Exhibit 10.1


 


 


 


 


 


 


 


 





LOAN AGREEMENT

between


 


MAGUIRE PROPERTIES – 777 TOWER,
LLC, a Delaware limited liability company,

as Borrower


 


and


 


WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent,


 


WELLS FARGO SECURITIES, LLC,

as Sole Lead Arranger and Sole Bookrunner


 


and


 


THE FINANCIAL INSTITUTIONS NOW OR HEREAFTER
SIGNATORIES HERETO AND THEIR ASSIGNEES PURSUANT TO SECTION 13.12, as Lenders


 


Entered into as of October 31, 2019


 


WFB LOAN NO. 1019350


 


 


 


 


 


 


 


 




     


     


    

 





TABLE OF CONTENTS


 





Page



 





	ARTICLE 1. DEFINITIONS 	1
	1.1	DEFINED TERMS	1
	1.2	SCHEDULES AND EXHIBITS INCORPORATED	27
	1.3	PRINCIPLES OF CONSTRUCTION	27
	ARTICLE 2. LOAN 	28
	2.1	LOAN	28
	2.2	LOAN FEES	28
	2.3	LOAN DOCUMENTS	28
	2.4	EFFECTIVE DATE	28
	2.5	MATURITY DATE	29
	2.6	INTEREST ON THE LOAN; LOAN PAYMENT; LATE FEES	29
	2.7	PAYMENTS	32
	2.8	FULL REPAYMENT AND RECONVEYANCE	32
	2.9	LENDERS’ ACCOUNTING	33
	2.10	DEFAULTING LENDERS	33
	2.11	TAXES; FOREIGN LENDERS	36
	2.12	ADDITIONAL COSTS; CAPITAL ADEQUACY	39
	2.13	COMPENSATION	41
	2.14	TREATMENT OF AFFECTED LOANS	41
	2.15	PRO RATA TREATMENT	42
	2.16	SHARING OF PAYMENTS	42
	2.17	NOTICE OF ADVANCE	43
	2.18	NOTICE TO LENDERS; FUNDING OF LOAN	43
	ARTICLE 3. DISBURSEMENT 	43
	3.1	CONDITIONS PRECEDENT	43
	3.2	ACCOUNT, PLEDGE AND ASSIGNMENT	46
	3.3	FUNDS TRANSFER DISBURSEMENTS	46
	3.4	ADVANCES	47
	3.5	DOCUMENTS TO BE FURNISHED FOR EACH ADVANCE	48
	3.6	NO DUTY TO INSPECT	49
	ARTICLE 4. AFFIRMATIVE COVENANTS 	50
	4.1	PRESERVATION OF EXISTENCE AND SIMILAR MATTERS	50
	4.2	COMPLIANCE WITH APPLICABLE LAW	50
	4.3	MAINTENANCE OF PROPERTY	50
	4.4	PAYMENT OF TAXES AND CLAIMS	50
	4.5	INSPECTIONS	51
	4.6	USE OF PROCEEDS	51
	4.7	MATERIAL CONTRACTS	51
	4.8	DAMAGES; INSURANCE AND CONDEMNATION PROCEEDS	51
	4.9	THE IMPROVEMENTS	56
	4.10	TI/LC WORK	56



  



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	ARTICLE 5. INSURANCE 	56
	5.1	REQUIRED INSURANCE	56
	5.2	GENERAL INSURANCE REQUIREMENTS	59
	ARTICLE 6. REPRESENTATIONS AND WARRANTIES 	61
	6.1	AUTHORITY/ENFORCEABILITY	61
	6.2	BINDING OBLIGATIONS	61
	6.3	FORMATION AND ORGANIZATIONAL DOCUMENTS	61
	6.4	NO VIOLATION	61
	6.5	COMPLIANCE WITH LAWS	61
	6.6	LITIGATION	62
	6.7	FINANCIAL CONDITION	62
	6.8	NO MATERIAL ADVERSE CHANGE	62
	6.9	SURVEY	62
	6.10	ACCURACY	62
	6.11	TAX LIABILITY	62
	6.12	TITLE TO ASSETS; NO LIENS	63
	6.13	MANAGEMENT AGREEMENT	63
	6.14	UTILITIES	63
	6.15	FEDERAL RESERVE REGULATIONS	63
	6.16	LEASES	63
	6.17	BUSINESS LOAN	63
	6.18	PHYSICAL CONDITION	63
	6.19	FLOOD ZONE	64
	6.20	CONDEMNATION	64
	6.21	NOT A FOREIGN PERSON	64
	6.22	SEPARATE LOTS	64
	6.23	AMERICANS WITH DISABILITIES ACT COMPLIANCE	64
	6.24	ERISA	64
	6.25	INVESTMENT COMPANY ACT	64
	6.26	OFAC	65
	6.27	SOLVENCY	65
	6.28	ASSESSMENTS	65
	6.29	USE OF PROPERTY	65
	6.30	NO OTHER OBLIGATIONS	65
	6.31	REA Representations	65
	6.32	Co-Ownership Agreement Representations.	65
	6.33	Mezzanine Loan	66
	6.34	AFFILIATE DEBT	66
	6.35	LABOR	66
	6.36	ANTI-CORRUPTION LAWS AND SANCTIONS.	66
	ARTICLE 7. HAZARDOUS MATERIALS 	67
	7.1	SPECIAL REPRESENTATIONS AND WARRANTIES	67
	7.2	HAZARDOUS MATERIALS COVENANTS	67
	7.3	INSPECTION BY ADMINISTRATIVE AGENT	68
	7.4	HAZARDOUS MATERIALS INDEMNITY	68
	7.5	LEGAL EFFECT	69
	7.6	ENVIRONMENTAL IMPAIRMENT	69



 









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	ARTICLE 8. CASH MANAGEMENT 	70
	8.1	ESTABLISHMENT OF PROPERTY ACCOUNT	70
	8.2	DEPOSITS INTO PROPERTY ACCOUNT	70
	8.3	ACCOUNT NAME	70
	8.4	ELIGIBLE ACCOUNTS	70
	8.5	DISBURSEMENTS FROM THE PROPERTY ACCOUNT	70
	8.6	SWEEP ACCOUNT	72
	8.7	SOLE DOMINION AND CONTROL	72
	8.8	SECURITY INTEREST	72
	8.9	RIGHTS ON DEFAULT	72
	8.10	FINANCING STATEMENT; FURTHER ASSURANCES	72
	8.11	BORROWER’S OBLIGATION NOT AFFECTED	73
	8.12	DEPOSIT ACCOUNTS	73
	8.13	Additional Provisions Relating to AccountS	73
	ARTICLE 9. ADDITIONAL COVENANTS OF BORROWER 	74
	9.1	EXPENSES	74
	9.2	ERISA COMPLIANCE	74
	9.3	LEASING	75
	9.4	APPROVAL OF LEASES	77
	9.5	OFAC	78
	9.6	FURTHER ASSURANCES	78
	9.7	ASSIGNMENT	79
	9.8	MANAGEMENT AGREEMENT	79
	9.9	COMPLIANCE WITH APPLICABLE LAW	79
	9.10	SPECIAL COVENANTS; SINGLE PURPOSE ENTITY	80
	9.11	SECURITY DEPOSITS AND DRAWS UNDER TENANT LETTER OF CREDIT	82
	9.12	PAYMENT OF PROPERTY TAXES, ETC	84
	9.13	DSCR	85
	9.14	COMPLIANCE WITH ANTI-CORRUPTION LAWS AND SANCTIONS	85
	9.15	ESCROW FUND	86
	9.16	INTEREST RATE PROTECTION AGREEMENTS	87
	9.17	GUARANTOR COVENANTS	88
	9.18	RESTRICTED PAYMENTS	88
	9.19	MEZZANINE LOAN DOCUMENTS	88
	9.20	REA Covenants	88
	9.21	DISREGARDED ENTITY	89
	9.22	Co-Ownership Agreement Covenants.	89
	9.23	NO LLC DIVISION	90
	9.24	INTERCREDITOR AGREEMENT	91
	ARTICLE 10. REPORTING COVENANTS 	91
	10.1	FINANCIAL INFORMATION	91
	10.2	BOOKS AND RECORDS	93
	10.3	INTENTIONALLY OMITTED	93
	10.4	INTENTIONALLY OMITTED	93
	10.5	INTENTIONALLY OMITTED	93
	10.6	KNOWLEDGE OF DEFAULT; ETC	93



 









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	10.7	LITIGATION, ARBITRATION OR GOVERNMENT INVESTIGATION	93
	10.8	ENVIRONMENTAL NOTICES	93
	ARTICLE 11. DEFAULTS AND REMEDIES 	94
	11.1	DEFAULT	94
	11.2	ACCELERATION UPON DEFAULT; REMEDIES	97
	11.3	DISBURSEMENTS TO THIRD PARTIES	99
	11.4	COSTS OF ENFORCEMENT; REPAYMENT OF FUNDS ADVANCED	99
	11.5	RIGHTS CUMULATIVE, NO WAIVER	99
	11.6	PROVISIONS REGARDING LETTERS OF CREDIT	99
	ARTICLE 12. THE ADMINISTRATIVE AGENT; INTERCREDITOR PROVISIONS 	100
	12.1	APPOINTMENT AND AUTHORIZATION	100
	12.2	WELLS FARGO AS A LENDER	101
	12.3	COLLATERAL MATTERS; PROTECTIVE ADVANCES	101
	12.4	POST-FORECLOSURE PLANS	102
	12.5	APPROVALS OF LENDERS	103
	12.6	NOTICE OF EVENTS OF DEFAULT	103
	12.7	ADMINISTRATIVE AGENT’S RELIANCE	103
	12.8	INDEMNIFICATION OF ADMINISTRATIVE AGENT	104
	12.9	LENDER CREDIT DECISION, ETC	105
	12.10	SUCCESSOR ADMINISTRATIVE AGENT	105
	12.11	WITHHOLDING TAX	106
	12.12	TITLED AGENTS	106
	12.13	LENDER ACTION	107
	12.14	NO SETOFF	107
	ARTICLE 13. MISCELLANEOUS PROVISIONS 	107
	13.1	INDEMNITY	107
	13.2	FORM OF DOCUMENTS	107
	13.3	NO THIRD PARTIES BENEFITED	108
	13.4	NOTICES	108
	13.5	ATTORNEY-IN-FACT	108
	13.6	ACTIONS	108
	13.7	RELATIONSHIP OF PARTIES	108
	13.8	DELAY OUTSIDE LENDER’S CONTROL	108
	13.9	ATTORNEYS’ FEES AND EXPENSES; ENFORCEMENT	109
	13.10	IMMEDIATELY AVAILABLE FUNDS	109
	13.11	AMENDMENTS AND WAIVERS	109
	13.12	SUCCESSORS AND ASSIGNS	110
	13.13	STAMP, INTANGIBLE AND RECORDING TAXES	115
	13.14	LENDER’S DISCRETION	115
	13.15	ADMINISTRATIVE AGENT	116
	13.16	TAX SERVICE	116
	13.17	WAIVER OF RIGHT TO TRIAL BY JURY	116
	13.18	SEVERABILITY	116
	13.19	TIME	116
	13.20	HEADINGS	116
	13.21	GOVERNING LAW	117
	13.22	USA PATRIOT ACT NOTICE; COMPLIANCE	118



 






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	13.23	ELECTRONIC DOCUMENT DELIVERIES	118
	13.24	INTEGRATION; INTERPRETATION	119
	13.25	JOINT AND SEVERAL LIABILITY	119
	13.26	COUNTERPARTS	119
	13.27	LIMITED RECOURSE	119
	13.28	REMEDIES OF BORROWER	119
	13.29	CONFLICTS	119
	13.30	CONSTRUCTION OF DOCUMENTS	119
	13.31	INTENTIONALLY OMITTED	119
	13.32	ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN OF EEA FINANCIAL INSTITUTIONS	119







 



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EXHIBITS AND SCHEDULES


 


SCHEDULE I – PRO RATA SHARES


SCHEDULE II – EXISTING LEASES/RENT ROLL


SCHEDULE III – LITIGATION DISCLOSURE


SCHEDULE IV – ENVIRONMENTAL REPORTS


SCHEDULE V – REAs


SCHEDULE VI – QUALIFIED MANAGERS


 


EXHIBIT A – DESCRIPTION OF PROPERTY


EXHIBIT B – DOCUMENTS


EXHIBIT C – FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT


EXHIBIT D – FORM OF REQUEST FOR ADVANCE


EXHIBIT E – DISBURSEMENT INSTRUCTION AGREEMENT


EXHIBIT F – TENANT DIRECTION LETTER


EXHIBIT G – ORGANIZATIONAL CHART


EXHIBIT H – SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT
AGREEMENT


EXHIBIT I-1 - FORM OF U.S. TAX COMPLIANCE CERTIFICATE


EXHIBIT I-2 - FORM OF U.S. TAX COMPLIANCE CERTIFICATE


EXHIBIT I-3 - FORM OF U.S. TAX COMPLIANCE CERTIFICATE


EXHIBIT I-4 - FORM OF U.S. TAX COMPLIANCE CERTIFICATE

EXHIBIT J - TI/LC EXISTING OBLIGATIONS SCHEDULE


EXHIBIT K – FORM OF BORROWING CERTIFICATE







 




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LOAN AGREEMENT


 


THIS LOAN AGREEMENT
(“Agreement”) dated as of October 31, 2019, by and among MAGUIRE PROPERTIES – 777 TOWER, LLC, a Delaware
limited liability company, as Borrower (“Borrower”), each of the financial institutions initially a signatory
hereto together with their assignees under Section 13.12 (“Lenders”), WELLS FARGO BANK, NATIONAL ASSOCIATION,
as contractual representative of the Lenders to the extent and in the manner provided in Article 12 (in such capacity, the
 “Administrative Agent”) and Wells Fargo Securities LLC, as Sole Lead Arranger and Sole Bookrunner.


 


R E C I T A L S


 


		A.	Borrower owns the real property (together with the improvements now or hereafter existing thereon,
collectively, the “Property”) commonly known as 777 Tower located at 777 South Figueroa Street, Los Angeles,
California, and more particularly described in Exhibit A hereto.



 


		B.	Borrower desires to obtain the Loan (as hereinafter defined) from Lenders, and 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 (as hereinafter
defined).



 


NOW, THEREFORE, Borrower, Administrative
Agent and Lenders agree as follows:


 


ARTICLE 1. DEFINITIONS


 


1.1              
DEFINED TERMS. The following capitalized terms generally used in this Agreement shall have the
meanings defined or referenced below. Certain other capitalized terms used only in specific sections of this Agreement are defined
in such sections.


 


“Acceptable
Counterparty” – shall have the meaning given to such term in Section 9.16(a).


 


“Acceptable
Issuer” – shall have the meaning given to such term in the definition of Letter of Credit.


 


“Account Collateral”
 – means: (i) the Property Account, the Sweep Account, the Security Deposit Account and all Cash, checks, drafts, certificates
and instruments, if any, from time to time deposited or held in such accounts from time to time; (ii) 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 (iii) to the extent not covered by clauses (i) and (ii) above, all “proceeds”
(as defined under the UCC as in effect in the jurisdiction in which any of such accounts is located) of any or all of the foregoing.


 


“ADA”
shall have the meaning given to such term in Section 6.23.


 


“Additional
Costs” has the meaning given that term in Section 2.12(b).


 


“Administrative
Agent” or “Agent” means Wells Fargo Bank, National Association, or any successor Administrative Agent
appointed pursuant to Section 12.10.


 


“Advance”
 – shall mean each advance of portions of the Loan in accordance with Section 3.1 and/or Section 3.4 hereof.


 






     

     


    

 


“Affiliate”
means, with respect to any Person, (a) in the case of any such Person which is a partnership or limited liability company, any
general partner or managing member in such partnership or limited liability company, respectively, and (b) any other Person which
is directly or indirectly controlled by, controls or is under common control with such Person or one or more of the Persons referred
to in the preceding clause (a); provided, however, in no event shall the Administrative Agent, the Lenders (or, prior to a foreclosure
of the Mezzanine Loan Liens or an assignment in lieu thereof, Mezzanine Lender) or any of their Affiliates be deemed to be an Affiliate
of Borrower or Guarantor.


 


“Agreement”
shall have the meaning given to such term in the preamble hereto.


 


“Alteration
Threshold” shall mean $9,000,000.00.


 


“Alternate
Rate” is a rate of interest per annum equal to three percent (3%) in excess of the applicable Effective Rate in effect
from time to time.


 


“Annual Budget”
shall mean the operating budget, including all planned capital expenditures and leasing costs, for the Property prepared by Borrower
for the applicable fiscal year or other period.


 


“Anti-Corruption
Laws” means: (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended; (b) the U.K. Bribery Act 2010, as amended;
(c) any anti-bribery or anti-corruption laws, regulations or ordinances in the European Union; and (d) any other anti-bribery or
anti-corruption laws, regulations or ordinances in any jurisdiction in which Borrower or any member of the Borrowing Group is located
or doing business.


 


“Anti-Money
Laundering Laws” means applicable laws, regulations or ordinances in (i) the European Union or (ii) any jurisdiction
in which Borrower or any member of the Borrowing Group is located or doing business that relates to money laundering, any predicate
crime to money laundering, or any financial record keeping and reporting requirements related thereto.


 


“Applicable
Law” means all applicable provisions of constitutions, statutes, rules, regulations and orders of any Governmental Authority,
including all orders and decrees of all courts, tribunals and arbitrators and shall include, as to any entity, the charter and
by-laws, partnership agreement or other organizational or governing documents of such entity, and any law, rule or regulation,
Permit, or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon
such entity or any of its property or to which such entity or any of its property is subject, including without limitation, applicable
securities laws, any certificate of occupancy and any zoning ordinance, building, environmental or land use requirement or Permit
or occupational safety or health law, rule or regulation applicable to the Property.


 


“Applicable
LIBOR Rate” means the rate of interest, equal to the sum of: (a) one and sixty one hundredths percent (1.60%)
plus (b) LIBOR.


 


“Appraisal”
means, with respect to the Property, an M.A.I. appraisal commissioned by and addressed to the Administrative Agent (acceptable
to the Administrative Agent as to form, substance and appraisal date), prepared by a professional appraiser acceptable to the Administrative
Agent, having at least the minimum qualifications required under FIRREA, and determining both the “as is” market value
of the Property as between a willing buyer and a willing seller and the “stabilized value” of the Property.


 


“Approved
Annual Budget” shall have the meaning given to such term in Section 10.1(e).


 






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“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or (c) an entity
or an Affiliate of any entity that administers or manages a Lender.


 


“Assignee”
shall have the meaning given to such term in Section 13.12(c).


 


“Assignment
and Assumption Agreement” means an Assignment and Assumption Agreement among a Lender, an Assignee and the Administrative
Agent, substantially in the form of Exhibit C.


 


“Bail-In Action” means
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”
means, 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”
Brookfield Asset Management Inc., a Canada corporation.


 


“Bankruptcy
Code” means the Bankruptcy Reform Act of 1978 (11 USC § 101-1330) as now or hereafter amended or recodified.


 


“Base Rate”
means (a) the sum of: (i) the LIBOR Market Index Rate and (ii) 1.60% or (b) if for any reason the LIBOR Market Index Rate is unavailable
(for the avoidance of doubt, other than after the Benchmark Unavailability Period), the sum of: (i) the Federal Funds Rate and
(ii) the Federal Funds Rate Spread. For purposes of determining the Base Rate, the Base Rate shall be reset daily based upon changes
in the LIBOR Market Index Rate or the Federal Funds Rate, as applicable.


 


“Base Rate
Loan” means a Loan bearing interest at a rate based on the Base Rate.


 


“Benchmark
Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected
by Administrative Agent and Borrower 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 or (ii) any evolving or then-prevailing market convention
for determining a rate of interest as a replacement to LIBOR for U.S. dollar-denominated syndicated credit facilities and (b) the
Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark
Replacement will be deemed to be zero for the purposes of this Agreement.


 


“Benchmark
Replacement Adjustment” means, with respect to any replacement of LIBOR with an Unadjusted Benchmark Replacement for
each applicable Interest Period, 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 Administrative Agent and Borrower 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 LIBOR with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body 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 LIBOR with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
syndicated credit facilities at such time.


 


“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of


 






    	 	3	 



     


    

 


“Base
Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments
of interest and other administrative matters) that Administrative Agent decides may be appropriate to reflect the adoption
and implementation of such Benchmark Replacement and to permit the administration thereof by Administrative Agent in a manner
substantially consistent with market practice (or, if Administrative Agent decides that adoption of any portion of such
market practice is not administratively feasible or if Administrative Agent determines that no market practice for the
administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent
decides is reasonably necessary in connection with the administration of this Agreement).


