity (as applicable) shall, without any action of any other
Person and simultaneously with the Member ceasing to be the member of Borrower or such SPE Component Entity (as applicable) automatically
be admitted to Borrower or such SPE Component Entity (as applicable) as a member with a zero percent (0%) economic interest (“Special
Member”) and shall continue Borrower or such SPE Component Entity (as applicable) without dissolution, and (ii) Special
Member may not resign from Borrower or such SPE Component Entity (as applicable) or transfer its rights as Special Member unless
(A) a successor Special Member has been admitted to Borrower or such SPE Component Entity (as applicable) as a Special Member
in accordance with requirements of Delaware law and (B) after giving effect to such resignation or transfer, there remains at
least one (1) Independent Manager of such SPE Component Entity or Borrower (as applicable) in accordance with Section 5.2
below. The LLC Agreement shall further provide that (v) Special Member shall automatically cease to be a member of Borrower or
such SPE Component Entity (as applicable) upon the admission to Borrower or such SPE Component Entity (as applicable) of the first
substitute member, (w) Special Member shall be a member of Borrower or such SPE Component Entity (as applicable) that has no interest
in the profits, losses and capital of Borrower or such SPE Component Entity (as applicable) and has no right to receive any distributions
of the assets of Borrower or such SPE Component Entity (as applicable), (x) pursuant to the applicable provisions of the limited
liability company act of the State of Delaware (the “Act”), Special Member shall not be required to make any
capital contributions to Borrower or such SPE Component Entity (as applicable) and shall not receive a limited liability company
interest in Borrower or such SPE Component Entity (as applicable), (y) Special Member, in its capacity as Special Member, may
not bind Borrower or such SPE Component Entity (as applicable) and (z) except as required by any mandatory provision of the Act,
Special Member, in its capacity as Special Member, shall have no right to vote on, approve or otherwise consent to any action
by, or matter relating to, Borrower or such SPE Component Entity (as applicable) including, without limitation, the merger, Division,
consolidation or conversion of Borrower or such SPE Component Entity (as applicable); provided, however, such prohibition
shall not limit the obligations of Special Member, in its capacity as Independent Manager, to vote on such matters required by
the LLC Agreement. In order to implement the admission to Borrower or such SPE Component Entity (as applicable) of Special Member,
each Independent Manager shall execute a counterpart to the LLC Agreement. Prior to its admission to Borrower or such SPE Component
Entity (as applicable) as Special Member, an Independent Manager shall not be a member of Borrower or such SPE Component Entity
(as applicable).


 






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(d)    In
the event Borrower or any SPE Component Entity is an Acceptable LLC, the LLC Agreement shall further provide that (i) upon the
occurrence of any event that causes the Member to cease to be a member of Borrower or such SPE Component Entity (as applicable)
or that causes the last remaining member of Borrower or such SPE Component Entity to cease to be a member of Borrower or such
SPE Component Entity (other than upon continuation without dissolution upon (A) an assignment by the Member of all of its limited
liability company interest in Borrower or such SPE Component Entity and the admission of the transferee in accordance with this
Agreement and the LLC Agreement, or (B) the resignation of the member and the admission of an additional member of the Borrower
or such SPE Component Entity in accordance with the terms of this Agreement and the LLC Agreement) to the fullest extent permitted
by law, the personal representative of such member shall, within ninety (90) days after the occurrence of the event that terminated
the continued membership of such member in Borrower or such SPE Component Entity (as applicable) agree in writing (A) to continue
Borrower or such SPE Component Entity (as applicable) and (B) to the admission of the personal representative or its nominee or
designee, as the case may be, as a substitute member of Borrower or such SPE Component Entity (as applicable) effective as of
the occurrence of the event that terminated the continued membership of such member in Borrower or such SPE Component Entity (as
applicable), (ii) any action initiated by or brought against Member or Special Member under any Creditors Rights Laws shall not
cause Member or Special Member to cease to be a member of Borrower or such SPE Component Entity (as applicable) and upon the occurrence
of such an event, the business of Borrower or such SPE Component Entity (as applicable) shall continue without dissolution and
(iii) each of Member and Special Member waives any right it might have to agree in writing to dissolve Borrower or such SPE Component
Entity (as applicable) upon the occurrence of any action initiated by or brought against Member or Special Member under any Creditors
Rights Laws, or the occurrence of an event that causes Member or Special Member to cease to be a member of Borrower or such SPE
Component Entity (as applicable).


 






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Section 5.2.    Independent
Manager.


 


(a)   
The organizational documents of Borrower (to the extent Borrower is an Acceptable LLC) and each SPE Component Entity, as
applicable, shall provide that at all times there shall be at least one (1) duly appointed independent director or manager of
such entity (the “Independent Manager”) who shall (I) not have been at the time of such individual’s
initial appointment, and shall not have been at any time during the preceding five (5) years, and shall not be at any time while
serving as Independent Manager, (i) a shareholder (or other equity owner) of, or an officer, director (other than in its capacity
as Independent Manager), partner, member (other than as Special Member) or employee of, Borrower, the applicable SPE Component
Entity or any of their respective shareholders, partners, members, subsidiaries or Affiliates, (ii) a customer of, or supplier
to, or other Person who derives any of its purchases or revenues from its activities with, Borrower, the applicable SPE Component
Entity or any of their respective shareholders, partners, members, subsidiaries or Affiliates, (iii) a Person who Controls or
is under common Control with any such shareholder, officer, director, partner, member, employee supplier, customer or other Person,
(iv) a member of the immediate family of any such shareholder, officer, director, partner, member, employee, supplier, customer
or other Person or (v) a trustee or similar Person in any proceeding under Creditors Rights Laws involving Borrower, the applicable
SPE Component Entity or any of their respective shareholders, partners, members, subsidiaries or Affiliates; (II) have, at the
time of its appointment, had at least three (3) years’ experience in serving as an independent director and (III) be employed
by, in good standing with and engaged by Borrower or the applicable SPE Component Entity in connection with, in each case, an
Approved ID Provider. Notwithstanding the foregoing, no Independent Manager shall also serve as an Independent Manager (as such
term is defined in the Mortgage Loan Agreement) for Mortgage Borrower or any Mortgage SPE Component Entity. A natural person who
satisfies the foregoing definition of the “Independent Manager” other than clause (I)(ii) shall not be disqualified
from serving as an Independent Manager of Borrower or any SPE Component Entity if such individual is an independent director,
independent manager or special manager provided by an Approved ID Provider that provides professional independent directors, independent
managers and special managers and also provides other corporate services in the ordinary course of its business.


 






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(b)   
The organizational documents of Borrower and each SPE Component Entity shall further
provide that (I) the board of directors or managers of Borrower and each SPE Component Entity (if any) and the constituent equity
owners of such entities (constituent equity owners, the “Constituent Members”) shall not take any action set
forth in Section 5.1(a)(xvi) or any other action which, under the terms of any organizational documents of Borrower or
any SPE Component Entity, requires the vote of the Independent Manager unless, in each case, at the time of such action there
shall be at least one (1) Independent Manager engaged as provided by the terms hereof and such Independent Manager(s) vote in
favor of or otherwise consent to such action; (II) any resignation, removal or replacement of any Independent Manager shall not
be effective without (1) prior written notice to Lender and the Rating Agencies (which such prior written notice must be given
on the earlier of five (5) days or three (3) Business Days prior to the applicable resignation, removal or replacement) and (2)
evidence that the replacement Independent Manager satisfies the applicable terms and conditions hereof and of the applicable organizational
documents (which such evidence must accompany the aforementioned notice); (III) to the fullest extent permitted by applicable
law, including Section 18-1101(c) of the Act and notwithstanding any duty otherwise existing at law or in equity, the Independent
Managers shall consider only the interests of the Constituent Members and Borrower and each SPE Component Entity (including Borrower’s
and each SPE Component Entity’s respective creditors) in acting or otherwise voting on the matters provided for herein and
in Borrower’s and each SPE Component Entity’s organizational documents (which such fiduciary duties to the Constituent
Members and Borrower and each SPE Component Entity (including Borrower’s and each SPE Component Entity’s respective
creditors), in each case, shall be deemed to apply solely to the extent of their respective economic interests in Borrower or
the applicable SPE Component Entity (as applicable) exclusive of (x) all other interests (including, without limitation, all other
interests of the Constituent Members), (y) the interests of other Affiliates of the Constituent Members, Borrower, and each SPE
Component Entity and (z) the interests of any group of Affiliates of which the Constituent Members, Borrower, or any SPE Component
Entity is a part); (IV) other than as provided in subsection (III) above, the Independent Managers shall not have any fiduciary
duties to any Constituent Members, any directors of Borrower or any SPE Component Entity or any other Person; (V) the foregoing
shall not eliminate the implied contractual covenant of good faith and fair dealing under applicable law; and (VI) to the fullest
extent permitted by applicable law, including Section 18-1101(e) of the Act, an Independent Manager shall not be liable to Borrower,
any SPE Component Entity, any Constituent Member or any other Person for breach of contract or breach of duties (including fiduciary
duties), unless the Independent Manager acted in bad faith or engaged in willful misconduct.


 


Section
5.3.   Change of Name, Identity or Structure. Neither Borrower nor any SPE Component Entity shall change (or permit to be
changed) their respective, and Borrower shall not cause or allow Mortgage Borrower and any Mortgage SPE Component Entity to
change (or permit to be changed) their respective, (a) name, (b) identity (including its trade name or names), (c) principal
place of business as of the Closing Date or (d) such Person’s company, partnership or other structure or state of
formation from a single member limited liability company, without, in each case, notifying Lender of such change in writing
at least thirty (30) days prior to the effective date of such change and, in the case of a change in such Person’s
structure or state of formation, without first obtaining the prior written consent of Lender and, if required by Lender,
following a Securitization, a Rating Agency Confirmation with respect thereto; provided, however, that Borrower
shall at all times be a Delaware single member limited liability company. Borrower hereby authorizes Lender, prior to or
contemporaneously with the effective date of any such change, to file any financing statement or financing statement change
required by Lender to establish or maintain the validity, perfection and priority of the security interest granted herein or
in any other Loan Document. At the request of Lender, Borrower or any SPE Component Entity shall execute a certificate in
form satisfactory to Lender listing the trade names under which such Person intends to own the Collateral, and representing
and warranting that Borrower or the applicable SPE Component Entity does business under no other trade name with respect to
the Collateral.


 






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Section
5.4.   Business and Operations. Borrower will continue to engage in the businesses now conducted by it as and to the extent the
same are necessary for the ownership of the Collateral. Borrower will qualify to do business and will remain in good standing under
the laws of the State and each other applicable jurisdiction in which the Collateral is located, in each case, as and to the extent
the same are required for the ownership of the Collateral.


 


Section 5.5.   Recycled
Entity. Borrower hereby represents and warrants to Lender that: (a)  Borrower
is and always has been duly formed, validly existing and in good standing in the State of Delaware; (b) Borrower has no
judgments or liens of any nature against it that are currently pending and that are reasonably expected to have a Material
Adverse Effect; (c) Borrower is in compliance in all material respects with all laws, regulations and orders applicable to it
and Borrower has received all permits necessary for it to operate and for which a failure to possess would reasonably be
expected to have a Material Adverse Effect; (d) there is no action, suit, proceeding or investigation currently pending or,
to Borrower’s knowledge, threatened in writing against Borrower in any court or by or before any other Governmental
Authority which, if adversely determined, is reasonably expected to result in a Material Adverse Effect with respect to
Borrower; (e) Borrower is not currently involved in any dispute with any taxing authority; (f) [intentionally omitted]; (g)
Borrower has provided Lender with complete financial statements that reflect a fair and accurate view of the financial
condition of the Collateral; (h) [intentionally omitted]; (i) Borrower has not been the product of, the subject of, or
otherwise involved in, in each case, any Division; and (j) Borrower has no contingent or actual obligations under any
agreement or instrument to which it is a party or by which it or the Collateral is otherwise bound (including, without
limitation, in connection with any Prior Loan), other than (i) obligations incurred in the ordinary course of the ownership
of the Collateral and (ii) obligations under the Loan Documents.


 


Section
5.6.   Mortgage Borrower SPE Provisions. Borrower hereby represents and warrants to Lender that as of the date hereof all representations
and warranties set forth in Article 5 of the Mortgage Loan Agreement are true and correct. Borrower shall cause Mortgage Borrower
and Mortgage SPE Component Entity to comply with Article 5 of the Mortgage Loan Agreement.


 


ARTICLE 6.


 


NO SALE OR ENCUMBRANCE


 


Section
6.1.    Transfer Definitions. As used herein and in the other Loan Documents, “Restricted Party” shall
mean Borrower, Mortgage Borrower, Guarantor, any SPE Component Entity, any Mortgage SPE Component Entity, any Affiliated
Manager, or any shareholder, partner, member or non-member manager, or any direct or indirect legal or beneficial owner of
Borrower, Mortgage Borrower, Guarantor, any SPE Component Entity, any Mortgage SPE Component Entity, any Affiliated Manager,
or any non-member manager; and a “Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance,
mortgage, grant, bargain, encumbrance, pledge, assignment, grant of any options with respect to, or any other transfer or
disposition of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not
for consideration or of record) of a legal or beneficial interest.


 






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Section 6.2.    No
Sale/Encumbrance.


 


(a)     It
shall be an Event of Default pursuant to Section 10.1(d) hereof if, without the prior written consent of Lender, a Sale
or Pledge of the Property or any part thereof or any legal or beneficial interest therein or the Collateral or any part thereof
or any legal or beneficial interest therein (including, without limitation, the Loan and/or Loan Documents) occurs, a Sale or
Pledge of an interest in any Restricted Party occurs (other than a Sale or Pledge by a Person other than a Restricted Party of
its interest in any Affiliated Manager), and/or Borrower shall acquire an interest in any real property and/or Mortgage Borrower
shall acquire an interest in any real property in addition to the interests owned by Mortgage Borrower as of the Closing Date
(each of the foregoing, collectively, a “Prohibited Transfer”), other than as permitted pursuant to the express
terms of this Article 6. For the avoidance of doubt, and notwithstanding anything to the contrary herein, the following
shall not be considered Prohibited Transfers: (i) the granting of, amendment of, termination of, extension or renewal of, or any
other similar action taken with respect to any construction contract, Owner’s REA, Sub-REA, or other operations agreement,
Permitted Encumbrances (including Permitted Easements) (each as defined in the Mortgage Loan Agreement) or any other agreement
to which Mortgage Borrower is a party (without limiting Borrower’s obligations with respect to the same pursuant to the
terms and provisions of the Loan Documents or Mortgage Borrower’s obligations with respect to the same pursuant to the terms
and provisions of the Mortgage Loan Documents), (ii) the settlement of any claim, dispute, litigation or regulatory proceeding
(without limiting Borrower’s obligations with respect to any such settlements pursuant to the terms and provisions of the
Loan Documents or Mortgage Borrower’s obligations with respect to the same pursuant to the terms and provisions of the Mortgage
Loan Documents), (iii) the granting of, amendment of, termination of, extension or renewal of, or any other similar action taken
with respect to any Lease (without limiting Borrower’s obligations with respect to any Leases pursuant to the terms and
provisions of the Loan Documents or Mortgage Borrower’s obligations with respect to the same pursuant to the terms and provisions
of the Mortgage Loan Documents) or (iv) the expenditure of funds by Borrower, Mortgage Borrower, or any other Person (without
limiting Borrower’s obligations with respect to any such expenditures pursuant to the terms and provisions of the Loan Documents
or Mortgage Borrower’s obligations with respect to the same pursuant to the terms and provisions of the Mortgage Loan Documents).


 


(b)     A
Prohibited Transfer shall include, but not be limited to, (i) an installment sales agreement wherein Mortgage Borrower agrees
to sell the Property or any part thereof for a price to be paid in installments or Borrower agrees to sell the Collateral or any
part thereof for a price to be paid in installments; (ii) an agreement by Mortgage Borrower leasing all or a substantial part
of the Property for other than actual occupancy by a Tenant thereunder, or a sale, assignment or other transfer of, or the grant
of a security interest in, Borrower’s right, title and interest in and to any Collateral or Mortgage Borrower’s right,
title and interest in and to any Leases or any Rents; (iii) if a Restricted Party is a corporation, any merger, consolidation
or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock in one or a series of transactions
or the grant of options, warrants or other interests with respect to the stock of such corporation; (iv) if a Restricted Party
is a limited or general partnership or joint venture, any merger or consolidation or the change, removal, resignation or addition
of a general partner or the Sale or Pledge of the partnership interest of any general or limited partner or any profits or proceeds
relating to such partnership interests or the creation or issuance of new limited partnership interests or the grant of options,
warrants or other interests with respect to the partnership interests in such partnership; (v) if a Restricted Party is a limited
liability company, any merger, Division, or consolidation or the change, removal, resignation or addition of a managing member
or non-member manager (or if no managing member, any member) or the Sale or Pledge of the membership interest of any member or
any profits or proceeds relating to such membership interest or the grant of options, warrants or other interests with respect
to the membership interests in such limited liability company; (vi) if a Restricted Party is a trust or nominee trust, any merger,
consolidation or the Sale or Pledge of the legal or beneficial interest in a Restricted Party or the creation or issuance of new
legal or beneficial interests in a Restricted Party or the revocation, rescission or termination of a Restricted Party; (vii)
[reserved]; (viii) any action for partition of the Property (or any portion thereof or interest therein) or any similar action,
in each case instituted or prosecuted by (or at the behest of) Borrower or Mortgage Borrower or consented to or acquiesced in
by Borrower or Mortgage Borrower or any of their respective Affiliates, pursuant to any contractual agreement or other instrument
or under applicable law (including, without limitation, common law), and/or (ix) the incurrence of any property-assessed clean
energy loans or similar indebtedness with respect to Mortgage Borrower and/or the Property, including, without limitation, if
such loans or indebtedness are made or otherwise provided by any Governmental Authority and/or secured or repaid (directly or
indirectly) by any taxes or similar assessments.


 






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Section
6.3.   Permitted Transfers. Notwithstanding anything to the contrary herein, the following transfers and events
(individually, a “Permitted Transfer” and collectively, the “Permitted Transfers”) shall
not be deemed Prohibited Transfers and shall not require the prior written consent of Lender, any other Person, or any Rating
Agency or require the payment of a fee: (a) a Sale or Pledge (but not a pledge or encumbrance) by devise or descent or by operation
of law upon the death of a Restricted Party or any member, partner or shareholder of a Restricted Party, (b) the Sale or Pledge
(but not a pledge or encumbrance), of the stock, partnership interests or membership interests (as the case may be) in a Restricted
Party (other than a direct interest in Mortgage Borrower), (c) any issuance of “accommodation shares” by (or any transfer
of “accommodation shares” in) any direct or indirect owner of Borrower that has elected (or intends to elect) to be
treated as a REIT (for purposes of this provision, “accommodation shares” shall mean up to $125,000 in preferred shares
issued by such owner of Borrower to enable such owner of Borrower to satisfy the 100 shareholder requirement under Section 856(a)
of the IRS Code (or such greater amount as hereinafter may be required under Section 856 of the IRS Code)), (d) the sale, pledge
or issuance of shares of common stock or equity in any Restricted Party that is a publicly traded entity, provided such
shares of common stock or equity, as applicable, are listed on the Toronto Stock Exchange, the New York Stock Exchange, NASDAQ,
AMEX, London Stock Exchange, Hong Kong Stock Exchange, Frankfurt Stock Exchange, Euronext, or Luxembourg Stock Exchange or another
nationally recognized stock exchange, (e) the pledge of any interest in Mortgage Borrower in connection with the Loan and the
exercise of any rights or remedies Lender may have under the Loan Documents, or (f) Permitted Easements (provided, that,
the foregoing provisions of clauses (a), (b), (c), (d), (e), and (f) above shall not
be deemed to waive, qualify or otherwise limit Borrower’s obligation to comply (or to cause the compliance with) the other
applicable covenants set forth herein and in the other Loan Documents (including, without limitation, the covenants contained
herein relating to ERISA matters)); provided, further, that, with respect to the transfers listed in clauses
(a), (b), and (c) above:


 






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(A)   to
the extent that any transfer results in (x) a change of Control of Borrower or Mortgage Borrower or (y) the transferee,
together with its Affiliates, owning a ten percent (10%) or greater (direct or indirect) equity interest in Borrower or
Mortgage Borrower or an entity that Controls Borrower or Mortgage Borrower unless the transferee, together with its
Affiliates, held ten percent (10%) or more of the direct or indirect equity interests in Borrower or Mortgage Borrower or an
entity that Controls Borrower or Mortgage Borrower prior to such Transfer, Lender shall receive, unless otherwise waived by
Lender in its sole discretion, not less than ten (10) Business Days’ prior written notice of such transfers with
respect to any domestic Person or not less than thirty (30) days’ prior written notice of such transfer with respect to
any foreign Person (provided, that, for purposes of clarification, with respect to the transfers contemplated in clause
(a) above, the aforesaid notice shall only be deemed to be required ten (10) days prior to the consummation of the
applicable transfers made as a result of probate or similar process following such death (as opposed to prior notice of the
applicable death));


 


(B) 
 after giving effect to such transfers, Guarantor shall continue to be Controlled by BAM, BPY and/or one or more Qualified
Equityholders;


 


 (C)   after giving effect to such transfers, the Minimum Ownership/Control Test shall be satisfied;




 


(D) 
  after giving effect to such transfers, the Property shall continue to be managed by a Qualified Manager;


 


 (E)    [intentionally omitted];




 


(F)  
if after giving effect to such transfer, more than forty-nine and nine-tenths percent (49.9%) in the aggregate of the direct
or indirect interests in Borrower or any SPE Component Entity are owned by any Person and/or its Affiliates that, together with
its Affiliates, owned less than forty- nine and nine-tenths percent (49.9%) of the direct or indirect interests in such Person
prior to such transfer, such transfer shall be conditioned upon delivery to Lender of a New Non-Consolidation Opinion addressing
such transfer;


 


(G) 
such transfers shall be conditioned upon Borrower’s ability to, after giving effect to the equity transfer in question
(I) remake the representations contained herein relating to ERISA and CFIUS Laws matters (and, upon Lender’s request, Borrower
shall deliver to Lender an Officer’s Certificate containing such updated representations effective as of the date of the
consummation of the applicable equity transfer) and (II) continue to comply with the covenants contained herein relating to ERISA
and CFIUS Laws matters;


 


(H)  
the transfer itself shall not result in a default under the Ernst & Young Plaza Integration Agreements or the Co-Tenancy
Agreement beyond any applicable notice or cure period thereunder; and





 






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(I)  
 if a transfer results in (1) the transferee, together with its Affiliates, owning a direct or indirect interest in Borrower
in an amount which equals or exceeds ten percent (10%) unless the transferee, together with its Affiliates, held ten percent (10%)
or more of the direct or indirect equity interests in Borrower or Mortgage Borrower or an entity that Controls Borrower or Mortgage
Borrower prior to such Transfer, or (2) a change of Control of Borrower, Mortgage Borrower, or Guarantor such that Borrower, Mortgage
Borrower, or Guarantor is no longer Controlled by BAM, BPY or a Qualified Equityholder, Lender shall have received (1) prior to
the Securitization of the entire Loan, “KYC” searches (in form, scope, and substance and from a provider, in each case,
determined by and reasonably acceptable to Lender), or (2) following the Securitization of the entire Loan, OFAC and similar regulatory
compliance searches confirming Borrower’s continuing compliance with Section 3.7, 3.29, 3.30, and 4.19
hereof, in each case, as to such transferee and any of its equity holders that, upon the consummation of such Transfer, would Control
Borrower or Mortgage Borrower or own a direct or indirect interest in Borrower or Mortgage Borrower or any entity that Controls
Borrower or Mortgage Borrower in an amount which equals or exceeds ten percent (10%); provided, that this clause (I)
does not, in and of itself, afford any Person the right to approve such Transfer or transferee based on anything other than the
matters set forth in this clause (I) or to impose any additional fees or expenses in connection therewith. Upon request
from Lender, Borrower shall promptly provide Lender with a revised version of the organizational chart delivered to Lender in connection
with the Loan reflecting any equity transfer consummated in accordance with this Section 6.3.


 


Notwithstanding
the foregoing, nothing contained herein shall prohibit or be deemed to prohibit (x) the pledge of an indirect equity interest in
Borrower or any SPE Component Entity by a Multi-Asset Person to secure an upper-tier corporate or similar type of loan facility
that is recourse to such Multi-Asset Person or secured by a substantial portion of such Multi-Asset Person’s assets and the
exercise of any rights or remedies by a secured party with respect to such pledge or (y) the pledge of a direct or indirect equity
interest in a Multi-Asset Person; provided that such pledge is not a pledge of any direct interest in Borrower, any SPE
Component Entity, Mortgage Borrower, or any Mortgage SPE Component Entity.


 


Lender
hereby agrees to execute and deliver any instrument reasonably necessary or appropriate to evidence its consent to a Permitted
Easement upon Borrower’s request, in form and substance as may be reasonably satisfactory to Lender; provided, that
the form attached hereto as Exhibit B is hereby deemed satisfactory to Lender.


 






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Notwithstanding
the foregoing, if, as a result of any Permitted Transfer, the Guarantor (i) neither Controls Borrower and Mortgage Borrower
nor is under common Control with Borrower and Mortgage Borrower or (ii) no longer owns any direct or indirect interest in
Borrower or Mortgage Borrower, it shall also be a condition to such Permitted Transfer hereunder that one or more Replacement
Guarantors shall execute and deliver to Lender a limited recourse guaranty (in the same form as the Guaranty delivered to
Lender by Guarantor on the date hereof), an environmental indemnity agreement (in the same form as the Environmental
Indemnity delivered to Lender by Guarantor and Borrower on the date hereof) and any other guaranty or indemnity agreement
provided to Lender in connection with the Loan (in the same form as each other guaranty or indemnity agreement delivered by
Guarantor in connection with the Loan (each, an “Additional Guaranty”)) on or prior to the date of such
Permitted Transfer, pursuant to which the Replacement Guarantor(s) agree(s) to be liable under each such limited recourse
guaranty, environmental indemnity agreement, and additional guaranty or indemnity agreement from and after the date of such
Permitted Transfer (whereupon the previous guarantor(s) shall be released from any further liability under the Guaranty, the
Environmental Indemnity and any Additional Guaranty from acts, events and/or circumstances that arise from and after the date
of such Permitted Transfer, but the previous guarantor(s) shall remain liable under the Guaranty, the Environmental Indemnity
and any Additional Guaranty for acts, events and/or circumstances occurring prior to such Permitted Transfer to the extent
and as provided for in such Guaranty, Environmental Indemnity and Additional Guaranty even if liability for such acts, events
and/or circumstances are not discovered until after the date of such Permitted Transfer) and such Replacement Guarantor(s)
shall be the “Guarantor” for all purposes set forth in the Loan Documents, provided, further,
that in the case of a foreclosure of a stock, partnership or membership pledge which secures the Loan, the guarantors
immediately prior to such foreclosure shall be automatically released from any further liability under the Guaranty, the
Environmental Indemnity and any Additional Guaranty for any acts or omissions which arise from and after such date (without
any action or writing by Lender) as provided in this paragraph upon such foreclosure (unless such acts were committed or
directed by Borrower, Mortgage Borrower, or Guarantor) regardless if such foreclosure was a Permitted Transfer or if the
Replacement Guarantors provided the replacement guarantees set forth in this paragraph. In connection with the delivery of
any substitute limited recourse guaranty, environmental indemnity agreement, and additional guaranty or indemnity agreement
from any Replacement Guarantor, Borrower shall cause the applicable Replacement Guarantor to deliver an Officer’s
Certificate (i) certifying that it has (together with any other Replacement Guarantor) a Net Worth of not less than
$100,000,000 and Unencumbered Liquid Assets of not less than $5,000,000 and (ii) attaching such Replacement Guarantor’s
unaudited financial statements demonstrating such Net Worth and Unencumbered Liquid Assets to Lender’s reasonable
satisfaction.


 


Borrower
shall pay to Lender all actual out-of-pocket costs and expenses incurred by Lender in connection with any transfer pursuant to
this Section 6.3.