 


“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to LIBOR:


 


		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 LIBOR permanently or indefinitely ceases to provide LIBOR; or



 


		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.



 


“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to LIBOR:


 


		1.	a public statement or publication of information by or on behalf of the administrator of LIBOR
announcing that such administrator has ceased or will cease to provide LIBOR, permanently or indefinitely, provided that, at the
time of such statement or publication, there is no successor administrator that will continue to provide LIBOR;



 


		2.	a public statement or publication of information by the regulatory supervisor for the administrator
of LIBOR, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for LIBOR, a resolution
authority with jurisdiction over the administrator for LIBOR or a court or an entity with similar insolvency or resolution authority
over the administrator for LIBOR, which states that the administrator of LIBOR has ceased or will cease to provide LIBOR permanently
or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue
to provide LIBOR; or



 


		3.	a public statement or publication of information by the regulatory supervisor for the administrator
of LIBOR announcing that LIBOR is no longer representative.



 


“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark
Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective
event, the 90th day prior to the expected date of such event or of such public statement or publication of information
(or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such
statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by Administrative Agent or the Requisite
Lenders, as applicable, by notice to the Borrower, Administrative Agent (in the case of such notice by the Requisite Lenders) and
the Lenders.


 






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“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to LIBOR and solely to the extent that LIBOR has not been replaced with a Benchmark Replacement, the period (x) beginning
at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced LIBOR for
all purposes hereunder in accordance with Section 2.6(e)(i)(B) and (y) ending at the time that a Benchmark Replacement has replaced
LIBOR for all purposes hereunder pursuant to the Section 2.6(e)(i)(B).


 


“Benefit Arrangement”
means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer
Plan and which is maintained or otherwise contributed to by any member of the ERISA Group.


 


“Border Zone
Property” means any property designated as “border zone property” under the provisions of California Health
and Safety Code, Sections 25220 et seq., or any regulation adopted in accordance therewith.


 


“Borrower-Related
Lender” shall have the meaning given to such term in Section 13.12(h).


 


“Borrower”
shall have the meaning given in the preamble hereto and shall include Borrower’s successors and permitted assigns.


 


“Borrower
Related Parties” shall have the meaning given to such term in Section 13.27.


 


“Borrowing
Group” means, individually and collectively: (a) Borrower, (b) any Affiliate or subsidiary of Borrower including, without
limitation, any Affiliate or subsidiary that owns any collateral securing any part of the Loan, any Guaranty or any Loan Document,
(c) any Guarantor and (d) any officer, director or employee of any of the foregoing.


 


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


 


“Brookfield
Parent” means BPY and/or BAM.


 


“Brookfield
Parent Controlled Fund” shall mean a fund Controlled by a Brookfield Parent that invests primarily in commercial real
estate assets, which fund is or is expected to be formed as a limited partnership or limited liability company (with potential
parallel vehicles for different types of investors or investments), which fund shall be a so called (a) “open-end”
fund or (b) “closed-end” fund which has a term extending at least five (5) years after the Maturity Date. Interests
in such a fund shall be owned primarily by a variety of institutional investors. In order for such a fund to constitute a Brookfield
Parent Controlled Fund, such fund shall (i) have satisfied all of the conditions set forth in clause (i)(c) of the definition of
Permitted Transfer and (ii) at all times be directly or indirectly Controlled by a Brookfield Parent.


 


“Business
Day” means (a) any day of the week other than Saturday, Sunday or other day on which the offices of Administrative Agent
in New York, New York are authorized or required to close and (b) with respect to all notices and determinations in connection
with, and payments of principal and interest on, any LIBOR Rate Loan, any day that is a Business Day described in clause (a) and
that is also a London Banking Day.


 


“Calculated
Debt Service” means, as of the applicable date of determination, the sum of (x) Calculated Mortgage Debt Service plus
(y) Calculated Mezzanine Debt Service.


 






    	 	5	 



     


    

 


“Calculated
Mezzanine Debt Service” means “Calculated Debt Service,” as defined in the Mezzanine Loan Agreement.


 


“Calculated
Mortgage Debt Service” means, as of the applicable date of determination, the greatest of: (a) the amount of interest
and principal actually paid on account of the Loan during the preceding three (3) months, annualized, (b) the annual payment of
principal plus interest required to fully amortize a loan in the then-outstanding principal balance of the Loan over a thirty (30)
year amortization period, assuming such loan were to bear interest at a rate equal to the yield on then-current 10-year U.S. Treasury
Bonds plus 1.50% or (c) the amount obtained by multiplying the outstanding principal balance of the Loan by a debt constant of
7.0%.


 


“Cash”
shall mean coin or currency of the United States of America or immediately available funds, including such funds delivered by wire
transfer.


 


“Capitalized
Lease Obligation” means obligations under a lease (to pay rent or other amounts under any lease or other arrangement
conveying the right to use) (excluding Leases) that are required to be capitalized for financial reporting purposes in accordance
with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation determined in accordance with
GAAP.


 


“Casualty”
shall have the meaning given to such term in Section 4.8(a).


 


“Casualty
Threshold” means $9,000,000.00.


 


“Certificate
of Division” – means a certificate, registration statement or any other document required to be filed with any
applicable Governmental Authority in order to legally effectuate an LLC Division, including, without limitation, a certificate
of division as described in Section 18-217 of the Delaware Limited Liability Company Act, as amended from time to time.


 


“Change of
Control” means any event (whether by management changes in Borrower or the Guarantor or in any direct or indirect owner
thereof, contractual agreement or otherwise) which results in a Brookfield Parent not having Control over Borrower, excluding however
any such event that results from a Mezzanine Loan Enforcement Action.


 


“Co-Ownership
Agreement” means that certain Amended and Restated Lot 4 Co-Ownership Agreement, dated as of September 10, 2014, by and
among EYP Realty, LLC, BOP FigAt7th LLC, Borrower and Maguire Properties – 755 S. Figueroa, LLC, together with all amendments,
restatements, memoranda or other modifications thereof made pursuant to the terms of the Loan Documents.


 


“Collateral”
means the Property, Improvements and any personal property or other collateral with respect to which a Lien or security interest
is granted to Administrative Agent, for the benefit of Lenders, pursuant to the Loan Documents.


 


“Commitment”
means, as to each Lender, the amount for such Lender set forth on Schedule I.


 


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


 


“Control”
(and the correlative terms “controlled by” and “controlling”) means the possession, directly or indirectly,
of the power to direct or cause the direction of management and policies of the business and affairs of the entity in question
by reason of the ownership of beneficial interests, by contract


 






    	 	6	 



     


    

 


 or otherwise (notwithstanding that other Persons may have the right
to participate in or veto significant management decisions).


 


“Creditor’s
Rights Laws” means with respect to any Person, 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 its debts or debtors.


 


“Debt Yield”
means, as of the last day of the calendar month immediately preceding the applicable date of determination, the quotient (expressed
as a percentage) obtained by dividing (a) NOI as of such date by (b) the aggregate outstanding principal balance of the Loan and
the Mezzanine Loan as of such date.


 


“Deed of Trust”
means that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of the Effective
Date, by Borrower to TRSTE, INC., a Virginia corporation, as trustee for the benefit of Administrative Agent, as beneficiary for
the benefit of the Lenders, as the same may be amended, supplemented, replaced or modified from time to time.


 


“Default”
shall have the meaning given to such term in Section 11.1.


 


“Defaulting
Lender” shall have the meaning given to such term in Section 2.10.


 


“Derivatives
Termination Value” means, in respect of any one or more Interest Rate Protection Agreements, after taking into account
the effect of any legally enforceable netting agreement or provision relating thereto, (a) for any date on or after the date such
Interest Rate Protection Agreement has been terminated or closed out, the termination amount or value determined in accordance
therewith, and (b) for any date prior to the date such Interest Rate Protection Agreement has been terminated or closed out, the
then-current mark-to-market value for such Interest Rate Protection Agreement, determined based upon one or more mid-market quotations
or estimates provided by any recognized dealer in derivatives contracts (which may include the any Lender, or any Affiliate thereof).


 


“Designated
Account” shall have the meaning given to such term in Section 8.5.


 


“Designated
Account Balance” shall have the meaning given to such term in Section 10.1(d).


 


“Disbursement
Instruction Agreement” means a form substantially in the form of Exhibit E to be delivered to the Administrative
Agent pursuant to Section 3.3, as the same may be amended, restated or modified from time to time with the prior written approval
of the Administrative Agent.


 


“Divided LLC”
 – means any LLC which has been formed upon the consummation of a LLC Division.


 


“Dollars”
and “$” mean the lawful money of the United States of America.


 


“DSCR”
shall mean, for any date of determination, the ratio of (i) NOI, divided by (ii) Calculated Debt Service.


 


“DSCR (Mortgage)”
shall mean, for any date of determination, the ratio of (i) NOI, divided by (ii) Calculated Mortgage Debt Service.


 






    	 	7	 



     


    

 


“DSCR Certificate”
shall mean a certificate from an officer of Borrower setting forth in reasonable detail (including as to each such separate item
of Gross Operating Income and Operating Expenses) the calculation of DSCR for the applicable fiscal quarter and any calculations
related thereto.


 


“DSCR Collateral
Amount” shall mean, as of any date of calculation, the amount of any cash deposit, Sweep Guaranty or Letter of Credit
that has been delivered by Borrower and is then held by Administrative Agent, for the benefit of the Lenders, as collateral for
the Loan pursuant to Section 9.13(a).


 


“DSCR Collateral
Excess” shall have the meaning given to such term in Section 9.13(c).


 


“DSCR Event”
means any time that (i) the DSCR (calculated at the end of the immediately preceding quarter) is less than the Minimum DSCR or
(ii) the DSCR (Mortgage) (calculated at the end of the immediately preceding quarter) is less than the Minimum DSCR (Mortgage).


 


“Early Opt-in
Election” means the occurrence of:


 


(i) a determination
by Administrative Agent or (ii) a notification by the Requisite Lenders to Administrative Agent (with a copy to Borrower) that
the Requisite Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or
that include language similar to that contained in Section 2.6(e)(i)(B) are being executed or amended, as applicable, to incorporate
or adopt a new benchmark interest rate to replace LIBOR, and


 


(i) the election by
Administrative Agent or (ii) the election by the Requisite Lenders to declare that an Early Opt-in Election has occurred and the
provision, as applicable, by Administrative Agent of written notice of such election to Borrower and the Lenders or by the Requisite
Lenders of written notice of such election to Administrative Agent.


 


“EEA Financial Institution”
means (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”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.


 


“EEA Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.


 


“Effective
Date” shall have the meaning given to such term in Section 2.4.


 


“Effective
Rate” shall have the meaning given to such term Section 2.6(e).


 


“Eligible
Account” means a separate and identifiable account from all other funds held by the holding institution that is either
(a) an account or accounts maintained with a federal or State chartered depository institution or trust company which complies
with the definition of Eligible Institution or (b) a segregated trust account or accounts maintained with a federal or State chartered
depository institution or trust company acting in its fiduciary capacity which, in the case of a State chartered depository institution 


 






    	 	8	 



     


    

 


or trust company, is subject to regulations substantially similar to 12 C.F.R.§9.10(b), having in either case a combined capital
and surplus of at least $50,000,000 and subject to supervision or examination by federal or State authority. An Eligible Account
will not be evidenced by a certificate of deposit, passbook or other instrument.


 


“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund (d)  Mezzanine Lender or any Affiliate
thereof that purchases the Loan pursuant to and in accordance with the Intercreditor Agreement, and (e) any other Person (other
than a natural person) approved by (i) the Administrative Agent and (ii) unless a Default exists, Borrower (each such approval
not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall
not include (1) Borrower or Borrower’s Affiliates or Subsidiaries or, and (2) except as provided in clause (d) of this definition
or unless such Person is otherwise approved in accordance with clause (e) of this definition,  Mezzanine Lender or Mezzanine
Lender’s Subsidiaries or any Person that is Controlled (directly or indirectly) by Mesa West Capital, LLC.


 


“Eligible
Institution” means (i) Wells Fargo or (ii) a depository institution or trust company, insured by the Federal Deposit
Insurance Corporation, (a) 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 F-1 by Fitch in the case of accounts in which funds are held for thirty (30) days or less, or (b) the
long term unsecured debt obligations of which are rated at least “A+” by Fitch and S&P and “Aa3” by
Moody’s in the case of accounts in which funds are held for more than thirty (30) days.


 


“Environmental
Laws” means any Applicable Law relating to environmental protection or the manufacture, storage, remediation, disposal
or clean-up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.;
Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation
and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
 § 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection
Agency, any applicable rule of common law and any judicial interpretation thereof relating primarily to the environment or Hazardous
Materials, and any analogous or comparable state or local laws, regulations or ordinances that concern Hazardous Materials or protection
of the environment.


 


“Environmental
Reports” means the environmental reports described on Schedule IV attached hereto.


 


“Equity Interest”
means, with respect to any Person, any share of capital stock of (or other ownership or profit interests in) such Person, any warrant,
option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership
or profit interests in) such Person whether or not certificated, any security convertible into or exchangeable for any share of
capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other
acquisition from such Person of such shares (or such other interests), and any other ownership or profit interest in such Person
(including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not
such share, warrant, option, right or other interest is authorized or otherwise existing on any date of determination.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974, as in effect from time to time, any successor statute and any applicable
regulations or guidelines promulgated thereunder.


 






    	 	9	 



     


    

 


“ERISA Affiliate”
means any entity that is considered a single employer with Borrower or is required to be aggregated with Borrower, pursuant to
Section 414 of the Internal Revenue Code or Section 4001(b) of ERISA.


 


“Escrow Fund”
shall have the meaning given to such term in Section 9.15.


 


“Escrow Fund
Deficiency Amount” shall have the meaning given to such term in Section 9.15.


 


“Excess Cash
Flow” shall have the meaning given to such term in Section 8.5(b).


 


“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (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 an applicable interest in a Loan
or Commitment pursuant to an Applicable Law in effect on the date on which (i) such Lender acquires such interest in the Loan
or Commitment (other than pursuant to an assignment requested by Borrower pursuant to Section 2.12(g))or (ii) such Lender
changes its lending office, except in each case to the extent that, pursuant to Section 2.11, 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 2.11(g) and (d) any U.S. federal withholding Taxes imposed under FATCA.


 


“Executive
Order” shall have the meaning given to such term in the definition of “Prohibited Person.”


 


“Existing
Leases” means the Leases set forth on Schedule II attached hereto.


 


“Extended
Triggering Event Termination” shall mean a Triggering Event Termination shall have occurred, there shall be no Default
or other outstanding Triggering Events with respect to which a Triggering Event Termination shall not have occurred and each of
(I) the DSCR has remained at a level above the applicable Minimum DSCR and (II) the DSCR (Mortgage) has remained at a level above
the applicable Minimum DSCR (Mortgage), in each case for two (2) consecutive calendar quarters at any time following the occurrence
of such Triggering Event Termination.


 


“FATCA”
means Sections 1471 through 1474 of the Internal Revenue 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) and any current or future regulations or official
interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code.


 


“Federal Funds
Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted
average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds
brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations
for such day on such transactions received by the Administrative Agent from three Federal Funds brokers of recognized standing
selected by the Administrative Agent; provided, however, that if the


 






    	 	10	 



     


    

 


Federal Funds Rate determined as provided above would be less
than one quarter of one percent (0.25%), then the Federal Funds Rate shall be deemed to be one quarter of one percent (0.25%).


 


“Federal Funds
Rate Spread” means, in connection with any use of the Federal Funds Rate for the Base Rate, the greater of (i) the difference
(expressed as the number of basis points) obtained by subtracting (x) the Federal Funds Rate, determined as of the date for which
LIBOR was last available from (y) the per annum interest rate payable hereunder in respect of a LIBOR Loan, in each case determined
as of the date for which LIBOR was last available, and (ii) zero.


 


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


 


“FIRREA”
means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as the same may be amended from time to time.


 


“Fitch”
means Fitch, Inc.


 


“Foreign Lender”
means a Lender that is not a U.S. Person.


 


“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its business.


 


“GAAP”
means generally accepted accounting principles in the United States of America as of the date of the applicable financial report.


 


“Governmental
Approvals” means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with,
and reports to, all Governmental Authorities.


 


“Governmental
Authority” means any national, state or local government (whether domestic or foreign), any political subdivision thereof
or any other governmental, quasi-governmental, judicial, administrative, public or statutory instrumentality, authority, body,
agency, bureau, commission, board, department or other entity (including, without limitation, the Federal Deposit Insurance Corporation,
the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with
authority to bind a party at law.


 


“Gross Operating
Income” shall mean the sum of any and all amounts, payments, fees, rentals, additional rentals, expense reimbursements
(including, without limitation, all reimbursements by tenants, lessees, licensees and other users of the Property and Improvements)
discounts or credits to the Borrower, income, proceeds of business interruption insurance, interest and other monies directly or
indirectly received by or on behalf of or credited to Borrower from any Person with respect to Borrower’s ownership, use,
development, operation, leasing, franchising, marketing or licensing of the Property and Improvements, including, without limitation,
from parking operations.  With respect to all financial reporting, Gross Operating Income shall be computed in accordance
with GAAP or International Financial Reporting Standards but without taking into account straight-lining of rents, and, additionally,
there shall be added to Gross Operating Income in the calculation of the same the amount of rent that would be payable under any
Lease that includes “free rent” concessions to the tenant for the period immediately after the commencement of the
term of such Lease as if the tenant had instead paid the full amount of rent during such free rent period.


 






    	 	11	 



     


    

 


“Guarantor”
means Brookfield DTLA Holdings LLC, and any other Person which, in any manner, is or becomes obligated to Lenders under any guaranty
now or hereafter executed with respect to the Loan (collectively or severally as the context thereof may suggest or require).


 


“Guaranty”
means each of (i) the Limited Guaranty referred to in the list of “Loan Documents” on Exhibit B hereto and (ii)
to the extent delivered, the Sweep Guaranty.


 


“Hazardous
Materials” means all or any of the following: (a) substances that are defined or listed in, or otherwise classified pursuant
to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous
wastes”, “toxic substances”, “related substances”, “industrial solid wastes” or “pollutants”;
(b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced
waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources;
(c) any radioactive materials; (d) asbestos in any form; (e) toxic mold and (f) oil or dielectric fluid containing levels of polychlorinated
biphenyls in excess of fifty parts per million.


 


“Hazardous
Materials Claims” shall have the meaning given to such term in Section 7.1(d).


 


“Hazardous
Materials Laws” shall have the meaning given to such term in Section 7.1(b).


 


“Hazardous
Materials Indemnity Agreement” means a Hazardous Materials Indemnity Agreement executed by the Borrower and the Guarantor
in favor of the Administrative Agent and the Lenders.


 


“Improvements”
shall have the meaning given to such term in the Deed of Trust.


 


“Indemnifiable
Amounts” shall have the meaning given to such term in Section 12.8.


 


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


 


“Initial Advance
Amount” means the principal sum of the Loan in an amount equal to TWO HUNDRED THIRTY-ONE MILLION EIGHT HUNDRED FORTY
TWO THOUSAND FOUR HUNDRED THIRTY-FIVE AND 66/100 DOLLARS ($231,842,435.66) that Lenders agree to advance to Borrower on the Effective
Date subject to satisfaction of the terms and conditions in this Agreement, including in Section 3.1 hereof.


 


“Initial Mezzanine
Loan Advance Amount” has the meaning given to such term in Section 6.33.


 


“Intercreditor
Agreement” means the Intercreditor Agreement, dated as of the date hereof, executed by Administrative Agent, on behalf
of Lenders, and Mezzanine Lender, as amended, supplemented or otherwise modified from time to time.


 


“Interest
Period” shall mean (a) for the initial interest period hereunder, the period commencing on the Effective Date and ending
on November 9, 2019, and (b) for each interest period thereafter, the period commencing on the tenth (10th) day of a
calendar month and continuing to and including the ninth (9th) day of the following calendar month; provided, that (i)
if any Interest Period would otherwise end after the Maturity Date, such Interest Period shall end on the Maturity Date; and (ii)
each Interest Period 


 






    	 	12	 



     


    

 


that would otherwise end on a day which is not a Business Day shall end on the immediately following Business
Day.


 


“Interest
Period Commencement Date” means the date upon which an Interest Period commences.


 


“Interest
Rate Protection Agreement” means any rate cap entered into between Borrower and an Acceptable Counterparty, including,
without limitation, the Required Hedge.


 


“Internal
Revenue Code” means the Internal Revenue Code of 1986, as amended.


 


“Investment
Grade” means a rating of at least BBB- by S&P or its equivalent by Fitch and/or Moody’s.


 


“IRPA Termination
Fees” shall have the meaning given to such term in Section 2.7(c)(i).


 


“Lease”
means any agreement for the leasing, subleasing, licensing or other occupancy of any portion of the Property.


 


“Lender”
means each financial institution from time to time party hereto as a “Lender”, together with its respective successors
and permitted assigns. With respect to matters requiring the consent or approval of all Lenders at any given time, all then existing
Defaulting Lenders will be disregarded and excluded, and, for voting purposes only, “all Lenders” shall be deemed to
mean “all Lenders other than Defaulting Lenders.”


 


“Letter of
Credit” means a transferable, irrevocable, unconditional, standby letter of credit in form and substance reasonably satisfactory
to Administrative Agent, issued or confirmed by a financial institution with a long term debt obligation rating of “A-”
or better as assigned by S&P (or a comparable long term debt obligation rating from another Rating Agency) and otherwise satisfactory
to Administrative Agent (the “Acceptable Issuer”). The Letter of Credit shall be payable upon presentation of
a sight draft only to the order of Administrative Agent for the benefit of the Lenders. The Letter of Credit shall have an initial
expiration date of not less than one (1) year and shall be automatically renewed for successive twelve (12) month periods (unless
such Letter of Credit provides that the Acceptable Issuer may elect not to renew the Letter of Credit upon written notice to the
beneficiary at least thirty (30) days prior to its expiration date) and provide for multiple draws. The Letter of Credit shall
be transferable by Administrative Agent and its successors and assigns at a New York City bank.


 


“LIBO Rate
Period” means the period commencing on the tenth (10th) day of a calendar month and continuing to, but not
including, the ninth (9th) day of the next calendar month; provided, however, that no LIBO Rate Period shall extend
beyond the Maturity Date.


 


“LIBOR”
is, subject to the implementation of a Benchmark Replacement, the rate of interest, rounded to the nearest one-thousandth (1/1,000),
per annum determined by Administrative Agent on the basis of the rate for United States dollar deposits for delivery on the first
(1st) day of each LIBO Rate Period, for a period approximately equal to such LIBO Rate Period, as published by the ICE Benchmark
Administration Limited, a United Kingdom company, at approximately 11:00 a.m., London time, two (2) Business Days prior to the
first day of the LIBO Rate Period (or if not so published, then as determined by Administrative Agent from another recognized source
or interbank quotation); provided, however, that if LIBOR determined as provided above would be less than zero percent (0.0%),
then LIBOR shall be deemed to be zero percent (0.0%).  


 






    	 	13	 



     


    

 


“LIBOR Loan”
means a Loan bearing interest at a rate based on LIBOR.


 


“LIBOR Market
Index Rate” means, for any day, LIBOR as of that day for one-month deposits in U.S. Dollars at approximately 12:00 p.m.
Eastern time for such day (or if such day is not a Business Day, the immediately preceding Business Day). The LIBOR Market Index
Rate shall be determined on a daily basis.


 


“Lien”
as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed to secure debt, deed of
trust, assignment of leases or rents, pledge, lien, hypothecation, assignment, charge, lien (statutory or other, including a mechanic’s,
materialmen’s, landlord’s or similar lien) or lease constituting a Capitalized Lease Obligation, conditional sale or
other title retention agreement, or other security title or encumbrance of any kind in respect of any property of such Person,
or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person
is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment or performance of any
indebtedness or other obligation in priority to the payment of the general, unsecured creditors of such Person; (c) the filing
of any financing statement under the UCC or its equivalent in any jurisdiction; and (d) any agreement by such Person to grant,
give or otherwise convey any of the foregoing.


 


“LLC Division”
means the division or divisive merger of any LLC into multiple entities or multiple series of the same entity pursuant to any applicable
law, including, without limitation, pursuant to Section 18-217 of the Delaware Limited Liability Company Act, as amended from time
to time.


 


“Loan”
means the loan that Lenders agree to make and Borrower agrees to borrow pursuant to the terms and conditions of this Agreement
in the original principal amount of TWO HUNDRED SIXTY EIGHT MILLION SIX HUNDRED THOUSAND AND 00/100 DOLLARS ($268,600,000.00).


 


“Loan Account”
shall have the meaning given to such term in Section 2.9.


 


“Loan Documents”
means those documents, as hereafter amended, supplemented, replaced or modified, properly executed and in recordable form, if necessary,
listed in Exhibit B as Loan Documents.


 


“Loan Party”
means the Borrower, Mezzanine Borrower, Guarantor, and any other person or entity that is an Affiliate of the Borrower that is
obligated under the Loan Documents, Mezzanine Loan Documents or Other Related Documents.


 


“LTV (As-Is)”
means the percentage obtained by dividing (a) the sum of the Initial Advance Amount and Initial Mezzanine Loan Advance Amount by
(b) the value of the Property based on an Appraisal dated not more than ninety (90) days prior to the Effective Date (which shall
be the “as is” market value for the Property).


 


“LTV (As-Stabilized)”
means the percentage obtained by dividing (a) the maximum principal balance of the Loan and the Mezzanine Loan by (b) the “as
stabilized” value of the Property based on, and as set forth in, an Appraisal dated not more than ninety (90) days prior
to the Effective Date.


 


“Major Lease”
means any office Lease which, together with any office Leases to one or more Affiliates of the proposed tenant thereunder, would
demise in excess of 100,000 net rentable square feet, in each case, inclusive of any expansion space tenant is entitled to occupy
through the unilateral exercise of rights provided in such tenant’s Lease (“Expansion Space”); provided,
however, in the event that Lender shall disapprove any office Lease which would not be a Major Lease but for the inclusion of Expansion
Space, then if such proposed Lease is modified to remove the option applicable to such 


 






    	 	14	 



     


    

 


Expansion Space such that the Lease is no
longer a Major Lease, then such Lease shall cease to be deemed a Major Lease (for the avoidance of doubt and notwithstanding the
forgoing, such office Lease shall otherwise be required to comply with the terms and conditions of Section 9.4).


 


“Manager”
means Brookfield Properties Management (CA) Inc., a Delaware corporation.


 


“Management
Agreement” shall have the meaning given to such term in Section 6.13.


 


“Material
Adverse Effect” means a materially adverse effect on (a) the business, assets, liabilities, condition (financial or otherwise),
results of operations or business prospects of the Borrower, (b) the ability of the Borrower or Guarantor to perform their respective
obligations under any Loan Document to which it is a party, (c) the validity or enforceability of any of the Loan Documents, (d)
the rights and remedies of the Lenders and the Administrative Agent under any of the Loan Documents or (e) the timely payment of
the principal of or interest on the Loan or other amounts payable in connection therewith.


 


“Material
Contract” means any contract or other arrangement (other than Loan Documents, Leases, REAs that are expressly described
on Schedule V attached hereto and the Co-Ownership Agreement), whether written or oral, to which Borrower is a party or is bound
(including recorded encumbrances upon Borrower’s Property), as to which the breach, nonperformance, cancellation or failure
to renew by any party thereto could reasonably be expected to have a Material Adverse Effect.


 


“Maturity
Date” means October 31, 2024.


 


“Maximum Future
Advance Commitment” means THIRTY-SIX MILLION SEVEN HUNDRED FIFTY-SEVEN THOUSAND FIVE HUNDRED SIXTY-FOUR AND 34/100 Dollars
($36,757,564.34).


 


“Mezzanine
Advance” means an “Advance”, as defined in the Mezzanine Loan Agreement.


 


“Mezzanine
Borrower” means 777 Tower Mezzanine, LLC, a Delaware limited liability company.


 


“Mezzanine
Lender” means Mesa West Core Lending Fund, LLC, its successors and assigns.


 


“Mezzanine
Loan” means the loan in the original principal amount of $50,000,000 made by Mezzanine Lender to Mezzanine Borrower,
which loan is secured or to be secured by a pledge of Mezzanine Borrower’s limited liability company interest in Borrower
pursuant to the terms of the Mezzanine Loan Documents (as defined below).


 


“Mezzanine
Loan Agreement” means that certain Mezzanine Loan Agreement dated of even date herewith, between Mezzanine Borrower,
as borrower, and Mezzanine Lender, as lender, as the same may be amended, supplemented, replaced or modified from time to time.


 


“Mezzanine
Loan Documents” means those documents executed in connection with the Mezzanine Loan, as the same may be amended, supplemented,
replaced or modified from time to time.


 


“Mezzanine
Loan Enforcement Action” means the exercise by Mezzanine Lender of its rights and/or remedies under the Mezzanine Loan
Documents, including Mezzanine Lender’s or any third party’s acquisition of any direct or indirect membership interest
in Borrower as a result of its foreclosure on collateral granted to Mezzanine Lender as security under the Mezzanine Loan Documents.
 “Mezzanine Loan Liens” means the Liens in favor of the holder of the Mezzanine Loan created pursuant to the
Mezzanine Loan Documents.


 






    	 	15	 



     


    

 


“Mezzanine
Loan Share” means the ratio, expressed as a percentage, of (a) the amount of the Mezzanine Loan to (b) the aggregate
amount of the Loan and the Mezzanine Loan.


 


“Minimum DSCR”
means the DSCR at the last day of each fiscal quarter of the Borrower that is (x) during the period commencing on November 1, 2021,
through and including October 31, 2022, at least 0.93x; and (y) during the period commencing on November 1, 2022, through and including
the Maturity Date, at least 1.00x.


 


“Minimum DSCR
(Mortgage)” means the DSCR (Mortgage) at the last day of each fiscal quarter of the Borrower that is (x) during the period
commencing on November 1, 2021, through and including October 31, 2022, at least 1.10x; and (y) during the period commencing on
November 1, 2022, through and including the Maturity Date, at least 1.19x.


 


“Minimum Leasing
Guidelines” shall have the meaning given to such term in Section 9.4(a).


 


“Modification”
shall have the meaning given to such term in Section 9.3(b).


 


“Moody’s”
means Moody’s Investors Service, Inc.


 


“Multi-Asset
Person” means (x) a Brookfield Parent or (y) (i) a Brookfield Parent Controlled Fund, (ii) an Affiliate of BAM or BPY,
or (iii) another Person, that, for each of (i), (ii) or (iii), at the time the applicable pledge is made, such Person’s pro
rata share of the net operating income from the Property is less than twenty-five percent (25%) of such Person’s aggregate
gross income (to the extent such Person’s income is consolidated) or of such Person’s aggregate net income (to the
extent such Person’s income is not consolidated), as applicable.


 


“Net Proceeds”
shall have the meaning set forth in Section 4.8.


 


“Net Worth”
means, for any Person, on any date of determination, an amount equal to the excess of the aggregate total assets of such Person
at such time less the total aggregate liabilities of such Person at such time, determined in accordance with GAAP, International
Financial Reporting Standards or other accounting methods reasonably approved by Administrative Agent. For purposes of Section
9.17(a), GAAP with adjustments to reflect properties at fair value will be deemed acceptable.


 


“NOI”
means, as of any date of calculation, an amount obtained by subtracting (a) Operating Expenses during the trailing 6-month period,
annualized, from (b) Gross Operating Income during the trailing 6-month period, annualized, excluding any payments received under
any Interest Rate Protection Agreement. Notwithstanding the foregoing, Agent shall, in Agent’s reasonable discretion, adjust
(x) the Gross Operating Income to the extent the same does not reflect normalized results (e.g., Agent may exclude non-recurring
income, including, without limitation, any termination fees), and (y) Operating Expenses, to reflect any expenses, such as Taxes
and insurance, which are paid unevenly throughout the year.


 


For purposes of calculating
NOI, Gross Operating Income shall be adjusted to exclude income from any Lease with a tenant (i) who is more than 60 days delinquent
in (a) its base rental obligations under its Lease or (b) other material monetary payments to Borrower under its Lease (except
to the extent such obligations are subject to a bona fide, unresolved dispute by the tenant), (ii) whose Lease has expired on or
prior to, or will expire within thirty (30) days after, the date of calculation, and has not been renewed (provided, however, if
a replacement Lease has been entered into by Borrower and a replacement tenant in accordance with this Agreement for all or any
portion of the space covered by the expiring Lease, then the annualized rent for such replacement lease shall be included), (iii)
who has filed 


 






    	 	16	 



     


    

 


a petition for relief under the Bankruptcy Code, or under any other present or future state or federal law regarding
bankruptcy, reorganization or other debtor relief law which has not been dismissed or discharged; (iv) who has filed any pleading
(or filed an answer in any involuntary proceeding under the Bankruptcy Code or other debtor relief law) which admitted the petition’s
material allegations regarding its insolvency (unless the applicable proceeding has been dismissed or discharged); (v) who has
delivered a general assignment for the benefit of its creditors (unless the applicable proceeding has been dismissed or discharged);
(vi) who has applied for (or an appointment occurred of), a receiver, trustee, custodian or liquidator of it or a substantial portion
of its property (unless the applicable proceeding has been dismissed or discharged); or (vii) who has failed to effect a full dismissal
of any involuntary petition under the Bankruptcy Code or under any other debtor relief law that was filed against it and 60 days
have passed since such filing.


 


“Non-Pro Rata
Advance” shall mean a Protective Advance with respect to which fewer than all Lenders have funded their respective Pro
Rata Shares in breach of their obligations under this Agreement.


 


“Note”
or “Notes” means each Promissory Note, collectively in the principal amount of the Loan, executed by Borrower
and payable to a Lender, together with such other replacement notes as may be issued from time to time pursuant to Section 13.12,
as hereafter amended, supplemented, replaced or modified.


 


“Obligations”
means, individually and collectively: (a) the aggregate principal balance of, and all accrued and unpaid interest on, the
Loan; and (b) all other indebtedness, liabilities, obligations and covenants of Borrower owing to the Administrative Agent
or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents,
including, without limitation, fees and indemnification obligations, whether direct or indirect, absolute or contingent, due or
not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note.


 


“OFAC”
means the U.S. Department of the Treasury’s Office of Foreign Assets Control.


 


“Operating
Expenses” means the total of all expenditures, computed in accordance with GAAP or International Financial Reporting
Standards, of whatever kind relating to the operation, maintenance and management of the Property that are incurred on a regular
monthly or other periodic basis, including without limitation or duplication, the following expenses: (i) Taxes and assessments
imposed upon the Property and Improvements; (ii) bond assessments; (iii) insurance premiums for casualty insurance (including,
without limitation, earthquake, windstorm and terrorism coverage) and liability insurance carried in connection with the Property
and Improvements, provided, however, if any, insurance is maintained as part of a blanket policy covering the Property and Improvements
and other properties, the insurance premium included in this subparagraph shall be the premium fairly allocable to the Property
and Improvements; and (iv) operating expenses incurred by Borrower for the management, operation, cleaning, leasing, maintenance
and repair of the Property and Improvements (including, without limitation, management fees equal to the greater of (x) two and
a half percent (2.5%) of Gross Operating Income from operations of the Property and (y) actual management fees paid and any payments
required to be made under or pursuant to the Co-Ownership Agreement or any REA). Operating Expenses shall not include any interest
or principal payments on the Loan or the Mezzanine Loan, other amounts payable to Administrative Agent or Lenders or Mezzanine
Lender, as applicable, under the Loan Documents or the Mezzanine Loan Documents (other than repayments by Borrower to the Administrative
Agent and Lenders of Protective Advances made by the Administrative Agent or the Lenders in respect of Operating Expenses), amounts
paid or reserved for lease-up costs or capital expenditures, any allowance for depreciation, extraordinary non-recurring expenses,
income and franchise Taxes of Borrower, amortization and other non-cash expenditures, bank charges, corporate overhead costs allocated
or 


 






    	 	17	 



     


    

 


charged to the Property, or audit and other fees incurred in connection with the requirements set forth in the Loan Documents
or Mezzanine Loan Documents, or national or regional marketing expenses allocated to the Property (but not direct marketing expenses
solely attributable to the Property), or bad debt expenses not incurred during the trailing six month period as of the applicable
date of determination.


 


“Operating
Statement” shall have the meaning given to such term in Section 10.5.


 


“Optional
Minimum DSCR Prepayment” shall have the meaning given to such term in Section 9.13(a).


 


“Organizational
Documents” means (i) with respect to a corporation, such Person’s certificate of incorporation and bylaws, (ii)
with respect to a partnership, such Person’s certificate of limited partnership and partnership agreement, and (iii) with
respect to a limited liability company, such Person’s certificate of formation and limited liability company agreement.


 


“Organized
Labor Agreement” shall have the meaning given to such term in Section 6.35.


 


“Other Connection
Taxes” means, with respect to any Recipient, 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 Related
Documents” means those documents, as hereafter amended, supplemented, replaced or modified from time to time, properly
executed and in recordable form, if necessary, listed in Exhibit B as Other Related Documents.


 


“Other Taxes”
means 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 pursuant to an assignment requested by Borrower pursuant to Section 2.12(g)).


 


“Patriot Act”
shall have the meaning given to such term in Section 6.26.


 


“Payment Date”
shall have the meaning given to such term in Section 2.6(a).


 


“Participant”
shall have the meaning given to such term in Section 13.12.


 


“Permit”
means any permit, approval, authorization, license, variance or permission required from a Governmental Authority under Applicable
Law.


 


“Permitted
Easement” means easements and other similar encumbrances (or amendments thereto) (i) approved by Administrative Agent,
(ii) entered into by Borrower in the ordinary course of business for use, access, water and sewer lines, telephones and telegraph
lines, electric lines or other utilities or for other similar purposes, provided that no such easement or other similar encumbrance
shall materially impair the use, operation or value of the Property or otherwise have a Material Adverse Effect, or (iii) disclosed
on the Title Policy and affirmatively insured to Administrative Agent’s reasonable satisfaction; provided that in no event
shall a Permitted Easement be deemed to include an “easement of light and air” 


 






    	 	18	 



     


    

 


or a transfer of any air or development
rights or, unless otherwise approved by the Administrative Agent in its reasonable discretion, parking rights.


 


“Permitted
Indebtedness” shall have the meaning given to such term in Section 9.10(e).


 


“Permitted
Investments” means any one or more of the following “cash,” “cash items,” or “government
securities” within the meaning of Section 856(c)(4)(A) of the Internal Revenue Code: (i) direct obligations of United States
of America, or any agency thereof, or obligations fully guaranteed as to payment of principal and interest by the United States
of America, or any agency thereof, provided such obligations are backed by the full faith and credit of the United States of America,
and provided, however, that any such investment must have a predetermined fixed dollar amount of principal due at maturity that
cannot vary or change; (ii) deposit accounts with or certificates of deposit which are (a) fully FDIC-insured issued by any bank
or trust company organized under the laws of the United States of America or any state thereof and short term unsecured certificates
of deposits and time deposits which are rated A 1 or better by Standard & Poor’s Corporation or P 1 or better by Moody’s
Investors Service, Inc., in each case maturing not more than 90 days from the date of acquisition thereof, and (b) in the case
of certificates of deposit, are negotiable and have a ready secondary market in which such investment can be disposed of; and (iii)
money market funds that are subject to regulation under the Investment Company Act of 1940, 15 U.S.C. 80a-1 et seq., and comply
with the requirements of Rule 2a-7 thereof.


 


“Permitted
Liens” means:


 


		(a)	Liens (other than environmental Liens and any Lien imposed under ERISA) for taxes, assessments
or charges of any Governmental Authority for claims not yet delinquent or which are contested in accordance with Section 4.4 of
this Agreement;



 


		(b)	All matters of record shown on the Title Policy as exceptions to Lenders’ coverage thereunder;



 


		(c)	Customary equipment leases or financing with respect to equipment permitted pursuant to Section 9.10(e);



 


		(d)	Liens in favor of Administrative Agent, for the benefit of Lenders, under the Deed of Trust or
any other Loan Document;



 


		(e)	Leases of the Improvements existing as of the date hereof or entered into in accordance with the
terms hereof;



 


		(f)	Non-disturbance agreements with tenants or subtenants (i) entered into as of the date hereof, (ii)
required to be entered into under a Lease in effect on the date hereof (or hereafter approved by Administrative Agent), and (iii)
entered into by Borrower (A) where if the sublease being non-disturbed became a direct lease with Borrower, such lease would not
be a lease requiring the consent of the Administrative Agent or the Lenders, (B) where Administrative Agent has consented
in writing to Borrower entering into such non-disturbance or (C) where Administrative Agent has entered into a non-disturbance
agreement with respect to the sublease in question;



 


		(h)	Permitted Easements;



 


		(i)	Liens approved by Administrative Agent; and



 






    	 	19	 



     


    

 


		(j)	the Mezzanine Loan Liens.