 






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Section
6.4.   Permitted Assumptions. Notwithstanding the foregoing provisions of this Article 6, at any time other than the sixty
(60) days prior to and following any Securitization of the Loan or Securitization (as defined in the Mortgage Loan Agreement) of
the Mortgage Loan, a one-time transfer of the entire Property or all of the Collateral (provided that in no event shall
the Property be transferred without a concurrent transfer of the Collateral except to the extent the Loan is prepaid on or prior
to the date of the closing of the transaction related to the Permitted Assumption) to, and, to the extent the Mortgage Loan is
simultaneously being assumed by a Successor Property Owner, the related and concurrent assumption of the Mortgage Loan by a Successor
Property Owner pursuant to Section 6.4 of the Mortgage Loan Agreement and the Loan by any Person (a “Transferee”)
shall be permitted (a “Permitted Assumption”) provided that each of the following terms and conditions
are satisfied:


 


 (a)     no Event of Default has occurred and is continuing;




 


(b)    the
Minimum Ownership/Control Test is satisfied after giving effect to such assumption;


 


(c)     Borrower
shall have delivered written notice to Lender of the terms of such prospective transfer not less than sixty (60) days before the
date on which such transfer is scheduled to close and, concurrently therewith, all such information concerning the proposed Transferee
and, solely to the extent the Mortgage Loan is being assumed by a Successor Property Owner, Successor Property Owner, as Lender
shall reasonably require;


 


(d)    Borrower
shall have paid to Lender and Mortgage Lender, concurrently with the closing of such prospective transfer, (A) non-refundable
assumption fees in an aggregate amount equal to $150,000 (or, if material modifications of the Loan Documents and/or Mortgage
Loan Documents are required in connection with such transfer due to a request by Borrower or the transferee, an aggregate amount
equal to $300,000), which amount shall be split pro rata among the Loan and the Mortgage Loan based on outstanding principal balance,
(B) all actual, reasonable out-of-pocket costs and expenses, including reasonable attorneys’ fees, incurred by Lender in
connection therewith and (C) all fees, costs and expenses of the Rating Agencies incurred in connection therewith;


 


(e)     (i)
Transferee assumes and agrees to pay the Debt as and when due and to assume all of the obligations of Borrower under the Loan
Documents and, prior to or concurrently with the closing of such transfer, Transferee shall execute such documents and agreements
as Lender shall reasonably require to evidence and effectuate said assumption and Replacement Guarantor shall have executed and
delivered to Lender a recourse guaranty, an environmental indemnity, and any additional guaranty or indemnity agreement in favor
of Lender in form and substance substantially similar to the Guaranty, the Environmental Indemnity, and any Additional Guaranty,
respectively, and (ii) solely to the extent the Mortgage Loan is being assumed by a Successor Property Owner, Successor Property
Owner assumes and agrees to pay the Mortgage Debt as and when due and to assume all of the obligations of Mortgage Borrower under
the Mortgage Loan Documents in accordance with Section 6.4 of the Mortgage Loan Agreement;


 


(f)      Borrower
and Transferee shall furnish any information required by Lender for the preparation of, and shall authorize Lender to file, new
financing statements and financing statement amendments and other documents to the extent required by applicable Legal Requirements;


 


(g)     Lender
shall have reasonably approved the Successor Property Owner’s or Mortgage Borrower’s, as applicable, owner’s
title policy with respect to the Property, subject only to the Permitted Encumbrances; provided, that any owner’s
title policy with respect to the Property in substantially the same form delivered to Lender in connection with the closing of
the Loan (subject only to Permitted Encumbrances) shall be deemed reasonably acceptable to Lender;


 






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(h)     Transferee
shall have furnished to Lender all appropriate papers evidencing Transferee’s and Successor Property Owner’s or Mortgage
Borrower’s, as applicable, organization and good standing, and the qualification of the signers to execute the assumption
of the Debt and the obligations of Borrower hereunder and, solely to the extent the Mortgage Loan is being assumed by a Successor
Property Owner, the assumption of the Mortgage Loan and the obligations of Mortgage Borrower under the Mortgage Loan Agreement,
which papers shall include certified copies of all documents relating to the organization and formation of Transferee and, solely
to the extent the Mortgage Loan is being assumed by a Successor Property Owner, Successor Property Owner, and of the entities,
if any, which are Controlling partners or members of Transferee or Successor Property Owner (or Mortgage Borrower, as applicable)
or which hold ten percent (10%) or greater direct or indirect interest in Transferee or Successor Property Owner (or Mortgage
Borrower, as applicable). Transferee and such constituent partners, members or shareholders of Transferee (as the case may be),
as Lender shall require, shall comply with the covenants set forth in Article 5 hereof;


 


(i)     either (A) the Management Agreement shall remain in full force and effect, (B) solely to the extent
the Mortgage Loan is being assumed by a Successor Property Owner, Successor Property Owner shall assume the obligations of
Mortgage Borrower under the Management Agreement or (C) Mortgage Borrower or Successor Property Owner, as applicable, shall
enter into a new management agreement(s) with a new Qualified Manager which meets with the requirements of the Subordination
of Management Agreement and Section 4.15 hereof and execute a subordination agreement in favor of Lender in connection
with such new management agreement in substantially the same form as the Subordination of Management Agreement;


 


(j)      the
Property shall be managed by Manager pursuant to a Management Agreement or a Qualified Manager pursuant to a Qualified Management
Agreement in accordance with the applicable terms and conditions hereof;


 


(k)     either
(A) the Parking Management Agreement shall remain in full force and effect, (B) solely to the extent the Mortgage Loan is being
assumed by a Successor Property Owner, Successor Property Owner shall assume the obligations of Borrower under the Parking Management
Agreement, or (C) Mortgage Borrower or Successor Property Owner, as applicable, shall enter into a new parking management agreement(s)
with a new parking manager which meets with the requirements of the Subordination of Parking Management Agreement and Section
4.22 hereof and subordinate such new parking management agreement to Lender and the Loan;


 


(l)      Transferee
shall (i) own, directly, all of the interests in the Mortgage Borrower or, solely to the extent the Mortgage Loan is being
assumed by a Successor Property Owner, Successor Property Owner (similar to the ownership by Borrower of the interests in
Mortgage Borrower and Mortgage SPE Component Entity), (ii) assume the Loan and all the agreements of Borrower under the Loan
Documents (and without limiting the foregoing, all of the ownership interests in the Mortgage Borrower solely to the extent
the Mortgage Loan is being assumed by a Successor Property Owner Successor Property Owner, all payments thereon and all
proceeds thereof shall be pledged to Lender on terms no less favorable than the pledge of the Collateral under the Pledge
Agreement), which shall be evidenced by new loan documents substantially similar (in form and substance) to the Loan
Documents and otherwise reasonably acceptable to Lender in order to properly reflect the new ownership structure and the
pledge of the interests thereunder, (iii) be a Delaware limited liability company and a bankruptcy-remote Single Purpose
Entity and (iv) otherwise have a legal and ownership structure that is (A) substantially the same as
Borrower, or (B) at least as favorable to Lender, as determined by Lender in its reasonable discretion, as the legal and
ownership structure of Borrower;


 






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 (m)    intentionally omitted;




 


(n)     Lender
shall have received “know your customer” compliance screening searches (in form, scope and substance and from a provider,
in each case, determined by and reasonably acceptable to Lender) for Transferee, Successor Property Owner (or Mortgage Borrower,
as applicable) and any Person that holds a ten percent (10%) or greater direct or indirect interest in, or Controls, Transferee,
Successor Property Owner (or Mortgage Borrower, as applicable) or any party that Controls Transferee, Successor Property Owner
(or Mortgage Borrower, as applicable) (and such Person owned less than or ten percent (10%) of the direct or indirect interest
in Borrower or Mortgage Borrower or did not Control Borrower or Mortgage Borrower prior to the transfer);


 


(o)    the
transfer itself shall not result in a default under the Ernst & Young Plaza Integration Agreements or the Co-Tenancy Agreement
beyond any applicable notice or cure period thereunder;


 


(p)    Borrower shall deliver, at its election and at its sole cost and expense, either (i)   an
endorsement to the UCC title insurance policy delivered to Lender on the Closing Date or (ii) a new UCC title insurance
policy acceptable to Lender, in each case, with respect to the Collateral as a valid first lien on all of the ownership
interests in Mortgage Borrower or the Successor Property Owner, as applicable, and naming the Transferee as owner of Mortgage
Borrower or the Successor Property Owner, as applicable, which endorsement shall insure that, as of the date of the
assumption agreement entered into pursuant to this Section 6.4, the Collateral shall not be subject to any additional
exceptions or liens other than those contained in the relevant UCC title insurance policy (which may include Permitted
Encumbrances); and


 


(q)     Lender
shall have received evidence that Mortgage Borrower shall have complied with the requirements of Section 6.4 of the Mortgage Loan
Agreement.


 


Upon any transfer pursuant
to this Section 6.4 and the execution and delivery by a Replacement Guarantor of the recourse guaranty, an environmental
indemnity, and any other guaranty or indemnity agreement described in clause (e) above, (x) the previous Borrower and Guarantor
shall be released from any further liability under the Guaranty, the Environmental Indemnity and any Additional Guaranty from acts,
events and/or circumstances that are not caused by Guarantor or its Affiliates and arise or occur from and after the date of such
transfer, and (y) such Replacement Guarantor shall be the “Guarantor” for all purposes set forth in the Loan Documents.
In connection with the delivery of any substitute limited recourse guaranty, environmental indemnity agreement, and additional
guaranty or indemnity agreement from any Replacement Guarantor, Borrower shall cause the applicable Replacement Guarantor to deliver
an Officer’s Certificate (i) certifying that it has (together with any other Replacement Guarantor) a Net Worth of not less
than $100,000,000 and Unencumbered Liquid Assets of not less than $5,000,000 and (ii) attaching such Replacement Guarantor’s
unaudited financial statements demonstrating such Net Worth and Unencumbered Liquid Assets to Lender’s reasonable satisfaction.


 






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Section 6.5.    [Intentionally
Omitted].


 


Section
6.6.    Economic Sanctions, Anti-Money Laundering, OFAC, Patriot Act and Transfers. Borrower shall (and shall cause its
direct and indirect constituent owners and Affiliates to) at all times act so as to cause the representations and warranties
contained in Sections 3.29 and 3.30 to remain true, correct and not violated or breached. Borrower hereby
represents that, other than in connection with the Loan, the Loan Documents, the Mezzanine Loan, the Mezzanine Loan
Documents, and any Permitted Encumbrances, as of the date hereof, there exists no lien or encumbrance (i) on the Property or
any part thereof or any legal or beneficial interest therein or (ii)   on
any interest in Borrower or any SPE Component Entity (other than, as to Guarantor, liens or encumbrances as may be expressly
indicated on the financial statements delivered to Lender in connection with the closing of the Loan; provided such
liens or encumbrances do not and could not result in violation by Guarantor of any of the financial covenants in Section
26(d) of the Guaranty). Notwithstanding anything to the contrary contained herein or in any other Loan Document (including,
without limitation Sections 6.3 and 6.4 hereof), in no event shall Borrower or any SPE Component Entity be (I)
a Prohibited Entity, (II) Controlled (directly or indirectly) by any Prohibited Entity or (III) more than forty-nine percent
(49%) owned (directly or indirectly) by any Prohibited Entities (whether individually or in the aggregate), unless, in the
case of each of the foregoing, Lender’s prior written consent is first obtained (which such consent shall be given or
withheld in Lender’s sole discretion and may be conditioned on, among other things, Lender’s receipt of a Rating
Agency Confirmation).


 


ARTICLE 7.


 


INSURANCE; CASUALTY;
CONDEMNATION; RESTORATION


 


Section 7.1.    Insurance.


 


(a)   
 Borrower shall cause Mortgage Borrower to obtain and maintain, or cause to be maintained, at all times during the term of
the Loan the Policies required under Section 7.1 of the Mortgage Loan Agreement (regardless of whether the Mortgage Loan has been
repaid in full or has otherwise been terminated or any such provision thereof has been waived by Mortgage Lender), including, without
limitation, meeting all insurer requirements thereunder. In addition, Borrower shall cause Lender to be named as an additional
insured under the liability Policies required under the Mortgage Loan Agreement. Borrower shall also cause all insurance policies
required under this Section 7.1 to provide for at least the same prior notice to Lender in the event of policy cancellation
or material changes as required to be provided to Mortgage Lender under the terms of the Mortgage Loan Agreement. Borrower shall
provide Lender with evidence of all such insurance required hereunder on or before the date on which Mortgage Borrower is required
to provide such evidence to Mortgage Lender. For purposes of this Agreement, Lender shall have the same approval rights over the
insurance referred to above and in the Mortgage Loan Agreement (including, without limitation, the insurers, deductibles and coverages
thereunder, as well as the right to require other reasonable insurance pursuant to Article 7 of the Mortgage Loan Agreement) as
are provided in favor of the Mortgage Lender in the Mortgage Loan Agreement.


 






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(b)   
 If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and
effect, subject to the rights of Mortgage Lender under the Mortgage Loan Agreement, Lender shall have the same rights as Mortgage
Lender pursuant to Section 7.1 of the Mortgage Loan Agreement to take such action as Lender deems necessary to protect its indirect
interest in the Property, including, without limitation, the obtaining of such insurance coverage which complies with the requirements
set forth in Section 7.1 of the Mortgage Loan Agreement, and all expenses incurred by Lender in connection with such action or
in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and until paid shall be secured
by the Pledge Agreement and shall bear interest at the Default Rate.


 


Section
7.2.    Casualty. If the Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”),
Borrower shall give prompt notice of such damage to Lender (provided that such notice shall not be required in the case
of non-material damage for which the costs of completing Restoration shall be less than five percent (5%) of the Outstanding Principal
Balance) and shall cause Mortgage Borrower to promptly commence and diligently prosecute the completion of the Restoration of the
Property and otherwise comply with the provisions of Section 7.4 hereof and Section 7.4 of the Mortgage Loan Agreement.
Borrower shall cause Mortgage Borrower to pay all costs of Restoration (including, without limitation, any applicable deductibles
under the Policies) whether or not such costs are covered by the Net Proceeds. Subject to the rights of Mortgage Lender under the
Mortgage Loan Agreement, Lender may, but shall not be obligated to, make proof of loss if not made promptly by Borrower.


 


Section
7.3.    Condemnation. Borrower shall (and shall cause Mortgage Borrower to) promptly give Lender notice of the actual or
threatened in writing commencement of any proceeding for the Condemnation of the Property (or any portion thereof) of which
Borrower or Mortgage Borrower has knowledge and shall deliver to Lender copies of any and all papers served in connection
with such proceedings. Subject to the rights of Mortgage Lender under the Mortgage Loan Agreement, Lender may participate in
any such proceedings, and Borrower shall from time to time deliver to Lender all instruments reasonably requested by Lender
to permit such participation. Borrower shall cause Mortgage Borrower to, at its expense, diligently prosecute any such
proceedings, and shall consult with Lender, its attorneys and experts, and reasonably cooperate with them in the carrying on
or defense of any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation
or otherwise (including without limitation any transfer made in lieu of or in anticipation of the exercise of such taking),
Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this
Agreement and the Debt shall not be reduced until any Award shall have been actually received and applied by Lender, after
the deduction of expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the
interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award interest at the rate
or rates provided herein or in the Note. If the Property or any portion thereof is taken by a condemning authority, Borrower
shall cause Mortgage Borrower to promptly commence and diligently prosecute the Restoration of such Property (to the extent
such Restoration is applicable) and otherwise comply with the provisions of Section 7.4 hereof and Section 7.4 of the
Mortgage Loan Agreement. Borrower shall cause Mortgage Borrower to pay all costs of Restoration whether or not such costs are
covered by the Net Proceeds. If the Property (or any portion thereof) is sold, through foreclosure or otherwise, prior to the
receipt by Lender of the Award, subject to the rights of Mortgage Lender under the Mortgage Loan Agreement, Lender shall have
the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the
Award, or a portion thereof sufficient to pay the Debt.


 






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Section
7.4.   Restoration. Borrower shall, or shall cause Mortgage Borrower to, deliver to Lender all reports, plans, specifications,
documents and other materials that are delivered to Mortgage Lender under the Mortgage Loan Agreement in connection with the Restoration
of the Property after a Casualty or Condemnation. In addition, (a) all Net Proceeds shall be made available in accordance with
Section 7.4 of the Mortgage Loan Agreement and (b) Borrower shall not permit Mortgage Borrower to take any action under Section
7.4 of the Mortgage Loan Agreement that requires Mortgage Lender’s consent without Borrower first obtaining Lender’s
consent (it being agreed that if Mortgage Lender agrees to act reasonably under such Section 7.4, then Lender shall be reasonable
hereunder with respect to such consent rights). Notwithstanding anything to the contrary contained in this Agreement, if at any
time and for any reason the Mortgage Loan Restoration Provisions cease to exist or are waived or modified in any material respect
(in each case, including, without limitation, due to any waiver, amendment or refinance) (such provisions, the “Waived
Restoration Provisions”), Borrower shall promptly (i) notify Lender of the same and such Waived Restoration Provisions
shall automatically be deemed to be incorporated by reference herein (as if set forth in this Agreement), (ii) execute any amendments
to this Agreement and/or the Loan Documents implementing the Waived Restoration Provisions as may be reasonably required by Lender
(provided such amendments are substantially similar to the provisions set forth in the Mortgage Loan Agreement relating to the
same) and shall cause Mortgage Borrower to acknowledge and agree to the same and (iii) remit to Lender (and shall cause Mortgage
Borrower to remit to Lender) any Net Proceeds related to the Waived Restoration Provisions to the extent not required to be paid
to Mortgage Lender.


 


ARTICLE 8.


 


RESERVE FUNDS


 


Section 8.1.    [Intentionally
Omitted].


 


Section
8.2.    Leasing Reserve Funds.


 


(a)   
Borrower shall cause Mortgage Borrower to comply with the terms and conditions set forth in Section 8.2 of the Mortgage
Loan Agreement.


 


(b)   
In the event that, prior to the payment and performance in full of all obligations
of Borrower under the Loan Documents, (i) Mortgage Borrower is required to maintain the Leasing Reserve Account (as defined in
the Mortgage Loan Agreement) pursuant to the terms of Section 8.2 of the Mortgage Loan Agreement, but Mortgage Lender waives such
requirement, or (ii) the Mortgage Loan has been repaid in full, then (A) Lender shall have the right to require Borrower to establish
and maintain a reserve account that would operate in the same manner as the Leasing Reserve Account (as defined in the Mortgage
Loan Agreement) pursuant to the terms of Section 8.2 of the Mortgage Loan Agreement (including, without limitation, with respect
to the manner of disbursement of funds therefrom) and irrespective of any waiver granted by Mortgage Lender, and (B) the provisions
of Section 8.2 of the Mortgage Loan Agreement and all related definitions and provisions shall be incorporated herein by reference.


 






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Section 8.3.    GSA Tenant Space
Leasing Reserve Funds.


 


(a)     Borrower shall cause Mortgage Borrower to comply with the terms and conditions set forth in Section 8.3 of the Mortgage
Loan Agreement.


 


(b)    In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents,
(i) Mortgage Borrower is required to maintain the GSA Tenant Space Leasing Reserve Account (as defined in the Mortgage Loan Agreement)
pursuant to the terms of Section 8.3 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii) the Mortgage
Loan has been repaid in full, then (A) Lender shall have the right to require Borrower to establish and maintain a reserve account
that would operate in the same manner as the GSA Tenant Space Leasing Reserve Account (as defined in the Mortgage Loan Agreement)
pursuant to the terms of Section 8.3 of the Mortgage Loan Agreement (including, without limitation, with respect to the manner
of disbursement of funds therefrom) and irrespective of any waiver granted by Mortgage Lender, and (B) the provisions of Section
8.3 of the Mortgage Loan Agreement and all related definitions and provisions shall be incorporated herein by reference.


 


Section 8.4.    Operating Expense
Funds.


 


(a)     Borrower
shall cause Mortgage Borrower to comply with the terms and conditions set forth in Section 8.4 of the Mortgage Loan Agreement.


 


(b)     In
the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (i) Mortgage
Borrower is required to maintain the Operating Expense Account (as defined in the Mortgage Loan Agreement) pursuant to the terms
of Section 8.4 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii) the Mortgage Loan has been
repaid in full, then (A)   Lender shall have the right
to require Borrower to establish and maintain a reserve account that would operate in the same manner as the Operating Expense
Account (as defined in the Mortgage Loan Agreement) pursuant to the terms of Section 8.4 of the Mortgage Loan Agreement (including,
without limitation, with respect to the manner of disbursement of funds therefrom) and irrespective of any waiver granted by Mortgage
Lender, and (B) the provisions of Section 8.4 of the Mortgage Loan Agreement and all related definitions and provisions shall
be incorporated herein by reference.


 


Section 8.5.    Excess Cash
Flow Funds.


 


(a)     Borrower
shall cause Mortgage Borrower to comply with the terms and conditions set forth in Section 8.5 of the Mortgage Loan Agreement.


 


(b)    In
the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (i) Mortgage
Borrower is required to maintain the Excess Cash Flow Account (as defined in the Mortgage Loan Agreement) pursuant to the terms
of Section 8.5 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii) the Mortgage Loan has been
repaid in full, then (A)   Lender shall have the right
to require Borrower to establish and maintain a reserve account that would operate in the same manner as the Excess Cash Flow
Account (as defined in the Mortgage Loan Agreement) pursuant to the terms of Section 8.5 of the Mortgage Loan Agreement (including,
without limitation, with respect to the manner of disbursement of funds therefrom) and irrespective of any waiver granted by Mortgage
Lender, and (B) the provisions of Section 8.5 of the Mortgage Loan Agreement and all related definitions and provisions shall
be incorporated herein by reference.


 






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Section 8.6.    Tax and Insurance
Funds.


 


(a)   
Borrower shall cause Mortgage Borrower to comply with the terms and conditions
set forth in Section 8.6 of the Mortgage Loan Agreement.


 


(b)   
In the event that, prior to the payment and performance in full of all obligations
of Borrower under the Loan Documents, (i) Mortgage Borrower is required to maintain the Tax Account and/or the Insurance Account
(as each is defined in the Mortgage Loan Agreement) pursuant to the terms of Section 8.6 of the Mortgage Loan Agreement, but Mortgage
Lender waives such requirement, or (ii) the Mortgage Loan has been repaid in full, then (A) Lender shall have the right to require
Borrower to establish and maintain a reserve account that would operate in the same manner as the Tax Account and/or Insurance
Account (as each is defined in the Mortgage Loan Agreement) pursuant to the terms of Section 8.6 of the Mortgage Loan Agreement
(including, without limitation, with respect to the manner of disbursement of funds therefrom) and irrespective of any waiver
granted by Mortgage Lender, and (B) the provisions of Section 8.6 of the Mortgage Loan Agreement and all related definitions and
provisions shall be incorporated herein by reference.


 


Section 8.7.    Free Rent Reserve
Funds.


 


(a)   
Borrower shall cause Mortgage Borrower to comply with the terms and conditions
set forth in Section 8.7 of the Mortgage Loan Agreement.


 


(b)    In
the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (i)
Mortgage Borrower is required to maintain the Free Rent Reserve Account (as defined in the Mortgage Loan Agreement) pursuant
to the terms of Section 8.7 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii) the Mortgage
Loan has been repaid in full, then (A)   Lender
shall have the right to require Borrower to establish and maintain a reserve account that would operate in the same manner as
the Free Rent Reserve Account (as defined in the Mortgage Loan Agreement) pursuant to the terms of Section 8.7 of the
Mortgage Loan Agreement (including, without limitation, with respect to the manner of disbursement of funds therefrom) and
irrespective of any waiver granted by Mortgage Lender, and (B) the provisions of Section 8.7 of the Mortgage Loan Agreement
and all related definitions and provisions shall be incorporated herein by reference.





 






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Section 8.8.    Discounted/Free
Parking Reserve Funds.


 


(a)   
Borrower shall cause Mortgage Borrower to comply with the terms and conditions set forth in Section 8.8 of the Mortgage
Loan Agreement.


 


(b)    In
the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (i) Mortgage
Borrower is required to maintain the Discounted/Free Parking Reserve Account (as defined in the Mortgage Loan Agreement) pursuant
to the terms of Section 8.8 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii) the Mortgage
Loan has been repaid in full, then (A) Lender shall have the right to require Borrower to establish and maintain a reserve account
that would operate in the same manner as the Discounted/Free Parking Reserve Account (as defined in the Mortgage Loan Agreement)
pursuant to the terms of Section 8.8 of the Mortgage Loan Agreement (including, without limitation, with respect to the manner
of disbursement of funds therefrom) and irrespective of any waiver granted by Mortgage Lender, and (B) the provisions of Section
8.8 of the Mortgage Loan Agreement and all related definitions and provisions shall be incorporated herein by reference.


 


Section 8.9.    Parking Rent
Shortfall Reserve Funds


 


(a)   
Borrower shall cause Mortgage Borrower to comply with the terms and conditions set forth in Section 8.9 of the Mortgage
Loan Agreement.


 


(b)    In
the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (i) Mortgage
Borrower is required to maintain the Parking Rent Shortfall Reserve Account (as defined in the Mortgage Loan Agreement) pursuant
to the terms of Section 8.9 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii) the Mortgage
Loan has been repaid in full, then (A) Lender shall have the right to require Borrower to establish and maintain a reserve account
that would operate in the same manner as the Parking Rent Shortfall Reserve Account (as defined in the Mortgage Loan Agreement)
pursuant to the terms of Section 8.9 of the Mortgage Loan Agreement (including, without limitation, with respect to the manner
of disbursement of funds therefrom) and irrespective of any waiver granted by Mortgage Lender, and (B) the provisions of Section
8.9 of the Mortgage Loan Agreement and all related definitions and provisions shall be incorporated herein by reference.


 


Section 8.10.  Assessments Reserve
Funds.


 


(a)   
Borrower shall cause Mortgage Borrower to comply with the terms and conditions set forth in Section 8.10 of the Mortgage
Loan Agreement.


 


(b)    In
the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (i)
Mortgage Borrower is required to maintain the Assessments Reserve Account (as defined in the Mortgage Loan Agreement)
pursuant to the terms of Section 8.10 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii)
the Mortgage Loan has been repaid in full, then (A)   
Lender shall have the right to require Borrower to establish and maintain a reserve account that would operate in the same
manner as the Assessments Reserve Account (as defined in the Mortgage Loan Agreement) pursuant to the terms of Section 8.10
of the Mortgage Loan Agreement (including, without limitation, with respect to the manner of disbursement of funds therefrom)
and irrespective of any waiver granted by Mortgage Lender, and (B) the provisions of Section 8.10 of the Mortgage Loan
Agreement and all related definitions and provisions shall be incorporated herein by reference.


 






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Section 8.11.  The Accounts Generally.


 


(a)   
Borrower hereby grants to Lender a first-priority perfected security interest
in each of the Accounts and any and all sums now or hereafter deposited in the Accounts as additional security for payment of
the Debt. Until expended or applied in accordance herewith, the Accounts and the funds deposited therein shall constitute additional
security for the Debt. The provisions of this Section 8.11 (together with the other related provisions of the other Loan
Documents) are intended to give Lender and/or Servicer “control” of the Accounts and the Account Collateral and serve
as a “security agreement” and a “control agreement” with respect to the same, in each case, within the
meaning of the UCC. Borrower acknowledges and agrees that the Accounts are subject to the sole dominion, control and discretion
of Lender, its authorized agents or designees, subject to the terms hereof, and Borrower shall have no right of withdrawal with
respect to any Account except with the prior written consent of Lender or as otherwise provided herein. The funds on deposit in
the Accounts shall not constitute trust funds and may be commingled with other monies held by Lender.


 


(b)   
Borrower shall not, without obtaining the prior written consent of Lender, further
pledge, assign or grant any security interest in the Accounts or the sums deposited therein or permit any lien to attach thereto,
or any levy to be made thereon, or any UCC Financing Statements, except those naming Lender as the secured party, to be filed
with respect thereto. Borrower hereby authorizes Lender to file a financing statement or statements under the UCC in connection
with any of the Accounts and the Account Collateral in the form required to properly perfect Lender’s security interest
therein. Borrower agrees that at any time and from time to time, at its expense, Borrower will promptly execute and deliver all
further instruments and documents, and take all further action, that may be reasonably necessary or desirable, or that Lender
may reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby (including,
without limitation, any security interest in and to any Permitted Investments) or to enable Lender to exercise and enforce its
rights and remedies hereunder with respect to any Account or Account Collateral; provided, however, the same shall
not otherwise increase Borrower’s obligations or decrease any rights of Borrower under the Loan Documents, other than (i)
to a de minimis extent, or (ii) to the extent necessary to correct any scrivener’s error in a manner consistent with
the parties’ intention in connection with the Loan.


 






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(c)    Notwithstanding
anything to the contrary contained herein or in any other Loan Document, upon the occurrence and during the continuance of an
Event of Default, without notice from Lender or Servicer (i) Borrower shall not have any rights in respect of the Accounts, (ii)
Lender may liquidate and transfer any amounts then invested in Permitted Investments pursuant to the applicable terms hereof to
the Accounts or reinvest such amounts in other Permitted Investments as Lender may reasonably determine is necessary to perfect
or protect any security interest granted or purported to be granted hereby or pursuant to the other Loan Documents or to enable
Lender to exercise and enforce its rights and remedies hereunder or under any other Loan Document with respect to any Account
or any Account Collateral, and (iii) Lender shall have all rights and remedies with respect to the Accounts and the amounts on
deposit therein and the Account Collateral as described in this Agreement and in the Pledge Agreement, in addition to all of the
rights and remedies available to a secured party under the UCC, and, notwithstanding anything to the contrary contained in this
Agreement or in the Pledge Agreement, may apply the amounts of such Accounts as Lender determines in its sole discretion including,
without limitation, payment of the Debt.


 


(d)    Except
as with respect to the GSA Tenant Space Leasing Reserve Account, which shall only be required to be funded to the extent of available
Excess Cash Flow as otherwise set forth herein, the insufficiency of funds on deposit in the Accounts shall not absolve Borrower
of the obligation to make any payments, as and when due pursuant to this Agreement and the other Loan Documents, and such obligations
shall be separate and independent, and not conditioned on any event or circumstance whatsoever.


 


(e)   
Borrower shall indemnify Lender and hold Lender harmless from and against any and all actions, suits, claims, demands, liabilities,
actual losses, damages (excluding lost profits, diminution in value and other consequential damages, punitive damages and special
damages except to the extent paid to a third party), obligations and costs and expenses (including litigation costs and reasonable
attorneys’ fees and expenses of counsel; provided, however, that Borrower shall not be required to pay for
more than one legal counsel in connection with its indemnification hereunder unless an actual or perceived conflict of interest
exists or an indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different
from or additional to those available to another indemnified party), in each case, for Lenders arising from or in any way connected
with the Accounts, the sums deposited therein or the performance of the obligations for which the Accounts were established, except
to the extent arising from the gross negligence, willful misconduct, illegal actors or fraud of Lender or its agents or employees.
Borrower shall assign to Lender all rights and claims Borrower may have against all Persons supplying labor, materials or other
services which are to be paid from or secured by the Accounts; provided, however, that Lender may not pursue any
such right or claim unless an Event of Default has occurred and remains uncured. For the avoidance of doubt, this clause (e)
shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc., arising from any non-Tax
claim.


 


(f)    Borrower
and Lender (or Servicer on behalf of Lender) shall maintain each applicable Account as an Eligible Account, except as
otherwise expressly agreed to in writing by Lender and Borrower. In the event that Lender or Servicer no longer satisfies the
criteria for an Eligible Institution, Borrower shall cooperate with Lender in transferring the applicable Accounts to an
institution that satisfies such criteria. Borrower hereby grants Lender a power of attorney (irrevocable for so long as the
Loan is outstanding) with respect to any such transfers and the establishment of accounts with a successor institution, which
shall be effective solely to the extent that an Event of Default exists or Borrower has failed to take such action within
five (5) Business Days after Lender’s request.


 






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(g)   
Funds deposited in the Accounts shall be invested in Permitted Investments as provided for in Section 8.11(h) hereof.
Interest accrued, if any, on sums on deposit in the Accounts shall be remitted to and become part of the applicable Account. All
such interest that so becomes part of the applicable Account shall be disbursed in accordance with the disbursement procedures
contained herein applicable to such Account; provided, however, that Lender may, at its election, retain any such
interest for its own account during the occurrence and continuance of an Event of Default.


 


(h)   
Sums on deposit in the Accounts shall, upon Borrower’s written request, be invested in Permitted Investments selected
by Lender or Servicer provided (i) such investments are then regularly offered by Lender (or Servicer on behalf of Lender) for
accounts of this size, category and type (Borrower acknowledges that the Servicer or Lender may only offer as an investment opportunity
the right to place funds on deposit in the applicable Accounts in an interest bearing account (bearing interest at the money market
rate)), (ii) such investments are permitted by applicable federal, State and local rules, regulations and laws, (iii) the maturity
date of the Permitted Investment is not later than the date on which sums in the Accounts are required to be disbursed pursuant
to the terms hereof, and (iv) no Event of Default shall have occurred and be continuing. All income earned from the aforementioned
Permitted Investments shall be property of Borrower and Borrower hereby irrevocably authorizes and directs Lender (or Servicer
on behalf of Lender) to hold any income earned from the aforementioned Permitted Investments as part of the applicable Account.
Borrower shall be responsible for payment of any federal, State or local income or other tax applicable to income earned from Permitted
Investments. No other investments of the sums on deposit in the Accounts shall be permitted. Lender shall not be liable for any
loss sustained on the investment of any funds in the Accounts.


 


(i)    
Borrower acknowledges and agrees that it solely shall be, and shall at all times remain, liable to the institution holding
each Account for all fees, charges, costs and expenses in connection with such Account, this Agreement and the enforcement hereof,
including, without limitation, any monthly or annual fees or charges as may be assessed by such institution in connection with
the administration of such Account.


 


(j)    
Any amount remaining in the Reserve Funds after the Debt has been paid in full shall be promptly paid to Borrower.


 






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Section 8.12. Letters of
Credit.


 


(a)    This
Section shall apply to any Letters of Credit which are permitted to be delivered pursuant to the express terms and conditions
hereof. Other than in connection with any Letters of Credit delivered in connection with the closing of the Loan, Borrower
shall give Lender no less than ten (10) days’ written notice of Borrower’s election to deliver a Letter of Credit
together with a draft of the proposed Letter of Credit and Borrower shall pay to Lender all of Lender’s reasonable
out-of-pocket costs and expenses in connection therewith. No party other than Lender shall be entitled to draw on any such
Letter of Credit. In the event that any disbursement of any Reserve Funds relates to a portion thereof provided through a
Letter of Credit, any “disbursement” of said funds as provided above shall be deemed to refer to (i) Borrower
providing Lender a replacement Letter of Credit in an amount equal to the original Letter of Credit posted less the amount of
the applicable disbursement provided hereunder and (ii) Lender, after receiving such replacement Letter of Credit, returning
such original Letter of Credit to Borrower; provided, that, no replacement Letter of Credit shall be required
with respect to the final disbursement of the applicable Reserve Funds such that no further sums are required to be deposited
in the applicable Reserve Funds. Borrower shall have no reimbursement obligations with respect to any Letter of Credit
delivered hereunder, which shall be a capital contribution to Borrower and shall be accompanied by the execution and delivery
of a contribution agreement in the form attached as Exhibit C to the Mortgage Loan Agreement.