 


“Permitted
Transfer” means (i) transfers of direct or indirect equity interests in the Borrower, provided that (a) BAM and/or BPY
shall at all times Control Borrower, (b) BAM and/or BPY shall at all times following such transfer own, directly or indirectly,
at least twenty-five percent (25%) of the membership interests in Borrower, (c) BAM and/or BPY and/or one or more Qualified Institutional
Investors shall at all times following such transfer own, directly or indirectly, at least fifty-one percent (51%) of the membership
interests in Borrower, (d) Guarantor shall at all times own, directly or indirectly, twenty-five percent (25%) of the membership
interests of Borrower, and (e) for each proposed transferee under this clause (i) that, together with its Affiliates, will hold,
directly or indirectly, ten percent (10%) or more of the direct or indirect equity interests in the Guarantor and did not hold,
directly or indirectly, ten percent (10%) or more of the direct or indirect equity interests in Guarantor prior to such transfer,
such transferee shall not be a Prohibited Person or a Sanctioned Person, and shall have satisfied each Lender’s reasonable
and customary Patriot Act, “know-your-customer” and other regulatory requirements; (ii) transfers of (A) direct or
indirect ownership interests in BAM and BPY and (B) ownership interests held by (x) the Series A Preferred Shareholders in Brookfield
DTLA Fund Office Trust, Inc. or (y) the accommodation shareholders of any real estate investment trust in Borrower’s organizational
structure; (iii) (x) any pledge of an indirect equity interest in Borrower by a Multi-Asset Person to secure an upper tier corporate
or similar loan facility that is secured by all or substantially all of such Multi-Asset Person’s assets and/or (y) any pledge
of a direct or indirect equity interest in a Multi-Asset Person, provided that after giving effect to any such pledge, clauses
(i) (a) and (b) above remain satisfied; provided, further, the foregoing shall not be construed to permit the foreclosure of any
such pledge if the transfer of direct and/or indirect equity interests in Borrower in connection therewith would not otherwise
constitute a Permitted Transfer under another clause of this definition; (iv) Transfers of ownership interests in Borrower to the
Mezzanine Lender, and the granting of Mezzanine Loan Liens, in accordance with and subject to the provisions of the Mezzanine Loan
Documents; and (v) a Mezzanine Loan Enforcement Action.


 


“Person”
means any natural person, corporation, limited partnership, general partnership, joint stock company, limited liability company,
limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other
organization, whether or not a legal entity, or any other nongovernmental entity, or any Governmental Authority.


 


“Pfandbrief
Defaulting Lender” has the meaning assigned to it in Section 2.10(e).


 


“Pfandbrief
Pledge” means, subject to the terms of Section 13.12, any assignment, pledge or other transfer of all or any portion
of any Lender’s interest in the Loans to a trustee, administrator, receiver or any Person (or their respective nominees,
agent or collateral agents or collateral trustees) (each a “Pfandbrief Trustee”) in each case in connection with the
issuance of covered mortgage bonds under German Pfandbrief legislation, as such legislation may be amended and in effect from time
to time, or any substitute or successor legislation with respect to a mortgage pool securing covered mortgage bonds issued by a
German mortgage bank, or any other Person meeting the eligibility requirements to issue covered mortgage bonds under German Pfandbrief
legislation, as such legislation may be amended and in effect from time to time, or any substitute or successor legislation.


 


“Pfandbrief
Pledging Lender” has the meaning assigned to it in Section 13.12(g).


 


“Pfandbrief
Trustee” has the meaning assigned to it in the definition of “Pfandbrief Pledge”.


 


“Plan of Division”
 – means a plan of division adopted by an LLC as required by any applicable governmental authority in order to legally effectuate
an LLC Division, including, without limitation, a


 






    	 	20	 



     


    

 


 plan of division as described in Section 18-217 of the Delaware Limited Liability
Company Act, as amended from time to time.


 


“Post-Foreclosure
Plan” shall have the meaning given such term in Section 12.4.


 


“Potential
Default” means an event, circumstance or condition which, with the giving of notice or the lapse of time, or both, would
constitute a Default.


 


“Prepayment
Date” shall have the meaning given to such term in Section 2.7(c)(i).


 


“Prepayment
Notice Cut-Off Time” shall have the meaning given to such term in Section 2.7(c)(i).


 


“Previous
Loan Documents” means all of those certain Loan Documents as defined in that certain Deed of Trust, dated October 15,
2013, as modified by the Modification of Deed of Trust, dated September 1, 2016 (as the same has been amended, assigned and supplemented
prior to the date hereof), by and between Borrower and Metropolitan Life Insurance Company, a New York Corporation (“Previous
Lender”), entered into in connection with that certain mortgage loan from Previous Lender to Borrower in the original principal
amount of $200,000,000.00.


 


“Prohibited
Person” shall mean any Person:


 


(a)               
listed in the Annex to, or otherwise a target of, the Executive Order No. 13224 on Terrorist Financing, effective September
24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism (the “Executive Order”);


 


(b)               
that is owned or controlled by, or acting for or on behalf of, any Person that is listed in the Annex to, or is otherwise
a target of, the Executive Order;


 


(c)               
with whom Administrative Agent or any Lender is prohibited from dealing or otherwise engaging in any transaction by any
terrorism or money laundering law, including the Executive Order;


 


(d)               
that is named as a “specially designated national and blocked person” on the most current list published by
the U.S. Treasury Department Office of Foreign Assets Control at its official website or at any replacement website or other replacement
official publication of such list or is otherwise the subject or target of any officially published or otherwise official publicly
known restrictive measures under any Sanctions Laws and Regulations; or


 


(e)               
who is an Affiliate of a Person listed above.


 


“Property”
shall have the meaning given to such term in Recital B.


 


“Property
Account” shall have the meaning given to such term in Section 8.1(a).


 


“Property
Account Agreement” shall have the meaning given to such term in Section 8.1(a).


 


“Property
Account Bank” means Wells Fargo, or another Eligible Institution acceptable to Administrative Agent.


 






    	 	21	 



     


    

 


“Property
Condition Report” means the Property Condition Report by Partner, prepared for Wells Fargo Bank, dated October 15, 2019,
Project Number 19-260240.1, RETECHS Number WF-LA-19-014747-0001-07C.


 


“Property
Taxes” shall have the meaning given to such term in Section 9.12.


 


“Pro Rata
Share” means, as to each Lender, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Commitment
to (b) the aggregate amount of the Commitments of all Lenders hereunder.


 


“Protective
Advance” means all sums expended as determined by the Administrative Agent: (a) to protect the validity, enforceability,
perfection or priority of the liens in any of the Collateral and the instruments evidencing the Obligations; (b) during the continuance
of a Default, to prevent the value of any Collateral from being materially diminished (assuming the lack of such a payment within
the necessary time frame could potentially cause such Collateral to lose value); or (c) during the continuance of a Default, to
protect any of the Collateral from being materially damaged, impaired, mismanaged or taken.


 


“Qualified
Institutional Investor” means any one of the following Persons:


 


(i) a pension fund,
pension trust or pension account or sovereign wealth fund that (a) has total real estate assets of at least $1 Billion and (b)
if externally managed, is managed by a Person who controls at least $1 Billion of real estate equity assets; or


 


(ii) a pension fund
advisor who (a) immediately prior to such transfer, controls at least $1 Billion of real estate equity assets and (b) is acting
on behalf of one or more pension funds that, in the aggregate, satisfy the requirements of clause (i) of this definition; or


 


(iii) an insurance
company which is subject to supervision by the insurance commissioner, or a similar official or agency, of a state or territory
of the United States (including the District of Columbia) (a) with a Net Worth, as of a date no more than six (6) months prior
to the date of the transfer, of at least $500 Million and (b) who, immediately prior to such transfer, controls real estate equity
assets of at least $1 Billion; or


 


(iv) a corporation
organized under the banking laws of the United States or any state or territory of the United States (including the District of
Columbia) (a) with a combined capital and surplus of at least $500 Million and (b) who, immediately prior to such transfer, controls
real estate equity assets of at least $1 Billion; or


 


(v) any Person (a)
with a long-term unsecured debt rating from the Rating Agencies of at least Investment Grade or (b) who (i) owns directly or indirectly
or operates at least eight (8) properties of a type, quality and size similar to the Property, totaling in the aggregate no less
than 2 million square feet of gross leasable space (exclusive of the Property), (ii) has a Net Worth, as of a date no more than
six (6) months prior to the date of such transfer, of at least $500 Million and (iii) immediately prior to such transfer, has real
estate equity investments of at least $1 Billion.


 


“Qualified
Manager” shall mean (a) a reputable professional property management company that is an Affiliate of Sponsor, (b) any
management company set forth on Schedule VI (or that is Controlled by or under common Control with any such management company)
provided that no material adverse change has occurred with respect in the financial condition, property management business and/or
reputation as a property manager of such entity from the Effective Date, or (c) a manager reasonably approved by Administrative
Agent.


 






    	 	22	 



     


    

 


“Rating Agencies”
shall mean each of S&P, Moody’s, and Fitch, and any other nationally recognized statistical rating agency which has been
approved by Administrative Agent in writing.


 


“REA”
shall mean, individually and/or collectively (as the context may require), each material reciprocal easement, covenant, condition
and restriction agreement or similar agreement affecting the Property (or any portion thereof) as more particularly described on
Schedule V attached hereto and any future material reciprocal easement or similar agreement affecting the Property (or any portion
thereof) entered into in accordance with the applicable terms and conditions hereof.


 


“Recipient”
means (a) the Administrative Agent and (b) any Lender, as applicable.


 


“Regulatory
Change” means, with respect to any Lender, any change effective after the Effective Date in Applicable Law (including
without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such
date of any interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable
Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental
Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any
request or directive; provided that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder issued in connection therewith
or in implementation thereof shall be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted,
issued or implemented and (ii) all requests, rules, guidelines or directives concerning capital adequacy promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the US or
foreign regulatory authorities shall, in each case, regardless of the date enacted, adopted, issued or implemented shall be deemed
to be a “Regulatory Change”, regardless of the date enacted, adopted, issued or implemented.


 


“Relevant
Governmental Body” means 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.


 


“Request for
Advance” means a request for Advance in the form of Exhibit D attached hereto.


 


“Required
Hedge” shall have the meaning given to such term in Section 9.16.


 


“Requisite
Lenders” means, as of any date, Lenders (which must include the Lender then acting as Administrative Agent) having at
least 66-2/3% of the aggregate amount of the Commitments, or, if the Commitments have been terminated or reduced to zero, Lenders
holding at least 66-2/3% of the principal amount outstanding under the Loan, provided that (a) in determining such percentage at
any given time, all then existing Defaulting Lenders (except as otherwise provided in Sections 2.10 and 13.12 with respect to any
Pfandbrief Defaulting Lender) will be disregarded and excluded and the Pro Rata Shares of the Lenders shall be redetermined, for
voting purposes only, to exclude the Pro Rata Shares of such Defaulting Lenders (except as otherwise provided in Sections 2.10
and 13.12 with respect to any Pfandbrief Defaulting Lender), and (b) at all times when two or more Lenders are party to this Agreement,
the term “Requisite Lenders” shall in no event mean less than two Lenders that are not Affiliates of each other.


 


“Restoration”
shall have the meaning given to such term in Section 4.8.


 


“Restricted
Payment” means: (a) any dividend or other distribution, direct or indirect, on account of any shares of any class of
stock or other Equity Interest of Borrower now or hereafter outstanding, 


 






    	 	23	 



     


    

 


 


except a dividend payable solely in shares of that class
of stock to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase
or other acquisition for value, direct or indirect, of any shares of any class of stock or other Equity Interest of Borrower now
or hereafter outstanding; (c) any payment or prepayment of principal of, premium, if any, or interest on, redemption, conversion,
exchange, purchase, retirement, defeasance, sinking fund or similar payment with respect to, any indebtedness (other than the Loan
or with respect to Permitted Indebtedness); and (d) any payment made to retire, or to obtain the surrender of, any outstanding
warrants, options or other rights to acquire any Equity Interests of Borrower or any of its Subsidiaries now or hereafter outstanding.
For the avoidance of doubt, in no event shall the payment of an Operating Expense be deemed a Restricted Payment. For the purposes
of clarity, the term “Restricted Payment” does not include any payments to Mezzanine Lender pursuant to the Mezzanine
Loan Agreement that are permitted hereunder or any other disbursements that are expressly permitted by this Agreement.


 


“S&P”
means Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc.


 


“Sanction”
or “Sanctions” means individually and collectively, respectively, the economic or financial sanctions, sectoral
sanctions, secondary sanctions, trade embargoes and anti-terrorism laws administered or enforced from time to time by: (a) the
United States of America, including those administered by OFAC, the U.S. State Department, the U.S. Department of Commerce, or
through any existing or future Executive Order, (b) the United Nations Security Council, (c) the European Union, (d) the United
Kingdom, (e) Canada, or (f) any other government authorities with jurisdiction over any Person within the Borrowing Group.


 


“Sanctioned
Person” means any Person that is a target of any Sanctions, including without limitation, a Person that is, or is owned
or controlled by one or more Persons that are: (a) listed on OFAC’s Specially Designated Nationals and Blocked Persons List;
(b) listed on OFAC’s Consolidated Non-Specially Designated Nationals List; (c) a legal entity that is deemed by OFAC to be
a Sanctions target based on the ownership of such legal entity by Sanctioned Person(s); or (d) a Sanctions target pursuant to any
territorial or country-based Sanctions program.


 


“Security
Deposit Account” shall have the meaning given to such term in Section 9.11(a).


 


“Senior Loans”
shall have the meaning given to such term in Section 2.10(c).


 


“Severed Loan
Documents” shall have the meaning given to such term in Section 11.2(f).


 


“Significant
Lease” means any office Lease which, together with any office Leases to one or more Affiliates of the proposed tenant
thereunder, would demise in excess of 50,000 net rentable square feet, in each case, inclusive of any Expansion Space; provided,
however, in the event that Lender shall disapprove any office Lease which would not be a Significant Lease but for the inclusion
of Expansion Space, then if such proposed Lease is modified to remove the option applicable to such Expansion Space such that the
Lease is no longer a Significant Lease, then such Lease shall cease to be deemed a Significant Lease (for the avoidance of doubt
and notwithstanding the forgoing, such office Lease shall otherwise be required to comply with the terms and conditions of Section
9.4).


 


“SOFR”
means, 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.


 






    	 	24	 



     


    

 


“Sponsor”
shall mean BPY (or any successor thereto by merger, consolidation or amalgamation or a purchaser, assignee or transferee of all
or substantially all of its assets) and/or BAM (or any successor thereto by merger, consolidation or amalgamation or a purchaser,
assignee or transferee of all or substantially all of its assets).


 


“Sponsor BFP
Subsidiary” means a Subsidiary of Sponsor that owns a direct or indirect interest in Borrower.


 


“Spread Maintenance
Premium” shall mean an amount equal to the amount that would have been payable if the amount so prepaid had accrued interest
at one and sixty one hundredths percent (1.60%) per annum, calculated from the Prepayment Date through the first Payment Date that
would have occurred following the twelve (12) month anniversary of the Effective Date.


 


“Subsidiary”
means, for any Person, any corporation, partnership, limited liability company or other entity of which at least a majority of
the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals
performing similar functions of such corporation, partnership, limited liability company or other entity (without regard to the
occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries
of such Person or by such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which
are consolidated with those of such Person pursuant to GAAP.


 


“Survey”
means that certain ALTA/ACSM Land Title Survey made by Gregory D. Hindson, P.L.S. 5670, project number LA20768.


 


“Sweep Account”
means an account with and controlled by Administrative Agent for the benefit of the Lenders into which all Excess Cash Flow shall
be transferred in accordance with Section 8.5(b).


 


“Sweep Guaranty”
means a principal repayment guaranty from Guarantor in an amount equal to the Optional Minimum DSCR Prepayment, in form and substance
acceptable to Administrative Agent.


 


“Sweep Guaranty
Termination Event” means (i) any breach of the covenant set forth in Section 9.17(b) of this Agreement or (ii) the occurrence
of a default described in Section 11.1(o)(a) of this Agreement.


 


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


 


“Tenant Letter
of Credit” means any letter of credit provided to Borrower, as landlord, by a tenant under a Lease as security for, or
payment of, any tenant obligations under such Lease.


 


“Term SOFR”
means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.


 


“Termination
Payment” shall have the meaning given to such term in Section 9.3(d).


 


“Termination
Payment Escrow” shall have the meaning given to such term in Section 9.3(d).


 


“TI/LC Budgeted
Amount” means, (i) for Existing Leases and with respect to any TI/LC Expenses set forth on the TI/LC Existing Obligations
Schedule, the applicable amount set forth for the


 






    	 	25	 



     


    

 


 applicable Lease on such TI/LC Existing Obligations Schedule and (ii) for Leases
entered into following the date hereof in accordance with the terms hereof, (1) for any new Lease with a term equal to or greater
than five (5) years, $10 per rentable square foot demised pursuant to such Lease, per year (not to exceed $100 per square foot
in the aggregate), and for any renewal of any Lease for an extended term equal to or greater than five (5) years, $5 per rentable
square foot demised pursuant to such Lease per year, (not to exceed $100 per square foot in the aggregate), (2) for any Lease with
a term less than five (5) years but equal to or greater than three (3) years, $15 per rentable square foot demised pursuant to
such Lease (not to exceed $3,500,000 taken in the aggregate with all Advances for TI/LC Expenses funded hereunder and the Mezzanine
Loan Agreement for such Leases) and (3) for any Lease with a term of less than three (3) years, $0 (it being acknowledged that
a Lease with a term of less than three (3) years shall not be eligible for Advances for TI/LC Expenses). For the avoidance of doubt,
to the extent Borrower is able to show to Administrative Agent’s reasonable satisfaction that the actual TI/LC Expenses incurred
with respect to an Existing Lease are less than the amount set forth for such Existing Lease on the TI/LC Existing Obligation Schedule
or otherwise attributable to such Existing Lease, Borrower shall be permitted to reallocate the actual savings to be drawn as an
Advance hereunder for TI/LC Expenses incurred for Leases entered into following the date hereof, subject in each case to the terms
of clause (ii) above, the other requirements for such Advances set forth herein and the other provisions hereof; provided that
in no event shall any Lender be obligated to fund in excess of its Pro Rata Share of the Maximum Future Advance Commitment with
respect to Advances made after the Effective Date.


 


“TI/LC Existing
Obligations Schedule” means the schedule of outstanding lease obligations attached hereto as Exhibit J.


 


“TI/LC Expenses”
means, with respect to any Lease entered into in accordance with the terms of the Loan Documents or Existing Leases, any costs
and/or expenses in connection with (a) tenant improvements, (b) tenant allowances, (c) leasing commissions or (d) any other work
under such Lease that Borrower is required to perform, in each case pursuant to, and in accordance with, the applicable Lease.


 


“TI/LC Work”
means the work being performed and completed in connection with TI/LC Expenses.


 


“Titled Agent”
shall have the meaning given to such term in Section 12.12.


 


“Title Policy”
means ALTA Lender’s Policy of Title Insurance as issued by Chicago Title Insurance Company to Administrative Agent for the
benefit of the Lenders, Policy No. CA-FBSC-IMP-72306-1-19-00073271.


 


“Transfer”
shall have the meaning given to such term in Section 9.7.


 


“Triggering
Event” means (i) the occurrence of a DSCR Event and notice from the Administrative Agent to the Borrower and Property
Account Bank that the same has occurred and is continuing; provided, that no such notice shall be required if Borrower shall have
notified Administrative Agent in writing of the existence of such Triggering Event, or (ii) the occurrence of a Sweep Guaranty
Termination Event.


 


“Triggering
Event Termination” means, provided that there shall be no Default, with respect to a Triggering Event, such time as the
DSCR has been restored to a level above the Minimum DSCR and the DSCR(Mortgage) has been restored to a level above the Minimum
DSCR (Mortgage), in each case for at least one calendar quarter following the occurrence of a Triggering Event; provided, that
the requirement for a calendar quarter of DSCR above the applicable Minimum DSCR pursuant to this clause shall not 


 






    	 	26	 



     


    

 


apply if (A)
the amount of cash or Letter of Credit or Sweep Guaranty delivered to Administrative Agent as security for the Loan following the
related DSCR Event in accordance with Section 9.13(b) hereof or (B) permitted partial prepayment of principal made by Borrower
following the related DSCR Event, in each case, increases the DSCR to above the applicable Minimum DSCR and the DSCR (Mortgage)
to above the applicable Minimum DSCR (Mortgage) for the calendar quarter preceding the date of the delivery of such security or
making of such prepayment (for such purposes determined as if the amount of the Loan had been reduced by the amount of such security
or prepayment at the beginning of such quarter period, in which event the Triggering Event Termination shall be deemed to have
occurred immediately upon the delivery of such security or the making of such prepayment).


 


“TRIPRA”
means the Terrorism Risk Insurance Program Reauthorization Act of 2007.


 


“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal Revenue Code.


 


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


 


“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.


 


“Wells Fargo”
means Wells Fargo Bank, National Association, and its successors by merger or consolidation.


 


“Withholding
Agent” means (a) the Borrower, (b) any other Loan Party and (c) the Administrative Agent, as applicable.


 


“Write-Down
and Conversion Powers” means, 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.


 


1.2              
SCHEDULES AND EXHIBITS INCORPORATED. Schedules I, II, III, IV,
V and VI and Exhibits A, B, C, D E, F, G, H, I-1, I-2,
I-3, I-4, J and K all attached hereto, are hereby incorporated into this Agreement.


 


1.3              
PRINCIPLES OF CONSTRUCTION. Unless otherwise indicated, all accounting terms, ratios and measurements
shall be interpreted or determined in accordance with GAAP or International Financial Reporting Standards, as in effect on the
Effective Date; provided that, if at any time any change in GAAP or International Financial Reporting Standards would affect the
computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Administrative
Agent shall so request, the Administrative Agent and the Borrower shall negotiate in good faith to amend such ratio or requirement
to preserve the original intent thereof in light of such change in GAAP or International Financial Reporting Standards (subject
to the approval of the Requisite Lenders); provided further that, until so amended, (i) such ratio or requirement shall continue
to be computed in accordance with GAAP or International Financial Reporting Standards prior to such change therein and (ii) the
Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this
Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement
made before and after giving effect to such change in GAAP or International Financial Reporting Standards. References in this Agreement
to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles,
exhibits and schedules herein 


 






    	 	27	 



     


    

 


and hereto unless otherwise indicated. References in this Agreement to any document, instrument or
agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include all documents, instruments
or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document, instrument
or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified from time to time
to the extent not otherwise stated herein or prohibited hereby and in effect at any given time. 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. Wherever from the context
it appears appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns stated
in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Unless explicitly set forth
to the contrary, a reference to “Subsidiary” means a Subsidiary of Borrower or a Subsidiary of such Subsidiary and
a reference to an “Affiliate” means an Affiliate of Borrower. Titles and captions of Articles, Sections, subsections
and clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless
otherwise indicated, all references to time are references to Eastern time. The use of the phrases “a Default exists”,
 “upon and during the continuance of a Default” or similar phrases in the Loan Documents shall mean that a Default shall
continue to exist until Borrower has cured all Defaults existing at such time, which Defaults shall include, without limitation,
failure by Borrower to pay the entire unpaid principal amount of the Loan and all other amounts payable under the Loan Documents
following an acceleration of the Loan as provided herein.


 


ARTICLE 2. LOAN


 


2.1              
LOAN. By and subject to the terms of this Agreement, the Lenders agree to lend to the Borrower,
and the Borrower agrees to borrow from Lenders, the aggregate principal sum of up to TWO HUNDRED SIXTY-EIGHT MILLION SIX HUNDRED
THOUSAND AND 00/100 DOLLARS ($268,600,000.00), said sum to be evidenced by the Notes. The Notes shall be secured, in part, by the
Deed of Trust encumbering certain real property and improvements as described therein. As of the Effective Date, each Lender shall
be committed, subject to satisfaction of all applicable conditions precedent set forth in Sections 3.1 and 3.5 of
this Agreement, to fund its Pro Rata Share of a portion of the Initial Advance Amount, and the balance of the Loan shall be committed
and funded in accordance with the terms and conditions set forth in Sections 3.4 and 3.5 hereof (unless such terms
and conditions have been waived by the Administrative Agent). Borrower acknowledges and agrees that in no event shall any Lender
be obligated to fund in excess of its Pro Rata Share of (i) in connection with the Advance on the Effective Date, the Initial Advance
Amount and (ii) in connection with Advances made after the Effective Date, the Maximum Future Advance Commitment. No amounts repaid
with respect to the Loan may be re-borrowed.


 


2.2              
LOAN FEES. The Borrower shall pay to Administrative Agent, on the Effective Date, a loan fee as
set forth in separate letter agreements between Borrower and Administrative Agent and Administrative Agent and Lenders.


 


2.3              
LOAN DOCUMENTS. The Borrower shall execute and deliver to Administrative Agent (or cause to be
executed and delivered) concurrently with this Agreement each of the documents, properly executed and in recordable form, as applicable,
described in Exhibit B as Loan Documents, together with those documents described in Exhibit B as Other
Related Documents.


 


2.4              
EFFECTIVE DATE. The “Effective Date” of delivery and transfer to Administrative
Agent of the security under the Loan Documents and of the Borrower’s, Administrative Agent’s and


 






    	 	28	 



     


    

 


 Lenders’ obligations
under the Loan Documents shall be the date as of which this Agreement is executed, set forth on page 1 hereof.


 


2.5              
MATURITY DATE. All sums due and owing under this Agreement and the other Loan Documents shall be
repaid in full on or before the Maturity Date. All payments due to Administrative Agent and Lenders under this Agreement, whether
at the Maturity Date or otherwise, shall be paid in Dollars in immediately available funds.


 


2.6              
INTEREST ON THE LOAN; LOAN PAYMENT; LATE FEES.


 


(a)               
Payments. Borrower shall make the following payments of interest and principal to Administrative Agent on behalf
of the Lenders in the manner provided for in Section 2.7:


 


(i)                
Interest accrued on the outstanding principal balance of the Loan from (and including) the date of closing of the Loan,
through (but not including) the first day of the Interest Period commencing following the closing of the Loan shall be due and
payable by Borrower pursuant to a separate invoice delivered to Borrower following the date of closing of the Loan.


 


(ii)              
Interest accrued on the outstanding principal balance of the Loan thereafter shall be due and payable in arrears, in the
manner provided in Section 2.7, on the tenth day of each month (each, a “Payment Date”) commencing with
the first payment due on December 10, 2019.


 


(iii)            
On the Maturity Date, the Borrower shall pay to the Administrative Agent on behalf of the Lenders the entire outstanding
principal amount of the Loan, all accrued interest thereon, and all other sums payable to the Administrative Agent and the Lenders
hereunder and under the other Loan Documents.


 


(b)               
Default Interest. Notwithstanding the rates of interest specified in Section 2.6(e) and the payment dates specified
in Section 2.6(a), at Requisite Lenders’ discretion at any time following the occurrence and during the continuance
of any Default, the principal balance of the Loan then outstanding and, to the extent permitted by applicable law, any interest
payments on the Loan not paid when due, shall bear interest payable upon demand at the Alternate Rate. All other amounts due Administrative
Agent or Lenders (whether directly or for reimbursement) under this Agreement or any of the other Loan Documents if not paid when
due, or if no time period is expressed, if not paid within ten (10) days after demand, shall likewise, at the option of Requisite
Lenders, bear interest from and after demand at the Alternate Rate.


 


(c)               
Late Fee. Borrower acknowledges that late payment to Administrative Agent will cause Administrative Agent and Lenders
to incur costs not contemplated by this Agreement. Such costs include, without limitation, processing and accounting charges. Therefore,
if Borrower fails timely to pay any sum due and payable hereunder through the Maturity Date (other than payment of the entire outstanding
balance of the Loan on the Maturity Date or on any accelerated date of payment thereof, including as a result of the exercise of
any remedies by Administrative Agent or Lenders after a Default), unless waived by Administrative Agent, a late charge of three
cents ($.03) for each dollar of any such principal payment, interest or other charge due hereon and which is not paid within fifteen
(15) days (i) after such payment is due in the case of regularly scheduled payments of interest or (ii) after Borrower’s
receipt of notice from Administrative Agent, shall be charged by Administrative Agent (for the benefit of Lenders) and paid by
Borrower for the purpose of defraying the expense incident to handling such delinquent payment. Borrower, Lenders and Administrative
Agent agree that this late charge represents a reasonable sum considering all of the circumstances existing on the date hereof
and represents a fair and reasonable estimate of the costs that Administrative Agent and Lenders will incur by reason of late 


 






    	 	29	 



     


    

 


payment.
Borrower, Lenders and Administrative Agent further agree that proof of actual damages would be costly and inconvenient. Acceptance
of any late charge shall not constitute a waiver of the default with respect to the overdue installment, and shall not prevent
Administrative Agent or any Lender from exercising any of the other rights available hereunder or any other Loan Document. Such
late charge shall be paid without prejudice to any other rights of Administrative Agent or any other Lender.


 


(d)               
Computation of Interest. Interest shall be computed on the basis of the actual number of days elapsed in the period
during which interest or fees accrue and a year of three hundred sixty (360) days on the principal balance of the Loan outstanding
from time to time. In computing interest on the Loan, the date of the making of a disbursement of the Loan shall be included and
the date of payment shall be excluded. Notwithstanding any provision in this Section 2.6, interest in respect of the Loan
shall not exceed the maximum rate permitted by applicable law.


 


(e)               
Effective Rate. The “Effective Rate” upon which interest shall be calculated for the Loan shall,
from and after the Effective Date, be one or more of the following:


 


(i)                
Provided no Default exists:


 


(A)             
 For those portions of the principal balance of the Loan which are LIBOR Loans, the Effective Rate for the Interest Period
thereof shall be the Applicable LIBOR Rate for the Interest Period selected by Borrower with respect to each LIBOR Loan and set
in accordance with the provisions hereof.


 


(B)             
Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition
Event or an Early Opt-in Election, as applicable, Administrative Agent and Borrower may amend this Agreement to replace LIBOR with
a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on
the fifth (5th) Business Day after Administrative Agent has posted such proposed amendment, executed by Administrative Agent and
Borrower, to all Lenders and Borrower so long as Administrative Agent has not received, by such time, written notice of objection
to such amendment from Lenders comprising the Requisite Lenders. Any such amendment with respect to an Early Opt-in Election will
become effective on the date that Lenders comprising the Requisite Lenders have delivered to Administrative Agent written notice
that such Requisite Lenders accept such amendment. No replacement of LIBOR with a Benchmark Replacement pursuant to this Section
2.6(e)(i)(B) will occur prior to the applicable Benchmark Transition Start Date.


 


In connection
with the implementation of a Benchmark Replacement, Administrative Agent will have the right to make Benchmark Replacement Conforming
Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing
such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to
this Agreement.


 


Administrative
Agent will promptly notify Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election,
as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark
Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and 


 






    	 	30	 



     


    

 


(iv) the commencement or conclusion of
any Benchmark Unavailability Period. Any determination, decision or election that may be made by Administrative Agent or Lenders
pursuant to this Section 2.6(e)(i)(B) including any determination with respect to a tenor, 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, will be conclusive
and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto,
except, in each case, as expressly required pursuant to this Section 2.6(e)(i)(B).


 


Upon the Borrower’s
receipt of notice of the commencement of a Benchmark Unavailability Period, Borrower may revoke any request for a conversion to
or continuation of LIBOR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that,
Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to a Base Rate Loan.
During any Benchmark Unavailability Period, the component of the Base Rate based upon LIBOR will not be used in any determination
of the Base Rate.


 


(C)             
For those portions of the principal balance of the Loan that shall constitute a Base Rate Loan, the Effective Rate shall
be the Base Rate.


 


(ii)              
During such time as a Default exists; or from and after the date on which all sums owing under the Notes become due and
payable by acceleration or otherwise; or from and after the Maturity Date, then at the option of Requisite Lenders in each case,
the interest rate applicable to the then outstanding principal balance of the Loan shall be the Alternate Rate (with the component
thereof reflecting the Effective Rate being determined pursuant to clause (i) above).


 


(f)                
Selection of LIBOR. Provided no Default exists, and subject to the terms of Section 2.6(e)(i)(B), Borrower hereby
requests (and Administrative Agent acknowledges and agrees) that the Applicable LIBOR Rate be the Effective Rate for calculating
interest on all portions of the Loan. Accordingly, notwithstanding anything to the contrary in this Agreement or any other Loan
Document, Borrower shall not be required to affirmatively request that the Applicable LIBOR Rate be the Effective Rate for calculating
interest on any portion of the Loan. In addition, for the avoidance of doubt, Borrower shall not have the right to affirmatively
elect that any portion of the Loan be treated as a Base Rate Loan, provided, however, after the occurrence and during the continuance
of any Default, no portion of the Loan shall be a LIBOR Loan (for the avoidance of doubt, a Loan may be based upon the LIBOR Market
Index Rate in accordance with the definition of “Base Rate” despite the same not being a “LIBOR Loan”).


 


(g)               
Purchase, Sale and Matching of Funds. Calculation of all amounts payable to a Lender under this Article with respect
to a LIBOR Loan shall be made as though such Lender had actually funded LIBOR Loans through the purchase of deposits in the relevant
market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having
a maturity comparable to the relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR Loans in
any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article.


 






    	 	31	 



     


    

 


2.7              
PAYMENTS.


 


(a)               
Manner and Time of Payment. All payments of principal, interest and fees hereunder payable to Administrative Agent
or the Lenders shall be made without condition or reservation of right and free of set-off or counterclaim, in Dollars and by wire
transfer (pursuant to Administrative Agent’s written wire transfer instructions) of immediately available funds, to Administrative
Agent, for the account of each Lender as applicable, not later than 2:00 P.M. (Eastern time) on the date due; and funds received
by Administrative Agent after that time and date shall be deemed to have been paid on the next succeeding Business Day.


 


(b)               
Payments on Non-Business Days. Whenever any payment to be made by Borrower hereunder shall be stated to be due on
a day which is not a Business Day, payments shall be made on the next succeeding Business Day and such extension of time shall
be included in the computation of the payment of interest hereunder and of any fees due under this Agreement, as the case may be.


 


(c)               
Voluntary Prepayment.


 


(i)                
Borrower shall be entitled to repay the outstanding principal amount of the Loan in whole or in part at any time subject
to satisfaction of the following conditions precedent: (a) Borrower shall provide Administrative Agent written notice of the date
of the prepayment and such notice shall have been received by Administrative Agent not later than 4:00 p.m. (Eastern time) at least
three (3) Business Days prior to the date of such prepayment (the “Prepayment Date”; and, the date three (3)
Business Days prior to the Prepayment Date being referred to as the “Prepayment Notice Cut Off Time”), provided,
however, that such notice may be revoked at any time prior to the date of prepayment specified in such notice; if such notice is
revoked after the Prepayment Notice Cut Off Time or Borrower otherwise fails to make the prepayment in the amount and on the date
specified in a notice that has not been revoked, then Borrower shall pay to Administrative Agent, for the account of the Lenders,
promptly upon demand any amount due under Section 2.13 that would have been payable if the amount set forth in such notice
had been prepaid on the date specified in such notice and, without limitation to the foregoing, Administrative Agent shall have
the right to convert any such amount specified in any such notice which is a LIBOR Loan to a Base Rate Loan until such time as
Borrower shall have selected the applicable rate for such portion of the Loan; (b) Borrower, at the time of such prepayment, shall
have paid to Administrative Agent, for the account of the Lenders, the Spread Maintenance Premium (if applicable; provided,
that, no Spread Maintenance Premium or any other penalty or premium shall be due and payable in connection with a mandatory prepayment
in connection with a condemnation or casualty at the Property) and any amount due under Section 2.13 incurred by the Lenders
in connection with such prepayment; and (c) if an Interest Rate Protection Agreement is then in place, Borrower, at the time of
such prepayment, shall have paid any and all early termination fees and other amounts due in connection with such prepayment to
the applicable counterparty (collectively, “IRPA Termination Fees”).


 


(d)               
Prepayment of the Mezzanine Loan. Notwithstanding anything to the contrary contained herein or in any of the other
Loan Documents, in no event shall Borrower permit Mezzanine Borrower or any other Person to prepay (which shall include, without
limitation, any prepayment in connection with any acceleration of the Mezzanine Loan) the Mezzanine Loan in whole or in part without
the prior written approval of Administrative Agent and all the Lenders, unless a pro-rata portion of the Loan is contemporaneously
prepaid in accordance with Section 2.7(c).


 


2.8              
FULL REPAYMENT AND RECONVEYANCE. Upon receipt of all sums owing and outstanding under the Loan
Documents, Administrative Agent shall promptly issue a full satisfaction of the lien of the Deed of Trust and all of the Loan Documents
shall terminate and Borrower shall have no 


 






    	 	32	 



     


    

 


further obligations or liabilities thereunder, except any such obligations or liabilities
which by their express terms survive repayment in full of the Loan and the termination of the Loan Documents. The Administrative
Agent shall, at Borrower’s expense, execute all instruments of termination, notices and other documents reasonably requested
by Borrower to evidence the same and to put third parties on notice thereof. Any Collateral then held by Administrative Agent shall
promptly be delivered to the Borrower. Upon the written request and at the sole cost and expense of Borrower, the Administrative
Agent shall cooperate with Borrower to effect an assignment of the Notes and the Deed of Trust in connection with the repayment
in full of the Loan (in lieu of satisfaction) in the following manner: (i) the Lenders shall assign the Note (or an affidavit of
lost Note, with respect to any Lender whose Note shall have been lost, stolen, misplaced or destroyed) and the Deed of Trust, each
without recourse, covenant or warranty of any nature, express or implied, to such new lender designated by Borrower; (ii) any such
assignment shall be conditioned on the following: (a) payment by Borrower of the reasonable third-party costs and expenses of the
Administrative Agent and the Lenders incurred in connection therewith (including attorneys’ fees and expenses for the preparation,
delivery and performance of such an assignment); (b) such an assignment is not then prohibited by any federal, state or local law,
rule, regulation or order or by any Governmental Authority; and (c) Borrower shall provide such other opinions, documents, items
and information which a prudent lender would require to effectuate such assignment; and (iii) Borrower shall be responsible for
all mortgage recording Taxes, recording fees and other similar charges payable in connection with any such assignment. The assignment
of the Notes and the Deed of Trust to the new lender shall be accomplished by an escrow closing conducted through an escrow agent
satisfactory to Administrative Agent (it being understood that a nationally recognized title company is satisfactory to the Administrative
Agent) and pursuant to an escrow agreement in form and substance reasonably satisfactory to Administrative Agent. Provided each
Lender shall have been provided reasonable advance prior notice from Administrative Agent, each Lender shall provide its respective
Note (or a lost Note affidavit, as provided above) to Administrative Agent, in escrow and with appropriate endorsements, for the
purpose of effectuating the foregoing assignment. Administrative Agent shall have no liability to Borrower or any other Person
for any Lender’s failure to deliver its Note (or lost Note affidavit), and the failure to deliver such Note or affidavit,
or Assignment of the Note and Deed of Trust as contemplated hereby, shall not affect or limit Borrower’s obligations under
this Agreement or create any right, offset, defense or counterclaim for the benefit of Borrower or any Guarantor with respect to
the payment or performance of such obligations.


 


2.9              
LENDERS’ ACCOUNTING. In addition to its requirements under Section 13.12(c), Administrative
Agent, on behalf of itself, the Lenders and the Borrower, shall maintain a loan account (the “Loan Account”)
on its books in which shall be recorded (a) the names and addresses and the Pro Rata Shares of the commitment of each of the Lenders,
and principal amount of the Loan owing to each Lender from time to time, and (b) all repayments of principal and payments of accrued
interest, as well as payments of fees required to be paid pursuant to this Agreement. All entries in the Loan Account shall be
deemed final, binding and conclusive in all respects as to all matters reflected therein (absent manifest error). All entries in
the Loan Account shall be made in accordance with Administrative Agent’s customary accounting practices as in effect from
time to time. Monthly or at such other interval as is customary with Administrative Agent’s practice, Administrative Agent
will render a statement of the Loan Account to Borrower and will deliver a copy thereof to each Lender. Each such statement shall
be deemed final, binding and conclusive upon Borrower in all respects as to all matters reflected therein (absent manifest error).