 


(b)   
Each Letter of Credit delivered hereunder shall be additional security for the payment of the Debt. Upon the occurrence
and during the continuance of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit
and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each
such Letter of Credit to payment of the Debt in such order, proportion or priority as Lender may determine. Any such application
to the Debt shall be subject to the terms and conditions hereof relating to application of sums to the Debt. Lender shall have
the additional rights to draw in full any Letter of Credit: (i) if Lender has received a notice from the issuing bank that the
Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least fifteen (15) Business Days prior
to the date on which the outstanding Letter of Credit is scheduled to expire; (ii) if Lender has not received a notice from the
issuing bank that it has renewed the Letter of Credit at least fifteen (15) Business Days prior to the date on which such Letter
of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least fifteen (15) Business Days prior to
the date on which the outstanding Letter of Credit is scheduled to expire; (iii) upon receipt of notice from the issuing bank that
the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms
and conditions hereof or a substitute Letter of Credit is provided by no later than fifteen (15) Business Days prior to such termination);
(iv) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution and Borrower
has not substituted a Letter of Credit from an Eligible Institution within fifteen (15) days after notice; and/or (v) if the bank
issuing the Letter of Credit shall fail to (A) issue a replacement Letter of Credit in the event the original Letter of Credit
has been lost, mutilated, stolen and/or destroyed or (B) consent to the transfer of the Letter of Credit to any Person designated
by Lender. If Lender draws upon a Letter of Credit pursuant to the terms and conditions of this Agreement, provided no Event of
Default exists, Lender shall apply all or any part thereof for the purposes for which such Letter of Credit was established. Notwithstanding
anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an
event specified in (i), (ii), (iii), (iv) or (v) above and shall not be liable for any losses sustained by Borrower due to the
insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit.





 


(c)   
 Notwithstanding anything to the contrary contained herein, Borrower shall only be permitted to deliver a Letter of Credit
hereunder to the extent the amount of such Letter of Credit, together with the amounts of all other outstanding Letters of Credit
in favor of Lender, does not exceed ten percent (10%) of the Outstanding Principal Balance.


 






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ARTICLE 9.


 


CASH MANAGEMENT


 


Section
9.1.   Establishment of Certain Accounts. If Mortgage Lender waives any reserves or escrow accounts required in accordance with
the terms of the Mortgage Loan Agreement, or waives any of the other provisions in Article 8 or Article 9 of the Mortgage Loan
Agreement (such terms and provisions in such Articles 8 and 9, collectively, the “Cash Management Provisions”), or
if the Mortgage Loan is refinanced or paid off in full (without a prepayment of the Loan) and any of the Cash Management Provisions
are not required under the new mortgage loan, if any, or the Cash Management Provisions cease to exist or are reduced, waived or
modified in any respect, then Borrower shall, to the extent any portion of the Debt hereunder remains outstanding, if requested
by Lender, cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the Cash Management
Provisions to be paid to and deposited in an account controlled by Lender as though the applicable Cash Management Provisions were
incorporated herein, mutatis mutandis, and all such other Cash Management Provisions shall be incorporated herein, mutatis
mutandis (the “Substitute Cash Management Provisions”). In addition, if requested by Lender, Borrower shall
execute any documents to evidence the implementation of the Substitute Cash Management Provisions with Lender so long as the Substitute
Cash Management Provisions are substantially identical to the Cash Management Provisions. Borrower shall pledge the accounts established
pursuant to the Substitute Cash Management Provisions to Lender as additional collateral for the Loan such that Lender has the
same legal and economic rights and remedies as Mortgage Lender under the Cash Management Provisions, including, without limitation,
the Cash Management Agreement and Section 9.3 of the Mortgage Loan Agreement; provided that in all events the disbursement
and application of funds held in such accounts and reserves shall be identical to that provided in the Cash Management Provisions.
In addition, Borrower shall cause Mortgage Borrower to comply in all respects with all of the Cash Management Provisions as required
under the Mortgage Loan Agreement.


 


Section
9.2.  Payments Received Under this Agreement. Notwithstanding anything to the contrary contained in this Agreement or the other
Loan Documents, provided no Event of Default has occurred and is continuing, Borrower’s obligations with respect to the monthly
payment of Debt Service and amounts due for the Reserve Accounts shall (provided neither Mortgage Lender nor Lender is prohibited
from withdrawing or applying any funds in the applicable Accounts by operation of law or otherwise) be deemed satisfied to the
extent sufficient amounts are deposited in applicable Accounts to satisfy such obligations on the dates each such payment is required,
regardless of whether any of such amounts are so applied by Mortgage Lender. The insufficiency of funds on deposit in the Accounts
(as defined in the Mortgage Loan Agreement) shall not absolve Borrower of the obligation to make any payments, as and when due
pursuant to this Agreement and the other Loan Documents, and such obligation shall be separate and independent, and not conditioned
on any event or circumstance whatsoever.





 






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Section
9.3.  Distributions to Borrower. All transfers of funds on deposit in the Cash Management Account (as defined in the Mortgage
Loan Agreement) to the Mezzanine Debt Service Account or otherwise to or for the benefit of Borrower or Lender pursuant to this
Agreement, the Cash Management Agreement or any of the other Loan Documents are intended by Mortgage Borrower to constitute, and
shall constitute direct distributions from Mortgage Borrower to Borrower and shall be recorded accordingly in the books and records
of the Mortgage Borrower and Borrower and comply with the separateness provisions set forth in Section 5.1 hereof. No provision
of the Loan Documents or the Mortgage Loan Documents shall create a debtor-creditor relationship between Borrower and Mortgage
Borrower or between Borrower and Mortgage Lender.


 


ARTICLE 10.


 


EVENTS OF DEFAULT;
REMEDIES


 


Section 10.1. Event of Default.


 


The occurrence of any one
or more of the following events shall constitute an “Event of Default”:


 


(a)   
if (A) any monthly Debt Service payment or the payment due on the Maturity Date is not paid when due, (B) any deposit to
any of the Accounts required hereunder or under the other Loan Documents is not made within five (5) Business Days of the date
when due or (C) any other portion of the Debt is not paid when due and such non-payment under this clause (C) continues
for five (5) Business Days following notice to Borrower that the same is due and payable, except to the extent that (i) sums sufficient
to make such payment are available in the Cash Management Account (as defined in the Mortgage Loan Agreement or as part of the
Substitute Cash Management Provisions) (taking into account the priority of payment in Section 9.3 of the Mortgage Loan Agreement
or as part of the Substitute Cash Management Provisions) and (ii) Lender’s access to such sums is not restricted or constrained
in any manner;


 


(b)   
subject to Borrower’s right to contest (or cause Mortgage Borrower to contest) Taxes or Other Charges as set forth
herein, if any of the Taxes or Other Charges are not paid prior to delinquency except to the extent sums sufficient to pay such
Taxes and Other Charges have been deposited with Mortgage Lender in accordance with the terms of the Mortgage Loan Agreement or
with Lender in accordance with the terms of this Agreement and neither Mortgage Lender’s nor Lender’s access to such
sums is not restricted or constrained in any manner;


 


(c)    if
(A) the Policies are not kept in full force and effect, except to the extent sums sufficient to pay such the premiums for the
Policies have been deposited with Mortgage Lender in accordance with the terms of the Mortgage Loan Agreement or with Lender
in accordance with the terms of this Agreement and neither Mortgage Lender’s nor Lender’s access to such sums is
not restricted or constrained in any manner, or (B) if evidence of the same is not delivered to Lender as provided in Section
7.1 hereof, and with respect to the evidence to be delivered pursuant to clause (B), if such failure continues for
ten (10) Business Days after written notice from Lender;


 






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(d)    any
of the representations, covenants or provisions contained in Section 5 of the Pledge Agreement, Article 5 (other than Section
5.1(a)(xxi), which is addressed in clause (j) below), Article 6 (but excluding failure to comply with the prior
notice requirements set forth in the definition of “Permitted Transfer” in Section 6.3 of this Agreement or
 “Permitted Assumption” in Section 6.4 of this Agreement, and provided that the failure to provide any information
required in connection with any transfer that would, but for the failure to provide such information, constitute a Permitted Transfer
or Permitted Assumption, shall not constitute an Event of Default hereunder, if such information is provided within ten (10) Business
Days of the date Borrower becomes actually aware of such failure), Section 3.36, Section 3.37, Section 4.28,
Section 4.35 or Section 4.36 hereof are breached or violated; provided, however, that in the case
of a breach under Section 3.36, Section 3.37, Section 4.28, Section 4.37, Section 4.38 or Section
5.1(a), such breach shall not constitute an Event of Default hereunder if (i) such breach or violation was inadvertent and
capable of being cured, and (ii) within ten (10) Business Days of the date Borrower actually becomes aware of such breach or violation,
Borrower cures (or causes to be cured) such breach or violation and provides Lender with satisfactory evidence thereof;


 


(e)   
if any representation or warranty made herein, in the Guaranty, in the Environmental Indemnity or in any other guaranty,
or in any certificate, report, financial statement or other instrument or document furnished to Lender in connection with the Loan
shall have been false or misleading in any material respect when made, unless the fact underlying such representation or warranty
is capable of being cured (and is cured) by the Borrower within thirty (30) days after the Borrower’s actual knowledge thereof;


 


(f)     if
(i) Borrower, Mortgage Borrower, any SPE Component Entity, any Mortgage SPE Component Entity or Guarantor shall commence any
case, proceeding or other action (A) under any Creditors Rights Laws seeking to have an order for relief entered with respect
to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, liquidation or dissolution, or (B)
seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any
substantial part of its assets, or Borrower, Mortgage Borrower, any SPE Component Entity, any Mortgage SPE Component Entity,
Guarantor, or any managing member or general partner of Borrower, Mortgage Borrower, any SPE Component Entity, any Mortgage
SPE Component Entity or Guarantor shall make a general assignment for the benefit of its creditors; (ii) there shall be
commenced against Borrower, Mortgage Borrower, any SPE Component Entity, any Mortgage SPE Component Entity, Guarantor or any
managing member or general partner of Borrower, Mortgage Borrower, any SPE Component Entity, any Mortgage SPE Component
Entity or Guarantor any case, proceeding or other action of a nature referred to in clause (i) above (other than any
case, action or proceeding already constituting an Event of Default by operation of the other provisions of this subsection)
which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed,
undischarged or unbonded for a period of ninety (90) days; (iii) there shall be commenced against Borrower, Mortgage
Borrower, any SPE Component Entity, any Mortgage SPE Component Entity or Guarantor any case, proceeding or other action
seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of
its assets (other than any case, action or proceeding already constituting an Event of Default by operation of the other
provisions of this subsection) which results in the entry of any order for any such relief which shall not have been vacated,
discharged, or stayed or bonded pending appeal within ninety (90) days from the entry thereof; (iv) Borrower, Mortgage
Borrower, any SPE Component Entity, any Mortgage SPE Component Entity or Guarantor shall take any action in furtherance of,
in collusion with respect to, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause
(i), (ii), or (iii) above; (v) Borrower, Mortgage Borrower, any SPE Component Entity, any Mortgage SPE
Component Entity or Guarantor shall admit in writing its insolvency or inability to pay its debts as they become due if such
admission in writing was made in bad faith with the intent of facilitating an involuntary bankruptcy proceeding of Borrower,
Mortgage Borrower, any SPE Component Entity, any Mortgage SPE Component Entity or Guarantor and such writing is the basis for
an involuntary bankruptcy proceeding of Borrower, Mortgage Borrower, any SPE Component Entity, any Mortgage SPE Component
Entity or Guarantor that is not vacated, discharged, or stayed or bonded pending appeal within ninety (90) days; (vi) any
Borrower Party (other than an Affiliated Manager) is substantively consolidated with any other entity in connection with any
proceeding under the Bankruptcy Code or any other Creditors Rights Laws involving Borrower, Mortgage Borrower, any SPE
Component Entity, any Mortgage SPE Component Entity or Guarantor; or (vii) a Bankruptcy Event occurs;


 






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 (g)    [intentionally omitted];




 


(h)    if
the Property (or any portion thereof) becomes subject to any mechanic’s, materialman’s or other lien (other than Permitted
Encumbrances) and the lien shall remain undischarged of record (by payment, bonding or otherwise) for a period of sixty (60) days
after Borrower obtains actual knowledge of such lien unless Mortgage Borrower shall be contesting such lien (to the extent permitted
in this Agreement and the Mortgage Loan Agreement) and in accordance with all applicable Legal Requirements;


 


(i)     subject
to Borrower’s and Mortgage Borrower’s right to contest Taxes as set forth herein and in the Mortgage Loan Agreement,
if any federal tax lien (other than a Permitted Encumbrance) is filed against Borrower, Mortgage Borrower, any SPE Component Entity,
any Mortgage SPE Component Entity, Guarantor, the Collateral or the Property (or any portion thereof) and same is not discharged
of record (by payment, bonding or otherwise) within thirty (30) days after Borrower obtains actual knowledge of such lien (except
that, if Borrower is diligently and expeditiously proceeds to discharge the same, such thirty (30) day period shall be extended
for an additional thirty (30) day period; provided, however, that if a foreclosure has commenced, Borrower must
discharge same immediately);


 


(j)    if
any of the factual assumptions (other than those relating to Lender) contained in the Non-Consolidation Opinion or in any New
Non-Consolidation Opinion (including, without limitation, in any schedules thereto and/or certificates delivered in
connection therewith) are untrue or shall become untrue, in each case, in any material respect; provided, however,
that any such untrue assumption shall not constitute an Event of Default hereunder if (i) such untrue assumption was
inadvertent, capable of being cured and could not be reasonably expected to result in a Material Adverse Effect and (ii)
within ten (10) Business Days of the date Borrower becomes aware of such untrue assumption, Borrower cures (or causes to be
cured) such untrue assumption and, if required by Lender, Borrower delivers a New Non-Consolidation Opinion or an update
(from the original issuing firm) to the applicable existing Non-Consolidation Opinion confirming that such breach does not
alter the opinions given therein;


 






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(k)   
if (A) any of the financial covenants in Section 26(d) of the Guaranty are breached or (B) any other default occurs
under the guaranty or indemnity executed in connection herewith for the benefit of Lender (including, without limitation, the Environmental
Indemnity and/or the Guaranty) and such default continues after the expiration of applicable notice, grace and/or cure periods,
if any; provided that any such breach or default described in (A) or (B) shall not constitute an Event of Default if (1)
such breach or default was inadvertent, immaterial and non-recurring, (2) such breach or default is non-monetary in nature, and
(3) such breach or default is curable and Borrower or Guarantor shall promptly cure such breach or default within five (5) calendar
days of Borrower’s or Guarantor’s obtaining actual knowledge of such breach or default;


 


(l)   
  at Lender’s option, if a Reporting Failure continues for sixty (60) days after written demand is made for delivery
of the related Required Financial Item(s) (or such longer period of time agreed to by Lender in its sole discretion taking into
account an explanation from Borrower as to why such Required Financial Item(s) cannot be timely delivered);


 


(m)   if,
(A) at any time the Manager is not a Qualified Manager or (B) the Management Agreement is canceled, terminated, surrendered, expires
pursuant to its terms or otherwise ceases to be in full force and effect, in each case, in violation of the terms of this Agreement,
unless in either case the Borrower cause Mortgage Borrower to replace Manager with a Qualified Manager pursuant to a Qualified
Management Agreement within ten (10) Business Days;


 


(n)   
if any representation under Section 3.7 or Section 3.9 and/or covenant under Section 4.19 or Section
4.26 herein relating to ERISA or CFIUS Laws matters is breached other than a breach that, when taken together with any other
uncured such breaches in the aggregate, does not result in and is not reasonably likely to result in a Material Adverse Effect
and such breach is promptly remedied after Borrower obtains actual knowledge of the same in a manner Lender reasonably determines
to be acceptable to Lender;


 


(o)   
if Borrower shall fail to observe, perform or discharge any of Borrower’s obligations, covenants, conditions or agreements
under the Interest Rate Cap Agreement and otherwise comply with the covenants set forth in Section 2.8 hereof and such failure
is not cured within ten (10) Business Days after Borrower’s actual knowledge thereof;


 


 (p)    [intentionally omitted];


 






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(q)   
 any material amendment, material modification and/or termination of the Co-Tenancy Agreement in each case by Mortgage Borrower
without Lender’s prior written consent;


 


(r)    
with respect to any default or breach of any term, covenant or condition of this Agreement not specified in subsections
(a) through (q) above or not otherwise specifically specified as an Event of Default in this Agreement, if the same
is not cured (i) within ten (10) Business Days after notice from Lender (in the case of any default which can be cured by the payment
of a sum of money) or (ii) within thirty (30) days after notice from Lender (in the case of any other default or breach); provided,
that, with respect to any default or breach specified in subsection (ii), if the same cannot reasonably be cured within
such thirty (30) day period and Borrower shall have commenced to cure the same within such thirty (30) day period and thereafter
diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for so long as it shall require
Borrower in the exercise of due diligence to cure the same, it being agreed that no such extension shall be for a period in excess
of ninety (90) days;


 


(s)   
if any default exists under any of the other Loan Documents beyond any applicable cure periods contained in such Loan Documents
and (for the avoidance of doubt, without limiting any other Event of Default set forth in the Loan Documents) the same is not cured
(i) within ten (10) Business Days after notice from Lender (in the case of any default which can be cured by the payment of a sum
of money) or (ii) within thirty (30) days after notice from Lender (in the case of any other default or breach); provided,
that, with respect to any default or breach specified in subsection (ii), if the same cannot reasonably be cured within
such thirty (30) day period and Borrower shall have commenced to cure the same within such thirty (30) day period and thereafter
diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for so long as it shall require
Borrower in the exercise of due diligence to cure the same, it being agreed that no such extension shall be for a period in excess
of ninety (90) days; or


 


(t)   
if any Mortgage Loan Event of Default occurs and is continuing; provided, however, that in the event the Mortgage Loan Event
of Default is no longer continuing because Lender has exercised its right to cure the Mortgage Loan Event of Default pursuant to
the terms of this Agreement, such Mortgage Loan Event of Default shall be deemed to be still continuing and it shall be an Event
of Default hereunder.


 






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Section 10.2. Remedies.


 


(a)    To
the extent permitted by applicable law, upon the occurrence and during the continuance of an Event of Default (other than an
Event of Default described in Section 10.1(f) above with respect to Borrower, Mortgage Borrower, any SPE Component
Entity or any Mortgage SPE Component Entity) and at any time thereafter Lender may, in addition to any other rights or
remedies available to it pursuant to this Agreement, the Pledge Agreement, the Note and the other Loan Documents or at law or
in equity, take such action, without notice or demand except as is otherwise expressly required by the Loan Documents, that
Lender deems advisable to protect and enforce Lender’s rights against Borrower and in the Collateral, including,
without limitation, declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself of any or
all rights or remedies provided in this Agreement, the Pledge Agreement, the Note and the other Loan Documents against
Borrower and the Collateral, including, without limitation, all rights or remedies available at law or in equity. Upon any
Event of Default described in Section 10.1(f) above with respect to Borrower, Mortgage Borrower, any SPE Component
Entity or any Mortgage SPE Component Entity, the Debt and all other obligations of Borrower under this Agreement, the Pledge
Agreement, the Note and the other Loan Documents shall immediately and automatically become due and payable, without notice
or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in the Pledge
Agreement, the Note and the other Loan Documents to the contrary notwithstanding.


 


(b)   
Upon the occurrence and during the continuance of an Event of Default, to the extent permitted by applicable law, all or
any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower under this Agreement,
the Pledge Agreement, the Note or the other Loan Documents executed and delivered by, or applicable to, Borrower or at law or in
equity may be exercised by Lender, at any time and from time to time, whether or not all or any of the Debt shall be declared due
and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of Lender’s
rights and remedies under this Agreement, the Pledge Agreement, the Note or the other Loan Documents with respect to the Collateral.
Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singularly, successively,
together or otherwise, at such time and in such order as Lender has determined, in its discretion, to the fullest extent permitted
by applicable law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by applicable law,
equity or contract or as set forth herein or in the Pledge Agreement, the Note or the other Loan Documents. No delay or omission
to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall
be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be
deemed expedient. A waiver of one Default or Event of Default with respect to Borrower shall not be construed to be a waiver of
any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon.


 


(c)   
Lender shall have the right from time to time to partially foreclose the Pledge Agreement in any manner and for any amounts
secured by the Pledge Agreement then due and payable as determined by Lender in its sole discretion including, without limitation,
the following circumstances: (i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more
scheduled payments of principal and interest, Lender may foreclose the Pledge Agreement and/or the Security Documents to recover
such delinquent payments, or (ii) in the event Lender elects to accelerate less than the entire Outstanding Principal Balance of
the Loan, Lender may foreclose the Pledge Agreement and/or the Security Documents to recover so much of the principal balance of
the Loan as Lender may and such other sums secured by the Pledge Agreement and/or the Security Documents as Lender may elect. Notwithstanding
one or more partial foreclosures, the Collateral shall remain subject to the Pledge Agreement to secure payment of sums secured
by the Pledge Agreement and not previously recovered.





 






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(d)   
 During the continuance of an Event of Default, Lender shall have the right from time to time to sever the Note and the
other Loan Documents into one or more separate notes, pledge agreements and other security documents (the “Severed Loan
Documents”) in such denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing
its rights and remedies provided hereunder. Borrower shall execute and deliver to Lender from time to time, promptly after the
request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described
in the preceding sentence, all in form and substance reasonably satisfactory to Lender. Borrower hereby absolutely and irrevocably
appoints Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents
necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof;
provided, however, Lender shall not make or execute any such documents under such power until three (3) days after
notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power. Borrower shall not
be obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed
Loan Documents and the Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the
Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only
as of the Closing Date.


 


(e)    To
the extent permitted by applicable law and notwithstanding anything to the contrary contained herein or in any other Loan Document,
any amounts recovered from the Collateral (or any portion thereof) or any other collateral for the Loan and/or paid to or received
by Lender may, after an Event of Default, be applied by Lender toward the Debt in such order, priority and proportions as Lender
shall determine in its sole discretion.


 


(f)   
To the extent permitted by applicable law, upon the occurrence and during the continuance of an Event of Default, Lender
may, but without any obligation to do so and without notice to or demand on Borrower and without releasing Borrower from any obligation
hereunder or being deemed to have cured any Event of Default hereunder, make, do or perform any obligation of Borrower hereunder
in such manner and to such extent as Lender may deem necessary. Lender is authorized to enter upon the Property for such purposes,
or appear in, defend, or bring any action or proceeding to protect the Lenders’ interest in the Property for such purposes,
and the actual out-of-pocket cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by applicable
law), with interest as provided in this Section 10.2, shall constitute a portion of the Debt and shall be due and payable
to Lender for itself or for the account of any Lender, as applicable upon demand. All such actual out-of-pocket costs and expenses
incurred by Lender in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing
any action or proceeding shall bear interest at the Default Rate, for the period after such cost or expense was incurred until
the date of payment to Lender. All such actual out-of-pocket costs and expenses incurred by Lender together with interest thereon
calculated at the Default Rate shall be deemed to constitute a portion of the Debt and be secured by the liens, claims and security
interests provided to Lender under the Loan Documents and shall be immediately due and payable upon demand by Lender therefor.


 



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ARTICLE 11.


 


SECONDARY MARKET


 


Section 11.1. Securitization.


 


(a)   
Lender shall have the right (i) to sell, syndicate or otherwise transfer the Loan (or any portion thereof and/or interest
therein), (ii) to sell participation interests in the Loan (or any portion thereof and/or interest therein) or (iii) to securitize
the Loan (or any portion thereof and/or interest therein) in a single asset securitization or a pooled asset securitization. The
transactions referred to in clauses (i), (ii) and (iii) above shall hereinafter be referred to collectively
as “Secondary Market Transactions” and the transactions referred to in clause (iii) shall hereinafter
be referred to as a “Securitization”. Any certificates, notes or other securities issued in connection with
a Securitization are hereinafter referred to as “Securities”. Lender agrees that it has no right to create any
additional mezzanine loan hereunder.


 


(b)   
If requested by Lender, Borrower shall assist Lender in satisfying the market standards to which Lender customarily adheres
or which may be reasonably required in the marketplace or by the Rating Agencies in connection with any Secondary Market Transactions,
including, without limitation and to the extent customary and reasonable as provided in this sentence, to:


 


(i)        Provide
or cause Mortgage Borrower to provide (A) updated financial and other information reasonably available to Borrower or Mortgage
Borrower with respect to the Property, the Collateral, the business operated at the Property, Borrower, Mortgage Borrower, Guarantor,
SPE Component Entity, any Mortgage SPE Component Entity and Manager, (B) updated budgets relating to the Property, and (C) updated
appraisals, market studies, environmental reviews (Phase I’s and, if appropriate, Phase II’s), property condition
reports and other due diligence investigations of the Property (the “Updated Information”), together, if customary,
with appropriate verification of the Updated Information through letters of auditors or opinions of counsel reasonably acceptable
to Lender and acceptable to the Rating Agencies;


 


(ii)       to
the extent such opinions were delivered to Lender in connection with the closing of the Loan (provided any such opinion was not
waived by Lender with respect to the Loan), provide updated opinions of counsel, which may be relied upon by Lender and its counsel,
agents and representatives, as to substantive non- consolidation, fraudulent conveyance, matters of Delaware law and federal bankruptcy
law relating to limited liability companies, true sale, true lease and any other opinion customary in Secondary Market Transactions
or required by the Rating Agencies with respect to the Property, the Collateral, Borrower, Mortgage Borrower, Borrower’s
Affiliates, and Mortgage Borrower’s Affiliates, which counsel and opinions shall be reasonably satisfactory in form and
substance to Lender and shall be satisfactory in form and substance to the Rating Agencies (and the forms of opinions from such
counsels delivered to Lender in connection with the closing of the Loan shall be deemed satisfactory);


 






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(iii)      provide updated, as of the closing date of the Secondary Market Transaction, representations and warranties made in the
Loan Documents (which representations and warranties may be updated to reflect any change in facts and circumstances since the
Closing Date, provided that such change in facts and circumstances is not due to a Default by Borrower under the Loan Documents);
and


 


(iv)      execute
such amendments to the Loan Documents, the Mortgage Loan Documents, and Borrower’s, Mortgage Borrower’s, any Mortgage
SPE Component Entity’s, or any SPE Component Entity’s organizational documents as may be reasonably required by the
Rating Agencies or otherwise to effect any Secondary Market Transaction, including, without limitation, (A) to amend and/or supplement
the Independent Manager provisions provided herein and therein, in each case, in accordance with the applicable requirements of
the Rating Agencies, (B)   further bifurcating the Loan
into two or more additional components and/or additional separate notes, re-allocating the Loan among existing components or notes,
reducing the number of components or notes of the Loan, and/or creating additional separate notes and/or creating additional senior/subordinate
note structure(s), including, without limitation, re-allocating the principal amounts and the Spread and/or Prime Rate Spread
(as defined herein and in the Mortgage Loan Agreement, as applicable) of the Loan and/or the Mortgage Loan (any of the foregoing,
a “Loan Bifurcation”) and (C) to modify all operative dates (including but not limited to payment dates, interest
period start dates and end dates, etc.) under the Loan Documents, by up to ten (10) days (provided that the time periods in which
Borrower is permitted to perform its obligations under the Loan Documents shall not be decreased); provided, however,
that Borrower shall not be required to so modify or amend any Loan Document or organizational document if such modification or
amendment shall impose a Secondary Market Adverse Change on the Borrower or Guarantor. The term “Secondary Market Adverse
Change” means (i) either Borrower’s, Guarantor’s or Sponsor’s liabilities or obligations under the
Loan Documents are increased, or Borrower’s, Guarantor’s or Sponsor’s rights under the Loan Documents are decreased,
in either case in any manner that is adverse to Borrower, Guarantor or Sponsor or their respective Affiliates other than to a
de minimis extent (although change in the weighted average interest rate described in clauses (ii)(w), (x),
or (y) below shall not be deemed to increase any such liability or decrease any such rights in other than a de minimis
extent), (ii) any change in the weighted average interest rate (whether before or after the time of the proposed Loan Bifurcation)
(other than as a result of (w) payments and recoveries after an Event of Default or a Mortgage Loan Event of Default, (x) application
of proceeds following a Casualty or Condemnation, or (y) prepayments made in accordance with the terms of this Agreement or the
Mortgage Loan Agreement), (iii) any change to the stated Maturity Date (other than as described in clause (C) above), (iv)
after giving effect to the Loan Bifurcation, the outstanding principal amount of such participations, loans, and/or Notes does
not equal the outstanding principal amount of the Loan immediately prior to such Loan Bifurcation; (v) any change that would affect
the amortization of the Loan; and/or (vi) in connection with any bifurcation or reallocation (or modification in connection therewith),
any change that would (I) create a risk that any indirect owner of Borrower that is a REIT cannot continue to qualify as a REIT
or (II) create a risk that the Borrower or its Affiliates, or any direct owner of Borrower, would recognize a material amount
of income in connection with the bifurcation or reallocation (or modification in connection therewith).


 






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(c)   
If, at the time a Disclosure Document is being prepared for a Securitization, Lender expects that Borrower alone or Borrower
and one or more Affiliates of Borrower collectively, or the Collateral alone or the Collateral and Related Collateral collectively,
will be a Significant Obligor, Borrower shall furnish to Lender upon request (i) the selected financial data or, if applicable,
net operating income, required under Item 1112(b)(1) of Regulation AB, if Lender expects that the principal amount of the Loan
together with any Related Loans as of the cut-off date for such Securitization may, or if the principal amount of the Loan together
with any Related Loans as of the cut-off date for such Securitization and at any time during which the Loan and any Related Loans
are included in a Securitization does, equal or exceed ten percent (10%) (but less than twenty percent (20%)) of the aggregate
principal amount of all loans included or expected to be included, as applicable, in the Securitization, or (ii) the financial
statements required under Item 1112(b)(2) of Regulation AB, if Lender expects that the principal amount of the Loan together with
any Related Loans as of the cut-off date for such Securitization may, or if the principal amount of the Loan together with any
Related Loans as of the cut-off date for such Securitization and at any time during which the Loan and any Related Loans are included
in a Securitization does, equal or exceed twenty percent (20%) of the aggregate principal amount of all loans included or expected
to be included, as applicable, in the Securitization. The financial data or financial statements set forth in the immediately preceding
sentence shall be furnished to Lender (A) within ten (10) Business Days after notice from Lender in connection with the preparation
of Disclosure Documents for the Securitization, (B) not later than thirty (30) days after the end of each fiscal quarter of Borrower
and (C) not later than eighty (80) days after the end of each fiscal year of Borrower; provided, however, that Borrower
shall not be obligated to furnish financial data or financial statements pursuant to clauses (B) or (C) of this sentence
with respect to any period for which a filing pursuant to the Exchange Act in connection with or relating to the Securitization
(an “Exchange Act Filing”) is not required. If requested by Lender, Borrower shall furnish to Lender financial
data and/or financial statements for any tenant of the Property (which are available to Borrower or can be obtained by Borrower
in the exercise of commercially reasonable efforts) if, in connection with a Securitization, Lender expects there to be, with respect
to such tenant or group of Affiliated tenants, a concentration within all of the mortgage loans included or expected to be included,
as applicable, in the Securitization such that such tenant or group of Affiliated tenants would constitute a Significant Obligor.


 






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(d)    All
financial data and statements provided by Borrower hereunder shall be prepared in accordance with GAAP, and shall meet the
requirements of Regulation AB and other applicable legal requirements. All financial statements referred to in this Section
shall be audited by independent accountants of Borrower acceptable to Lender in accordance with Regulation AB and all other
applicable legal requirements, shall be accompanied by the manually executed report of the independent accountants thereon,
which report shall meet the requirements of Regulation AB and all other applicable legal requirements, and shall be further
accompanied by a manually executed written consent of the independent accountants, in form and substance reasonably
acceptable to Lender, to the inclusion of such financial statements in any Disclosure Document and any Exchange Act Filing
and to the use of the name of such independent accountants and the reference to such independent accountants as
 “experts” in any Disclosure Document and Exchange Act Filing, all of which shall be provided at the same time as
the related financial statements are required to be provided. All financial data and statements (audited or unaudited)
provided by Borrower under this Section shall be accompanied by an Officer’s Certificate, which certification shall
state that such financial statements meet the requirements set forth in the first sentence of this subsection (d).


 


(e)   
If requested by Lender, Borrower shall provide Lender, promptly upon request, with any other or additional financial statements,
or financial, statistical or operating information, as Lender shall determine to be required pursuant to Regulation AB or any amendment,
modification or replacement thereto or other legal requirements in connection with any Disclosure Document or any Exchange Act
Filing or as shall otherwise be reasonably requested by Lender.


 


(f)   
In the event Lender determines, in connection with a Securitization, that the financial data and financial statements required
in order to comply with Regulation AB or any amendment, modification or replacement thereto or other legal requirements are other
than as provided herein, then notwithstanding the provisions of this Section, Lender may request, and Borrower shall promptly provide,
such other financial data and financial statements as is required in order to comply with Regulation AB.


 


(g)   
In connection with any anticipated Securitization, if requested by Lender, Borrower shall furnish to Lender:


 


(i)               monthly certified rent rolls within ten (10) days after the end of each calendar month; and


 


(ii)              monthly
operating statements of the Property detailing the revenues received, the expenses incurred and the components of Net Operating
Income before and after Debt Service and major capital improvements for the period of calculation and containing appropriate year-to-date
information, within ten (10) days after the end of each calendar month.


 






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Section 11.2. Disclosure.


 


(a)    Borrower
(on its own behalf and on behalf of each other Borrower Party) understands that information provided to Lender by Borrower,
any other Borrower Party and/or their respective agents, counsel and representatives may be (i) included in (A) the
Disclosure Documents and (B) filings under the Securities Act and/or the Exchange Act and (ii) made available to Investors,
the Rating Agencies and service providers, in each case, in connection with any Secondary Market Transaction.


 


(b)   
Borrower shall indemnify Lender and its officers, directors, partners, employees, representatives, agents and affiliates
against any actual losses, claims, damages (excluding consequential, special and/or punitive damages except to the extent actually
paid by such Person to a third party) or liabilities (collectively, the “Liabilities”) to which Lender and/or
its officers, directors, partners, employees, representatives, agents and/or affiliates become subject in connection with any untrue
statement or alleged untrue statement of any material fact contained in the Covered Disclosure Information or the omission or alleged
omission to state in the Covered Disclosure Information a material fact required to be stated therein or necessary in order to
make the statements in the Covered Disclosure Information, in light of the circumstances under which they were made, not misleading
(in each case excluding (x) any underwritten financial information, (y) any information (including financial information or forecasted
information) solely contained in any third party report commissioned by Lender, such as appraisals, property condition reports
and environmental reports, and (z) any projections or forecasts).


 






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(c)
    Borrower shall provide, in connection with a Securitization, an agreement (A)  certifying
that (i) Borrower, Sponsor and Guarantor have examined the following sections of the Disclosure Documents: (1) with respect
to the term sheet, the sections entitled “Executive Summary and Transaction Highlights,” “Sponsorship and
Management Overview” and “Historical and Underwritten Financials” (or sections similarly titled or covering
similar subject matters), and (2) with respect to the other Disclosure Documents, those sections of the Disclosure Documents
entitled “Risk Factors,” “Description of the Property,” “Description of the Ernst & Young
Plaza Integration Agreements,” “Description of Borrower, Borrower Sponsor, Guarantor, and Related Parties,”
 “Description of the Mortgage Borrower,” “Description of the Management Agreement,” “Description
of the Property Manager” (if the Manager is an affiliate of the Borrower), “Description of the Parking Management
Agreement,” ‘Description of the Parking Structure Management Agreement,” “Sources and Uses,”
 “Annex E – Representations and Warranties of Borrower” and “Annex G – Organizational Structure
of the Borrower” (or sections similarly titled or covering similar subject matters) and in the portions of the
 “Summary of Offering Circular” that relate to the foregoing, as each of the foregoing in clauses (1) and (2)
relates to Borrower, Mortgage Borrower, Borrower Affiliates, Borrower Parties, the Property, the Collateral, Manager (if
Manager is an affiliate of Borrower), or Guarantor (but not the description of the Loan terms or the Securities, the adequacy
of which shall be determined by Lender in its discretion) (the foregoing in clauses (1) and (2), collectively
with the Provided Information, the “Covered Disclosure Information”), and the Covered Disclosure
Information does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements made, in the light of the circumstances under which they were made, not misleading, (B) indemnifying
Lender (and for purposes of this Section 11.2, Lender hereunder shall include its officers and directors), the
Affiliate of Lender (“Lender Affiliate”) that has filed the registration statement relating to the
Securitization (the “Registration Statement”), each of its officers and directors, each of its officers
who have signed the Registration Statement and each Person that controls the Affiliate within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act (collectively, the “Lender Group”), and Lender
Affiliate, and any other placement agent or underwriter with respect to the Securitization, each of their respective officers
and directors and each Person who controls Lender Affiliate or any other placement agent or underwriter within the meaning of
Section 15 of the Securities Act and Section 20 of the Exchange Act (collectively, the “Underwriter
Group”) for any Liabilities to which Lender, the Lender Group or the Underwriter Group may become subject insofar
as the Liabilities arise out of or are based upon any untrue statement or alleged untrue statement of any material fact
contained in the Covered Disclosure Information or arise out of or are based upon the omission or alleged omission to state
in the Covered Disclosure Information a material fact required to be stated therein or necessary in order to make the
statements in the Covered Disclosure Information, in light of the circumstances under which they were made, not misleading,
and (C) agreeing to reimburse Lender, the Lender Group and/or the Underwriter Group for any legal or other expenses
reasonably incurred by Lender, the Lender Group and the Underwriter Group in connection with investigating or defending the
Liabilities; provided, however, that Borrower will not be liable in any such case under clauses (B) or (C)
above with respect to (x) any underwritten financial information, (y) any information (including financial information or
forecasted information) solely contained in any third party report commissioned by Lender, such as appraisals, property
condition reports and environmental reports, and (z) any projections or forecasts; provided, further, that,
(i) Borrower shall have been given a reasonable time to review and comment on any Disclosure Document and/or Covered Rating
Agency Information in accordance with this Section 11.2(c) prior to the publication or distribution thereof and (ii)
Borrower shall not be liable for any Liabilities arising from Lender’s failure to revise any Disclosure Document and/or
Covered Rating Agency Information to reflect any Borrower comments to the Covered Disclosure Information that have been
delivered in writing to Lender and are specifically set forth on a schedule to the Indemnification Agreement. The
indemnification provided for in clauses (B)  and (C)
above shall be effective whether or not the indemnification agreement described above is provided so long as Borrower has had
the opportunity to review and comment on the Covered Disclosure Information as described above. The aforesaid indemnity will
be in addition to any liability which Borrower may otherwise have.


 


(d)   
In connection with filings under Exchange Act and/or the Securities Act, Borrower shall (i) indemnify Lender, the Lender
Group and the Underwriter Group for Liabilities to which Lender, the Lender Group or the Underwriter Group may become subject insofar
as the Liabilities arise out of or are based upon the misrepresentation of a material fact provided by any Borrower Party or on
behalf of any Borrower Party in the Covered Disclosure Information (provided Borrower shall not be liable for such Liabilities
to the extent Borrower has had the opportunity to review and comment on the Covered Disclosure Information as described in clause
(c) above and Lender has failed to revise the subject Covered Disclosure Information in accordance with Borrower’s comments
thereto that have been delivered to Lender) and (ii) reimburse Lender, the Lender Group or the Underwriter Group for any legal
or other expenses reasonably incurred by Lender, the Lender Group or the Underwriter Group in connection with defending or investigating
the Liabilities.





 






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(e)   
 Promptly after receipt by an indemnified party under this Section 11.2 of notice of the commencement of any action,
such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 11.2,
notify the indemnifying party in writing of the commencement thereof (but the omission to so notify the indemnifying party will
not relieve the indemnifying party from any liability which the indemnifying party may have to any indemnified party hereunder
except to the extent that failure to notify causes prejudice to the indemnifying party). In the event that any action is brought
against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will
be entitled, jointly with any other indemnifying party, to participate therein and, to the extent that it (or they) may elect by
written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to
assume the defense thereof with counsel satisfactory to such indemnified party. After notice from the indemnifying party to such
indemnified party under this Section 11.2, such indemnifying party shall pay for any legal or other expenses subsequently
incurred by such indemnifying party in connection with the defense thereof; provided, however, if the defendants
in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably
concluded that there are any legal defenses available to it and/or other indemnified parties that are different from or additional
to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel
to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party at
the reasonable cost of the indemnifying party.


 


(f)
     The liabilities and obligations of Borrower and Lender under this Section 11.2 
shall survive the termination of this Agreement and the satisfaction and discharge of the Debt. In the event Borrower and/or
any other Borrower Party fails to comply with the provisions of Section 11.1 and/or Section 11.2 within the timeframes
specified therein and/or as otherwise required by Lender and such failure continues for five (5) Business Days after notice thereof
from Lender to Borrower (or such longer period of time agreed to by Lender in its sole discretion taking into account an explanation
from Borrower as to why such item(s) cannot be timely delivered), the same shall, at Lender’s option, constitute a breach
of the terms thereof and/or an Event of Default.


 


Section
11.3. Reserves/Escrows. In the event that Securities are issued in connection with the Loan, all funds held by Lender in escrow
or pursuant to reserves in accordance with this Agreement and the other Loan Documents shall be deposited in “eligible accounts”
at “eligible institutions” and, to the extent applicable, invested in “permitted investments” as then defined
and required by the Rating Agencies.


 


Section 11.4. Intentionally
Omitted.


 


Section
11.5. Rating Agency Costs. In connection with any Rating Agency Confirmation or other Rating Agency consent, approval or review
required hereunder, Borrower shall pay all reasonable, out-of-pocket costs and expenses of Lender and Servicer and all costs and
expenses of each Rating Agency in connection therewith, and, if applicable, shall pay any fees imposed by any Rating Agency in
connection therewith.


 






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Section 11.6. Syndication. Without limiting Lender’s rights under Section 11.1, the provisions
of this Section 11.6 (other than clause (a)(viii) and clause (a)(ix) below, which shall apply at all times
during the term of the Loan) shall only apply prior to the first Securitization of the Loan.


 


 (a)    Sale of Loan, Co-Lenders, Participations and Servicing.




 


(i)               Lender
and any Co-Lender may, at their option, without Borrower’s consent (but with notice to Borrower), sell with novation all
or any part of their right, title and interest in, and to, and under the Loan (the “Syndication”), to one or
more additional lenders (each a “Co-Lender”). Each additional Co-Lender shall enter into an assignment and
assumption agreement (the “Assignment and Assumption”) assigning a portion of Lender’s or Co-Lender’s
rights and obligations under the Loan, and pursuant to which the additional Co-Lender accepts such assignment and assumes the
assigned obligations. From and after the effective date specified in the Assignment and Assumption (i) each Co-Lender shall be
a party hereto and to each Loan Document to the extent of the applicable percentage or percentages set forth in the Assignment
and Assumption and, except as specified otherwise herein, shall succeed to the rights and obligations of Lender and the Co- Lenders
hereunder and thereunder in respect of the Loan, and (ii) Lender, as lender, and each Co-Lender, as applicable, shall, to the
extent such rights and obligations have been assigned by it pursuant to such Assignment and Assumption, relinquish its rights
and be released from its obligations hereunder and under the Loan Documents.


 


(ii)              The
liabilities of Lender and each of the Co-Lenders shall be several and not joint, and Lender’s and each Co-Lender’s
obligations to Borrower under this Agreement shall be reduced by the amount of each such Assignment and Assumption. Neither Lender
nor any Co-Lender shall be responsible for the obligations of any other Lender or Co-Lender. Lender and each Co-Lender shall be
liable to Borrower only for their respective proportionate shares of the Loan.


 


(iii)             Borrower
agrees that it shall, in connection with any sale of all or any portion of the Loan, whether in whole or to an additional Co-Lender
or Participant, within ten (10) Business Days after requested by Agent, furnish Agent with the certificates required under Sections
4.12 and 4.13 hereof and such other information as reasonably requested by any additional Co-Lender or Participant
in performing its due diligence in connection with its purchase of an interest in the Loan.


 






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(iv)            MS
(or an Affiliate of MS) shall act as administrative agent for itself and the other Lenders and Co-Lenders (together with any successor
administrative agent, the “Agent”) pursuant to this Section 11.6. Borrower acknowledges that Agent shall
have the sole and exclusive authority to execute and perform under this Agreement and each Loan Document on behalf of itself,
as Lender, and as agent for itself and the other Lenders and Co-Lenders subject to the terms of the Co- Lending Agreement. Borrower
acknowledges that Agent shall retain the exclusive right to grant approvals and give consents with respect to all matters requiring
Lender consent hereunder. Except as otherwise provided herein, Borrower shall have no obligation to recognize or deal directly
with any Co-Lender, and no Co- Lender shall have any right to deal directly with Borrower with respect to the rights, benefits
and obligations of Borrower under this Agreement, the Loan Documents or any one or more documents or instruments in respect thereof.
Borrower may rely conclusively on the actions of Agent to bind Lender and the Co-Lenders, notwithstanding that the particular
action in question may, pursuant to this Agreement or the Co-Lending Agreement, be subject to the consent or direction of some
or all of the Co-Lenders. Agent may resign as administrative agent of the Co- Lenders, in its sole discretion, or if required
to by the Co-Lenders in accordance with the term of the Co-Lending Agreement, in each case without the consent of but upon prior
written notice to Borrower. Upon any such resignation, a successor Agent shall be determined pursuant to the terms of the Co-Lending
Agreement. The term Agent shall mean any successor Agent. Notwithstanding the foregoing, Borrower acknowledges and agrees that
if the Loan is sold by any Lender such that the Loan is held by a single Lender, then automatically, and without any further action
by any Lender, all references to Agent hereunder shall be deemed to refer to such single Lender (or any affiliate appointed thereby)
that holds the Loan.


 


(v)             Notwithstanding
any provision to the contrary in this Agreement, the Agent shall not have any duties or responsibilities except those expressly
set forth herein (and in the Co-Lending Agreement) and no covenants, functions, responsibilities, duties, obligations or liabilities
of Agent shall be implied by or inferred from this Agreement, the Co-Lending Agreement, or any other Loan Document, or otherwise
exist against Agent.


 


(vi)             Except to the extent its obligations hereunder and its interest in the Loan have been assigned pursuant to one or more Assignments
and Assumption, Agent shall have the same rights and powers under this Agreement as any other Lender or Co-Lender and may exercise
the same as though it were not Agent. The term “Co-Lender” or “Co-Lenders” shall, unless
otherwise expressly indicated, include Lender in its individual capacity. Agent and the other Co-Lenders and their respective Affiliates
may accept deposits from, lend money to, act as trustee under indentures of, and generally engage in any kind of business with,
Borrower or any Affiliate of Borrower and any Person who may do business with or own securities of Borrower or any Affiliate of
Borrower, all as if they were not serving in such capacities hereunder and without any duty to account therefor to each other.


 


(vii)           If
required by any Co-Lender, Borrower hereby agrees to execute supplemental notes in the principal amount of such Co-Lender’s
pro rata share of the Loan substantially in the form of the Note, and such supplemental note shall (i) be payable to such Co-Lender,
(ii) be dated as of the Closing Date, and (iii) mature on the Maturity Date. Such supplemental note shall provide that it evidences
a portion of the existing indebtedness hereunder and under the Note and not any new or additional indebtedness of Borrower. The
term “Note” as used in this Agreement and in all the other Loan Documents shall include all such supplemental notes.





 






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(viii)          
 The Agent or Servicer, acting solely for this purpose as a non- fiduciary agent of Borrower, shall maintain at its domestic
office or at such other location as the Agent or Servicer shall designate in writing to each Lender, Co- Lender and Borrower a
copy of each Assignment and Assumption delivered to and accepted by it and a register for the recordation of the names and addresses
of the Lenders and Co-Lenders, the amount of each Co-Lender’s proportionate share of the Loan (including principal amounts
and stated interest) and the name and address of each Lender’s and Co-Lender’s agent for service of process (the “Register”).
The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and Borrower, Agent or Servicer,
as applicable, Lenders and the Co- Lenders may treat each person or entity whose name is recorded in the Register as a Lender and
Co-Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection and copying by Borrower,
Lender or any Co- Lender during normal business hours upon reasonable prior notice to the Agent or Servicer, as applicable. A Co-Lender
may change its address and its agent for service of process upon written notice to the Agent or Servicer, as applicable, which
notice shall only be effective upon actual receipt by the Agent or Servicer, as applicable, which receipt will be acknowledged
by the Agent or Servicer, as applicable, upon request.


 


(ix)             Notwithstanding
anything herein to the contrary, any financial institution or other entity may be sold a participation interest in the Loan
by Lender or any Co-Lender without Borrower’s consent (such financial institution or entity, a
 “Participant”). No Participant shall have any rights under this Agreement, the Note or any of the Loan
Documents and the Participant’s rights in respect of such participation shall be solely against Lender or Co-Lender, as
the case may be, as set forth in the participation agreement executed by and between Lender or Co- Lender, as the case may
be, and such Participant. Borrower may rely conclusively on the actions of Agent to bind Lender and any Participant,
notwithstanding that the particular action in question may, pursuant to this Agreement or any participation agreement be
subject to the consent or direction of some or all of the Participants. No participation shall relieve Lender or Co-Lender,
as the case may be, from its obligations hereunder or under the Note or the Loan Documents and Lender or Co-Lender, as the
case may be, shall remain solely responsible for the performance of its obligations hereunder. Each Lender or Co-Lender that
sells a participation shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain a register on
which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Loan or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender or Co-Lender shall have any obligation to disclose all or any portion of
the Participant Register (including the identity of any Participant or any information relating to a Participant’s
interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except
to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation
is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant
Register shall be conclusive absent manifest error, and such Lender or Co-Lender shall treat each Person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary.


 






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(x)             
Notwithstanding any other provision set forth in this Agreement, Lender or any Co-Lender may at any time create a security
interest in all or any portion of its rights under this Agreement (including, without limitation, amounts owing to it in favor
of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System).


 


(b)               Cooperation
in Syndication. Borrower agrees to assist Lender in completing a Syndication in accordance with the terms and provisions
of Section 11.1(b) and Section 11.7 hereof relating to Secondary Market Transactions, mutatis mutandis.


 


(c)
              
[Intentionally Omitted].




 


(d)              
No Joint Venture. Notwithstanding anything to the contrary herein contained, neither Agent, Lender nor any Co-Lender
by entering into this Agreement or by taking any action pursuant hereto, will be deemed a partner or joint venturer with Borrower.


 


(e)               
Voting Rights of Co-Lenders. Borrower acknowledges that the Co-Lending Agreement may contain provisions which require
that amendments, waivers, extensions, modifications, and other decisions with respect to the Loan Documents shall require the
approval of all or a number of the Co-Lenders holding in the aggregate a specified percentage of the Loan or any one or more Co-Lenders
that are specifically affected by such amendment, waiver, extension, modification or other decision.


 


(f)                
Letters of Credit. Each Co-Lender agrees that, prior to the first Securitization of the Loan, (i) any Letter of
Credit delivered to Lender in accordance with the terms of this Agreement shall name Agent as the sole beneficiary thereunder
for the benefit of the Co-Lenders, and (ii) each Co-Lender authorizes Agent to, and Agent hereby agrees to, act as its agent with
regard to the servicing and administration of all such Letters of Credit, and in the event Agent draws upon any such Letter of
Credit, each Co-Lender authorizes Agent to, and Agent hereby agrees to, deposit the proceeds into the Restricted Account (or into
one or more of the Accounts) in the manner set forth herein. Upon the first Securitization of the Loan, each Co-Lender authorizes
Agent to, and Agent hereby agrees to, assign to the related trustee all of Agent’s right, title and interest in and to each
Letter of Credit issued in accordance with the terms of this Agreement that is then in Agent’s possession, whereupon without
any further action by any of the Co-Lenders Agent shall be released from any and all liability relating in any way to such Letter(s)
of Credit.


 


Section
11.7. Costs and Expenses. Notwithstanding anything to the contrary contained in this Article 11, neither Borrower nor
any of its direct or indirect owners shall be required to incur any costs or expenses in the performance of Borrower’s obligations
under Section 11.1 above other than expenses of Borrower’s counsel.


 






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ARTICLE 12.


 


INDEMNIFICATIONS


 


Section
12.1. General Indemnification. Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold
harmless the Indemnified Parties from and against any and all Losses imposed upon or incurred by or asserted against any Indemnified
Parties and directly or indirectly arising out of or in any way relating to any one or more of the following: (a) any accident,
injury to or death of persons or loss of or damage to property occurring in, on or about the Property or any part thereof or on
the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (b) any use, nonuse or condition
in, on or about the Property or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas,
streets or ways; (c) performance of any labor or services or the furnishing of any materials or other property in respect of the
Property or any part thereof; (d) any failure of the Property or the Collateral (or any portion thereof) to be in compliance with
any applicable Legal Requirements; (e) any and all claims and demands whatsoever which may be asserted against Lender by reason
of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained
in any Lease, the Management Agreement, the Parking Management Agreement, the Parking Structure Management Agreement, or any Ernst
 & Young Plaza Integration Agreement; (f) the payment of any commission, charge or brokerage fee to anyone (other than a broker
or other agent retained by Lender) which may be payable in connection with the funding of the Loan evidenced by the Note and secured
by the Pledge Agreement; and/or (g) the holding or investing of the funds on deposit in the Accounts or the performance of any
work or the disbursement of funds in each case in connection with the Accounts (the “Indemnified Liabilities”);
provided, however, that Borrower shall not have any obligation hereunder (x) to the extent that any Indemnified
Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct of Lender or any other Indemnified Party
or (y) any consequential, punitive, exemplary and special damages except to the extent paid to a third party. Any amounts payable
to Lender by reason of the application of this Section 12.1 shall become due and payable on the date that is ten (10)  
days after Borrower receives written notice from Lender that such Losses were sustained by Lender and shall bear interest
at the Default Rate from the date that is ten (10) days after the date Borrower receives notice from Lender that such Losses were
sustained by Lender until such time as such amounts are paid. Notwithstanding the foregoing or anything to the contrary contained
in this Agreement, Borrower shall not have any liability for any Indemnified Liabilities imposed upon or incurred by or asserted
against any Indemnified Parties to the extent that Borrower proves that such Indemnified Liabilities were caused by actions, conditions
or events that first occurred or arose after the date that (i) Mortgage Borrower is dispossessed of control of the Property in
connection with Mortgage Lender’s exercise of remedies and to the extent that such Indemnified Liabilities were not caused
by the actions of Borrower, Mortgage Borrower, or any Affiliate or agent of Borrower or Mortgage Borrower, or (ii) Lender (or
any purchaser at a foreclosure sale or Lender’s designee of an assignment in lieu of foreclosure) actually acquired title
or control as to the direct ownership interests in the Mortgage Borrower pursuant to a foreclosure of the Pledge Agreement, an
assignment in lieu of foreclosure of the Pledge Agreement that has not been set aside, rescinded or invalidated, or other exercise
of remedies, and that such Indemnified Liabilities were not caused by the actions of Borrower, Mortgage Borrower, or any Affiliate
or agent of Borrower or Mortgage Borrower. For the avoidance of doubt, this Section 12.1 shall not apply with respect to
Taxes other than any Taxes that represent losses, claims, damages, etc., arising from any non-Tax claim.


 






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Section
12.2. Mortgage and Intangible Tax Indemnification. Borrower shall, at its sole cost and expense, protect, defend, indemnify,
release and hold harmless the Indemnified Parties from and against any and all Losses imposed upon or incurred by or asserted against
any Indemnified Parties and directly or indirectly arising out of or in any way relating to any tax on the making of the Pledge
Agreement, the Note or any of the other Loan Documents or any of the Mortgage Loan Documents (but excluding any income, franchise
or other similar taxes imposed on Lender and/or Lenders) or any payment in lieu thereof.


 


Section
12.3. ERISA Indemnification. Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless
the Indemnified Parties from and against any and all Losses (including, without limitation, reasonable attorneys’ fees and
costs incurred in the investigation, defense, and settlement of Losses incurred in correcting any prohibited transaction, or in
the sale of a prohibited loan, and in obtaining any individual prohibited transaction exemption under ERISA that may be required,
in Lender’s sole discretion) that Lender may incur, directly or indirectly, as a result of a default under Sections 3.7
or 4.19 of this Agreement.


 


Section
12.4. Duty to Defend, Legal Fees and Other Fees and Expenses. Upon written request by Lender (for itself and/or on behalf
of any other Indemnified Parties), Borrower shall defend Lender and/or any such Indemnified Parties (if requested by Lender, in
the name of Lender and/or any such Indemnified Parties) to the extent required hereunder by attorneys and other professionals
reasonably approved by the Indemnified Parties. Notwithstanding the foregoing, Lender may (for itself and/or on behalf of any
other Indemnified Parties), in its sole discretion, engage its own attorneys and other professionals to defend or assist Lender
and/or any such Indemnified Parties, and, at the option of Lender (on its own behalf and/or on behalf of any Indemnified Parties),
its attorneys shall control the resolution of any claim or proceeding subject to Borrower’s right to consent to any settlement
(such consent not to be unreasonably withheld or delayed). Borrower shall pay or, in the sole discretion of the Lender, reimburse,
the Lender for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories
and other professionals in connection therewith; provided, however, Borrower shall not be obligated to pay for fees
and disbursements of more than one set of legal professionals retained by Indemnified Parties with respect to any indemnified
claim (in addition to Borrower’s own legal professionals) regardless of the number of Indemnified Parties; provided,
however (i) Indemnified Parties, collectively, may retain multiple law firms and/or multiple lawyers at the same firm if
Indemnified Parties reasonably determine that separate specialized legal counsel is required with respect to specific matters,
but no Indemnified Parties shall have its own separate counsel except as provided in subclause (ii) of this clause and
(ii) (x) any Indemnified Party may retain its own separate counsel, and Borrower shall pay for the out-of-pocket fees and disbursement
of such counsel, if such Indemnified Parties, based upon the advice of counsel, has separate defenses that would be materially
and adversely compromised if it were to retain the same counsel or, if based upon the advice of counsel, a conflict exists between
Borrower and such Indemnified Parties or the Indemnified Parties, or, if during the continuance of an Event of Default, based
upon the advice of counsel, a Lender has no further common interests and (y) any Indemnified Party may retain its own separate
counsel at any time as described above at any time at its sole cost and expense.


  






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Section
12.5. Survival. The obligations and liabilities of Borrower under this Article 12 shall fully survive indefinitely notwithstanding
any termination, satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, or delivery of an
assignment in lieu of foreclosure of the Pledge Agreement.


 


Section
12.6. Environmental Indemnity. Simultaneously herewith, Borrower and Guarantor have executed and delivered the Environmental
Indemnity to Lender, which Environmental Indemnity is not secured by the Pledge Agreement.


 


ARTICLE 13.


 


EXCULPATION


 


Section 13.1. Exculpation.