 


2.10          
DEFAULTING LENDERS.


 


(a)               
If for any reason any Lender, subject to subsection (d) below, (a “Defaulting Lender”) shall fail or
refuse to perform any of its obligations under this Agreement or any other Loan Document to which it is a party within the time
period specified for performance of such obligation or, if 


 






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no time period is specified, if such failure or refusal continues for
a period of three (3) Business Days after notice from the Administrative Agent, then, in addition to the rights and remedies that
may be available to the Administrative Agent or the Borrower under this Agreement or Applicable Law, such Defaulting Lender’s
right to participate in the administration of the Loan, this Agreement and the other Loan Documents, including without limitation,
any right to vote in respect of, to consent to or to direct any action or inaction of the Administrative Agent or to be taken into
account in the calculation of Requisite Lenders, shall be suspended during the pendency of such failure or refusal. Notwithstanding
the foregoing, a Defaulting Lender must consent to any increase to its Commitment, except in connection with any protective advance
(except with respect to any Pfandbrief Defaulting Lender that is not a Defaulting Lender for any other reason). If for any reason
a Lender fails to make timely payment to the Administrative Agent of any amount required to be paid to the Administrative Agent
hereunder (without giving effect to any notice or cure periods), in addition to other rights and remedies which the Administrative
Agent or the Borrower may have under the immediately preceding provisions or otherwise, the Administrative Agent shall be entitled
(i) to collect interest from such Defaulting Lender on such delinquent payment for the period from the date on which the payment
was due until the date on which the payment is made at the Federal Funds Rate, (ii) to withhold or set off and to apply in satisfaction
of the defaulted payment and any related interest, any amounts otherwise payable to such Defaulting Lender under this Agreement
or any other Loan Document and (iii) to bring an action or suit against such Defaulting Lender in a court of competent jurisdiction
to recover the defaulted amount and any related interest. Any amounts received by the Administrative Agent in respect of a Defaulting
Lender’s interest in the Loans shall not be paid to such Defaulting Lender and shall be held uninvested by the Administrative
Agent and either applied against the purchase price of such interest under the following subsection (b) or paid to such Defaulting
Lender upon the Defaulting Lender’s curing of its default.


 


(b)               
Purchase or Cancellation of Defaulting Lender’s Loans. Any Lender who is not a Defaulting Lender shall have
the right, but not the obligation, in its sole discretion, to acquire by assignment all of a Defaulting Lender’s interest
in the Loan owing under this Agreement. Any Lender desiring to exercise such right shall give written notice thereof to the Administrative
Agent and the Borrower no sooner than two (2) Business Days and not later than five (5) Business Days after such Defaulting Lender
became a Defaulting Lender. If more than one Lender exercises such right, each such Lender shall have the right to acquire an amount
of such Defaulting Lender’s interest in the Loan owing under this Agreement in proportion to the Commitments of the Lenders
exercising such right. If after such fifth Business Day, the Lenders have not elected to acquire all of the Defaulting Lender’s
interest in the Loan, then the Borrower may (provided no Default exists and except with respect to any Pfandbrief Defaulting Lender
that is not a Defaulting Lender for any other reason), by giving written notice thereof to the Administrative Agent, such Defaulting
Lender and the other Lenders, demand that such Defaulting Lender assign its interest in the Loan to an Eligible Assignee subject
to and in accordance with the provisions of Section 13.12 for the purchase price provided for below. Upon any such assignment,
the Defaulting Lender’s interest in the Loan and its rights hereunder (but not its liability in respect thereof or under
the Loan Documents to the extent the same relate to the period prior to the effective date of the purchase) shall terminate on
the date of purchase, and the Defaulting Lender shall promptly execute all documents reasonably requested to surrender and transfer
such interest to the purchaser or assignee thereof, including an appropriate Assignment and Assumption Agreement and, notwithstanding
Section 13.12, shall pay to the Administrative Agent an assignment fee in the amount of $10,000. The purchase price for the interest
of a Defaulting Lender in the Loan shall be equal to (i) the amount of the principal balance of such Defaulting Lender’s
interest in the Loan outstanding and owed by the Borrower to such Defaulting Lender, plus (ii) accrued and unpaid interest (without
giving effect to the Alternate Rate, if applicable at such time), less (iii) any amounts owing by such Defaulting Lender to the
Administrative Agent or any other Lender. Prior to payment of such purchase price to a Defaulting Lender, the Administrative Agent
shall apply against such purchase price any amounts retained by the Administrative 


 






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Agent pursuant to the last sentence of the immediately
preceding subsection (a). The Defaulting Lender shall be entitled to receive any amount owed to it by the Borrower under the Loan
Documents which accrued prior to the date of the default by the Defaulting Lender, to the extent the same are received by the Administrative
Agent from or on behalf of the Borrower. There shall be no recourse against any Lender or the Administrative Agent for the payment
of such sums except to the extent of the receipt of payments from any other party or in respect of the Loan.


 


(c)               
Notwithstanding any provision hereof to the contrary, until such time as a Defaulting Lender has funded its Pro Rata Share
of a Protective Advance or prior Loan disbursements which was previously a Non-Pro Rata Advance, or all other Lenders have received
payment in full (whether by repayment or prepayment) of the amounts due in respect of such Non-Pro Rata Advance, all of the indebtedness
and obligations owing to such Defaulting Lender hereunder shall be subordinated in right of payment, as provided in the following
sentence, to the prior payment in full of all principal, interest and fees in respect of all Non-Pro Rata Advances in which the
Defaulting Lender has not funded its Pro Rata Share (such principal, interest and fees being referred to as “Senior Loans”).
All amounts paid by Borrower and otherwise due to be applied to the indebtedness and obligations owing to the Defaulting Lender
pursuant to the terms hereof shall be distributed by Administrative Agent to the other Lenders in accordance with their respective
Pro Rata Shares (recalculated for purposes hereof to exclude the Defaulting Lender’s Pro Rata Share), until all Senior Loans
have been paid in full. This provision governs only the relationship among Administrative Agent, each Defaulting Lender, and the
other Lenders; nothing hereunder shall limit the obligations of Borrower under this Agreement. The provisions of this Section shall
apply and be effective regardless of whether a Default occurs and is then continuing, and notwithstanding (a) any other provision
of this Agreement to the contrary, (b) any instruction of Borrower as to its desired application of payments or (c) the suspension
of such Defaulting Lender’s right to vote on matters which are subject to the consent or approval of Requisite Lenders or
all Lenders. In addition, the Defaulting Lender shall indemnify, defend and hold harmless Administrative Agent and each of the
other Lenders from and against any and all liabilities and costs, plus interest thereon at the Alternate Rate, which they may sustain
or incur by reason of or as a direct consequence of the Defaulting Lender’s failure or refusal to perform its obligations
under this Agreement.


 


(d)               
Intentionally omitted.


 


(e)               
Pfandbrief Pledging Lender. Notwithstanding the foregoing provisions of this Section 2.10, if any Lender (x) is a
Defaulting Lender and (y) is a Pfandbrief Pledging Lender, (A) such Lender’s right to participate in the administration of
the Loan, this Agreement or the other Loan Documents as set forth herein solely with respect to such Lender’s pro rata share
of the Loans which are subject to a Pfandbrief Pledge, if any, shall not be suspended so long as such Lender (i) continues to meet
its monetary obligations under the Loan Documents and (ii) responds to any communication or request in the manner required by the
Loan Documents within ten (10) Business Days after receipt thereof (or such lesser time to the extent required by the Loan Documents),
(B) such Lender shall not be deemed to be a Defaulting Lender for purposes of the definition of “Requisite Lenders”
so long as such Lender responds to any communication or request within ten (10) calendar days after receipt thereof (or such lesser
time to the extent required by the Loan Documents) and (C) clause (ii) of Section 2.10(a) shall not apply to such Lender, provided
such Lender is not also a Defaulting Lender for any other reason. Any Pfandbrief Pledging Lender that is a Defaulting Lender that
is still permitted to participate during any period in the administration of the Loans and the Loan Documents pursuant to the foregoing
sentence will be referred to hereinafter as a “Pfandbrief Defaulting Lender” for such period. Notwithstanding the foregoing,
and for the avoidance of doubt, except as expressly as set forth in this Agreement the rights and remedies of the non-defaulting
Lenders and of Borrower under this Agreement with respect to Defaulting Lenders shall apply in all respects with respect to any
Pfandbrief Defaulting Lender.


 






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2.11          
TAXES; FOREIGN LENDERS.


 


(a)               
FATCA. For purposes of this Section, the term “Applicable Law” includes FATCA.


 


(b)               
Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or any other Loan
Party 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 the Borrower or other applicable
Loan Party 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) the applicable Recipient receives an amount equal to
the sum it would have received had no such deduction or withholding been made.


 


(c)               
Payment of Other Taxes by the Borrower. The Borrower and the other Loan Parties shall timely pay to the relevant
Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for
the payment of, any Other Taxes.


 


(d)               
Indemnification by the Borrower. The Borrower and the other Loan Parties shall jointly and severally indemnify each
Recipient, within 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) 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 the Borrower by a Lender (with a copy to the Administrative Agent),
or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.


 


(e)               
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after
demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or another
Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation
of the Borrower and the other Loan Parties to do so) and (ii) any Excluded Taxes attributable to such Lender, in each case,
that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such 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 any Lender by the Administrative Agent shall
be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts
at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any
other source against any amount due to the Administrative Agent under this subsection.


 


(f)                
Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower or any other Loan Party to
a Governmental Authority pursuant to this Section, the Borrower or such other Loan Party shall deliver to the Administrative Agent
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 the Administrative Agent.


 






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(g)               
Status of Lenders. 


 


(i)                
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 the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower
or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative
Agent 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 the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable
Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent
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 the immediately following clauses (ii)(A), (ii)(B) and (ii)(D)) shall not be required
if in the 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.


 


(ii)              
Without limiting the generality of the foregoing:


 


(A)             
any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent 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 the Borrower
or the Administrative Agent), 2 executed copies of IRS Form W-9 (or any successor form) certifying that such Lender is exempt from
U.S. federal backup withholding tax;


 


(B)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) 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 the Borrower or the Administrative
Agent), whichever of the following is applicable:


 


(I)       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 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 establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty;


 


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


 


(III)       in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal
Revenue Code, (x) a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender is
not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder”
of the Borrower within 


 






    	 	37	 



     


    

 


the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed
copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or


 


(IV)       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 substantially in the form of Exhibit I-2 or Exhibit
I-3, 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 substantially in the form of Exhibit I-4
on behalf of each such direct and indirect partner;


 


(C)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) 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 the Borrower or the Administrative
Agent), 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 the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and


 


(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 Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Administrative
Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrower or the Administrative
Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal
Revenue Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary
for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or to determine the amount, if any, 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.


 


Each Lender agrees that
if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update
such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do
so.


 


(h)               
Treatment of Certain Refunds. 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 2.11 (including by the payment of additional
amounts pursuant to this Section 


 






    	 	38	 



     


    

 


2.11), 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 with respect to the Taxes giving rise to such refund), net of all reasonable
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 paragraph (h) (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 paragraph (h), in no event will the indemnified party
be required to pay any amount to an indemnifying party pursuant to this paragraph (h) 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 paragraph 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.


 


(i)                
Survival. Each party’s obligations under this Section 2.11 shall survive the resignation or replacement of
the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and
the repayment, satisfaction or discharge of all obligations under any Loan Document.


 


2.12          
ADDITIONAL COSTS; CAPITAL ADEQUACY.


 


(a)               
Capital Adequacy. If any Lender or any Participant in the Loan determines that compliance with any law or regulation
or with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law)
affects or would affect the amount of capital required or expected to be maintained by such Lender or such Participant, or any
corporation controlling such Lender or such Participant, as a consequence of, or with reference to, such Lender’s or such
Participant’s or such corporation’s Commitment or its making or maintaining its respective portion of the Loan or participation
(as applicable) below the rate which such Lender or such Participant or such corporation controlling such Lender or such Participant
could have achieved but for such compliance (taking into account the policies of such Lender or such Participant or such corporation
with regard to capital), then the Borrower shall, from time to time, within thirty (30) calendar days after written demand by such
Lender or such Participant, pay to such Lender or such Participant additional amounts sufficient to compensate such Lender or such
Participant or such corporation controlling such Lender or such Participant to the extent that such Lender or such Participant
determines such increase in capital is allocable to such Lender’s or such Participant’s respective interest in the
Loan. This Section 2.12(a) shall not apply to Taxes which shall be governed by Section 2.12(b).


 


(b)               
Additional Costs. In addition to, and not in limitation of the immediately preceding clause (a), the Borrower shall
promptly pay to the Administrative Agent for the account of a Lender from time to time such amounts as such Lender may reasonably
determine to be necessary to compensate such Lender for any costs incurred by such Lender that it determines are attributable to
its making or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder, any reduction in any amount receivable
by such Lender under this Agreement or any of the other Loan Documents in respect of any of such LIBOR Loans or such obligation
or the maintenance by such Lender of capital in respect of its LIBOR Loans or its Commitments (such increases in costs and reductions
in amounts receivable being herein called “Additional Costs”), resulting from any Regulatory Change that: (i)
subjects any Recipient to any Taxes under this Agreement or any of the other Loan Documents in respect of any of such portions
of the Loan or its Commitments (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition
of Excluded Taxes and (C) Connection


 






    	 	39	 



     


    

 


 Income Taxes), or (ii) imposes or modifies any reserve, special deposit or similar requirements
(including without limitation, Regulation D of the Board of Governors of the Federal Reserve System or other similar reserve
requirement applicable to any other category of liabilities or category of extensions of credit or other assets by reference to
which the interest rate on portions of the Loan is determined) relating to any extensions of credit or other assets of, or any
deposits with or other liabilities of, or other credit extended by, or any other acquisition of funds by, such Lender (or its parent
corporation), or any commitment of such Lender (including, without limitation, the Commitments of such Lender hereunder) or (iii)
has or would have the effect of reducing the rate of return on capital of such Lender to a level below that which such Lender could
have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy).


 


(c)               
Lender’s Suspension of LIBOR Loans. Without limiting the effect of the provisions of the immediately preceding
subsections (a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or
measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such Lender that
includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category
of extensions of credit or other assets of such Lender that includes LIBOR Loans or (ii) becomes subject to restrictions on the
amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower (with
a copy to the Administrative Agent), the obligation of such Lender to make or continue, or to convert Base Rate Loans into, LIBOR
Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 2.14
shall apply).


 


(d)               
Notification and Determination of Additional Costs. Each of the Administrative Agent, each Lender, and each Participant,
as the case may be, agrees to notify the Borrower of any event occurring after the Effective Date entitling the Administrative
Agent, such Lender or such Participant to compensation under any of the preceding subsections of this Section as promptly as practicable;
provided, however, that the failure of the Administrative Agent, any Lender or any Participant to give such notice shall not release
the Borrower from any of its obligations hereunder; provided further, that Borrower shall not be responsible for any such compensation
incurred more than 180 days prior to the date that such Lender, such Participant or Administrative Agent notifies the Borrower
of the event giving rise to such increased costs. The Administrative Agent, each Lender and each Participant, as the case may be,
agrees to furnish to the Borrower (and in the case of a Lender or a Participant to the Administrative Agent as well) a certificate
setting forth the basis and amount of each request for compensation under this Section. Determinations by the Administrative Agent,
such Lender, or such Participant, as the case may be, of the effect of any Regulatory Change and of the amount(s) payable pursuant
to this Section 2.12 shall be conclusive and binding for all purposes, absent manifest error. Borrower’s obligations under
Sections 2.12(a) and 2.12(b) shall survive repayment of the Loan and termination of the Loan Documents.


 


(e)               
Suspension of LIBOR Loans. Anything herein to the contrary notwithstanding, if, on or prior to the determination
of LIBOR for any Interest Period, subject to Section 2.6(e)(i)(B) hereof:


 


(i)                
the Administrative Agent reasonably determines (which determination shall be conclusive) that quotations of interest rates
for the relevant deposits referred to in the definition of LIBOR are not being provided in the relevant amounts or for the relevant
maturities for purposes of determining rates of interest for LIBOR Loans as provided herein or is otherwise unable to determine
LIBOR, or


 


(ii)              
the Administrative Agent reasonably determines (which determination shall be conclusive) that the relevant rates of interest
referred to in the definition of LIBOR upon the basis 


 






    	 	40	 



     


    

 


of which the rate of interest for LIBOR Loans for such Interest Period is
to be determined are not likely to adequately cover the cost to any Lender of making or maintaining LIBOR Loans for such Interest
Period;


 


then the Administrative Agent shall give
the Borrower and each Lender prompt notice thereof and, so long as such condition remains in effect, the Lenders shall be under
no obligation to, and shall not, make additional LIBOR Loans, continue LIBOR Loans or convert Loans into LIBOR Loans and the Borrower
shall, on the last day of each current Interest Period for each outstanding LIBOR Loan, either prepay such LIBOR Loan or convert
such LIBOR Loan into a Base Rate Loan.


 


(f)                
Illegality. Notwithstanding any other provision of this Agreement, if any Lender shall determine (which determination
shall be conclusive and binding) that it is unlawful for such Lender to honor its obligation to make or maintain LIBOR Loans hereunder,
then such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the Administrative Agent) and such Lender’s
obligation to make or continue, or to convert any Base Rate Loans into, LIBOR Loans shall be suspended, until such time as such
Lender may again make and maintain its LIBOR Loans (in which case the provisions of Section 2.14 shall be applicable).


 


(g)               
Change in Branch Office. Each Lender will use reasonable efforts (consistent with legal and regulatory restrictions
and internal policies of such Lender) to avoid or reduce any increased or additional costs payable by the Borrower under Sections
2.11 and 2.12, including, if requested by the Borrower, a transfer or assignment of such Lender’s interest in the Loan to
a branch, office or Affiliate of such Lender in another jurisdiction, or a redesignation of its lending office with respect to
such LIBOR Loans, provided that the transfer or assignment or redesignation (A) would not result in any additional costs, expenses
or risk to such Lender that are not reimbursed by Borrower and (B) would not be disadvantageous in any respect to a Lender as determined
by such Lender in its good faith discretion.


 


2.13          
COMPENSATION. The Borrower shall pay to the Administrative Agent for the account of each Lender,
upon the request of the Administrative Agent, such amount or amounts as Administrative Agent shall determine in its sole discretion
shall be sufficient to compensate such Lender for any loss, cost or expense attributable to:


 


(a)               
any payment or prepayment (whether mandatory or optional) of a LIBOR Loan or conversion of a LIBOR Loan made by such Lender
for any reason (including, without limitation, acceleration) on a date other than the last day of the Interest Period for such
LIBOR Loan; or


 


(b)               
Not in limitation of the foregoing, such compensation shall include, without limitation; in the case of a LIBOR Loan, an
amount equal to the then present value of (A) the amount of interest that would have accrued on such LIBOR Loan for the remainder
of the Interest Period at the rate applicable to such LIBOR Loan, less (B) the amount of interest that would accrue on the same
LIBOR Loan for the same period if LIBOR were set on the date on which such LIBOR Loan was repaid, prepaid or converted or the date
on which the Borrower failed to borrow, convert into or continue such LIBOR Loan calculating present value by using as a discount
rate LIBOR quoted on such date. Determinations by a Lender of the amount payable pursuant to this Section 2.13 shall be conclusive
and binding for all purposes, absent manifest error. Borrower’s obligations under Sections 2.12(a) and 2.12(b) shall survive
repayment of the Loan and termination of the Loan Documents.


 


2.14          
TREATMENT OF AFFECTED LOANS.


 


(a)               
If the obligation of any Lender to make LIBOR Loans or to continue, or to convert Base Rate Loans into, LIBOR Loans shall
be suspended then such Lender’s LIBOR Loans shall


 






    	 	41	 



     


    

 


 be automatically converted into Base Rate Loans on the last day(s) of the
then current Interest Period(s) for LIBOR Loans (or, such earlier date specified herein and, unless and until such Lender gives
notice as provided below that the circumstances that gave rise to such conversion no longer exist);


 


(b)               
to the extent that such Lender’s LIBOR Loans have been so converted, all payments and prepayments of principal that
would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and


 


(c)               
all interest in the Loan that would otherwise be made or continued by such Lender as LIBOR Loans shall be made or continued
instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be converted into LIBOR Loans shall remain
as Base Rate Loans.


 


(d)               
If such Lender gives notice to the Borrower (with a copy to the Administrative Agent) that the circumstances that gave rise
to the conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender agrees to do promptly
upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s
Base Rate Loans shall be automatically converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding
LIBOR Loans, to the extent necessary so that, after giving effect thereto, all interests in the Loan held by the Lenders holding
LIBOR Loans and by such Lender are held pro rata (as to principal amounts and Interest Periods) in accordance with their respective
Commitments.