 


(a)    Subject
to the qualifications below, no recourse shall be had against, and Lender shall not enforce the liability and obligation of
Borrower to perform and observe the obligations contained in the Note, this Agreement, the Pledge Agreement or the other Loan
Documents by any action or proceeding wherein a money judgment or any deficiency judgment or other judgment establishing
personal liability shall be sought against, any Borrower Party or any direct or indirect principal, director, officer,
employee, manager, beneficiary, parent, beneficial owner, shareholder, partner, member, trustee, agent, or Affiliate of any
Borrower Party or any direct or indirect legal representatives, successors or assigns of any of the foregoing (collectively,
the “Exculpated Parties”), except that Lender may bring a foreclosure action, an action for specific
performance or any other appropriate action or proceeding to enforce the Note, this Agreement, the Pledge Agreement and the
other Loan Documents, or to enable Lender to realize upon its interest in the Collateral, or any other collateral given to
Lender pursuant to the Loan Documents; provided, however, that, except as specifically provided herein, any
judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s
interest in the Collateral and in any other collateral given to Lender, and Lender, by accepting the Note, this Agreement,
the Pledge Agreement and the other Loan Documents, shall not sue for, seek or demand any deficiency judgment with respect to
the Loan against Borrower or any of the Exculpated Parties in any such action or proceeding under or by reason of or under or
in connection with the Note, this Agreement, the Pledge Agreement, the other Loan Documents or otherwise. The provisions of
this Section shall not, however, (1)   constitute a
waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents; (2) impair the right of
Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under the Pledge Agreement; (3)
affect the validity or enforceability of any Loan Document or any guaranty in connection with the Loan (including, without
limitation, the indemnities set forth in Article 12 hereof, the Guaranty and the Environmental Indemnity) made in
connection with the Loan or any of the rights and remedies of Lender thereunder; (4) intentionally omitted; (5) impair the
right of Lender to (A) obtain the appointment of a receiver and/or (B) enforce its rights and remedies provided in Articles
8 and 9 hereof; (6) [intentionally omitted]; (7) constitute a prohibition against Lender to seek a deficiency
judgment against Borrower in order to fully realize the security granted by the Pledge Agreement or to commence any other
appropriate action or proceeding in order for Lender to exercise its remedies against the Collateral or any portion thereof;
or (8) constitute a waiver of the right of Lender to enforce the liability and obligation of Borrower, by money judgment or
otherwise, to the extent of any actual Losses incurred by Lender (including reasonable attorneys’ fees and actual,
out-of-pocket costs reasonably incurred) arising out of or in connection with the following:


 


(i)               
fraud or intentional material misrepresentation by any Borrower Party or any Affiliate thereof in connection with the Loan;


 






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(ii)              
intentional material physical waste to the Property (or any portion thereof) caused by any Borrower Party or any Affiliate
thereof (provided that the foregoing is not the result of the insufficiency of cash flow from the Property to prevent such
waste, or the failure of Mortgage Lender to release funds from the applicable Reserve Accounts (as defined in the Mortgage Loan
Agreement) after all conditions to such release had been met to the extent sums sufficient to pay or perform such liability have
been deposited with Mortgage Lender in accordance with the terms of the Mortgage Loan Agreement, or the failure of Lender to release
funds from the applicable Reserve Accounts (if any) after all conditions to such release had been met to the extent sums sufficient
to pay or perform such liability have been deposited with Lender in accordance with the terms of this Agreement or the Borrower’s
or Mortgage Borrower’s lack of access to cash flow from the Property as a result of Lender’s or Mortgage Lender’s
exercise of remedies with respect to such cash flow) and/or the removal or disposal of any Personal Property in violation of the
terms of this Agreement during the continuance of an Event of Default unless such Personal Property is obsolete, is no longer in
use, or is replaced with Personal Property of substantially the same value and utility; provided that alterations in accordance
with the Loan Documents shall not result in liability under this clause (ii);


 


(iii)             
the intentional misappropriation or conversion by any Borrower Party or any Affiliate thereof, in contravention of the Loan
Documents, of (A) any insurance proceeds paid by reason of any loss, damage or destruction to the Property, (B) any Awards or other
amounts received in connection with the Condemnation of all or a portion of the Property, (C) any Rents during the continuance
of a Trigger Period or Event of Default, or (D) any Security Deposits or Rents collected from Tenants or other occupants in advance;


 


(iv)              subject
to Borrower’s right to contest the same in accordance with the terms hereof, Borrower’s failure to pay (or
Borrower’s failure to cause payment of) Taxes that create liens on any portion of the Property (provided that
the foregoing is not the result of the insufficiency of cash flow from the Property to pay such Taxes, the failure of
Mortgage Lender to release funds from the applicable Reserve Accounts (as defined in the Mortgage Loan Agreement) after all
conditions to such release had been met to the extent sums sufficient to pay or perform such liability have been deposited
with Mortgage Lender in accordance with the terms of the Mortgage Loan Agreement, or the failure of Lender to release funds
from the applicable Reserve Accounts (if any) after all conditions to such release had been met to the extent sums sufficient
to pay or perform such liability have been deposited with Lender in accordance with the terms of this Agreement or the
Borrower’s or Mortgage Borrower’s lack of access to cash flow from the Property as a result of Lender’s or
Mortgage Lender’s exercise of remedies with respect to such cash flow); provided, further that this clause
(iv) shall not apply to (I) mortgage, mortgage recording, stamp, intangible or other similar Taxes, and (II) transfer
taxes arising out of or in connection with any exercise of remedies by Lender under the Loan Documents or Mortgage Lender
under any Mortgage Loan Documents;


 






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(v)               
to the extent there exists sufficient cash flow from the Property to pay Insurance Premiums, Borrower’s failure to
pay (or Borrower’s failure to cause payment of) such Insurance Premiums (provided that the foregoing is not the result
of the insufficiency of cash flow from the Property to pay such Insurance Premiums, the failure of Mortgage Lender to release funds
from the applicable Reserve Accounts (as defined in the Mortgage Loan Agreement) after all conditions to such release had been
met to the extent sums sufficient to pay or perform such liability have been deposited with Mortgage Lender in accordance with
the terms of the Mortgage Loan Agreement, or the failure of Lender to release funds from the applicable Reserve Accounts (if any)
after all conditions to such release had been met to the extent sums sufficient to pay or perform such liability have been deposited
with Lender in accordance with the terms of this Agreement or the Borrower’s or Mortgage Borrower’s lack of access
to cash flow from the Property as a result of Lender’s or Mortgage Lender’s exercise of remedies with respect to such
cash flow);


 


(vi)            
any liability or obligation of Mortgage Borrower relating to the Previously-Owned Property to the extent relating to the
period prior to September 5, 2014, which is the date of Mortgage Borrower’s divestment of the Previously- Owned Property;


 


(vii)             except
as set forth in Section 13.1(b) below, any representation, warranty or covenant contained in Article 5 hereof
is violated or breached in a material respect; provided, however, that solely with respect to a material breach
of Section 5.1(a)(vii) that arises from Borrower’s or Mortgage Borrower’s failure to pay trade and
operational indebtedness, such breach shall not result in recourse under the Loan pursuant to this clause (vii) if
cash flow from the Property available to it is not sufficient to pay such amounts, if Mortgage Lender fails to release funds
from the applicable Reserve Accounts (as defined in the Mortgage Loan Agreement) after all conditions to such release had
been met to the extent sums sufficient to pay or perform such liability have been deposited with Mortgage Lender in
accordance with the terms of the Mortgage Loan Agreement, if Lender fails to release funds from the applicable Reserve
Accounts (if any) after all conditions to such release had been met to the extent sums sufficient to pay or perform such
liability have been deposited with Lender in accordance with the terms of this Agreement, or if Borrower or Mortgage Borrower
does not have access to cash flow from the Property as a result of Lender’s or Mortgage Lender’s exercise of
remedies with respect to such cash flow;


 


(viii)          
except as set forth in clause (x) below or Section 13.1(b) below, (A) Borrower fails to obtain Lender’s
prior consent to any voluntary Prohibited Transfer as required by this Agreement (other than a Permitted Transfer or Permitted
Assumption), provided that there shall be no liability for failure to perform administrative requirements (such as provision
or notice or information) if the underlying transfer is a Permitted Transfer or a Permitted Assumption but for the satisfaction
of the administrative requirements and such administrative requirements are satisfied within ten (10) Business Days of written
notice to Borrower of the same or (B) any covenant contained in Section 6.6 hereof is violated or breached;


 


(ix)             
except as set forth in Section 13.1(b) below, if Borrower fails to obtain Lender’s prior consent (if and to
the extent required under the Loan Documents) to any voluntary subordinate financing (whether or not secured by a direct interest
in Borrower, the Property or the Collateral) or other voluntary liens that are not considered Permitted Encumbrances hereunder,
unless such debt was permitted when incurred but was not repaid due to the insufficiency of cash flow from the Property to repay
the same, the failure of Mortgage Lender to release funds from the applicable Reserve Accounts (as defined in the Mortgage Loan
Agreement) after all conditions to such release had been met to the extent sums sufficient to pay or perform such liability have
been deposited with Mortgage Lender in accordance with the terms of the Mortgage Loan Agreement, the failure of Lender to release
funds from the applicable Reserve Accounts (if any) after all conditions to such release had been met to the extent sums sufficient
to pay or perform such liability have been deposited with Lender in accordance with the terms of this Agreement, or Borrower’s
or Mortgage Borrower’s lack of access to cash flow from the Property as a result of Lender’s or Mortgage Lender’s
exercise of remedies with respect to such cash flow;


 






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(x)                (A)
the filing by or on behalf of Borrower or Mortgage Borrower of any action or proceeding to partition all or any portion of
the TIC Property owned by Mortgage Borrower or any action by or on behalf of Borrower or Mortgage Borrower to compel the sale
thereof in violation of the terms hereof or (B) (i) Mortgage Borrower’s wrongful termination of the Co-Tenancy
Agreement or (ii) other than as set forth in clause (xiii) below, Mortgage Borrower’s breach of the Co-Tenancy
Agreement in any material respect in violation of the terms hereof (provided that there shall be no liability with respect to
the foregoing clause (b)(ii) to the extent the same results from the insufficiency of cash flow from the Property to
pay such amounts, the failure of Mortgage Lender to release funds from the applicable Reserve Accounts (as defined in the
Mortgage Loan Agreement) after all conditions to such release had been met to the extent sums sufficient to pay or perform
such liability have been deposited with Mortgage Lender in accordance with the terms of the Mortgage Loan Agreement, or the
failure of Lender to release funds from the applicable Reserve Accounts (if any) after all conditions to such release had
been met to the extent sums sufficient to pay such amounts have been deposited with Lender in accordance with the terms of
this Agreement or the Borrower’s or Mortgage Borrower’s lack of access to cash flow from the Property as a result
of Lender’s or Mortgage Lender’s exercise of its remedies with respect to such cash flow);


 


(xi)             
any litigation or other legal proceeding related to the Loan filed by Borrower, Guarantor or any Controlled Affiliate thereof
in bad faith and with the intent to (and that actually does) wrongfully delay, impede, obstruct, hinder, enjoin or otherwise interfere
with or frustrate the efforts of Lender to foreclose on the Property, as determined by a non-appealable judgment;


 


(xii)            
if any Security Deposits, advance deposits or any other deposits collected from Tenants or other occupants with respect
to the Property are not delivered to Lender upon a foreclosure of the Property or action in lieu thereof, except to the extent
any such Security Deposits, advance deposits or other deposits were applied in accordance with the terms and conditions of any
of the Leases;


 


(xiii)           
Borrower’s failure to pay or cause Mortgage Borrower to pay (or Borrower’s failure to otherwise cause payment
of) amounts due and payable under any Ernst & Young Plaza Integration Agreements or the Co-Tenancy Agreement, beyond any applicable
notice and cure period thereunder, subject to Borrower’s rights to contest the same in accordance with the terms hereof (provided
that there shall be no liability with respect to the foregoing to the extent the same results from the insufficiency of cash flow
from the Property to pay such amounts, the failure of Mortgage Lender to release funds from the applicable Reserve Accounts (as
defined in the Mortgage Loan Agreement) after all conditions to such release had been met to the extent sums sufficient to pay
or perform such liability have been deposited with Mortgage Lender in accordance with the terms of the Mortgage Loan Agreement,
or the failure of Lender to release funds from the applicable Reserve Accounts (if any) after all conditions to such release had
been met to the extent sums sufficient to pay such amounts have been deposited with Lender in accordance with the terms of this
Agreement or the Borrower’s or Mortgage Borrower’s lack of access to cash flow from the Property as a result of Lender’s
or Mortgage Lender’s exercise of its remedies with respect to such cash flow);


 


(xiv)           
any withdrawal liability under any Multiemployer Plan, CBA or any other agreement with any labor union relating to the Property
and pursuant to which Borrower, Mortgage Borrower, Manager or any Affiliate of Borrower, Mortgage Borrower or Manager is a party;
and/or


 


(xv)            
Mortgage Borrower “opts out” of Article 8 of the UCC without Lender’s prior written consent.


 






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(b)   
 Notwithstanding anything to the contrary in this Agreement, the Note or any of the Loan Documents, (A) Lender shall not
be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy
Code to file a claim for the full amount of the Debt or to require that all collateral shall continue to secure all of the Debt
owing to Lender in accordance with the Loan Documents, and (B) the Debt shall be fully recourse to Borrower in the event of:


 


(i)                the occurrence of a Bankruptcy Event;




 


(ii)              
any voluntary Prohibited Transfer (other than as set forth in Section 13.1(a)(x) above) of all or substantially all of the
Property constituting real property or the Collateral or any portion thereof in violation of the terms of the Loan Documents (and
excluding in all cases (A) a Permitted Transfer or a Permitted Assumption and (B) any transfer that solely violates Sections
6.3(H) or 6.4(o) hereof (but any such transfer under this clause (B) shall be subject to Section 13.1(a)(viii) above)),
provided, however, that there shall be no recourse liability under this clause (ii) with respect to any transfer
which, but for the failure to provide notice or information, would constitute a Permitted Transfer or Permitted Assumption, so
long as Borrower provides such notice or information within ten


(10) Business Days of written
notice of the same;


 


(iii)             any
transfer of Control of Borrower and/or Mortgage Borrower or any transfer of all or substantially all of the direct or
indirect equity interests in Borrower or Mortgage Borrower, in any case, in violation of the terms of the Loan Documents
(excluding however, any transfer that solely violates Sections 6.3(H) or 6.4(o) hereof (provided that any such
transfer shall be subject to Section 13.1(a)(viii) above)), provided, however, that there shall be no
recourse liability under this clause (iii) with respect to any transfer which, but for the failure to provide notice
or information, would constitute a Permitted Transfer or Permitted Assumption, so long as Borrower provides such notice or
information within ten (10) Business Days of written notice of the same; and/or


 


(iv)            
any representation, warranty or covenant contained in Article 5 hereof is violated or breached and such violation or breach
results in the substantive consolidation in bankruptcy of Borrower or Mortgage Borrower with any Person.


 


(c)    In
connection with this Section 13.1, it is acknowledged and agreed that any transfer that arises as a result of
insufficiency of cash flow from the Property, the failure of Mortgage Lender to release funds from the applicable Reserve
Accounts (as defined in the Mortgage Loan Agreement) after all conditions to such release had been met to the extent sums
sufficient to pay or perform such liability have been deposited with Mortgage Lender in accordance with the terms of the
Mortgage Loan Agreement, the failure of Lender to release funds from the applicable Reserve Account (if any) after all
conditions to such release have been met to the extent sums sufficient to pay or perform such liability have been deposited
with Lender in accordance with the terms of this Agreement, or Borrower’s or Mortgage Borrower’s lack of access
to cash flow from the Property as a result of Lender’s or Mortgage Lender’s exercise of remedies with respect to
Property cash flow, including without limitation, the imposition of any lien on the Property or the Collateral by a creditor
of Borrower or Mortgage Borrower, through a judgment or exercise of statutory right, where such lien or encumbrance arises
from the non-payment of amounts owing to such creditor as a result of any of the foregoing, shall not constitute a
 “voluntary” transfer or Permitted Transfer. It is also understood and agreed that Borrower’s insolvency
(absent an event described in clause (b)(i) above), inadequate capital, and/or inability to pay its debts as they come
due, and/or inability to pay from its own assets its obligations, are not, in and of themselves, events that give rise to
recourse to the Borrower or Guarantor hereunder.


 






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(d)    For
purposes of this Section 13.1, a foreclosure (or conveyance in lieu) of the Collateral securing the Loan (or exercise
of remedial rights or actions taken by a servicer, trustee, Lender, or any agent thereof) shall not be deemed a transfer in
violation of the Loan Documents. In addition, there shall be no liability under this Section 13.1 for events or
circumstances first arising or accruing from and after the earlier of the date that (x)  Borrower
is dispossessed of control of the Collateral as a result of the exercise of Lender’s remedies under the Loan Documents
or (y) Mortgage Borrower is dispossessed of control of the Property as a result of the exercise of Mortgage Lender’s
remedies under the Mortgage Loan Documents, provided that in either case (x) or (y) such events or circumstances were
not caused by the actions of Borrower or Mortgage Borrower or any Affiliate or agent of Borrower or Mortgage Borrower.


 


ARTICLE 14.




 NOTICES


 


Section 14.1.
Notices. All notices or other written communications hereunder shall be deemed to have been properly given (a) upon
delivery, if delivered in person, (b) one (1) Business Day after having been deposited for overnight delivery with any
reputable overnight courier service, or (c) three (3) Business Days after having been deposited in any post office or mail
depository regularly maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid, return
receipt requested, addressed as follows:


 


	If to Borrower:	c/o Brookfield Properties
	 	250 Vesey Street,
    15th Floor
	 	New York, New York 10281
	 	Attention: Jason Kirschner
	With a copy to:	c/o Brookfield Properties
	 	250 Vesey Street,
    15th Floor
	 	New York, New York 10281
	 	Attention: General Counsel
	 	 
	With a copy to:	
        O’Melveny & Myers LLP 

        400 South Hope Street 18th Floor

        Los Angeles, CA 90071

	 	Attention: Michael Hamilton
	 	 
	
        If to Lender:

         

         

         

         

        and to:

         

         

         

         

         

        with a copy to:
	
        Morgan Stanley Mortgage Capital Holdings
        LLC

        1585 Broadway, 25th Floor

        New York, New York 10036

 Attention: Cynthia
        Eckes

         

        Wells Fargo Bank, National Association

        401 S. Tryon Street, 8th Floor 

        Charlotte, North Carolina 28202

        Attention: Wells Fargo Commercial Mortgage Servicing

         

        Dechert LLP 

Cira Centre

 2929 Arch Street

        Philadelphia, Pennsylvania 19104 

Attention:
        David W. Forti



   





or addressed as such party may from time to time designate by
written notice to the other parties.


 


Any party by notice to the other parties may designate additional
or different addresses for subsequent notices or communications.


 






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ARTICLE 15.


 


FURTHER ASSURANCES


 


Section
15.1. Replacement Documents. Upon receipt of an affidavit of an officer of Lender as to the loss, theft, destruction or mutilation
of the Note, this Agreement or any of the other Loan Documents which is not of public record, and, in the case of any such mutilation,
upon surrender and cancellation of the Note, this Agreement or such other Loan Document, Borrower will issue, in lieu thereof,
a replacement thereof, dated the date of the Note, this Agreement or such other Loan Document, as applicable, in the same principal
amount thereof and otherwise identical in form and substance; provided that in the case of lost Note, Borrower will execute
a replacement note only if Lender or Lender’s custodian (at Lender’s option) shall provide to Borrower Lender’s
(or Lender’s custodian’s) then standard form of lost note affidavit. Under no circumstances shall any such action,
replacement or reaffirmation increase Borrower’s obligations, or decrease Borrower’s rights, under the Loan Documents
or modify any economic term thereof.


 


Section 15.2. Recording of Security
Instrument, etc.


 


(a)    Borrower
forthwith upon the execution and delivery of the Pledge Agreement and thereafter, from time to time, will cause the Pledge
Agreement and any of the other Loan Documents creating a lien or security interest or evidencing the lien hereof upon the
Collateral and each instrument of further assurance (including applicable UCC financing statements, amendments, and
continuation statements) to be filed, registered or recorded in such manner and in such places as may be required by any
present or future law in order to publish notice of and fully to protect and perfect the lien or security interest hereof
upon, and the interest of Lender in the Collateral. Borrower will pay all taxes (but excluding any income, franchise or other
similar taxes imposed on Lender), filing, registration or recording fees, and all expenses incident to the preparation,
execution, acknowledgment and/or recording of the Pledge Agreement, and any of the other Loan Documents and UCC financing
statements, amendments, and continuation statements creating or evidencing a lien or security interest on the Collateral, and
any instrument of further assurance, and any modification or amendment of the foregoing documents, and all federal, state,
county and municipal taxes, duties, imposts, assessments and charges (but excluding any income, franchise or other similar
taxes imposed on Lender) arising out of or in connection with the execution and delivery of the Pledge Agreement, any
security instrument with respect to the Collateral or any instrument of further assurance, and any modification or amendment
of the foregoing documents, except where prohibited by applicable law so to do.


 






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Section
15.3. Further Acts, etc. Borrower will, at its cost and, except as may be otherwise provided in Article 11 of this Agreement,
without expense to Lender, do, execute, acknowledge and deliver all and every further acts, deeds, conveyances, deeds of trust,
mortgages, assignments, notices of assignments, transfers and assurances as Lender shall, from time to time, reasonably require,
for the better assuring, conveying, assigning, transferring, and confirming unto Lender the collateral and rights hereby granted,
bargained, sold, conveyed, confirmed, pledged, assigned, warranted and transferred or intended now or hereafter so to be, or which
Borrower may be or may hereafter become bound to convey or assign to Lender, or for carrying out the intention or facilitating
the performance of the terms of this Agreement or for filing, registering or recording the Pledge Agreement or any financing statement,
or for complying with all Legal Requirements, provided, however, the same shall not otherwise increase Borrower’s
obligations or decrease any rights of Borrower under the Loan Documents, other than (i) to a de minimis extent, or (ii)
to the extent necessary to correct any scrivener’s error in a manner consistent with the parties’ intention in connection
with the Loan. Borrower, on demand, will execute and deliver, and in the event it shall fail to so execute and deliver within five
(5) Business Days following written notice from Lender, hereby authorizes Lender to execute in the name of Borrower or without
the signature of Borrower to the extent Lender may lawfully do so, one or more financing statements to evidence more effectively
or perfect the security interest of Lender in the Collateral. Borrower grants to Lender an irrevocable power of attorney coupled
with an interest for the purpose of exercising and perfecting any and all rights and remedies available to Lender at law and in
equity, including without limitation, such rights and remedies available to Lender pursuant to this Section 15.3; provided,
however, Lender shall not execute any such documents under such power unless an Event of Default is continuing or Borrower
has failed to do so after five (5) days written notice has been given to Borrower by Lender of Lender’s intent to exercise
its rights under such power.


 


Section 15.4. Changes in
Tax, Debt, Credit and Documentary Stamp Laws.


 


(a)    If
any law is enacted or adopted or amended after the date of this Agreement which deducts the Debt from the value of the
Collateral for the purpose of taxation and which imposes a tax, either directly or indirectly, on the Debt or Lender’s
interest in the Collateral, Borrower will pay the tax, with interest and penalties thereon, if any. If Lender is advised by
counsel chosen by it that the payment of tax by Borrower would be unlawful or taxable to Lender or unenforceable or provide
the basis for a defense of usury then Lender shall have the option by written notice of not less than one hundred twenty
(120) days to declare the Debt immediately due and payable without premium or penalty.


 


(b)   
If at any time the United States of America, any State thereof or any subdivision of any such State shall require revenue
or other stamps to be affixed to the Note, the Pledge Agreement, or any of the other Loan Documents or impose any other tax or
charge on the same, Borrower will pay for the same, with interest and penalties thereon, if any, provided that in no event
Borrower shall be required to pay any Excluded Taxes.


 






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ARTICLE 16.



WAIVERS


 


Section 16.1. Remedies Cumulative;
Waivers.


 


The
rights, powers and remedies of Lender under this Agreement shall be cumulative and not exclusive of any other right, power or remedy
which Lender may have against Borrower pursuant to this Agreement, the Pledge Agreement, the Note or the other Loan Documents,
or existing at law or in equity or otherwise. Lender’s rights, powers and remedies may be pursued singularly, concurrently
or otherwise, at such time and in such order as Lender may determine in its sole discretion. To the extent permitted by applicable
law, no delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy,
right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time
and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to Borrower shall not be construed
to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon.


 


Section 16.2. Modification,
Waiver, Consents and Approvals in Writing.


 


No
modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement, the Pledge Agreement,
the Note or the other Loan Documents, and no consent to any departure by Borrower from any of the requirements or provisions of
this Agreement or any of the other Loan Documents, shall in any event be effective unless the same shall be in a writing signed
by the party against whom enforcement is sought, and then such waiver, consent or approval shall be effective only in the specific
instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on Borrower
shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances.


 


Section 16.3. Delay Not a
Waiver.


 


To
the extent permitted by applicable law, neither any failure nor any delay on the part of Lender in insisting upon strict
performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege under this
Agreement, the Pledge Agreement, the Note or the other Loan Documents, or any other instrument given as security therefor,
shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future
exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by
accepting payment after the due date of any amount payable under this Agreement, the Pledge Agreement, the Note or the other
Loan Documents, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other
amounts due under this Agreement, the Pledge Agreement, the Note and the other Loan Documents, or to declare a default for
failure to effect prompt payment of any such other amount.


 






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Section 16.4. Waiver of Trial
by Jury.


 


BORROWER
AND LENDER HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN, THE APPLICATION FOR THE LOAN,
THIS AGREEMENT, THE NOTE, THE PLEDGE AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER OR BORROWER.


 


Section 16.5. Waiver of Notice.


 


Borrower shall not be
entitled to any notices of any nature whatsoever from Lender except (a)  with
respect to matters for which this Agreement or the other Loan Documents specifically and expressly provides for the giving of
notice by Lender to Borrower and (b) with respect to matters for which Lender is required by applicable law to give notice,
and, to the extent permitted by applicable law, Borrower hereby expressly waives the right to receive any notice from Lender
with respect to any matter for which this Agreement and the other Loan Documents do not specifically and expressly provide
for the giving of notice by Lender to Borrower.


 


Section 16.6. Remedies of
Borrower.


 


In
the event that a claim or adjudication is made that Lender or any of its agents have, in connection with any approval or consent
requested of Lender hereunder, acted unreasonably or unreasonably delayed acting in any case where by applicable law or under this
Agreement, the Pledge Agreement, the Note and the other Loan Documents, such Lender or such agent, as the case may be, has an obligation
to act reasonably or promptly, to the extent permitted by applicable law, Borrower agrees that Lender and its agents shall not
be liable for any monetary damages, and Borrower’s sole remedy shall be limited to commencing an action seeking injunctive
relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably
in connection with any approval or consent requested of Lender hereunder shall be determined by an action seeking declaratory judgment.
Lender agrees that, in such event, it shall cooperate in expediting any action seeking injunctive relief or declaratory judgment.


 


Section 16.7. Marshalling
and Other Matters.


 


Borrower
hereby waives, to the extent permitted by applicable Legal Requirements, the benefit of all appraisement, valuation, stay,
extension, reinstatement and redemption laws now or hereafter in force and all rights of marshalling in the event of any sale
under the Pledge Agreement of the Collateral or any part thereof or any interest therein. Further, Borrower hereby expressly
waives any and all rights of redemption from sale under any order or decree of foreclosure of the Pledge Agreement on behalf
of Borrower, and on behalf of each and every person acquiring any interest in or title to the Property subsequent to the date
of the Pledge Agreement and on behalf of all persons to the extent permitted by applicable Legal Requirements.


 






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Section 16.8. Waiver of Statute
of Limitations.


 


To
the extent permitted by applicable Legal Requirements, Borrower hereby expressly waives and releases, to the fullest extent permitted
by applicable Legal Requirements, the pleading of any statute of limitations as a defense to payment of the Debt or performance
of its obligations hereunder, under the Note, Pledge Agreement or other Loan Documents.


 


Section 16.9. Waiver of Counterclaim.


 


To the extent
permitted by applicable law, Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in
any action or proceeding brought against it by Lender or any of its agents.


 


Section 16.10. Sole Discretion
of Lender.


 


Wherever
pursuant to this Agreement (a) Lender exercises any right given to it to approve or disapprove, (b) any arrangement or term is
to be satisfactory to Lender, or (c) any other decision or determination is to be made by Lender, the decision to approve or disapprove,
all decisions that arrangements or terms are satisfactory or not satisfactory, and all other decisions and determinations made
by Lender, shall be in the sole discretion of Lender except, in each case, as may be otherwise expressly and specifically provided
herein.


 


ARTICLE 17.


 


MISCELLANEOUS


 


Section
17.1. Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates
delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note,
and shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid unless a longer period
is expressly set forth in this Agreement, the Pledge Agreement, the Note or the other Loan Documents, it being acknowledged, however,
that the representations and warranties in this Agreement are made solely as of the date hereof unless remade pursuant to the terms
of this Agreement or another Loan Document. Whenever in this Agreement any of the parties hereto is referred to, such reference
shall be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises and agreements
in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns
of Lender.


 






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Section
17.2. Governing Law. THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE
LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT
HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE
PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF
THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE AND ANY DISPUTES, CLAIM OR CONTROVERSY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS (WHETHER SOUNDING IN CONTRACT OR TORT LAW), THIS AGREEMENT, THE NOTE
AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD
TO PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW)) AND ANY APPLICABLE
LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY
WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN
DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.


 


ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS
WILL, AT LENDER’S OPTION, BE INSTITUTED IN (OR, IF PREVIOUSLY INSTITUTED, MOVED TO) ANY FEDERAL OR STATE COURT DESIGNATED
BY LENDER IN THE CITY OF NEW YORK, COUNTY OF NEW YORK. TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER HEREBY (I) WAIVES ANY
OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING
AND (II) IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER AND LENDER
HEREBY ACKNOWLEDGE AND AGREE THAT THE FOREGOING AGREEMENT, WAIVER AND SUBMISSION ARE MADE PURSUANT TO SECTION 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW.


 


BORROWER
DOES HEREBY DESIGNATE AND APPOINT:


 




 CORPORATION SERVICE COMPANY


80 STATE STREET


ALBANY, NY 12207


 


AS
ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH
SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID
AGENT AT SAID ADDRESS AND NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE
DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW
YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT
ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE
AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE
SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A
SUCCESSOR.


 






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Section
17.3. Headings. The Article and/or Section headings in this Agreement are included herein for convenience of reference only
and shall not constitute a part of this Agreement for any other purpose.


 


Section
17.4. Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable Legal Requirements, but if any provision of this Agreement shall be prohibited by or invalid under applicable
Legal Requirements, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement.


 


Section
17.5. Preferences. Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments
by Borrower to any portion of the obligations of Borrower hereunder. To the extent Borrower makes a payment or payments to Lender,
which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside
or required to be repaid to a trustee, receiver or any other party under any Creditors Rights Laws, state or federal law, common
law or equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended
to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by
Lender.


 


Section 17.6. Expenses.


 


(a)    Except
as otherwise expressly set forth herein (including, without limitation, as expressly provided in Article 11 and Section
17.26 hereof), Borrower covenants and agrees to pay its own costs and expenses and pay, or, if Borrower fails to pay, to
reimburse, Lender upon receipt of written notice from Lender for all reasonable out-of-pocket costs and expenses (including
reasonable, actual attorneys’ fees and disbursements of counsel), in each case, incurred by Lender in accordance with
this Agreement in connection with: (i) the preparation, negotiation, execution and delivery of this Agreement, the Pledge
Agreement, the Note and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby and
all the costs of furnishing all opinions by counsel for any Borrower Party (including without limitation any opinions
reasonably requested by Lender prior to the Closing Date as to any legal matters arising under this Agreement, the Pledge
Agreement, the Note and the other Loan Documents with respect to the Property); (ii) unless otherwise expressly provided in
the Loan Documents, Lender’s actual out-of-pocket costs incurred in connection with any requests made by Borrower
pursuant to the provisions of this Agreement; (iii) Lender’s ongoing performance and compliance with all agreements and
conditions contained in this Agreement, the Pledge Agreement, the Note and the other Loan Documents on its part to be
performed or complied with after the Closing Date (including, without limitation, those contained in Articles 8 and 9
hereof); (iv) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or
other modifications to this Agreement, the Pledge Agreement, the Note and the other Loan Documents and any other documents or
matters reasonably requested by (x) prior to the Closing Date, Lender and (y) after the Closing Date, Borrower; (v) securing
Borrower’s compliance with any requests made pursuant to the provisions of this Agreement; and (vi) the filing and
recording fees and expenses, title insurance and reasonable fees and expenses of counsel for providing to Lender all required
legal opinions, and other similar expenses incurred in creating and perfecting the lien in favor of Lender pursuant to this
Agreement, the Pledge Agreement, the Note and the other Loan Documents; provided, however, that Borrower shall
not be liable for the payment of any costs and expenses under this Section 17.6 to the extent the same arise by reason
of the gross negligence, illegal acts, fraud or willful misconduct of Lender.


 






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(b)   
In addition, except as otherwise expressly set forth herein, Borrower covenants and agrees to pay its own costs and expenses
and pay, or, if Borrower fails to pay, to reimburse, Lender, upon receipt of written notice from Lender for all reasonable
out-of-pocket costs and expenses (including reasonable, actual attorneys’ fees and disbursements of, counsel), in each
case, incurred by Lender in accordance with this Agreement in connection with: (i) unless otherwise expressly provided in
this Agreement, enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any
action or proceeding or other litigation, in each case against, under or affecting Borrower, this Agreement, the Pledge
Agreement, the Note, the other Loan Documents, the Property, the Collateral or any other security given for the Loan; (ii)
servicing the Loan (including, without limitation, enforcing any obligations of or collecting any payments due from Borrower
under this Agreement, the Pledge Agreement, the Note and the other Loan Documents or with respect to the Property or the
Collateral) or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement
in the nature of a “work-out” or of any insolvency or bankruptcy proceedings; and (iii) the preparation,
negotiation, execution, delivery, review, filing, recording or administration of any documentation associated with the
exercise of any of Borrower’s rights hereunder and/or under the other Loan Documents regardless of whether or not any
such right is consummated in each case, in accordance with the applicable terms and conditions hereof; provided, however,
that, with respect to each of subsections (i) though (iii) above, (A) none of the foregoing subsections shall
be deemed to be mutually exclusive or limit any other subsection, (B) the same shall be deemed to (I) include, without
limitation and in each case, any related special servicing fees, liquidation fees, modification fees, work-out fees and other
similar costs or expenses payable to any Servicer, trustee and/or special servicer of the Loan (or any portion thereof and/or
interest therein) and (II) exclude any requirement that Borrower directly pay the base monthly servicing fees due to any
master servicer on account of the day to day, routine servicing of the Loan (provided, further, that the
foregoing subsection (II) shall not be deemed to otherwise limit any fees, costs, expenses or other sums required to
be paid to Lender under this Section, the other terms and conditions hereof and/or of the other Loan Documents) and (C)
Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the
gross negligence, illegal acts, fraud or willful misconduct of Lender. Notwithstanding the foregoing or anything to the
contrary in this Agreement, no special servicing fees or similar costs shall be due and payable by Borrower except, after a
Securitization, to the extent attributable to periods when an Event of Default has occurred and is continuing or the Loan is
in workout or forbearance or is otherwise is in “special servicing”.