 


2.15          
PRO RATA TREATMENT. Except to the extent otherwise provided herein: (a) each borrowing from Lenders
under Section 2.1 shall be made from the Lenders according to their Pro Rata Shares; (b) each payment or prepayment of principal
of Loan by the Borrower shall be made for the account of the Lenders in accordance with their Pro Rata Shares; (c) each payment
of interest on Loan by the Borrower shall be made for the account of the Lenders in accordance with their Pro Rata Shares; and
(d) the conversion and continuation of Loan (other than conversions provided for by Section 2.14) shall be made among the
Lenders according to their Pro Rata Shares. Any payment or prepayment of principal or interest made during the existence of a Default
shall be made for the account of the Lenders in accordance with the order set forth in Section 11.2.


 


2.16          
SHARING OF PAYMENTS. If a Lender shall obtain payment of any principal of, or interest on, the
Loan under this Agreement or shall obtain payment on any other Obligation owing by the Borrower or any other Loan Party through
the exercise of any right of set-off, banker’s lien, counterclaim or similar right or otherwise or through voluntary prepayments
directly to a Lender or other payments made by the Borrower or any other Loan Party to a Lender not in accordance with the terms
of this Agreement and such payment should be distributed to the Lenders in accordance with Section 2.15 or Section 11.2,
such Lender shall promptly purchase from such other Lenders participations in (or, if and to the extent specified by such Lender,
direct interests in) the LIBOR Loans made by the other Lenders or other Obligations owed to such other Lenders in such amounts,
and make such other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the benefit
of such payment (net of any reasonable expenses which may actually be incurred by such Lender in obtaining or preserving such benefit)
in accordance with the requirements of Section 2.15 or Section 11.2, as applicable. To such end, all the Lenders shall
make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded
or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loan
or other Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar
rights with the respect to such participation as fully as if such Lender were a direct holder of an interest in the Loan in the
amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the
right of any Lender to exercise and retain the benefits of exercising, any such right with respect to any other indebtedness or
obligation of the Borrower.


 






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2.17          
NOTICE OF ADVANCE. In connection with any Advances after the Effective
Date, Borrower shall submit to the Administrative Agent a Request for Advance not later than 2:00 p.m. (New York City time) ten
(10) Business Days before any such Advance, which such Request for Advance shall be revocable by Borrower upon written notice to
Administrative Agent at least three (3) Business Days prior to the scheduled date of any such Advance, it being agreed that any
Request for Advance or revocation thereof may be submitted via electronic mail to Administrative Agent at jesse.lee@wellsfargo.com,
or such other electronic mail address as may be designated by Administrative Agent from time to time; provided, that Borrower shall
be responsible for any and all reasonable out-of-pocket costs and expenses incurred by Administrative Agent as a result of any
such revocation. There shall be no more than one (1) Advance in any calendar month and each Advance (in the aggregate with each
Mezzanine Advance made contemporaneously with such Advance) shall be in an amount equal to no less than Five Hundred Thousand and
No/100 Dollars ($500,000.00), except for the final Advance.


 


2.18          
NOTICE TO LENDERS; FUNDING OF LOAN.


 


(a)               
Upon receipt of a Request for Advance, the Administrative Agent shall notify each Lender, at least three (3) Business
Days prior to the date on which such Advance shall be made, of the contents thereof and of such Lender’s share of such Advance
and such Request for Advance shall not thereafter be revocable by Borrower.


(b)               
Not later than 9:00 A.M. (New York City time) on the date of each such Advance, each Lender shall make available
its share of such Advance, in Federal funds immediately available in New York City, to the Administrative Agent.


 


ARTICLE 3. DISBURSEMENT


 


3.1              
CONDITIONS PRECEDENT. As conditions precedent to the making of the Loan, each of the following
conditions shall be satisfied prior to the execution and delivery of this Agreement, the closing of the Loan and the funding of
the Initial Advance Amount on the Effective Date (provided that (i) the execution and delivery of this Agreement by Administrative
Agent and Lenders shall mean that each of such conditions are deemed satisfied as of such date and (ii) the conditions precedent
set forth in this Section 3.1 shall only apply as conditions precedent to the funding of the Initial Advance Amount with any funding
of an Advance after the Effective Date occurring subject to the conditions precedent set forth in Section 3.4):


 


(a)               
Administrative Agent shall have received and approved documentation regarding Borrower’s and Guarantor’s capital
structure, any other documents or agreements of any kind reasonably requested by Administrative Agent concerning the financial
condition of Borrower or Guarantor (in the form previously delivered to Administrative Agent), and Administrative Agent shall have
approved the current financial condition of Borrower and Guarantor.


 


(b)               
Administrative Agent shall have received and approved, from Borrower, and Guarantor copies certified as true and complete
of the following documents from the applicable governmental authority: (i) the articles or certificate of incorporation, certificate
of partnership, or certificate of limited liability company, as applicable; and (ii) good standing certificates or certificates
of existence from the jurisdictions in which each such Person is organized and/or qualified to do business dated not more than
thirty (30) days prior to the Effective Date. Administrative Agent shall have received and approved true and complete copies of
the by-laws, partnership agreement or operating agreement, as applicable, of Borrower, and Guarantor, certified as of the Effective
Date as complete and correct copies 


 






    	 	43	 



     


    

 


thereof by the Secretary or an Assistant Secretary, general partner, manager or other authorized
representative reasonably acceptable to Administrative Agent, of such Person.


 


(c)               
The Borrower shall have executed and delivered to Administrative Agent or shall have caused to be executed and delivered
to Administrative Agent all Loan Documents and Other Related Documents, which Loan Documents and Other Related Documents shall
be in form and substance satisfactory to Administrative Agent and Administrative Agent shall have received and approved all other
documents, instructions, and forms of evidence or other materials requested by Administrative Agent under the terms of this Agreement
or any of the other Loan Documents, including without limitation, certificates of insurance satisfactory to Administrative Agent
as may be required by Administrative Agent pursuant to this Agreement.


 


(d)               
Administrative Agent shall have received and approved a current survey of the Property and prepared by a licensed surveyor
acceptable to Administrative Agent and title insurer who shall certify such survey to Administrative Agent, Lenders and the title
insurer (Administrative Agent acknowledges that the Survey delivered to Administrative Agent prior to the closing of the Loan shall
satisfy this requirement).


 


(e)               
Administrative Agent shall have received and approved UCC, tax and judgment lien searches on the Property, Collateral, the
Borrower and Guarantor, as requested by Administrative Agent, showing no liens or violations, dated not more than thirty (30) days
prior to the Effective Date.


 


(f)                
Administrative Agent shall have received the Title Policy, which shall be in form and substance and with endorsements acceptable
to Administrative Agent and which shall, among other things, insure the first priority lien of the Deed of Trust, subject only
to such exceptions as Administrative Agent shall have approved in its sole and absolute discretion, and address such other matters
as Administrative Agent may require.


 


(g)               
Administrative Agent shall have received and approved the Borrower’s standard form of lease, if any, to be used in
connection with the Property.


 


(h)               
Administrative Agent’s internal loan committee shall have given final internal credit and underwriting approval for
the Loan.


 


(i)                
Administrative Agent shall have received an Appraisal confirming to the satisfaction of Administrative Agent that the LTV
(As-Is) does not exceed sixty-five percent (65%) and the LTV (As-Stabilized) does not exceed 60%.


 


(j)                
Administrative Agent shall have received a copy of the resolutions, in form and substance satisfactory to Administrative
Agent, of the Borrower and Guarantor, authorizing the execution, delivery and performance of the Loan Documents and Other Related
Documents to which such Person is a party and the transactions contemplated thereby, certified as of the Effective Date by the
Secretary or an Assistant Secretary, general partner, manager or other authorized representative reasonably acceptable to Administrative
Agent, as applicable, which certificates shall be in form and substance satisfactory to Administrative Agent and shall state that
the resolutions thereby certified have not been amended, modified, revoked or rescinded.


 


(k)               
No litigation or other proceeding shall be filed, pending or threatened in writing against the Property, Borrower or Guarantor
which are reasonably likely to have a Material Adverse Effect.


 






    	 	44	 



     


    

 


(l)                
No law, rule, regulation or court or administrative decision is reasonably likely to have a Material Adverse Effect.


 


(m)             
Administrative Agent shall be satisfied that no material adverse change has occurred to Borrower, Guarantor or the Property,
including without limitation that there has not occurred: (i) a material decline in the financial condition of Borrower or any
Guarantor; (ii) the downgrading of Borrower’s or any Guarantor’s credit rating; (iii) a materially adverse change in
the physical condition of the Property; or (iv) a change in market conditions which could affect the value and/or leasing of the
Property.


 


(n)               
Administrative Agent shall have reviewed and approved the Management Agreement.


 


(o)               
Administrative Agent shall have received payment for all fees, costs and expenses required to be paid by Borrower under
this Agreement.


 


(p)               
Administrative Agent shall have received environmental reports and property condition report for the Improvements satisfactory
to it in its sole discretion.


 


(q)               
The Borrower shall have delivered to Administrative Agent all opinions from counsel as Administrative Agent may reasonably
require, including, without limitation, due execution and authority opinions and enforceability opinions, in form and substance
satisfactory to Administrative Agent.


 


(r)                
The Borrower shall have delivered all insurance certificates with respect to the policies required hereunder.


 


(s)                
Administrative Agent shall have received and approved all Existing Leases affecting the Property as of the date hereof and
Borrower shall have delivered to Administrative Agent a certified copy of the rent roll for the Property.


 


(t)                
Administrative Agent shall have received a chart showing the organizational structure of the Borrower and Guarantor that
is certified by Borrower to be true and correct and that is reasonably acceptable to Administrative Agent.


 


(u)               
Administrative Agent shall have received evidence that the Property complies with applicable zoning and land use laws (which
evidence may include, if requested by Administrative Agent, a third party zoning report).


 


(v)               
All Property Taxes then due and payable shall have been paid.


 


(w)             
All Liens, other than Permitted Liens, upon the Collateral shall have been discharged (regardless of whether insured by
the Title Policy delivered to Administrative Agent).


 


(x)               
Administrative Agent shall have received (1) executed estoppel certificates from (i) tenants representing at least 75% of
the total leased area of the Property and (ii) each of (I) Lockton Companies, LLC – Pacific Series, (II) Orrick, Herrington
 & Sutcliffe, LLP (II) National Union Fire Insurance Company of Pittsburgh, Pa., (IV) Arnold & Porter Kaye Scholer LLP,
and (V) Nossaman LLP, in each case in form and substance satisfactory to Administrative Agent and (2) subordination, non-disturbance
and attornment agreement, in form and substance satisfactory to Administrative Agent, from each of (I) Lockton Companies, LLC –
Pacific Series, (II) Orrick, Herrington & Sutcliffe, LLP (II) 


 






    	 	45	 



     


    

 


National Union Fire Insurance Company of Pittsburgh, Pa., (IV)
Arnold & Porter Kaye Scholer LLP, and (V) Nossaman LLP.


 


(y)               
The Borrower and the Guarantor shall have satisfied Administrative Agent’s Patriot Act requirements.


 


(z)               
Administrative Agent shall have received an operating statement of the Borrower for the year ending December 31, 2018, and
the quarter ending June 30, 2019.


 


(aa)            
Administrative Agent shall have received copies of all Material Contracts.


 


(bb)           
Administrative Agent shall be satisfied that the Debt Yield shall, after giving effect to the funding of the Initial Advance
Amount, be equal to or greater than 7.0%.


 


(cc)            
Administrative Agent shall have received any other documentation or information that it shall have reasonably requested.


 


Unless set forth in writing to the contrary
in a separate instrument delivered to Borrower prior to closing, the making of its Loans by a Lender shall constitute a confirmation
by such Lender to the Administrative Agent and the other Lenders that insofar as such Lender is concerned the Borrower has satisfied
the conditions precedent set forth in Section 3.1.


 


3.2              
ACCOUNT, PLEDGE AND ASSIGNMENT. As additional security for Borrower’s performance under the
Loan Documents, Borrower hereby irrevocably pledges and assigns to Administrative Agent for the benefit of the Lenders, all monies
at any time deposited in its Property Account, Security Deposit Account, or any other escrow or account that may, from time to
time, be required to be maintained pursuant to this Agreement, and the including all interest earned, all certificates, instruments
and securities, if any, from time to time. It is hereby acknowledged, that any monies invested, if applicable, shall be invested
solely in Permitted Investments. All disbursements shall be held by the Borrower solely for the purpose for which the funds have
been disbursed. The Lenders have no obligation to monitor or determine Borrower’s use or application of the disbursements.
Any monies delivered to Borrower from such accounts may be retained, applied and distributed by Borrower free of the lien of the
Loan Documents.


 


3.3              
FUNDS TRANSFER DISBURSEMENTS. The Borrower hereby authorizes Administrative Agent to disburse the
proceeds of the Loan made by Lenders or any of their Affiliates pursuant to the Loan Documents as requested by an authorized representative
of Borrower to any of the accounts designated in the Disbursement Instruction Agreement. Borrower agrees to be bound by any transfer
request: (i) authorized or transmitted by Borrower; or (ii) made in Borrower’s name and accepted by Administrative Agent
in good faith and in compliance with these transfer instructions, even if not properly authorized by Borrower. Borrower further
agrees and acknowledges that Administrative Agent may rely solely on any bank routing number or identifying bank account number
or name provided by Borrower to effect a wire of funds transfer even if the information provided by Borrower identifies a different
bank or account holder than named by Borrower. Administrative Agent is not obligated or required in any way to take any actions
to detect errors in information provided by Borrower. If Administrative Agent takes any actions in an attempt to detect errors
in the transmission or content of transfer requests or takes any actions in an attempt to detect unauthorized funds transfer requests,
Borrower agrees that no matter how many times Administrative Agent takes these actions Administrative Agent will not in any situation
be liable for failing to take or correctly perform these actions in the future and such actions shall not become any part of the
transfer disbursement procedures authorized under this provision, the Loan Documents, or any agreement between Administrative Agent
and Borrower.


 






    	 	46	 



     


    

 


Borrower agrees to notify Administrative Agent of any errors in the transfer of any funds or of any unauthorized
or improperly authorized transfer requests within fourteen (14) days after Administrative Agent’s confirmation to Borrower
of such transfer. Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which
each transfer will be made. Administrative Agent may delay or refuse to accept a funds transfer request if the transfer would:
(a) violate the terms of this authorization, (b) require use of a bank unacceptable to Administrative Agent or any Lender or prohibited
by government authority; (c) cause Administrative Agent or any Lender to violate any Federal Reserve or other regulatory risk control
program or guideline; or (d) otherwise cause Administrative Agent or any Lender to violate any applicable law or regulation. Neither
Administrative Agent nor any Lender shall be liable to Borrower or any other parties for: (i) errors, acts or failures to act of
others, including other entities, banks, communications carriers or clearinghouses, through which Borrower’s transfers may
be made or information received or transmitted, and no such entity shall be deemed an agent of Administrative Agent or any Lender,
(ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government,
labor disputes, failures in communications networks, legal constraints or other events beyond Administrative Agent or any Lender’s
control, or (iii) any special, consequential, indirect or punitive damages, whether or not (a) any claim for these damages
is based on tort or contract or (b) Administrative Agent or any Lender or Borrower knew or should have known the likelihood of
these damages in any situation. Neither Administrative Agent nor any Lender makes any representations or warranties other than
those expressly made in this Agreement.


 


3.4              
ADVANCES. 


 


(a)               
Lenders shall have no obligation to make any Advance after the Effective Date unless the following conditions precedent
shall have been satisfied before or concurrently with the date of the making of the applicable Advance:


 


(i)                
Administrative Agent shall have received evidence acceptable to Administrative Agent that Mezzanine Lender has determined
(provided, however, that after a Mezzanine Loan Enforcement Action, such determination shall be made by Administrative Agent) that
the condition set forth in Section 3.4(a)(iii) of the Mezzanine Loan Agreement (as the same exists as of the date hereof) has been
satisfied (and not waived) and that the Mezzanine Lender will, simultaneously with the making of the applicable Advance being made
hereunder, make a Mezzanine Advance in an amount equal to the Mezzanine Loan Share of the overall TI/LC Expenses that are the subject
of the applicable Advance being made hereunder;


 


(ii)              
no Default, or Potential Default that could have a Material Adverse Effect, of which Administrative Agent shall have
given Borrower notice, shall exist as of the date of the making of such Advance that will not be cured by the funding of the applicable
Advance or would not be existing immediately after giving effect thereto;


 


(iii)            
the Lease in connection with which Borrower has requested an Advance satisfies the Minimum Leasing Guidelines (as
reasonably determined by Administrative Agent upon review of such Lease);


 


(iv)             
either (1) the amount of TI/LC Expenses for the applicable Lease does not exceed the TI/LC Budgeted Amount applicable
to such Lease or (2) Borrower has either (X) funded from equity prior to the applicable Advance or (Y) provided reasonably satisfactory
evidence to Administrative Agent that Borrower will simultaneously fund from equity, an amount equal to the difference between
the actual amount of TI/LC Expenses incurred in connection with such Lease and the applicable TI/LC Budgeted Amount applicable
to such Lease (which shall be deemed to be the amount requested by the applicable Request for Advance; and


 






    	 	47	 



     


    

 


(v)               
Administrative Agent shall have received a Request for Advance from Borrower, in accordance with Section 2.17 hereof,
accompanied by the following items (which items shall be in the form and substance reasonably satisfactory to Administrative Agent):


 


(A)             
if with respect to tenant improvements being performed by Borrower, as landlord under the applicable Lease, or any
work performed by Borrower at the request of a tenant under a Lease (collectively, “Borrower TI Work”): (1)
an officer’s certificate of Borrower (A) certifying that the TI/LC Expenses or any portion thereof which are subject of the
requested advance and described in this Section 3.4(a)(v)(A) have been, or with the proceeds of such disbursement will be,
completed in a good and workmanlike manner and in accordance in all material respects with all Applicable Law and the applicable
Lease and (B) stating that each Person performing work in connection with the TI/LC Expenses for which such request has been made
or, upon receipt of the requested disbursement, will be paid in full (subject to retainage) with respect to the portion of the
TI/LC Expenses which is subject to the requested disbursement (provided, however, that if such tenant improvements and/or work
are not Borrower TI Work, then Borrower shall not be required to provide the items in this clause (1), but instead shall be required
to provide (x) an officer’s certificate of Borrower stating that, to its knowledge, the tenant improvements and/or work being
performed comply in all material respects with the terms of the applicable Lease and (y) any lien waivers or other documentation
in connection with such tenant improvements and/or work that such tenant is required to provide to Borrower (and actually provides
to Borrower) under the applicable Lease); and (2) such other evidence as Administrative Agent shall reasonably request that the
TI/LC Expenses which are the subject of the requested disbursement have been (or with such disbursement, will be) completed and
paid for; or


 


(B)             
if with respect to leasing commissions (1) an officer’s certificate of Borrower certifying that such leasing
commissions are due and payable, or have been paid, and (2) such other evidence as Administrative Agent shall reasonably request.


 


(b)               
Notwithstanding anything to the contrary in this Agreement, any request for an Advance made by Borrower to Administrative
Agent under this Section 3.4 shall be revocable by Borrower by written notice to Administrative Agent not less than three
(3) Business Days prior to the date of the requested Advance, but Borrower shall be obligated to pay all reasonable out-of-pocket
costs, fees and expenses (including, but not limited to, reasonable attorneys’ fees and disbursements) actually incurred
by Administrative Agent in connection with actions taken as a result of such request for Advance.