 






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Section
17.7. Cost of Enforcement. In the event (a) that the Pledge Agreement is foreclosed in whole or in part, (b) of the bankruptcy,
insolvency, rehabilitation or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment
by Borrower or any of its constituent Persons for the benefit of its creditors, or (c) Lender properly exercises any of its other
remedies under this Agreement, the Pledge Agreement, the Note and the other Loan Documents, Borrower shall be chargeable with and
agree to pay all costs of collection and defense, including actual out-of-pocket attorneys’ fees and costs of, counsel, in
each case, for Lender, incurred by Lender or Borrower in connection therewith and in connection with any appellate proceeding or
post judgment action involved therein, together with all required service or use taxes.


  


Section
17.8. Schedules and Exhibits Incorporated. The Schedules and Exhibits annexed hereto are hereby incorporated herein as a part
of this Agreement with the same effect as if set forth in the body hereof.


 


Section
17.9. Offsets, Counterclaims and Defenses. To the extent permitted by applicable law, any assignee of Lender’s interest
in and to this Agreement, the Pledge Agreement, the Note and the other Loan Documents shall take the same free and clear of all
offsets, counterclaims (other than a compulsory counterclaim) or defenses which are unrelated to such documents and the Loan which
Borrower may otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed
or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose
or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower.


 


Section 17.10.
No Joint Venture or Partnership; No Third Party Beneficiaries; Non Liability of Lenders.


 


(a)   
Borrower and Lender intend that the relationships created under this Agreement, the Pledge Agreement, the Note and the other
Loan Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership,
tenancy-in-common, or joint tenancy relationship between Borrower and/or Lender nor to grant Lender any interest in the Collateral
other than that of a beneficiary or lender.


  






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(b)   
 This Agreement, the Pledge Agreement, the Note and the other Loan Documents are solely for the benefit of Lender and Borrower
and nothing contained in this Agreement, the Pledge Agreement, the Note or the other Loan Documents shall be deemed to confer upon
anyone other than Lender or Borrower any right to insist upon or to enforce the performance or observance of any of the obligations
contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively
for the benefit of Lender and no other Person (other than Lender) shall have standing to require satisfaction of such conditions
in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance
with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions (other
than Lender), any or all of which may be freely waived in whole or in part by Lender if, in its sole discretion, Lender deems it
advisable or desirable to do so.


 


(c)   
The general partners, members, principals and (if Borrower is a trust) beneficial owners of Borrower are experienced in
the ownership and operation of properties similar to the Property, and Borrower and Lender are relying solely upon such expertise
and business plan in connection with the ownership and operation of the Property and the Collateral. Borrower is not relying on
Lender’s expertise, business acumen or advice in connection with the Property or the Collateral.


 


(d)   
Notwithstanding anything to the contrary contained herein, Lender is not undertaking the performance of (i) any obligations
related to the Property (including, without limitation, under the Leases) or the Collateral; or (ii) any obligations with respect
to any agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses and other documents to which
any Borrower Party, the Collateral and/or the Property (or any portion thereof) is subject.


 


(e)   
By accepting or approving anything required to be observed, performed or fulfilled or to be given to Lender pursuant to
this Agreement, the Pledge Agreement, the Note or the other Loan Documents, including, without limitation, any officer’s
certificate, balance sheet, statement of profit and loss or other financial statement, survey, appraisal, or insurance policy,
Lender shall not be deemed to have warranted, consented to, or affirmed the sufficiency, the legality or effectiveness of same,
and such acceptance or approval thereof shall not constitute any warranty or affirmation with respect thereto by Lender.


 


(f)   
Borrower recognizes and acknowledges that in accepting this Agreement, the Note, the Pledge Agreement and the other Loan
Documents, Lender is expressly and primarily relying on the truth and accuracy of the representations and warranties set forth
in Article 3 of this Agreement without any obligation to investigate the Property or the Collateral and notwithstanding
any investigation of the Property or the Collateral by Lender; that such reliance existed on the part of Lender prior to the date
hereof, that the warranties and representations are a material inducement to Lender in making the Loan; and that Lender would not
be willing to make the Loan and accept this Agreement, the Note, the Pledge Agreement and the other Loan Documents in the absence
of the warranties and representations as set forth in Article 3 of this Agreement.


 






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(g)   
 Lender shall not have any fiduciary responsibilities to Borrower and no provision in this Agreement or in any of the other
Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty
owing by Lender to Borrower or any other Borrower Party. Lender undertakes no responsibility to Borrower to review or inform Borrower
of any matter in connection with any phase of Borrower’s business or operations.


 


Section 17.11. Publicity; Confidentiality.


 


(a)   
Publicity. All news releases, publicity or advertising by Borrower, Lender or their respective Affiliates through
any media intended to reach the general public which refers to this Agreement, the Note, the Pledge Agreement or the other Loan
Documents or the financing evidenced by this Agreement, the Note, the Pledge Agreement or the other Loan Documents, or to Lender
or any of its Affiliates shall be subject to the prior written approval of Lender or Borrower, as applicable, not to be unreasonably
withheld or delayed; provided, that (a) Borrower may issue a release stating that a financing has occurred which does not
mention Lender or any Affiliates of Lender, any of the material terms of the Loan (other than the Loan amount) or any Securities
or Securitization or any prospective securitization or securities related to the Loan and (b) Lender may commission advertisements
in newspapers, trade publications or other written public advertisement media (including tombstone advertisements) which may include
references to the Loan, the Collateral and the Property (but not to Sponsor or the name “Brookfield”). The foregoing
shall not apply to any marketing materials that are prepared by or on behalf of Lender in connection with a potential Secondary
Market Transaction, it being agreed that Lender shall have the right to issue, without Borrower’s approval, and Borrower
hereby authorizes Lender to issue, such marketing materials, term sheets and other materials as Lender may deem reasonably necessary
or appropriate in connection with Lender’s own marketing activities with respect to any potential Secondary Market Transaction,
and such materials may describe the Loan in general terms or in detail and Lender’s participation therein.


 


(b)    Confidentiality.
Except as otherwise provided by Legal Requirements, Lender shall keep all non-public information obtained pursuant to the
requirements of this Agreement in accordance with its customary procedure for handling confidential information of this
nature and in accordance with safe and sound banking practices but in any event may make disclosure: (i) to any of their
respective Affiliates (provided any such Affiliate shall agree to keep such information confidential in accordance
with the terms of this Section); (ii) as reasonably requested by any bona fide assignee, participant or other transferee in
connection with the contemplated transfer of any Note or participations therein as permitted hereunder (provided they
shall agree to keep such information confidential in accordance with the terms of this Section); (iii) as required or
requested by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any
legal proceedings; (iv) to the Lender’s independent auditors and other professional advisors (provided they
shall be notified of the confidential nature of the information and either have a legal obligation to keep such information
confidential or agree to keep such information confidential in accordance with the terms of this Section); (v) in
connection with any Secondary Market Transaction; (vi) if an Event of Default exists, to any other Person, as deemed
reasonably necessary by Lender in connection with the exercise by the Lender of its rights hereunder or under any of the
other Loan Documents; and (vii) to the extent such information (x) becomes publicly available other than as a result of a
breach of this Section or (y) becomes available to the Lender on a non- confidential basis from a source other than the
Borrower or any Affiliate.


 






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Section
17.12. Limitation of Liability. No claim may be made by Borrower or any other Person against Lender, or its Affiliates, directors,
officers, employees, attorneys or agents, for any special, indirect, consequential or punitive damages in respect of any claim
for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement
or any act, omission or event occurring in connection therewith; and, to the extent permitted by applicable law, Borrower hereby
waives, releases and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or
suspected to exist in its favor.


 


Section
17.13. Conflict; Construction of Documents; Reliance. In the event of any conflict between the provisions of this Agreement
and the Pledge Agreement, the Note or any of the other Loan Documents, the provisions of this Agreement shall control. The parties
hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of
this Agreement, the Note, the Pledge Agreement and the other Loan Documents and this Agreement, the Note, the Pledge Agreement
and the other Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted
same. Borrower acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and advisors in entering
into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary
or Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies available
to it under this Agreement, the Note, the Pledge Agreement and the other Loan Documents or any other agreements or instruments
which govern the Loan by virtue of the ownership by Lender or any parent, subsidiary or Affiliate of Lender of any equity interest
any of them may acquire in Borrower, and Borrower hereby irrevocably waives the right to raise any defense or take any action on
the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower acknowledges that Lender
engages in the business of real estate financings and other real estate transactions and investments which may be viewed as adverse
to or competitive with the business of Borrower or its Affiliates.


 


Section
17.14. Entire Agreement. This Agreement, the Note, the Pledge Agreement and the other Loan Documents contain the entire agreement
of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among
or between such parties, whether oral or written between Borrower and Lender are superseded by the terms of this Agreement, the
Note, the Pledge Agreement and the other Loan Documents.


 


Section
17.15. Liability. If Borrower consists of more than one Person, the obligations and liabilities of each such Person hereunder
shall be joint and several. This Agreement shall be binding upon and inure to the benefit of Borrower, Lender and their respective
successors and assigns forever.


 






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Section
17.16. Duplicate Originals; Counterparts. This Agreement may be executed in any number of duplicate originals and each duplicate
original shall be deemed to be an original. The failure of any party hereto to execute this Agreement, or any counterpart hereof,
shall not relieve the other signatories from their obligations hereunder. The words “execution,” “signed,”
 “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection
with this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, deliveries or the
keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions
Act.


 


Section
17.17. Brokers. Borrower agrees (i) to pay any and all fees imposed or charged by all brokers, mortgage bankers and advisors
(each a “Broker”) hired or contracted by any Borrower Party or their respective Affiliates in connection with
the transactions contemplated by this Agreement and (ii) to indemnify and hold Lender harmless from and against any and all claims,
demands and liabilities for brokerage commissions, assignment fees, finder’s fees or other compensation whatsoever arising
from this Agreement or the making of the Loan which may be asserted against Lender by any Person (unless such Person is claiming
a fee or compensation as a result of the actions of Lender). The foregoing indemnity shall survive the termination of this Agreement
and the payment of the Debt. Borrower hereby represents and warrants that, other than Eastdil Secured, no Broker was engaged by
any Borrower Party in connection with the transactions contemplated by this Agreement. Lender hereby agrees to pay any and all
fees imposed or charged by any Broker hired solely by Lender. Borrower acknowledges and agrees that (a) any Broker is not an agent
of Lender and has no power or authority to bind Lender, (b) Lender is not responsible for any recommendations or advice given to
any Borrower Party by any Broker, (c) Lender and the Borrower Parties have dealt at arm’s-length with each other in connection
with the Loan, (d) no fiduciary or other special relationship exists or shall be deemed or construed to exist among Lender and
the Borrower Parties and (e) none of the Borrower Parties shall be entitled to rely on any assurances or waivers given, or statements
made or actions taken, by any Broker which purport to bind Lender or modify or otherwise affect this Agreement or the Loan, unless
Lender has, in its sole discretion, agreed in writing with any such Borrower Party to such assurances, waivers, statements, actions
or modifications. Borrower acknowledges and agrees that Lender may, in its sole discretion, pay fees or compensation to any Broker
in connection with or arising out of the closing and funding of the Loan. Such fees and compensation, if any, (i) shall be in addition
to any fees which may be paid by any Borrower Party to such Broker and (ii) create a potential conflict of interest for Broker
in its relationship with the Borrower Parties. Such fees and compensation, if applicable, may include a direct, one-time payment,
servicing fees and/or incentive payments based on volume and size of financings involving Lender and such Broker.


 


Section
17.18. Set-Off. In addition to any rights and remedies of Lender provided by this Agreement and by law, Lender is hereby
authorized by Borrower, at any time while an Event of Default is continuing, without prior notice to Borrower or to any other
Person, any such notice being hereby expressly waived by Borrower to the extent permitted by applicable law, to set off and
to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced
by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Lender
or any affiliate of the Lender, to or for the credit or the account of Borrower against and on account of any of the Debt,
irrespective of whether or not any or all of the Debt has been declared to be, or has otherwise become, due and payable as
permitted hereunder, and although the Debt or the applicable portion thereof shall be contingent or unmatured.


 






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Section
17.19. Intercreditor Agreement. Lender and Mortgage Lender are parties to a certain intercreditor agreement dated as of the
date hereof (the “Intercreditor Agreement”) memorializing their relative rights and obligations with respect
to the Loan, the Mortgage Loan, Borrower, Mortgage Borrower, the Collateral, and the Property. Borrower hereby acknowledges and
agrees that (i) such Intercreditor Agreement is intended solely for the benefit of Lender and Mortgage Lender and (ii) Borrower
and Mortgage Borrower are not intended third-party beneficiaries of any of the provisions therein and shall not be entitled to
rely on any of the provisions contained therein. Neither Lender nor Mortgage Lender shall have any obligation to disclose to Borrower
or Mortgage Borrower the contents of the Intercreditor Agreement. Borrower’s obligations hereunder are independent of such
Intercreditor Agreement and remain unmodified by the terms and provisions thereof. In no event shall Borrower be bound by, or be
charged with knowledge of, the terms and conditions of the Intercreditor Agreement.


 


Section
17.20. Reinstatement of Debt. If, on account of the subordination of the Loan to the Mortgage Loan, Lender is required to remit
to Mortgage Lender any amount theretofore paid to Lender hereunder, then such amount shall continue to be owing pursuant to this
Agreement and the other Loan Documents as part of the Debt, notwithstanding the prior receipt of such payment by Lender.


 


Section 17.21. [Intentionally
Omitted].


 


Section
17.22. Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any
Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that
any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may
be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:


 


(a)   
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an EEA Financial Institution; and


 


(b)   
the effects of any Bail-In Action on any such liability, including, if applicable:


 


 (i)             a reduction in full or in part or cancellation of any such liability;




 


(ii)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that
such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other Loan Document; or


 


(iii)          the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of
any EEA Resolution Authority.


 






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Section
17.23. Titled Parties. From time to time at its discretion, DB may add Persons as titled parties hereto and in connection therewith
the parties hereto agree that a replacement cover page will be generated to reflect such titled parties.


 


Section
17.24. Federal Reserve Bank Assignments; German Covered Bonds. In addition to the assignments and participations permitted
under the foregoing Sections, and without the need to comply with any of the formal or procedural requirements of the foregoing
Sections, any Lender may at any time and from time to time collaterally assign its interests in all or any portion of its rights
under all or any of the Loan Documents to (i) a Federal Reserve Bank or (ii) any Person which is a trustee, administrator or receiver
(or their respective nominees, collateral agents or collateral trustees) of a mortgage pool securing covered mortgage bonds issued
by an eligible German bank (Pfandbriefbanken), the bondholders (as a collective whole) thereof, or by any other Person otherwise
permitted to issue covered mortgage bonds (Hypothekenpfandbriefe) under German Pfandbrief legislation, as such legislation
may be amended and in effect from time to time, or any successor or substitute legislation. No such pledge, assignment or transfer
shall release the assigning Lender from its obligations hereunder. Borrower shall and shall cause each other Borrower Party (other
than Guarantor) to execute within fifteen (15) Business Days after request therefor is made by any Lender, any documents or any
amendments, amendments and restatements and/or modifications to any Loan Documents (including, without limitation, amended, amended
and restated, modified and/or additional promissory notes) and/or estoppel certificates reasonably requested by such Lender in
order to make the Loan Documents eligible under German Pfandbrief legislation, as such legislation may be amended and in effect
from time to time, or any substitute or successor legislation, provided that in no event shall any such document or any
amendment, amendment and restatement and/or modification and/or estoppel certificate reduce any Borrower Party’s rights or
increase any Borrower Party’s obligations, in either case, other than to a de minimis or ministerial extent.


 


Section
17.25. Information to Assignee, Etc. Subject in all events to the provisions of Section 17.11(b), a Lender may furnish
any information concerning the Borrower, any other Borrower Party or any affiliate thereof in the possession of such Lender from
time to time to assignees and participants (including prospective assignees and participants).


 






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Section
17.26. Servicer. At the option of Lender, the Loan may be serviced by a servicer/trustee selected by Lender
(collectively, the “Servicer”) and Lender may delegate all or any portion of its responsibilities under
this Agreement and the other Loan Documents to such Servicer pursuant to a servicing agreement between Lender and such
Servicer (the “Servicing Agreement”). Borrower shall be responsible for the set-up fees and any other
initial costs relating to or arising under the Servicing Agreement, but shall not be responsible for payment of the monthly
servicing fee due to the Servicer under the Servicing Agreement, which costs shall be paid by the Lender. Notwithstanding the
foregoing, if the Loan is Securitized, Borrower shall reimburse Lender on demand for (a) all actual out-of-pocket reasonable
costs and expenses, liquidation fees, workout fees or special servicing fees as a result of an Event of Default or the Loan
becoming “specially serviced”, or any enforcement, refinancing or restructuring of the credit arrangements
provided for under the Loan Documents in the nature of a “work-out” of the Loan Documents or any insolvency or
bankruptcy of Borrower, in each case without duplication, to the extent default interest paid by Borrower under the Loan
Documents is insufficient to pay the same (provided that in any event (x) annual special servicing fees shall not
exceed fifteen hundredths of one percent (0.15%) of the then outstanding Loan amount per annum, (y) workout fees shall not
exceed one-quarter of one percent (0.25%) of each collection of interest and principal collections of the Loan and shall not
be payable by Borrower unless an Event of Default has occurred, and (z) liquidation fees shall not exceed the amount, if any,
by which one-quarter of one percent (0.25%) of liquidation proceeds exceeds amount previously paid in respect of workout fees
and shall not be payable by Borrower unless an Event of Default has occurred) and (b) during the continuance of an Event of
Default or at any time when the Loan is “specially serviced,” the reasonable costs of all customary property
inspections and/or appraisals of the Property (or updates to any existing inspection or appraisal) that Servicer may be
required to obtain pursuant to the applicable trust and servicing agreement or pooling and servicing agreement (other than
the cost of regular annual inspections required to be borne by Servicer under such servicing agreement). Additionally,
Borrower shall pay all reasonable out-of-pocket costs and expenses (but not any additional servicing fee) in connection with
any consent requests made by Borrower during the term of the Loan. For avoidance of doubt, no modification fee or other
amount (other than Lender’s reasonable out-of-pocket costs) shall be payable in connection with (i) any transaction for
which a workout fee is paid or (ii) any assumption of the Loan except as expressly provided in Section 6.4 hereof. To
the extent late charges and default interest under the Loan Documents paid by Borrower are insufficient to pay the same (and
all actual out-of-pocket reasonable costs and expenses, liquidation fees, workout fees or special servicing fees as a result
of an Event of Default under the Loan Documents or the Loan becoming “specially serviced,” or any enforcement,
refinancing or restructuring of the credit arrangements provided for under the Loan Documents in the nature of a
 “work-out” of the Loan Documents or any insolvency or bankruptcy of Borrower, subject to the caps specified
herein), Borrower shall pay the interest payable on advances made by Servicer or the trustee with respect to any delinquent
debt service payments and any protective advances.


 






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Section
17.27. Borrower Affiliate Lender. Lender agrees that the Lender Documents to which it is a party shall not prohibit or
restrict Affiliates of Borrower from purchasing or otherwise acquiring and owning a beneficial interest (a) in any single or
multi-class non-controlling Securities in respect of any private or public Securitization of the Mortgage Loan, (b) of not
more than forty-nine percent (49%) in the Mortgage Loan (provided a Securitization has not occurred with respect to
the Mortgage Loan and such beneficial interest arises only as the result of such Borrower Affiliate Lender acquiring an
interest in a previously non-Affiliated Person who owned a beneficial interest in the Mortgage Loan at the time of such
Borrower Affiliate Lender’s acquisition), (c) of more than forty-nine percent (49%) in the Mortgage Loan
(provided a Securitization has not occurred with respect to the Mortgage Loan and such beneficial interest arises only
as the result of such Borrower Affiliate Lender acquiring an interest in a previously non-Affiliated Person who owned a
beneficial interest in the Mortgage Loan at the time of such Borrower Affiliate Lender’s acquisition), provided
that within sixty (60) days of such acquisition Borrower Affiliate Lender’s beneficial interest in the Mortgage Loan
shall be reduced to (and remain) not more than forty-nine percent (49%) or (d) in the Loan (each acquiring Affiliate, a
 “Borrower Affiliate Lender”), provided, however, that the Lender Documents may include
restrictions on the exercise of the rights and remedies by such Borrower Affiliate Lender under the Loan and the Mortgage
Loan including, without limitation, (i) restrictions on any such Borrower Affiliate Lender having the right to, or
exercising, directly or indirectly, any control, decision- making power, voting rights, notice and cure rights, or other
rights that would otherwise benefit a holder by virtue of its ownership or control of any interest with respect to the Loan
or Mortgage Loan, (ii) restrictions on any such Borrower Affiliate Lender’s approval and consent rights under any
intercreditor or co-lender agreement, (iii) restrictions on such Borrower Affiliate Lender’s initiation of enforcement
actions against equity collateral, (iv) restrictions on the making of protective advances, (v) restrictions on such Borrower
Affiliate Lender from making or bringing any claim, in its capacity as a holder of any direct or indirect interest in the
Loan or the Mortgage Loan, against Lender, Mortgage Lender or any agent of any of the foregoing with respect to the duties
and obligations of such Person under the Loan Documents, the Mortgage Loan Documents, any intercreditor agreement or any
applicable co-lender agreement, and (vi) restrictions on such Borrower Affiliate Lender’s access to any information
regarding the Loan and the Mortgage Loan, including any electronic platform for the distribution of materials or information
among the Lender and the Mortgage Lender, any “asset status reports” or any correspondence or materials or
notices of or participation in any discussions, meetings or conference calls (among Lender and/or Mortgage Lender, any of
their respective co-lenders or participants, or otherwise) regarding or relating to any workout discussions or litigation or
foreclosure strategy (or potential litigation strategy) involving the Loan or Mortgage Loan, other than in its capacity as
Borrower or Mortgage Borrower to the extent discussions and negotiations are being conducted with Borrower or Mortgage
Borrower (as distinct from internal discussions and negotiations among the various creditors).


 


Section 17.28. Co-Tenancy
Provisions. The following provisions shall apply with respect to the TIC Property:


 


(a)   
Partition. Notwithstanding anything to the contrary contained herein, Borrower shall not and shall not cause or permit
Mortgage Borrower to bring an action for partition with respect to Mortgage Borrower’s ownership interest in the TIC Property
or to compel any sale thereof without the consent of Lender. Borrower (on behalf of itself and Mortgage Borrower) expressly waives
any and all rights to partition the TIC Property (without Lender’s consent) until the Loan is paid in full and all of Borrower’s
obligations under the Loan Documents are satisfied.


 


(b)   
Notice of Default of Co-Tenancy Agreement. Borrower shall and shall cause Mortgage Borrower to give prompt written
notice to Lender of any default of which either has knowledge under the Co-Tenancy Agreement.


 


(c)   
Co-Tenancy Agreement. Borrower hereby covenants and agrees to cause Mortgage Borrower to comply with all of the terms
of the Co-Tenancy Agreement in all material respects. Borrower hereby further covenants and agrees that it shall not and shall
not cause or permit Mortgage Borrower to materially amend or materially modify or terminate the Co-Tenancy Agreement without the
prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned.


 






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IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their duly authorized representatives,
all as of the day and year first above written.


 


	 	BORROWER:
	 	 
	 	EYP MEZZANINE,
    LLC,
	 	a Delaware limited
    liability company
	 	  
	 	By:	/s/
    Jason Kirschner
	 	Name:	Jason Kirschner
	 	Its:	Authorized Signatory




  


[SIGNATURES
CONTINUE ON NEXT PAGE]


 


[Signature Page to Mezzanine Loan Agreement]


 






     


     


    

 


	 	LENDER:
	 	 
	 	MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC
	 	 
	 	By:	/s/
    Jane Lam
	 	Name:	Jane Lam
	 	Title:	Vice President




 


[Signature Page to Mezzanine Loan Agreement]


 






     


     


    

   


	 	LENDER:
	 	 
	 	WELLS FARGO
    BANK, NATIONAL 

ASSOCIATION, a national banking association
	 	
	 	By:	/s/
    Jeffrey Cirillo
	 	Name:	Jeffrey Cirillo
	 	Title:	Managing Director



 


[Signature Page to Mezzanine Loan Agreement]


 






     


     


    

  


SCHEDULE I



[RESERVED]


 









     


     


    

 


SCHEDULE II


 

QUALIFIED MANAGERS


 





		1.	Cassidy Turley



 


		2.	CBRE Group, Inc.



 


		3.	Colliers International






 


		4.	Cushman & Wakefield Inc.



 


		5.	Hines Interests Limited Partnership



 


		6.	Jones Lang LaSalle Incorporated



 


		7.	Lincoln Property Company



 


		8.	Newmark Knight Frank



 


		9.	Transwestern



 






     


     


    

 


SCHEDULE
III


 

ORGANIZATIONAL CHART




(attached hereto)


 






     


     


    

  





 


EY
Plaza

 725 S. Figueroa St.


as at September 14, 2020


Ownership 100% unless otherwise
noted


Page 1 of 2


 


   


 


		(1)	Three other investors hold an aggregate interest of 52.6637%
in Brookfield DTLA Holdings LLC



  


- Continued on Page 2
-





 






     


     


    

 


 


EY
Plaza 

725 S. Figueroa St.


as at September 14, 2020


Ownership 100% unless otherwise
noted


Page 2 of 2


 


  


(2) Brookfield DTLA 725 South Figueroa REIT LLC – there are 125 shareholders holding 125 Series A Preferred shares (non-voting)




 






     


     


    

 


SCHEDULE
IV



REQUIRED REPAIRS


 


		1.	Under-building Parking Garage Slab Crack Filling - $3,000.00
(within 360 days of the Closing Date)



 


		2.	Add 4 ADA Accessible Parking Spaces - $1,000.00 (within 90 days of the Closing Date)



 


		3.	Add 1 SFA Accessible Van Parking Space - $250.00 (within 90 days of the Closing Date)



 


In each case, if such repair
cannot reasonably be completed within such period and Borrower shall have commenced to complete the same within such period and
thereafter diligently and expeditiously proceeds to complete the same, such period shall be extended for so long as it shall require
Borrower in the exercise of due diligence to cause the completion the same.


 






     


     


    

 


SCHEDULE V



QUALIFIED
PARKING MANAGERS


 


		1.	SP Plus Corporation



 


		2.	REEF Parking



 


		3.	LAZ Parking



 


		4.	Ace Parking Management, Inc.



 


		5.	Premier Parking



 


		6.	Premium Parking



 


		7.	Secure Parking USA



 






     


     


    

 


SCHEDULE VI


 
AMENDED
REA TERMS


 


Borrower
shall have the right cause Mortgage Borrower to amend or terminate the existing Reciprocal Easement Agreements (“Existing
REAs”) encumbering Lots 2 through 10 of Map 32622 and Lots 1 through 4 of Map 71804 and to record new or amended agreements
granting easements and other rights within the parcels included in the Commercial Property and the Residential Property (as defined
below). The agreements or declarations to be recorded by Mortgage Borrower are sometimes referred to herein collectively as the
(“New Agreements”). So long as the New Agreements are substantially consistent with the terms set forth below,
Lender covenants and agrees that it will cooperate with Borrower and consent to the recordation of the New Agreements, and that
it will, within ten (10) Business Days after delivery of the New Agreements to Lender, execute a consent to the recordation of
the New Agreements which will further consent to the release of any or all of the Existing REAs as may be requested by Borrower
in connection with the recordation of the New Agreements, in each case in form and, with respect to any other terms and conditions
other than those described below, substance reasonably satisfactory to Lender.


 


1.   
New Commercial Property REAs. Mortgage Borrower intends to record a new Reciprocal and Cost Sharing Agreement on
Lot 2, and Lots 4 through 10 of Map 32622, and Lots 1 through 4 of Map 71804 (“Commercial Property”) and in
connection therewith may terminate or supersede all of the Existing REAs (“New Commercial Property REA”). The
New Commercial Property REA will include, without limitation, the following:


 


(a)   
Responsible Party. The New Commercial Property REA will either provide for the appointment of one owner to serve
as the single responsible party to perform the common maintenance and other obligations which shall be described in the New Commercial
Property REA and collect the allocable share of shared expenses (“Shared Expenses”) from the other owners of
the Commercial Property (“Commercial Owners”), or shall provide for the establishment of either an unincorporated
or incorporated association that will perform the maintenance obligations, provide the services, collect the Shared Expenses, obtain
the insurance and perform the other obligations described in the New Commercial Property REA. The Commercial Owner who is appointed
to perform such services, or the association which may be formed, is referred to herein as the “Responsible Party”.
If such Responsible Party is an association, Mortgage Borrower shall deliver conditional resignations and voting proxies to Lender
and Mortgage Lender in connection with the execution of the New Commercial Property REA, together with an estoppel certificate
from such Responsible Party, each in form and substance reasonably satisfactory to Lender and Mortgage Lender. Notwithstanding
the foregoing, the Mortgage Borrower shall retain the same (or greater or an amount based upon its proportionate interests) decision-making
control with respect to the Commercial Property as it has under the Existing REAs prior to the execution of the New Commercial
Property REA, including, without limitation, approval over any budget established thereunder.


 


(b)    Establishment
of Easements. The New Commercial Property REA will memorialize and grant or reserve, as may be necessary, all of the
easements required for the benefit of the Commercial Owners within the Commercial Property which shall include, without
limitation the following: (i) utility easements; (ii) pedestrian and vehicular ingress and egress easements; (iii) easements
for encroachments and support; (iv) easements for use of the Plaza Area; (v) easements for the condensers and fire life
safety systems, etc.; (vi) easements for shared trash and loading areas, as applicable; and (vii) all other easements deemed
necessary by Mortgage Borrower based upon a comprehensive analysis of the Commercial Property. Any such easement must be
sufficient to allow Mortgage Borrower to continue to operate the Property in the manner it currently does and in accordance
with this Agreement.


 






     


     


    

 


(c)   
Common Maintenance Areas and Services. The New Commercial Property REA will identify the maintenance obligations
and the services that will be provided by the Responsible Party, which shall be identified on a Maintenance Areas and Shared Expenses
Allocation Chart which shall be attached to the New Commercial Property REA. It is anticipated that there will be maintenance obligations
or services provided that will benefit all Commercial Owners and which shall be included in a general benefit area or “GBA”
and others that will benefit fewer than all of the Commercial Owners which shall be included in a special benefit area or “SBA.”


 


(d)   
Use Restrictions. The New Commercial Property REA may impose use restrictions as may be deemed reasonably necessary
by Borrower and Lender given the uses of the Commercial Property and which may include the use restrictions imposed under the Existing
REAs.


 


(e)   
Shared Expenses. The New Commercial Property REA will provide for the right of the Responsible Party to levy and
collect the allocable shares of the Shared Expenses. Some of the Shared Expenses may be based upon a general allocation if the
services provided by the Responsible Party benefit all of the Commercial Owners and other Shared Expenses may be levied based upon
a special allocation if the services only benefit only some of the Commercial Owners and/or disproportionately benefit certain
Commercial Owners. Any such allocation shall be done in a manner that does not result in a materially greater allocation of Shared
Expenses to Mortgage Borrower at the Ernst & Young Plaza Development as of the Closing Date.


 


(f)   
Levy of Expenses/Assessments. The Responsible Party shall have the right to collect the allocable shares of Shared
Expenses from the individual Commercial Owners. Mortgage Lender shall have the right to establish a reserve for the collection
and payment of Mortgage Borrower’s allocable share of Shared Expenses. Any lien right of the individual Commercial Owners
shall be subordinate to the Security Instrument in a manner consistent with the Owner’s REA and Sub-REA on the Closing Date.


 


(g)   
Alterations. To the extent Commercial Owners desire to make modifications that would impact the structural integrity
of the buildings, shared utility facilities or exterior areas and/or the exterior façades, etc. a procedure will be established
for review and approval by the Responsible Party, which shall not be inconsistent with the applicable terms of this Agreement.


 






     


     


    

 



 


(h)   Insurance
and Casualty. The New Commercial Property REA will require the Responsible Party to obtain property insurance (and may include
an obligation to obtain earthquake and terrorism insurance) for all or portions of the structural elements of the buildings and
will require rebuilding in the event of a casualty so long as there are sufficient insurance proceeds. The New Commercial Property
REA will also include customary insurance obligations including the obligation to obtain liability insurance, garage keepers insurance,
etc. If insurance proceeds are not adequate, then the New Commercial Property REA will include options to address such shortfalls
which may include mandatory payments of special assessments to fund such shortfalls. The Responsible Party shall only obtain property
insurance over the Parking Structure (and the common facilities, if applicable). Any property insurance proceeds shall be held
by a rated trustee. Each Commercial Owner (including Mortgage Borrower) shall retain the right to maintain insurance for its own
property and to receive and apply those proceeds. Individual owners shall not be obligated to rebuild (other than with respect
to support elements and the parking structure). Insurance provisions for support elements should be consistent with the provisions
in the First Amendment to Sub-REA. Insurance provisions shall not be inconsistent with the requirements of this Agreement.


 


(i)    Mortgagee
Rights. The New Commercial Property REA will include customary mortgagee and mezzanine lender protection provisions and Rating
Agency provisions (including those rights that exist under the existing Owner’s REA, Sub-REA, and related estoppels delivered
on the Closing Date).


 


(j)    Reduction
in Parking Spaces. The New Commercial Property REA shall not (a) reduce the minimum parking spaces allocated to Mortgage Borrower,
(b) decrease the current parking revenue allocations to Mortgage Borrower, (c) increase the current allocation of shared costs
to Mortgage Borrower, or (d) have any other Material Adverse Effect.


 


(k)   Amendments.
Any amendments to the New Commercial Property REA must be approved by Lender, the Commercial Owners, and their respective lenders
(if any).


 


(l)    Estoppels.
In connection with the execution of the New Commercial Property REA, Lender and Mortgage Lender shall receive an estoppel from
the parties thereto (or the association, if applicable), acknowledging their loans and rights to the lender protections in the
New Commercial Property REA, and the New Commercial Property REA shall contain provisions requiring future such estoppels.


 


2.   
Reciprocal Easement and Maintenance Agreement Encumbering Lot 3 and the Commercial Property.


 


A
separate Reciprocal Easement and Maintenance Agreement (“Lot 3 REMA”) may be entered into between the Commercial
Owners on the one hand, and the Owner of Lot 3 of Map No. 32622 (“Residential Owner”). Lot 3 of Map No. 32622
is planned to be developed as a residential multi-family project (“Residential Property” or “Lot 3”).
Since the Lot 3 REMA will encumber the Commercial Property and the Residential Property, it will provide for the Commercial Property
and the Residential Property to be operated and maintained as a unified development project with respect to floor area ratio averaging,
open space, etc.


 


(a)   Easements
within Lot 3 in favor of the Commercial Property. The Lot 3 REMA will grant the following easements within Lot 3 in favor
of the Commercial Owners: (i)  easements for ingress and egress in the subterranean tunnels to be constructed within
the Residential Property for ingress and egress from the parking garage to the commercial areas, (ii)  easements
for the use of a stairwell that benefits the Commercial Property; (iii) easements for potential outdoor plaza seating areas; (iv)
general easements for condensers, water piping, fire and similar general utility easements as may be required in connection with
any further development of the Residential Property and the Commercial Property; (iv) easements for encroachments and to the extent
necessary support, (v)  easements for drainage if required in connection with the development of the Residential Property
and (vi) any other easements as may be reasonably necessary given the proposed development plans for the Residential Property
and the Commercial Property.


 






     


     


    

 


(b)   Easements
within the Commercial Parcels in Favor of Lot 3. The Lot 3 REMA will grant the following easements within the Commercial Property
in favor of the owner of the Residential Property (“Lot 3 Owner”): (i) easements for vehicular and pedestrian
access from 8th Street within certain portions of the Commercial Property to access the loading areas and the trash rooms located
within the Residential Parcel, (ii) easements for pedestrian and vehicular access from 7th Street to Lot 3, (iii) easements for
encroachments and to the extent necessary support, (iv) easements for drainage if required in connection with any redevelopment
of the Commercial Property, (v) easements through and for use of the outdoor plaza areas within the Commercial Property, which
shall include without limitation the right to egress onto the Plaza Area in perpetuity, and (vi) any other easements as may be
reasonably necessary given the proposed development plans for the Commercial Property.


 


(c)   Limitations
on Easement Rights. The exercise of limitations on easement rights will be subject to the customary provisions for maintenance
and repair emergency closures.


 


(d)   Maintenance
Obligations.




 


(i)     In
order to ensure the coordinated maintenance and appearance of the plaza area located within a portion of the Commercial Property
(“Plaza Area”), including the areas within the Residential Property fronting onto the Plaza Area, the Lot 3
REMA will impose standards for maintenance of such areas on the respective owners (which in the case of the Commercial Property
will be the Responsible Party as described above) to ensure the coordinated quality and level of maintenance of the landscaping
and other improvements within or bordering the Plaza Area. The Lot 3 REMA may require the Responsible Party and the Residential
Owner to each engage a single contractor to perform the necessary maintenance of the Plaza Area and appurtenant areas within the
Residential Property or may impose such maintenance obligations on the Responsible Party, in which case the Residential Owner
would be obligated to reimburse the Responsible Party for its allocable share of such expenses.


 


(ii)    The
Lot 3 REMA will impose general standards for maintenance to ensure a consistent quality of maintenance, including obligations
for maintenance of exterior areas and the trash and loading areas.


 


(iii)   The
Lot 3 REMA will impose maintenance obligations on the Lot 3 Owner to maintain the subterranean tunnels and to ensure these tunnels
remain open for pedestrian and vehicular access subject to temporary closures for maintenance and repair and emergency closures.





 






     


     


    

 


(e)   Use Restrictions. The Lot 3 REMA will impose certain use restrictions to ensure that the Residential Property and
the tower to be constructed thereon are maintained in a manner which is consistent with the quality and appearance of the buildings
and other improvements within the Commercial Property.


 


(f)    Insurance
and Restoration. To ensure that there is insurance to rebuild any of the easement areas within the Residential Property in
the event of a casualty (including the rebuilding of the subterranean tunnels), the Lot 3 REMA will impose insurance obligations
on the Residential Owner including the obligation to obtain property insurance for the full replacement value of the buildings
and other improvements on the Residential Property, which may also include the obligation to obtain earthquake and terrorism insurance.
The property insurance policy will be required to name the Responsible Party (on behalf of the owners within the Commercial Property)
as an additional named insured and the first mortgagees of the owners within the Commercial Property as loss payees. There will
be an absolute obligation imposed on the Residential Owner to restore the subterranean tunnels in the event of a casualty or to
provide alternative access in the unlikely event that there is an election not to rebuild. Any plan of rebuilding which modifies
the areas fronting the Plaza Area shall require the approval of the Responsible Party.


 


(g)   Mortgagee
Rights. The Lot 3 REMA will include customary mortgagee and mezzanine lender protection provisions.


 


(h)   Other
Provisions. The Lot 3 REMA shall (i) provide for estoppel rights in favor of the Lender, Mezzanine Lender, Commercial Owners
and their respective lenders, (ii) not contain any financial obligations of Commercial Owners, (iii) not be terminated without
the consent of all Commercial Owners (and their mortgagees), and (iv) not have a Material Adverse Effect.





 






     


     


    

 


SCHEDULE VII


 


LEASE REPRESENTATION
DISCLOSURES


 


		1.	The following tenants are in default under their Leases, solely due to the
failure to pay rent as described in #2 below:



 


Doll Amir & Eley LLP; and




 Metal Law Group LLP


 


		2.	The following tenants are in arrears in their payment of rent:



 


	Tenant	 	Outstanding Balance	 
	Boies Schiller Flexner LLP	 	$	39,367	 
	Doll Amir & Eley, LLP	 	$	85,405	 
	Metal Law Group LLP	 	 	Approx. $76,300	 
	Yacoubian & Powell, LLP	 	$	7,142	 
	Breather Products US Inc.	 	$	20,169	 



 


		3.	Mortgage Borrower is in discussions and negotiations with Breather Products
US Inc. as to an amendment to its lease to provide for deferrment of rent thereunder. A draft of this amendment is currently under
review by the tenant.



 


		4.	Doll Amir is contesting validity of their lease, arguing doctrine of frustration/impossibility.
Mortgage Borrower and tenant have traded letter correspondence as to this issue, but there has been no resolution while the Los
Angeles eviction moratorium order is in place.






 






     


     


    

 


SCHEDULE
VIII


 


LABOR AGREEMENTS


 


1.
   Agreement by and between the International Union of Operating Engineers, Local No. 501 and Building Owners and Managers
Association of Greater Los Angeles, Incorporated, November 1, 2016 – October 31, 2021.





 



     


     


    

 


SCHEDULE
IX


 


CLOSING DATE FREE RENT


 


	Tenant	 	Oct-20	 	 	Nov-20	 	 	Dec-20	 	 	Jan-21	 	 	Feb-21	 	 	Mar-21	 	 	Apr-21	 	 	May-21	 
	Boies
    Schiller Flexner LLP	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 
	California
    Fair Plan Association	 	$	0.00	 	 	$	0.00	 	 	$	54,298.56	 	 	$	54,298.56	 	 	$	54,298.56	 	 	$	54,298.56	 	 	$	54,298.56	 	 	$	54,298.56	 
	Chicago
    Title Company	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	52,465.60	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 
	Clune
    Construction Company, L.P.	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	33,947.92	 
	Great
    American Insurance	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	67,882.25	 
	Monteleone
    & McCrory, LLP	 	$	0.00	 	 	$	18,628.32	 	 	$	0.00	 	 	$	0.00	 	 	$	18,628.32	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 
	Motorola
    Solutions, Inc.	 	$	15,950.50	 	 	$	15,950.50	 	 	$	15,950.50	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 
	Pacific
    Council	 	$	15,989.88	 	 	$	15,989.88	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 
	Pillsbury
    Winthrop Shaw	 	$	0.00	 	 	$	0.00	 	 	$	137,360.92	 	 	$	137,360.92	 	 	$	137,360.92	 	 	$	137,360.92	 	 	$	137,360.92	 	 	$	137,360.92	 
	 	 	$	31,940.38	 	 	$	50,568.70	 	 	$	207,609.98	 	 	$	244,125.08	 	 	$	210,287.80	 	 	$	191,659.48	 	 	$	191,659.48	 	 	$	293,489.65	 



 


	Tenant	 	Jun-21	 	 	Jul-21	 	 	Aug-21	 	 	Sep-21	 	 	Oct-21	 	 	Nov-21	 	 	Dec-21	 	 	Jan-22	 
	Boies
    Schiller Flexner LLP	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	56,417.07	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 
	California
    Fair Plan Association	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 
	Chicago
    Title Company	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	54,564.22	 
	Clune
    Construction Company, L.P.	 	$	33,947.92	 	 	$	33,947.92	 	 	$	33,947.92	 	 	$	33,947.92	 	 	$	33,947.92	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 
	Great
    American Insurance	 	$	67,882.25	 	 	$	67,882.25	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 
	Monteleone
    & McCrory, LLP	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	19,373.70	 	 	$	0.00	 	 	$	0.00	 
	Motorola
    Solutions, Inc.	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 
	Pacific
    Council	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 
	Pillsbury
    Winthrop Shaw	 	$	137,360.92	 	 	$	137,360.92	 	 	$	137,360.92	 	 	$	137,360.92	 	 	$	137,360.92	 	 	$	137,360.92	 	 	$	0.00	 	 	$	0.00	 
	 	 	$	239,191.09	 	 	$	239,191.09	 	 	$	171,308.84	 	 	$	227,725.91	 	 	$	171,308.84	 	 	$	156,734.62	 	 	$	-	 	 	$	54,564.22	 






 



     


     


    

 


	Tenant	 	Feb-22	 	 	Mar-22	 	 	Apr-22	 	 	Total	 
	Boies Schiller Flexner LLP	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	56,417.07	 
	California Fair Plan Association	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	325,791.36	 
	Chicago Title Company	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	107,029.82	 
	Clune Construction Company, L.P.	 	$	0.00	 	 	$	0.00	 	 	$	35,305.84	 	 	$	238,993.36	 
	Great American Insurance	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	203,646.75	 
	Monteleone & McCrory, LLP	 	$	19,373.70	 	 	$	0.00	 	 	$	0.00	 	 	$	76,004.04	 
	Motorola Solutions, Inc.	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	47,851.50	 
	Pacific Council	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	31,979.76	 
	Pillsbury Winthrop Shaw	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	1,648,331.04	 
	 	 	$	19,373.70	 	 	$	-	 	 	$	35,305.84	 	 	$	2,736,044.70	 






 



     


     


    

 


SCHEDULE X


 


CLOSING DATE DISCOUNTED/FREE
PARKING


 


	Loan Year	 	Year 3	 	 	Year 3	 	 	Year 3	 	 	Year 3	 	 	Year 3	 	 	Year 3	 
	Month	 	November	 	 	December	 	 	January	 	 	February	 	 	March	 	 	April	 
	Month Ending	 	Nov-22	 	 	Dec-22	 	 	Jan-23	 	 	Feb-23	 	 	Mar-23	 	 	Apr-23	 
	GSA - US SECRET SERVICE	 	 	51,093	 	 	 	52,626	 	 	 	52,626	 	 	 	52,626	 	 	 	52,626	 	 	 	52,626	 
	JACKSON LEWIS	 	 	17,668	 	 	 	18,238	 	 	 	18,238	 	 	 	18,238	 	 	 	18,238	 	 	 	18,238	 
	PILLSBURY	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 
	US SECRET SERVICE	 	 	10,333	 	 	 	10,643	 	 	 	10,643	 	 	 	10,643	 	 	 	10,643	 	 	 	10,643	 
	TARGET	 	 	9,683	 	 	 	9,974	 	 	 	9,974	 	 	 	9,974	 	 	 	9,974	 	 	 	9,974	 
	WORLDWIDE FACILITIES	 	 	5,773	 	 	 	6,156	 	 	 	6,156	 	 	 	6,156	 	 	 	6,156	 	 	 	6,156	 
	NORDSTROM RACK	 	 	3,719	 	 	 	3,830	 	 	 	3,830	 	 	 	3,830	 	 	 	3,830	 	 	 	3,830	 
	CALIFORNIA FAIR ASSOC	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 
	BOIES SCHILLER FLEXNER LLP	 	 	3,263	 	 	 	3,361	 	 	 	3,361	 	 	 	3,361	 	 	 	3,361	 	 	 	3,361	 
	ARNIE MORTON’S	 	 	1,277	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	CLUNE	 	 	1,277	 	 	 	1,316	 	 	 	1,316	 	 	 	1,316	 	 	 	1,316	 	 	 	-	 
	STARBUCKS	 	 	872	 	 	 	898	 	 	 	898	 	 	 	898	 	 	 	898	 	 	 	898	 
	TWIST AND GRILL	 	 	494	 	 	 	509	 	 	 	509	 	 	 	509	 	 	 	509	 	 	 	509	 
	MONTELEONE	 	 	216	 	 	 	231	 	 	 	231	 	 	 	231	 	 	 	231	 	 	 	231	 
	INDUS BY SAFFRON	 	 	330	 	 	 	340	 	 	 	340	 	 	 	-	 	 	 	-	 	 	 	-	 
	ZARA	 	 	330	 	 	 	340	 	 	 	340	 	 	 	340	 	 	 	340	 	 	 	340	 
	FIVE GUYS	 	 	165	 	 	 	170	 	 	 	170	 	 	 	170	 	 	 	170	 	 	 	170	 
	OCHO MEXICAN GRILL	 	 	165	 	 	 	170	 	 	 	170	 	 	 	170	 	 	 	170	 	 	 	170	 
	SPRINKLES	 	 	165	 	 	 	170	 	 	 	170	 	 	 	170	 	 	 	170	 	 	 	-	 
	AMERICAN ARBITRATION	 	 	52	 	 	 	53	 	 	 	53	 	 	 	53	 	 	 	53	 	 	 	53	 
	Total	 	$	125,388	 	 	$	127,538	 	 	$	127,538	 	 	$	127,198	 	 	$	127,198	 	 	$	125,713	 







 



     


     


    

 


	Loan Year	 	Year 3	 	 	Year 3	 	 	Year 3	 	 	Year 3	 	 	Year 3	 	 	Year 3	 
	Month	 	May	 	 	June	 	 	July	 	 	August	 	 	September	 	 	October	 
	Month Ending	 	May-23	 	 	Jun-23	 	 	Jul-23	 	 	Aug-23	 	 	Sep-23	 	 	Oct-23	 
	GSA - US SECRET
    SERVICE	 	 	52,626	 	 	 	52,626	 	 	 	52,626	 	 	 	52,626	 	 	 	52,626	 	 	 	52,626	 
	JACKSON LEWIS	 	 	18,238	 	 	 	18,238	 	 	 	18,238	 	 	 	18,238	 	 	 	18,238	 	 	 	-	 
	PILLSBURY	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 
	US SECRET SERVICE	 	 	10,643	 	 	 	10,643	 	 	 	10,643	 	 	 	10,643	 	 	 	10,643	 	 	 	10,643	 
	TARGET	 	 	9,974	 	 	 	9,974	 	 	 	9,974	 	 	 	9,974	 	 	 	9,974	 	 	 	9,974	 
	WORLDWIDE FACILITIES	 	 	6,156	 	 	 	6,156	 	 	 	6,156	 	 	 	6,156	 	 	 	6,156	 	 	 	6,156	 
	NORDSTROM RACK	 	 	3,830	 	 	 	3,830	 	 	 	3,830	 	 	 	3,830	 	 	 	3,830	 	 	 	3,830	 
	CALIFORNIA FAIR ASSOC	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 
	BOIES SCHILLER FLEXNER LLP	 	 	3,361	 	 	 	3,361	 	 	 	3,361	 	 	 	3,361	 	 	 	3,361	 	 	 	-	 
	ARNIE MORTON’S	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	CLUNE	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	STARBUCKS	 	 	898	 	 	 	898	 	 	 	898	 	 	 	898	 	 	 	898	 	 	 	898	 
	TWIST AND GRILL	 	 	509	 	 	 	509	 	 	 	509	 	 	 	509	 	 	 	-	 	 	 	-	 
	MONTELEONE	 	 	231	 	 	 	231	 	 	 	231	 	 	 	231	 	 	 	231	 	 	 	231	 
	INDUS BY SAFFRON	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	ZARA	 	 	340	 	 	 	340	 	 	 	340	 	 	 	340	 	 	 	340	 	 	 	340	 
	FIVE GUYS	 	 	170	 	 	 	170	 	 	 	170	 	 	 	170	 	 	 	170	 	 	 	170	 
	OCHO MEXICAN GRILL	 	 	170	 	 	 	170	 	 	 	170	 	 	 	170	 	 	 	170	 	 	 	170	 
	SPRINKLES	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	AMERICAN ARBITRATION	 	 	53	 	 	 	53	 	 	 	53	 	 	 	53	 	 	 	53	 	 	 	53	 
	Total	 	$	125,713	 	 	$	125,713	 	 	$	125,713	 	 	$	125,713	 	 	$	125,204	 	 	$	103,605	 






 



     


     


    

 





	Loan Year	 	Year 4	 	 	Year 4	 	 	Year 4	 	 	Year 4	 	 	Year 4	 	 	Year 4	 
	Month	 	November	 	 	December	 	 	January	 	 	February	 	 	March	 	 	April	 
	Month Ending	 	Nov-23	 	 	Dec-23	 	 	Jan-24	 	 	Feb-24	 	 	Mar-24	 	 	Apr-24	 
	GSA - US SECRET
    SERVICE	 	 	52,626	 	 	 	54,205	 	 	 	54,205	 	 	 	54,205	 	 	 	54,205	 	 	 	54,205	 
	JACKSON LEWIS	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	PILLSBURY	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 
	US SECRET SERVICE	 	 	10,643	 	 	 	10,962	 	 	 	10,962	 	 	 	10,962	 	 	 	10,962	 	 	 	10,962	 
	TARGET	 	 	9,974	 	 	 	10,273	 	 	 	10,273	 	 	 	10,273	 	 	 	10,273	 	 	 	10,273	 
	WORLDWIDE FACILITIES	 	 	6,156	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	NORDSTROM RACK	 	 	3,830	 	 	 	3,945	 	 	 	3,945	 	 	 	3,945	 	 	 	3,945	 	 	 	3,945	 
	CALIFORNIA FAIR ASSOC	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 
	BOIES SCHILLER FLEXNER LLP	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	ARNIE MORTON’S	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	CLUNE	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	STARBUCKS	 	 	898	 	 	 	925	 	 	 	925	 	 	 	925	 	 	 	925	 	 	 	925	 
	TWIST AND GRILL	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	MONTELEONE	 	 	231	 	 	 	247	 	 	 	247	 	 	 	247	 	 	 	247	 	 	 	247	 
	INDUS BY SAFFRON	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	ZARA	 	 	340	 	 	 	350	 	 	 	350	 	 	 	350	 	 	 	350	 	 	 	350	 
	FIVE GUYS	 	 	170	 	 	 	175	 	 	 	175	 	 	 	175	 	 	 	175	 	 	 	175	 
	OCHO MEXICAN GRILL	 	 	170	 	 	 	175	 	 	 	175	 	 	 	175	 	 	 	175	 	 	 	175	 
	SPRINKLES	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	AMERICAN ARBITRATION	 	 	53	 	 	 	55	 	 	 	55	 	 	 	55	 	 	 	55	 	 	 	55	 
	Total	 	$	103,605	 	 	$	99,825	 	 	$	99,825	 	 	$	99,825	 	 	$	99,825	 	 	$	99,825	 






 






     


     


    

 





	Loan Year	 	Year 4	 	 	Year 4	 	 	Year 4	 	 	Year 4	 	 	Year 4	 	 	Year 4	 
	Month	 	May	 	 	June	 	 	July	 	 	August	 	 	September	 	 	October	 
	Month Ending	 	May-24	 	 	Jun-24	 	 	Jul-24	 	 	Aug-24	 	 	Sep-24	 	 	Oct-24	 
	GSA - US SECRET
    SERVICE	 	 	54,205	 	 	 	54,205	 	 	 	54,205	 	 	 	54,205	 	 	 	54,205	 	 	 	54,205	 
	JACKSON LEWIS	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	PILLSBURY	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 
	US SECRET SERVICE	 	 	10,962	 	 	 	10,962	 	 	 	10,962	 	 	 	10,962	 	 	 	10,962	 	 	 	10,962	 
	TARGET	 	 	10,273	 	 	 	10,273	 	 	 	10,273	 	 	 	10,273	 	 	 	10,273	 	 	 	10,273	 
	WORLDWIDE FACILITIES	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	NORDSTROM RACK	 	 	3,945	 	 	 	3,945	 	 	 	3,945	 	 	 	3,945	 	 	 	3,945	 	 	 	3,945	 
	CALIFORNIA FAIR ASSOC	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 
	BOIES SCHILLER FLEXNER LLP	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	ARNIE MORTON’S	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	CLUNE	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	STARBUCKS	 	 	925	 	 	 	925	 	 	 	925	 	 	 	925	 	 	 	925	 	 	 	925	 
	TWIST AND GRILL	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	MONTELEONE	 	 	247	 	 	 	247	 	 	 	247	 	 	 	247	 	 	 	247	 	 	 	247	 
	INDUS BY SAFFRON	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	ZARA	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	FIVE GUYS	 	 	175	 	 	 	175	 	 	 	175	 	 	 	175	 	 	 	175	 	 	 	175	 
	OCHO MEXICAN GRILL	 	 	175	 	 	 	175	 	 	 	175	 	 	 	175	 	 	 	175	 	 	 	175	 
	SPRINKLES	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	AMERICAN ARBITRATION	 	 	55	 	 	 	55	 	 	 	55	 	 	 	55	 	 	 	55	 	 	 	55	 
	Total	 	$	99,475	 	 	$	99,475	 	 	$	99,475	 	 	$	99,475	 	 	$	99,475	 	 	$	99,475	 






 






     


     


    

 





	Loan Year	 	Year 5	 	 	Year 5	 	 	Year 5	 	 	Year 5	 	 	Year 5	 	 	Year 5	 
	Month	 	November	 	 	December	 	 	January	 	 	February	 	 	March	 	 	April	 
	Month Ending	 	Nov-24	 	 	Dec-24	 	 	Jan-25	 	 	Feb-25	 	 	Mar-25	 	 	Apr-25	 
	GSA - US SECRET SERVICE	 	 	54,205	 	 	 	55,831	 	 	 	55,831	 	 	 	55,831	 	 	 	55,831	 	 	 	55,831	 
	JACKSON LEWIS	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	PILLSBURY	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 
	US SECRET SERVICE	 	 	10,962	 	 	 	11,291	 	 	 	11,291	 	 	 	11,291	 	 	 	11,291	 	 	 	11,291	 
	TARGET	 	 	10,273	 	 	 	10,581	 	 	 	10,581	 	 	 	10,581	 	 	 	10,581	 	 	 	10,581	 
	WORLDWIDE FACILITIES	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	NORDSTROM RACK	 	 	3,945	 	 	 	4,064	 	 	 	4,064	 	 	 	4,064	 	 	 	4,064	 	 	 	4,064	 
	CALIFORNIA FAIR ASSOC	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 
	BOIES SCHILLER FLEXNER LLP	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	ARNIE MORTON’S	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	CLUNE	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	STARBUCKS	 	 	925	 	 	 	953	 	 	 	953	 	 	 	953	 	 	 	953	 	 	 	953	 
	TWIST AND GRILL	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	MONTELEONE	 	 	247	 	 	 	264	 	 	 	264	 	 	 	264	 	 	 	264	 	 	 	264	 
	INDUS BY SAFFRON	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	ZARA	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	FIVE GUYS	 	 	175	 	 	 	180	 	 	 	180	 	 	 	180	 	 	 	180	 	 	 	180	 
	OCHO MEXICAN GRILL	 	 	175	 	 	 	180	 	 	 	180	 	 	 	180	 	 	 	180	 	 	 	180	 
	SPRINKLES	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	AMERICAN ARBITRATION	 	 	55	 	 	 	56	 	 	 	56	 	 	 	56	 	 	 	56	 	 	 	56	 
	Total	 	$	99,475	 	 	$	101,913	 	 	$	101,913	 	 	$	101,913	 	 	$	101,913	 	 	$	101,913	 






 






     


     


    

 





	Loan Year	 	Year 5	 	 	Year 5	 	 	Year 5	 	 	Year 5	 	 	Year 5	 	 	Year 5	 
	Month	 	May	 	 	June	 	 	July	 	 	August	 	 	September	 	 	October	 
	Month Ending	 	May-25	 	 	Jun-25	 	 	Jul-25	 	 	Aug-25	 	 	Sep-25	 	 	Oct-25	 
	GSA - US SECRET SERVICE	 	 	55,831	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	JACKSON LEWIS	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	PILLSBURY	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 	 	 	15,180	 
	US SECRET SERVICE	 	 	11,291	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	TARGET	 	 	10,581	 	 	 	10,581	 	 	 	10,581	 	 	 	10,581	 	 	 	10,581	 	 	 	10,581	 
	WORLDWIDE FACILITIES	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	NORDSTROM RACK	 	 	4,064	 	 	 	4,064	 	 	 	4,064	 	 	 	4,064	 	 	 	4,064	 	 	 	4,064	 
	CALIFORNIA FAIR ASSOC	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 	 	 	3,333	 
	BOIES SCHILLER FLEXNER LLP	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	ARNIE MORTON’S	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	CLUNE	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	STARBUCKS	 	 	953	 	 	 	953	 	 	 	953	 	 	 	953	 	 	 	953	 	 	 	953	 
	TWIST AND GRILL	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	MONTELEONE	 	 	264	 	 	 	264	 	 	 	264	 	 	 	264	 	 	 	264	 	 	 	264	 
	INDUS BY SAFFRON	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	ZARA	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	FIVE GUYS	 	 	180	 	 	 	180	 	 	 	180	 	 	 	180	 	 	 	180	 	 	 	180	 
	OCHO MEXICAN GRILL	 	 	180	 	 	 	180	 	 	 	180	 	 	 	180	 	 	 	180	 	 	 	180	 
	SPRINKLES	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	AMERICAN ARBITRATION	 	 	56	 	 	 	56	 	 	 	56	 	 	 	56	 	 	 	56	 	 	 	56	 
	Total	 	$	101,913	 	 	$	34,791	 	 	$	34,791	 	 	$	34,791	 	 	$	34,791	 	 	$	34,791	 






 






     


     


    

 


SCHEDULE XI


 


CLOSING DATE APPROVED
LEASING COSTS


 


	1. Tenant Improvements	 	 	 
	 	 	 	 
	Tenant	 	Amount	 
	Pillsbury	 	$	7,776,349	 
	California Fair Plan	 	$	2,791,311	 
	Clune Construction	 	$	1,975,246	 
	American Arbitration Association	 	$	585,700	 
	Total Outstanding TI	 	$	13,128,606	 






 






     


     


    

 


SCHEDULE XII


 


[RESERVED]


 






     


     


    

 


SCHEDULE XIII


 


PREVIOUSLY-OWNED
PROPERTY


 


THE LAND REFERRED TO HEREIN
BELOW IS SITUATED IN THE COUNTY OF LOS ANGELES, STATE OF CALIFORNIA AND 1S DESCRIBED AS FOLLOWS:


 


PARCEL 1:


 


LOT 3 OF TRACT NO. 71804,
IN THE CITY OF LOS ANGELES, AS PER MAP RECORDED IN BOOK 1379 PAGES 42 TO 48 INCLUSIVE OF MAPS THE OFFICE OF THE COUNTY RECORDER
OF SAID COUNTY.


 


EXCEPT FROM SAID LAND ALL
MINERALS, GAS, OIL, PETROLEUM, NAPTHA AND OTHER HYDROCARBON SUBSTANCES IN AND UNDER THAT PORTION OF SAID LAND, INCLUDED WITHIN
THAT PORTION OF THE JACKINS TRACT IN BOOK 2 PAGE 71 OF MAPS. DESCRIBED AS FOLLOWS:


 


LOT 16 AND THE EASTERLY
10 FEET OF LOT 17 TOGETHER WITH THAT PORTION OF SAID LAND WHICH WOULD PASS BY OPERATIONS OF LAW WITH THE CONVEYANCE OF SAID LOT
16 AND THE EASTERLY 10 FEET OF LOT 17 TOGETHER WITH ALL NECESSARY AND CONVENIENT RIGHTS TO EXPLORE FOR, DEVELOP, PRODUCE, EXTRACT
AND TAKE THE SAME INCLUDING THE EXCLUSIVE RIGHT TO DIRECTIONALLY DRILL INTO AND THROUGH SAID LAND FROM OTHER LANDS AND INTO THE
SUBSURFACE OR OTHER LANDS, SUBJECT TO THE EXPRESS LIMITATIONS THAT ANY AND ALL OPERATIONS FOR THE EXPLORATION, DEVELOPMENT, PRODUCTION,
EXTRACTION AND TAKING OF ANY OF SAID SUBSTANCES SHALL BE CARRIED ON AT LEVELS BELOW THE DEPTH OF 500 FEET FROM THE SURFACE OF THE
ABOVE DESCRIBED PROPERTY BY MEANS OF MINES, WELLS, DERRICKS, AND/OR OTHER EQUIPMENT FROM THE SURFACE LOCATIONS ON ADJOINING OR
NEIGHBORING LAND LYING OUTSIDE OF THE ABOVE DESCRIBED PROPERTY AND SUBJECT FURTHER TO THE EXPRESS LIMITATIONS THAT THE FOREGOING
RESERVATIONS SHALL IN NO WAY BE INTERPRETED TO INCLUDE ANY RIGHTS OF ENTRY IN AND UPON THE SURFACE OF THE ABOVE DESCRIBED STRIP
OF LAND, AS RESERVED BY MARY E. MC KENNEY, A MARRIED WOMAN ALSO KNOWN AS MARY ELIZABETH MC KENNEY, IN DEED RECORDED SEPTEMBER 24.
1968 AS INSTRUMENT NO. 560,


 


EXCEPT FROM SAID LOT, ALL
OIL, GAS, AND MINERAL SUBSTANCES, TOGETHER WITH THE RIGHT TO EXPLORE FOR AND EXTRACT SUCH SUBSTANCES, PROVIDED THAT THE SURFACE
OPENING OF ANY WELL, HOLE, SHAFT OR OTHER MEANS OF EXPLORING FOR, REACHING OR EXTRACTING SUCH SUBSTANCES SHALL NOT BE LOCATED WITHIN
THE CENTRAL BUSINESS DISTRICT REDEVELOPMENT PROJECT AREA AS RECORDED IN BOOK M5077 PAGE 558 OF LOS ANGELES COUNTY RECORDS, STATE
OF CALIFORNIA, AND SHALL NOT PENETRATE ANY PART OR PORTION OF SAID PROJECT AREA WITHIN 500 FEET OF THE SURFACE THEREOF, AS RESERVED
IN DEED RECORDED JUNE 7. 1982 AS INSTRUMENT NO. 82-576233.


 


PARCEL 1A:


 


AN UNDIVIDED 14.75 PERCENT
INTEREST IN AND TO LOT 4 OF AMENDED TRACT 32622, IN THE CITY OF LOS ANGELES, AS PER MAP RECORDED IN BOOK 1098 PAGE 83 TO 86 INCLUIVE
OF MAPS THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.


 


EXCEPT FROM SAID LOT 4,
ALL OIL, GAS, AND MINERAL SUBSTANCES, TOGETHER WITH THE RIGHT TO EXPLORE FOR AND EXTRACT SUCH SUBSTANCES, PROVIDED THAT THE SURFACE
OPENING OF ANY WELL, HOLE, SHAFTS OR OTHER MEANS OF EXPLORING FOR., REACHING OR EXTRACTING SUCH SUBSTANCES SHALL NOT BE LOCATED
WITHIN THE CENTRAL BUSINESS DISTRICT REDEVELOPMENT PROJECT AREA AS RECORDED IN BOOK M5077 PAGE 558 OF OFFICIAL RECORDS COUNTY RECORDER,
STATE OF CALIFORNIA, AND SHALL NOT PENETRATE ANY PART OR PORTION OF SAID PROJECT AREA WITHIN 500 FEET OF THE SURFACE THEREOF, AS
RESERVED IN DEED RECORDED JUNE 7, 1982 AS INSTRUMENT NO. 82-576233.


 






     


     


    

 


PARCEL 2:


 



EASEMENTS
FOR PARKING, INGRESS AND EGRESS FOR PEDESTRIANS AND AUTOMOBILES, UTILITIES, SUPPORT, CONSTRUCTION, LOADING DOCKS AND OTHER
MATTERS UPON THE TERMS AND CONDITIONS CONTAINED IN AND AS PROVIDED IN THAT CERTAIN AMENDED AND RESTATED OWNERS’
OPERATING AND RECIPROCAL EASEMENT AGREEMENT BY AND AMONG SEVENTH STREET PLAZA ASSOCIATES, THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF LOS ANGELES, CALIFORNIA, AND PPLA PLAZA LIMITED PARTNERSHIP, DATED JUNE 20, 1986 AND RECORDED JUNE 04. 1987 AS
INSTRUMENT NO. 87-885291, OFFICIAL RECORDS, SAID AGREEMENT BEING AMENDED BY AMENDMENT NO. 1 TO AMENDED AND RESTATED
OWNERS’ OPERATING AND RECIPROCAL EASEMENT AGREEMENT, DATED DECEMBER 5, 1990, BY AND BETWEEN PPLA PLAZA LIMITED
PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP AND SOUTH FIGUEROA PLAZA ASSOCIATES, A CALIFORNIA GENERAL PARTNERSHIP,
SUCCESSOR IN INTEREST TO SEVENTH STREET PLAZA ASSOCIATES, A CALIFORNIA GENERAL PARTNERSHIP, FORMERLY KNOWN AS
OXFORD-PRUDENTIAL JOINT VENTURE, RECORDED DECEMBER 21,1990 AS INSTRUMENT NO. 90-2108281, AND RE-RECORDED APRIL 30, 1991 AS
INSTRUMENT NO. 91-619078, BOTH OF OFFICIAL RECORDS, AND BY AMENDMENT NO. 2 TO AMENDED AND RESTATED OWNERS’ OPERATING
AND RECIPROCAL EASEMENT AGREEMENT, DATED JANUARY 1, 1993, BY AND AMONG PPLA PLAZA LIMITED PARTNERSHIP, A CALIFORNIA LIMITED
PARTNERSHIP, SOUTH FIGUEROA PLAZA ASSOCIATES, A CALIFORNIA GENERAL PARTNERSHIP, SUCCESSOR IN INTEREST TO SEVENTH STREET PLAZA
ASSOCIATES, A CALIFORNIA GENERAL PARTNERSHIP, FORMERLY KNOWN AS OXFORD-PRUDENTIAL JOINT VENTURE, AND THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF LOS ANGELES, CALIFORNIA, RECORDED JANUARY 30, 1995 AS INSTRUMENT NO. 95-150496. OFFICIAL
RECORDS.


 


EASEMENT
RIGHTS REFERRED TO IN THAT CERTAIN DECLARATION OF ESTABLISHMENT OF WATER SUPPLY EASEMENTS, DATED DECEMBER 18, 2012 AND RECORDED
JANUARY 8, 2013, AS INSTRUMENT NO. 20130030675, OF OFFICIAL RECORDS.





 






     


     


    

 


SCHEDULE XIV


 


[RESERVED]


 






     


     


    

 





EXHIBIT A


 


FORM OF SUBORDINATION
OF MANAGEMENT AGREEMENT


 


MEZZANINE SUBORDINATION
OF MANAGEMENT AGREEMENT AND MANAGEMENT FEES


 


This MEZZANINE SUBORDINATION
OF MANAGEMENT AGREEMENT AND MANAGEMENT FEES (as amended, restated, replaced, supplemented or otherwise modified from time to time,
this “Agreement”) is made as of the [  _] day of [                         ],
20[___], by EYP MEZZANINE, LLC, a Delaware limited liability company, having an address at c/o Brookfield Properties, 250
Vesey Street, 15th Floor, New York, New York 10281 (together with its successors and permitted assigns, “Borrower”);
and EYP REALTY, LLC, a Delaware limited liability company, having its principal place of business at c/o Brookfield Properties,
250 Vesey Street, 15th Floor, New York, New York 10281 ( together with its successors and permitted assigns, “Mortgage
Borrower”), to [                                                                      ]
(together its respective successors and/or assigns, the “Lender”), and is consented and agreed to by [                                        ]
(“Manager”).


 


RECITALS:


 


A.       Borrower
pursuant to the Note (as defined in the Loan Agreement (defined below)) is indebted to Lender with interest from the date thereof
at the rates set forth in the Loan Agreement (the indebtedness evidenced by the Note, together with such interest accrued thereon,
shall collectively be referred to as the “Loan”) advanced pursuant to that certain Mezzanine Loan Agreement
dated as of September [__], 2020, between Borrower and Lender (as the same may hereafter be amended, restated, replaced, supplemented,
renewed, extended or otherwise modified from time to time, the “Loan Agreement”). All capitalized terms not
defined herein shall have the respective meanings set forth in the Loan Agreement.


 


B.       The
Loan is secured by, among other things, that certain Mezzanine Pledge and Security Agreement (as the same may hereafter be amended,
restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Pledge Agreement”),
dated as of September [__], 2020, which grants Lender a first priority security interest in the collateral described therein (the
 “Collateral”). The Note, the Loan Agreement, the Pledge Agreement, this Agreement and any of the other documents
evidencing or securing the loan or executed or delivered in connection therewith are collectively referred to as the “Loan
Documents.”


 


C.       Pursuant
to that certain [__________], between the Mortgage Borrower and Manager, with respect to the Property (the “Management Agreement”)
(a true and correct copy of the Management Agreement is attached hereto as Exhibit A), the Mortgage Borrower engaged Manager
to supervise, maintain, rent, lease, operate and manage the Property pursuant to the provisions thereof and Manager is entitled
to certain management and other fees (the “Management Fees”) thereunder.


 


D.       Lender
requires as a condition to the making of the Loan that Borrower, Mortgage Borrower and Manager agree to the terms set forth in
this Agreement.





 






     


     


    

 


AGREEMENT


 


For good and valuable consideration the parties hereto
agree as follows:


 


1.
       Intentionally Omitted.




 


2.       Subordination
of Management Agreement. At all times prior to the termination of this Agreement, the Management Agreement and any and
all liens, rights and interests (whether choate or inchoate and including, without limitation, all mechanic’s and materialmen’s
liens under and to the extent permitted by applicable law) owed, claimed or held, by Manager in and to the Property, are and shall
be in all respects subordinate and inferior to the liens and security interests created or to be created for the benefit of Lender,
and securing the repayment of the Note and the obligations under the Loan Agreement including, without limitation, those created
under the Pledge Agreement, and all renewals, extensions, increases, supplements, amendments, modifications or replacements thereof.
Nothing in this section shall in any manner interfere with or delay the payment to Manager of all fees and reimbursements that
are due to Manager under the Management Agreement.


 


3.       Termination.
At such time as the Loan is paid in full, this Agreement and all of Lender’s right, title and interest hereunder with respect
to the Management Agreement shall terminate.


 


4.
      Estoppel.
Manager represents and warrants that as of the date of this Agreement (a) 
except for any prior assignments which are no longer effective as of the date hereof, the Management Agreement is in full
force and effect and has not been modified, amended or assigned other than pursuant to this Agreement and that certain Assignment
of Management Agreement and Subordination of Management Fees, by the Mortgage Borrower to Mortgage Lender as security for the
Mortgage Loan (the “Mortgage Loan Assignment of Management Agreement”), (b) neither Manager nor to Manager’s
knowledge, Mortgage Borrower is in default under any of the terms, covenants or provisions of the Management Agreement and Manager
knows of no event which, but for the passage of time or the giving of notice or both, would constitute an event of default under
the Management Agreement, (c) neither Manager nor Mortgage Borrower has commenced any action or given or received any notice for
the purpose of terminating the Management Agreement, and (d) the Management Fees and all other sums due and payable to the Manager
under the Management Agreement as of the date hereof have been paid in full.


 



    - 3 -


     


    

 



 


5.                   Agreement
by Mortgage Borrower and Manager. Mortgage Borrower and Manager hereby agree that subject to the rights of the
Mortgage Lender under the Mortgage Loan Assignment of Management Agreement, at Lender’s option, Lender shall have the
right to terminate the Management Agreement and replace Manager or require that Mortgage Borrower terminate the Management
Agreement and replace Manager with a Qualified Manager, without penalty or fee, if at any time during the Loan: (i) Manager
shall become bankrupt or insolvent, (ii) a default by Manager occurs under the Management Agreement and is not cured within
any applicable notice and cure period thereunder, or (iii) an Event of Default occurs which remains uncured and is
continuing. Upon ten (10) days’ written notice by Lender or any Subsequent Owner to Manager of its election to
terminate the Management Agreement by reason of its acquisition of title to the Collateral, the Management Agreement and
Manager’s rights thereunder shall terminate upon Lender’s or any Subsequent Owner’s acquisition of title to
the Collateral following Lender’s exercise of its remedies under the Loan Documents and the expiration of the notice
period described below. Manager and Mortgage Borrower acknowledge and agree that the exercise of the aforesaid termination
rights shall (I) in the case of the exercise of the termination rights only, require ten (10) days’ notice to Manager
(which notice may be given prior to, concurrently with or following Lender’s or Subsequent Owner’s acquisition of
the Collateral), (II) not require the payment of any penalty or similar fee by Mortgage Borrower, Lender or any Subsequent
Owner, (III) be in addition to any other termination or similar rights set forth in the Management Agreement, and (IV) be
without prejudice to any rights and remedies of Manager under the Management Agreement arising prior to such termination. At
such time as Manager may be removed pursuant to this Paragraph 5, a Qualified Manager shall assume management of the Property
pursuant to a Qualified Management Agreement. In no event shall Lender or any other individual or entity that acquires title
to or control or possession of the direct or indirect ownership interest in the Mortgage Borrower at or through a
foreclosure, assignment in lieu or other exercise of remedies by Lender (each, a “Subsequent Owner”) be
responsible for any fees, costs, reimbursements, termination fees or other charges, expenses, indemnification obligations,
loans, advances or other amounts that were owed by Mortgage Borrower to Manager or were the obligation of Mortgage Borrower
with respect to the Property, in each case, that accrued prior to Lender’s or any Subsequent Owner’s acquisition
of such direct or indirect ownership interests of the Mortgage Borrower owning the Property. Notwithstanding anything to the
contrary herein, if Manager is not paid any amounts owing to it within five (5) Business Days after the date such amounts are
due and payable under the Management Agreement, then Manager may at its election at any time thereafter, and by notice to
Mortgage Borrower and Lender, terminate the Management Agreement, without prejudice to Manager’s rights and remedies in
respect of all amounts due and payable under the Management Agreement, subject to the terms hereof, including, without
limitation, Lender’s cure rights under Section 8 hereof.


 






    - 4 -


     


    

 


6.                   Intentionally
omitted.




 


7.                  
Consent and Agreement by Manager. Manager hereby acknowledges and consents to this Agreement and the terms
and provisions of Section 4.15 of the Loan Agreement (a copy of which Loan Agreement in its entirety has been delivered to the
Manager). Manager agrees that it will act in conformity with the provisions of this Agreement, such provisions of the Loan Agreement
and Lender’s rights hereunder or otherwise related to the Management Agreement. In the event that the responsibility for
the management of the Property is transferred from Manager in accordance with the provisions hereof, Manager shall, and hereby
agrees to, and provided that Lender or any Subsequent Owner is not in default of any of its obligations to Manager under this Agreement,
fully cooperate, in all material respects, in transferring its responsibility to a new management company and effectuate such transfer
no later than thirty (30) days from the date the Management Agreement is terminated. Further, Manager hereby agrees (a) not to
contest or impede the exercise by Lender of any right it has under or in connection with this Agreement as provided herein; and
(b) that it shall, in the manner provided for in this Agreement, give at least thirty (30) days prior written notice to Lender
of its intention to terminate the Management Agreement or otherwise discontinue its management of the Property.


 


8.                   Lender
Notice and Cure Rights. Manager shall provide written notice to Lender, in accordance with Section 12(c)
below, of any notice of default or notice of termination under the Management Agreement and Lender shall have (a) five (5)
days to cure any monetary defaults beyond any applicable cure period afforded to Mortgage Borrower under the Management
Agreement, and (b) thirty (30) days to cure any non-monetary defaults beyond any applicable cure period afforded to Mortgage
Borrower under the Management Agreement or, if such non-monetary default is not capable of cure within such thirty (30) day
period, Lender shall within such thirty (30) day period, commence to and thereafter continuously proceed with diligence and
good faith to cure such non-monetary default. Notwithstanding the foregoing, in an event of default under the Management
Agreement for any non-monetary default which could only be cured by Lender acquiring possession or ownership of the
Collateral, Lender shall have an additional time period (in addition to the cure period set forth above) prior to termination
of the Management Agreement becoming effective pursuant to notice by Manager given in accordance with the Management
Agreement as is reasonably required for Lender to obtain possession or ownership of the Collateral, through foreclosure or
other appropriate proceedings in the nature thereof, including any proceeding required due to any prohibition by any process
or injunction issued by any court or by reason of any action by any court having jurisdiction over any bankruptcy or
insolvency proceeding involving Borrower (the “Additional Cure Period”), provided that and so long as
Lender commences such proceedings within thirty (30) days after the expiration of the cure period specified above and
diligently prosecutes such proceedings to completion.


 






    - 5 -


     


    

 


9.                   Further
Assurances. Manager further agrees to (a) execute such affidavits and certificates as Lender shall reasonably require
to further evidence the agreements herein contained, (b) on request from Lender, furnish Lender with copies of such
information as Mortgage Borrower is entitled to receive under the Management Agreement and (c) cooperate, in all reasonable
respects with Lender’s representative in any inspection of all or any portion of the Property (such inspections to be
made subject to and in accordance with the terms of the Loan Documents); provided, however, any expenses
incurred by Manager in connection with this Section 9 shall be paid by Borrower and nothing in this Section 9 shall
result in any increase in liabilities or obligations of Manager (other than de minimis requirements or to otherwise correct
any scrivener’s error in a manner consistent with the parties’ intention in connection with the Loan) nor in the
loss or degradation of any of Manager’s rights hereunder (other than to a de minimis extent or to otherwise correct any
scrivener’s error in a manner consistent with the parties’ intention in connection with the Loan). Manager hereby
acknowledges that some, or all, permits, licenses and authorizations necessary for the use, operation and maintenance of the
Property (the “Permits”) may be held by, or on behalf of, the Manager.


 


10.              
Cash Management. Manager acknowledges that, as further security for the Note (as defined in the Mortgage
Loan Assignment of Management Agreement), (i) Mortgage Borrower has executed and delivered to Mortgage Lender as part of the Mortgage
an assignment of leases and rents, assigning to Lender, among other things, all of Mortgage Borrower’s right, title and
interest in and to all of the revenues of the Property as provided thereunder and (ii) Mortgage Borrower, Borrower, Lender, and
Mortgage Lender, among others, have entered into that certain Cash Management Agreement of even date herewith (the “Cash
Management Agreement”) (a copy of which has been delivered to Manager), pursuant to which Borrower and Mortgage Borrower
have agreed that any Rents, and other income and proceeds from the Property are to be deposited, directly or indirectly (as provided
in the Mortgage Loan Agreement), into the Restricted Account (as defined in the Cash Management Agreement) in accordance with
the provisions thereof. Manager, Borrower and Mortgage Borrower agree that in the event of any conflict between the cash management
provisions of the Mortgage Loan Documents and the Management Agreement, the Mortgage Loan Documents shall control. The foregoing
provisions of this Section shall not limit Manager’s right to terminate the Management Agreement under Section 5
above for failure to receive any management fees and reimbursements owed to it under the Management Agreement.


 






    - 6 -


     


    

 


11.              
Manager Not Entitled to Rents. Manager acknowledges and agrees that it is collecting and processing the Rents
solely as the agent for Mortgage Borrower and Manager has no right to, or title in, the Rents. In any bankruptcy, insolvency or
similar proceeding the Manager, or any trustee acting on behalf of the Manager, waives any claim to the Rents other than as such
Rents may be used to pay the fees and compensation of the Manager pursuant to the terms and conditions of the Management Agreement.


 


12.                 Governing
Law.




 


(a)   
THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY BORROWER, MORTGAGE BORROWER AND MANAGER AND ACCEPTED
BY LENDER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES
AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING,
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS
ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF
AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER, MORTGAGE BORROWER AND MANAGER HEREBY UNCONDITIONALLY AND IRREVOCABLY
WAIVE ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, AND THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW.


 


(b)   
ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER, MANAGER, MORTGAGE BORROWER OR BORROWER ARISING OUT OF OR RELATING TO
THIS AGREEMENT MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW
YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH OF BORROWER, MORTGAGE BORROWER AND MANAGER WAIVES
ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING,
AND BORROWER, MORTGAGE BORROWER AND MANAGER HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION
OR PROCEEDING. BORROWER, MORTGAGE BORROWER AND MANAGER DO HEREBY DESIGNATE AND APPOINT:


 


[                               ]


[                               ]


 






    - 7 -


     


    

 





[                               ]


 


AS
THEIR AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON THEIR BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH
SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREE THAT SERVICE OF PROCESS UPON SAID AGENT
AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER, MORTGAGE BORROWER OR MANAGER IN THE MANNER
PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER, MORTGAGE BORROWER OR MANAGER IN ANY
SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER, MORTGAGE BORROWER AND MANAGER (I) SHALL GIVE PROMPT NOTICE
TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE
AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND
ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN
OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.


 


(c)   
Notices. All notices, consents, approvals and requests required or permitted hereunder shall be given in writing
and shall be deemed to have been properly given (a) upon delivery, if delivered in person, (b) one (1) Business Day after having
been deposited for overnight delivery with any reputable overnight courier service, or (c) three (3) Business Days after having
been deposited in any post office or mail depository regularly maintained by the U.S. Postal Service and sent by registered or
certified mail, postage prepaid, return receipt requested, addressed as follows (or at such other address and Person as shall be
designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner
provided for in this Section):


 


If to Manager:


 


[                                 ]


[                                 ]


[                                 ]


[                                 ]


 


 


with a copy to:


 


[                                 ]


[                                 ]


[                                 ]


[                                 ]


 


If to Lender:





 






    - 8 -


     


    

 


[
                                ]


[                                 ]


[                                 ]


[                                 ]


 


with a copy to:


 


[
                                ]


[                                 ]


[                                 ]


[                                 ].


 


If to Borrower or Mortgage Borrower:


 


c/o Brookfield Properties 

250 Vesey Street,
15th Floor 

New York, New York 10281 

Attention: Jason Kirschner


 


with a copy to:


c/o Brookfield Properties 

250 Vesey Street,
15th Floor

 New York, New York 10281

 Attention: General Counsel


 


and to:


O’Melveny & Myers LLP




400 South Hope Street, 18th
Floor


Los Angeles, California 90071


Attention: Michael Hamilton, Esq.


 


For purposes
of this Section 12, the term “Business Day” shall mean a day on which commercial banks are not authorized
or required by law to close in New York, New York. Any party by notice to the others may designate additional or different addresses
for subsequent notices or communications.


 


13.      
No Oral Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended,
changed, discharged or terminated orally or by any act or failure to act on the part of Borrower, Mortgage Borrower, Lender or
Manager, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver,
extension, change, discharge or termination is sought.


 


14.       Liability.
This Agreement shall be binding upon and inure to the benefit of Borrower, Mortgage Borrower, and Lender and their respective
successors and assigns forever, unless terminated pursuant to the provisions of Section 3 of this Agreement. Lender
shall have the right to assign or transfer its rights under this Agreement in connection with any assignment of the Loan and
the Loan Documents. Any assignee or transferee of Lender shall be entitled to all the benefits afforded to Lender under this
Agreement. Except as otherwise provided in the Loan Agreement, neither Borrower, Mortgage Borrower nor Manager shall have the
right to assign or transfer its rights or obligations under this Agreement without the prior written consent of Lender (which
may not be unreasonably withheld, conditioned or delayed), and any attempted assignment without such consent shall be null
and void.


 






    - 9 -


     


    

 


15.       
Inapplicable Provisions. If any term, covenant or condition of this Agreement is held to be invalid, illegal
or unenforceable in any respect, this Agreement shall be construed without such provision.


 


16.       
Headings, etc. The headings and captions of various paragraphs of this Agreement are for convenience of reference
only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.


 


17.       
Duplicate Originals, Counterparts. This Agreement may be executed in any number of duplicate originals and
each duplicate original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which
counterparts shall be deemed an original instrument and all of which together shall constitute a single Agreement. The failure
of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations
hereunder. Further, the words “execution,” “signed,” “signature,” “delivery,” and
words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated
hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the
use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state laws based on the Uniform Electronic Transactions Act.


 


18.       
Number and Gender. Whenever the context may require, any pronouns used herein shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa.


 


19.
        Miscellaneous.




 


(a)   
Wherever pursuant to this Agreement (i) Lender exercises any right given to it to approve or disapprove, (ii) any arrangement
or term is to be satisfactory to Lender, or (iii) any other decision or determination is to be made by Lender, the decision of
Lender to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory and all other decisions
and determinations made by Lender, shall be in the sole and absolute discretion of Lender and shall be final and conclusive, except
as may be otherwise expressly and specifically provided herein.


 


(b)   
Wherever pursuant to this Agreement it is provided that Borrower or Mortgage Borrower shall pay any costs and expenses,
such costs and expenses shall include, but not be limited to, reasonable legal fees and disbursements of Lender, whether retained
firms, the reimbursement for the reasonable expenses of in house staff or otherwise.





 






    - 10 -


     


    

 


(c)   
 If more than one Person has executed this Agreement as “Borrower”, “Mortgage Borrower”
or as “Manager,” the obligations of all such Persons hereunder shall be joint and several.


 


(d)   
Lender shall be permitted to disclose information regarding the Management Agreement in connection with (a) a Securitization
or other Secondary Market Transaction, and/or (b) the servicing of the Loan pursuant to a Servicing Agreement, each in accordance
with the Loan Agreement.


 


20.       
Exculpation. The provisions of Section 13.1 of the Loan Agreement are hereby incorporated by reference into
this Agreement to the same extent and with the same force as if fully set forth herein. Notwithstanding anything to the contrary
in this Agreement, the liability of Manager hereunder is limited to the assets of Manager, and Lender shall not enforce the liability
and obligations of Manager to pay, perform and observe any of the obligations of Manager contained in this Agreement by any action
or proceeding against any member, shareholder, partner, manager, director, officer, agent or employee of Manager (or any member,
shareholder, partner or other owner of any such member, shareholder, partner, manager, director, agent or employee of Manager,
or any director, officer, employee, agent, manager or trustee of any of the foregoing).


 


21.       
Replacement. The provisions of Sections 4.15(e) and (f) of the Loan Agreement are hereby incorporated by reference
into this Agreement to the same extent and with the same force as if fully set forth herein.


 


[NO FURTHER TEXT ON
THIS PAGE]





 



    - 11 -


     


    

 


IN WITNESS WHEREOF, the undersigned
have executed this Agreement as of the date and year first written above.


 


	 	BORROWER:	 
	 	 	 
	 	EYP MEZZANINE, LLC	 
	 	a Delaware limited liability company	 
	 	 	 
	 	By:   	                	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	 	MORTGAGE BORROWER: 	 
	 	 	 
	 	EYP REALTY, LLC	 
	 	a Delaware limited liability company	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 



 



     



     


    

 


	LENDER:	 
	 	 
	  [                                             ]	                       
	 	 
	By:   	                       	 
	Name:	 	 
	Title:	 	 
	 	 
	  [                                             ]	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 



 


[Signature Page to Mezzanine
Subordination of Management Agreement]





 






     


     


    

 


	MANAGER:	 
	 	 
	[                           ]	 
	 	 
	By:   	                   	 
	 	Name:	 
	 	Title:	 



 






     


     


    

 


EXHIBIT A


COPY OF MANAGEMENT
AGREEMENT





 






     


     


    

 


EXHIBIT B


 


FORM OF CONSENT TO
PERMITTED EASEMENT


 


[DATE]


 


To Whom It May Concern:


 


Maguire
Properties – 755 S. Figueroa, LLC (“Brookfield”) proposes to develop a mixed-use residential and
commercial project at 945 W. 8th Street (the “Project”) located on an
approximately 1.29  acre vacant rectangular site (the
 “Development Parcel”) within the larger 7.695 acre block (the “Block”) surrounded by
the Harbor Freeway to the west, 7th Street to the north, Figueroa Street to the east, and 8th Street to the south within the
City of Los Angeles, California (“City”). In connection with the development of the Project on the
Development Parcel, Brookfield is seeking an entitlement from the City for [                           ]
the (“Entitlement”). Even though the Project would be developed on the Development Parcel, the adjacent
properties within the Block would be [subject to the Entitlement] because of the combination of functional linkages, with
common features, consisting of contiguous parcels, that when viewed from adjoining streets appears to be a consolidated
whole.


 


To this end, the adjacent
real property located at 725 S. Figueroa Street and portions of the existing parking garage is within the Block that would be subject
to the Entitlement, consisting of L.A. County Tax Assessor’s Parcel Numbers 5144-009-093, -094, -096, -081, -082, and -085
(the “Property”). The Property is owned by EYP Realty, LLC, a Delaware limited liability company (“EYP
Realty”). [                                      ] (“Lender”) holds an interest in the Property as the holder of a mezzanine
loan to the direct owner of EYP Realty.


 


Pursuant to [Los Angeles
Municipal Code Section 12.24W.19 which requires “all persons with a mortgage interest” in the properties subject to
the [Entitlement] to sign the [Entitlement]] application, Lender hereby, undertakes the following actions:


 


(a)   
I hereby certify that I am the lender of record of a mezzanine loan secured by the equity interest in the owner of the Property
located in the City of Los Angeles which is involved in the [Entitlement] application or have been empowered to sign as the lender
of record on behalf of Lender as evidenced by the documents attached hereto.


 


(b)   
I hereby consent to the filing of the [Entitlement] application on the Property for processing by the Department of City
Planning.


 


(c)   
I understand if the [Entitlement] application is approved, as a part of the process the City will apply conditions of approval
which Brookfield must satisfy, including, but not limited to, recording the decision and all conditions relating to the [Entitlement]
in the County Deed Records for the Property.


 


(d)   
By my signature below, I certify that the foregoing statements are true and correct.





 






     


     


    

 


Lender agrees that any consents,
approvals or correspondence that may be required from Brookfield and/or the City in connection with the entitlements and environmental
review for the Project at 945 W. 8th Street may be requested and given through email correspondence,
and original, ink-signed paper written notices are not required.


 


Please feel free to contact
me directly at the address or telephone number listed below if you have any questions or if you require any additional documentation
to support this authorization.


 


	 	/s/
	 	(Signature)
	 	 
	 	 
	 	Printed Name
	 	 
	 	 
	 	Title
	 	 
	 	 
	 	(Address)
	 	 
	 	(Address)
	 	 
	 	 
	 	Phone Number



 


	A notary
    public or other officer completing this certificate verifies only the identity of the individual who signed the document to
    which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.	 




 


STATE OF CALIFORNIA                                                                                                       )


                                                                                                                                                          ) ss.


COUNTY OF                                                                                                                              )


 


On this          day
of                  , 20       ,
before me,                                                                     ,
Notary Public, personally appeared                                                                                                , who proved to me on the basis of satisfactory evidence to be the person whose
name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity, and
that by her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the
instrument.


 


I certify under PENALTY OF PERJURY
under the laws of the State of California that the foregoing paragraph is true and correct.


 


WITNESS my hand and official seal.


 


                                                                       
          


Notary Public