 


3.5              
DOCUMENTS TO BE FURNISHED FOR EACH ADVANCE. In addition to the items
described in Section 3.1 (which need only be satisfied for the initial Advance on the Effective Date) and Section 3.4
above, it shall be a condition precedent to each Advance after the Effective Date that Borrower shall furnish or cause to be furnished
to Administrative Agent at or prior to disbursement (or on such earlier date as provided in Section 3.4 or below), the following
documents covering each disbursement, in form and substance reasonably satisfactory to Administrative Agent: 


 


(a)               
Each Borrower’s Request for Advance shall be accompanied by the following items no fewer than ten (10) Business Days
prior to disbursement (provided, however, than in respect of clause (iii) hereof, if Administrative Agent requests any such information
or documentation fewer than


 






    	 	48	 



     


    

 


ten (10) Business Days prior to such disbursement but all other documents and information have been
timely delivered by Borrower to Administrative Agent in accordance with this Agreement and the other Loan Documents, then Borrower
shall only be required to promptly (and prior to such disbursement) provide Administrative Agent with such requested information
and/or documentation): (i) a requisition spreadsheet in Administrative Agent’s customary form or another form reasonably
acceptable to Administrative Agent; (ii) if such Request for Advance is for costs of Borrower TI Work, a Borrowing Certificate
in the form set forth in Exhibit K (provided that if such Request for Advance is not for Borrower TI Work, then such certificate
may be modified in accordance with Section 3.4(a)(v)(A)(1) above); and (iii) such other invoices, statements or such other
information and documentation as Administrative Agent shall reasonably request or require with respect to the subject of such draw
request;


 


(b)               
Upon request from Administrative Agent, Borrower shall deliver to Administrative Agent invoices, statements and such other
information and documentation as Administrative Agent shall reasonably request or require with respect to costs incurred in connection
with the TI/LC Expenses during the previous calendar quarter;


 


(c)               
Until such time as the Loan shall have been fully funded, Borrower shall deliver to Administrative Agent, in the form and
substance reasonably satisfactory to Administrative Agent, a continuation letter or endorsement dating down the Title Policy issued
to Administrative Agent covering the date of the applicable funding (with mechanic’s lien coverage if such coverage is given
by issuers of title insurance under Applicable Law), increasing the coverage thereof by an amount equal to the Advances made or
to be made through the pending disbursement clause (but not the overall policy amount), and showing the Deed of Trust as a lien
subject only to the Permitted Liens (and such other encumbrances as may be expressly permitted under this Agreement) or bonded
mechanic’s liens or other exceptions that the Title Company will insure over;


 


(d)               
No fewer than ten (10) Business Days prior to disbursement, Borrower shall have delivered a certificate to Administrative
Agent executed by Borrower, which is incorporated in the Request for Advance, to the effect that the representations and warranties
contained in the Loan Documents are correct in all material respects except (i) for any representation or warranty that, by its
term, refers to a specific date, or (ii) to the extent that the failure of any such representation and warranty to be true and
correct in all material respects on and as of the date of the requested Advance will not have a Material Adverse Effect; and


 


(e)               
All such invoices, contracts, or other supporting data regarding mechanics’ liens which are outstanding as Administrative
Agent may require, in its reasonable discretion.


 


3.6              
NO DUTY TO INSPECT. It is expressly understood and agreed that Administrative Agent shall have
no duty to supervise or to inspect the construction of the TI/LC Work or any books and records of any party or firm, and that any
such inspection shall be for the sole purposes of determining whether or not in Administrative Agent’s reasonable discretion
the obligations of Borrower under this Agreement are being properly discharged and of preserving Administrative Agent’s rights
hereunder. The results of any inspection shall not constitute an acknowledgment or representation by Administrative Agent that
there has been or will be compliance with the terms of a Lease to the extent required pursuant to the terms of this Agreement or
that the construction is free from defective materials or workmanship, nor shall it constitute a waiver of Administrative Agent’s
rights hereunder. Administrative Agent’s failure to inspect the construction of the TI/LC Work or any part thereof or any
books and records shall not constitute a waiver of any of Administrative Agent’s rights hereunder. Neither Borrower nor any
third party shall be entitled to rely upon any such inspection or review. Administrative Agent owes no duty of care to Borrower
or any third person to protect against, or inform Borrower or any third person of the existence of, negligent, faulty, inadequate
or defective design or construction of the TI/LC Work.


 






    	 	49	 



     


    

 


ARTICLE 4. AFFIRMATIVE
COVENANTS


 


From the date hereof
and until payment and performance in full of all Obligations of Borrower under the Loan Documents, unless the Requisite Lenders
shall otherwise consent, Borrower hereby covenants and agrees with the Lenders that:


 


4.1              
PRESERVATION OF EXISTENCE AND SIMILAR MATTERS. Borrower shall, and shall cause Guarantor to, preserve
and maintain its respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or
formation and qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties
or the nature of its business requires such qualification and authorization and where the failure to be so authorized and qualified
could reasonably be expected to have a Material Adverse Effect.


 


4.2              
COMPLIANCE WITH APPLICABLE LAW. Borrower shall, and shall cause Guarantor to, comply with Applicable
Law, including the obtaining of all Governmental Approvals, the failure with which to comply could reasonably be expected to have
a Material Adverse Effect.


 


4.3              
MAINTENANCE OF PROPERTY. In addition to the requirements of any of the other Loan Documents, Borrower
shall (a) protect and preserve the Property and Collateral and maintain such Property and Collateral in good repair, working order
and condition, ordinary wear and tear excepted, and (b) from time to time make or cause to be made all needed and appropriate repairs,
renewals, replacements and additions to the Property, so that the business carried on in connection therewith may be properly and
advantageously conducted at all times.


 


4.4              
PAYMENT OF TAXES AND CLAIMS. Borrower shall pay
and discharge prior to delinquency (a) all Taxes, assessments and governmental charges or levies imposed upon it or upon its income
or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen
and landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien on any properties of such Person;
provided, however, that this Section shall not require the payment or discharge of any such tax, assessment, charge, levy or claim
which is being contested in good faith by appropriate proceedings which operate to suspend the collection thereof and for which
adequate reserves have been established on the books of such Person in accordance with GAAP or International Financial Reporting
Standards, provided, further, however, that, in the event of any Taxes or claims that become a Lien on the Property, Borrower shall
only be permitted to not pay such tax or claim if, and so long as, (a) Borrower shall have notified Administrative Agent of same
within ten (10) days of obtaining actual knowledge of such Lien; (b) Borrower shall diligently and in good faith contest the same
by appropriate legal proceedings which shall operate to prevent the foreclosure or collection of the same and the sale of the Property
or any party thereof, to satisfy the same; (c) upon request of Administrative Agent, Borrower shall have furnished to Administrative
Agent a cash deposit, or a Letter of Credit, in the amount of such Taxes or other claims, plus a reasonable additional sum to pay
all costs, interest and penalties that may be imposed or incurred in connection therewith, to assure payment of the matters under
contest and to prevent any sale or forfeiture of the Property or any part hereof; (d) Borrower shall promptly upon final determination
thereof pay the amount of any such Taxes or other claims so determined, together with all costs, interest and penalties which may
be payable in connection therewith; (e) the failure to pay the Taxes or other claims does not constitute a default under any other
deed of trust, mortgage or security interest covering or affecting any part of the Property; and (f) notwithstanding the foregoing,
Borrower shall promptly upon request of Administrative Agent pay (and if Borrower shall fail so to do, Administrative Agent may,
but shall not be required to, pay or cause to be discharged or bonded against) any such Taxes or other claims notwithstanding such
contest, if in the reasonable opinion of Administrative Agent, the Property or any part thereof or interest therein could reasonably
be determined to be in imminent danger of being sold, forfeited, foreclosed, terminated, canceled or lost. Administrative 


 






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Agent
may pay over any cash deposit or the proceeds of any Letter of Credit to the claimant entitled thereto at any time when, in the
judgment of Administrative Agent, the entitlement of such claimant is established.


 


4.5              
INSPECTIONS. Borrower will, and will cause Guarantor to, keep proper books of record and account
in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities,
including, with respect to the Borrower, the disbursement and use of proceeds of the Loan. Borrower will, and will cause Guarantor
to, permit representatives of the Administrative Agent or any Lender to visit and inspect its respective Property, subject to the
right of tenants, to examine and make copies of or abstracts from any of their respective books and records and to discuss their
respective affairs, finances and accounts with their respective officers, employees and independent public accountants (in Borrower’s
presence if a Default does not then exist), all at such reasonable times during business hours and as often as may reasonably be
requested and so long as no Default exists, with reasonable prior notice. Borrower shall be obligated to reimburse the Administrative
Agent for its costs and expenses actually incurred in connection with the exercise of its rights under this Section only if such
exercise occurs while a Default exists.


 


4.6              
USE OF PROCEEDS. Borrower will use the Initial Advance Amount to pay off existing mortgage financing
secured by the Property and as otherwise not prohibited by this Agreement. The Borrower shall use the proceeds of the Advances
made after the Effective Date only for TI/LC Expenses (or to reimburse itself for TI/LC Expenses paid by or on behalf of Borrower
subject to providing reasonably detailed evidence of prior payment of such TI/LC Expenses from Borrower’s equity). Notwithstanding
anything to the contrary contained herein, in no event shall Administrative Agent or any Lender be required to make any Advance
after the Effective Date on account of (x) costs or expenses that are not TI/LC Expenses or (y) TI/LC Expenses outstanding as of
the Effective Date in connection with Existing Leases which would, in the aggregate, exceed the amount set forth in the TI/LC Existing
Obligations Schedule. The Borrower shall not, and shall not permit Guarantor, to use any part of such proceeds to purchase or carry,
or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulation
U of the Board of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying
any such margin stock.


 


4.7              
MATERIAL CONTRACTS. Borrower shall duly and punctually perform and comply with any and all material
representations, warranties, covenants and agreements expressed as binding upon Borrower under any Material Contract in which Borrower
is a party or is bound. The Borrower shall not do or knowingly permit to be done anything to impair materially the value of any
of the Material Contracts.


 


4.8              
DAMAGES; INSURANCE AND CONDEMNATION PROCEEDS.


 


(a)               
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 Administrative Agent, where the cost to repair and restore is in excess of
the Casualty Threshold, and shall as soon as reasonably practicable commence and thereafter prosecute with reasonable diligence
the completion of the restoration of the Property as nearly as possible to the condition the Property was in immediately prior
to such Casualty with such alterations thereto as may be required by law (the “Restoration”). Borrower shall
pay all costs of such Restoration whether or not such costs are covered by insurance. Administrative Agent may participate in any
settlement discussions with any insurance companies (and shall approve the final settlement, which approval shall not be unreasonably
withheld or delayed) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are greater
than the


 






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Casualty Threshold and Borrower shall deliver to Administrative Agent all instruments required by Administrative Agent
to permit such participation.


 


(b)               
Borrower shall promptly give Administrative Agent notice upon becoming aware of the same, of the actual or threatened commencement
of any proceeding for the condemnation of the Property (a “Condemnation”) and shall deliver to Administrative
Agent copies of any and all papers served in connection with such proceedings. Administrative Agent may participate in any such
proceedings, and Borrower shall from time to time deliver to Administrative Agent all instruments requested by it to permit such
participation. Borrower shall, at its expense, diligently prosecute, as would then be customary and commercially reasonable, any
such proceedings, and shall consult with Administrative Agent, its attorneys and experts, and 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, but not limited to, any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower
shall continue to pay the Loan at the time and in the manner provided for its payment hereunder and the Loan shall not be reduced
until any award shall have been actually received and, to the extent permitted, applied by Administrative Agent, after the deduction
of expenses of collection, to the reduction or discharge of the Loan. If any portion of the Property is taken by a condemning authority,
Borrower shall as soon as reasonably practicable commence and thereafter prosecute with reasonable diligence the Restoration of
the remaining portion of the Improvements (or cause the same to be done) to a complete, self-contained architectural unit in good
condition and repair that is, to the extent possible with such exercise of reasonable diligence, as nearly as possible to the condition
the Property was in immediately prior to such Casualty with such alterations thereto as may be required by law.


 


(c)               
The following provisions shall apply in connection with the Restoration of the Property:


 


(i)                
If the Net Proceeds shall be equal to or less than the Casualty Threshold, the Net Proceeds may be retained by Borrower
and, if received by Administrative Agent and Administrative Agent is not prohibited from doing so under the terms of any Permitted
Lien, will be disbursed by Administrative Agent to Borrower upon receipt, and Borrower shall first hold and apply such Net Proceeds
(less any expenses of collection) to the Restoration in accordance with whichever of paragraph (a) or (b) above is applicable thereto.


 


(ii)              
If the Net Proceeds are greater than the Casualty Threshold, provided no Default exists, the Administrative Agent shall,
at its sole discretion (subject to the Borrower’s rights under Section 4.8(c)(iii)), make the Net Proceeds available for
the Restoration in accordance with the provisions of this Section 4.8. The term “Net Proceeds” for purposes
of this Section 4.8 shall mean: (i) the net amount of all insurance proceeds received by Administrative Agent as a result
of such damage or destruction, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable
counsel fees), if any, in collecting same (“Insurance Proceeds”), or (ii) the net amount of the award, after
deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting
same (“Condemnation Proceeds”), whichever the case may be.


 


(iii)            
The Net Proceeds shall be made available to the Borrower for Restoration provided that each of the following conditions
are met:


 


(A)       No
Default shall have occurred and be continuing;


 


(B)       (1)
in the event the Net Proceeds are Insurance Proceeds, less than forty percent (40%) of the total floor area of the Improvements
on the Property has been damaged, 


 






    	 	52	 



     


    

 


destroyed or rendered unusable as a result of such Casualty or (2) in the event the Net Proceeds
are Condemnation Proceeds, less than ten percent (10%) of the land constituting the Property is taken, and such land is located
along the perimeter or periphery of the Property, and no portion of the Improvements is located on such land;


 


(C)       The
Borrower shall commence the Restoration as soon as reasonably practicable (but in no event later than ninety (90) days after such
Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion;


 


(D)       the
Administrative Agent shall be satisfied that the Restoration will be completed on or before the earlier of (1) the Maturity Date,
(2) such time as may be required under all Applicable Law in order to repair and restore the Property to the condition it was in
immediately prior to such Casualty or to as nearly as possible the condition it was in immediately prior to such Condemnation,
as applicable, or (3) the expiration of any business interruption insurance coverage (unless Borrower has deposited with the Administrative
Agent sufficient funds (such amount to be determined by the Administrative Agent in its sole discretion) to hold and apply in the
same manner as business interruption insurance until the Restoration is completed (any such cash deposit hereby pledged to Administrative
Agent as additional collateral for the Obligations and may be applied to the payment thereof anytime during the continuance of
a Default in such order of priority as the Administrative Agent may elect);


 


(E)       the
Property and the use thereof after the Restoration will be in compliance in all material respects with and permitted under all
applicable legal requirements;


 


(F)       the
Restoration shall be done and completed by the Borrower in an expeditious and diligent fashion (subject to force majeure) and in
compliance with all applicable legal requirements;


 


(G)       the
Administrative Agent shall be satisfied that any operating deficits, including all scheduled payments of principal and interest
under the Loan, which will be incurred with respect to the Property as a result of the occurrence of any such Casualty or Condemnation,
whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in Section 5, if
applicable, or (3) other funds of Borrower;


 


(I)        such
Casualty or Condemnation, as applicable, does not result in the loss of access to the Property that could reasonably be expected
to continue after completion of the applicable Restoration;


 


(J)       Borrower
shall deliver, or cause to be delivered, to Administrative Agent a signed detailed budget approved in writing by Borrower’s
architect or engineer stating the entire cost of completing the Restoration, which budget shall be acceptable to Administrative
Agent;


 


(K)       the
Net Proceeds together with any cash or cash equivalents (or a completion guaranty, in form and substance reasonably acceptable
to Administrative Agent and from a guarantor that is acceptable to Administrative Agent in its sole discretion) deposited by the
Borrower with the Administrative Agent are sufficient in Administrative Agent’s discretion to cover the cost of the Restoration;


 


(L)       the
Management Agreement with respect to the Property in effect as of the date of the occurrence of such Casualty or Condemnation,
whichever the case may be,


 






    	 	53	 



     


    

 


 shall (1) remain in full force and effect during the Restoration and shall not otherwise terminate as
a result of the Casualty or Condemnation or the Restoration or (2) if terminated, shall have been replaced with a replacement Management
Agreement with a Qualified Manager or other Manager acceptable to the Administrative Agent, prior to the opening or reopening of
the Property or any portion thereof for business with the public;


 


(M)       (I)
the Administrative Agent shall be satisfied in its reasonable discretion that following the completion of the Restoration, (1)
the DSCR shall be equal to or greater than the Minimum DSCR upon completion, and (2) the DSCR (Mortgage) shall be equal to or greater
than the Minimum DSCR (Mortgage) upon completion or (II) the Administrative Agent shall be satisfied in its reasonable discretion
that following completion of the Restoration, the NOI shall be equal to, or greater than, the NOI immediately prior to the Casualty
or Condemnation;


 


(iv)             
The Net Proceeds shall be held by Administrative Agent in an interest-bearing account and invested solely in Permitted Investments
and, until disbursed in accordance with the provisions of this Section 4.8, shall constitute additional security for the Loan.
The Net Proceeds shall be disbursed by Administrative Agent to, or as directed by, the Borrower from time to time during the course
of the Restoration, upon receipt of evidence satisfactory to Administrative Agent that (A) all materials installed (or properly
stored onsite or offsite pursuant to Administrative Agent’s then standard construction lending requirements) and work and
labor performed (except to the extent that they are to be paid for out of the requested disbursement) in connection with the Restoration
have been paid for in full, and (B) there exists no notices of pendency, stop orders, mechanic’s or materialman’s liens
or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the Property which have not
either been fully bonded to the satisfaction of Administrative Agent and discharged of record or in the alternative fully insured
to the satisfaction of Administrative Agent by the title company issuing the applicable Title Policy. When the cost to complete
Restoration is less than the Casualty Threshold, all remaining Net Proceeds shall be disbursed to the Borrower.


 


(v)               
In the event the total cost of Restoration is greater than the Casualty Threshold, all plans and specifications required
in connection with the Restoration, shall be subject to prior review and acceptance in all respects by Administrative Agent and
by an independent consulting engineer selected by Administrative Agent (the “Casualty Consultant”). Administrative
Agent shall have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection
with the Restoration. In the event the total cost of the Restoration exceeds $20,000,000, the identity of the contractors, material
subcontractors and materialmen engaged in the Restoration as well as the contracts under which they have been engaged, shall be
subject to prior review and acceptance by Administrative Agent and the Casualty Consultant. Unless otherwise approved by Administrative
Agent each such contract shall require retainage of ten percent (10%) of the costs actually incurred until substantial completion
of the related contractor’s work. All actual costs and expenses incurred by Administrative Agent in connection with making
the Net Proceeds available for the Restoration including, without limitation, reasonable counsel fees and disbursements and the
Casualty Consultant’s fees, shall be paid by Borrower.


 


(vi)             
In no event shall Administrative Agent be obligated to make disbursements of the Net Proceeds in excess of an amount equal
to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant,
minus the Casualty Retainage. The term “Casualty Retainage” shall mean an amount equal to the amount required
to be held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration pursuant to their respective
contracts. The Casualty Retainage shall not be released until the Casualty Consultant certifies to Administrative Agent that the
Restoration has been completed in accordance with the provisions of this Section 4.8(c)(vi) and that all approvals necessary for
the reoccupancy and use of


 






    	 	54	 



     


    

 


the Property have been obtained from all appropriate Governmental Authorities, and Administrative Agent
receives evidence satisfactory to Administrative Agent that the costs of the Restoration have been paid in full or will be paid
in full out of the Casualty Retainage; provided, however, that Administrative Agent will release the portion of the
Casualty Retainage being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the
date upon which the Casualty Consultant certifies to Administrative Agent that the contractor, subcontractor or materialman has
satisfactorily completed all work and has supplied all materials (or is otherwise properly storing material onsite or offsite pursuant
to Administrative Agent’s then standard construction lending requirements) in accordance with the provisions of the contractor’s,
subcontractor’s or materialman’s contract, the contractor, subcontractor or materialman delivers the lien waivers and
evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Administrative
Agent or by the title company issuing the Title Policy for the Property, and Administrative Agent receives an endorsement to such
Title Policy insuring the continued priority of the Lien of the applicable Deed of Trust and evidence of payment of any premium
payable for such endorsement. If required by Administrative Agent, the release of any such portion of the Casualty Retainage shall
be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor
or materialman.


 


(vii)           
Administrative Agent shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar
month.


 


(viii)         
If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of Administrative
Agent in consultation with the Casualty Consultant, if any, be sufficient to pay in full the balance of the costs which are estimated
by the Casualty Consultant to be incurred in connection with the completion of the Restoration, Borrower shall either (x) deposit
the deficiency (the “Net Proceeds Deficiency”) with Administrative Agent or (y) provide a completion guaranty
to Administrative Agent, in form and substance reasonably acceptable to Administrative Agent, from a guarantor that is acceptable
to Administrative Agent in its sole discretion, before any further disbursement of the Net Proceeds shall be made. The Net Proceeds
Deficiency deposited with Administrative Agent shall be held by Administrative Agent and shall be disbursed for costs actually
incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until
so disbursed pursuant to this Section 4.8(c) shall constitute additional security for the Loan and other obligations under the
Loan Documents.


 


(ix)             
The excess, if any, of the Net Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with
Administrative Agent after the Casualty Consultant certifies to Administrative Agent that the Restoration has been completed in
accordance with the provisions of this Section 4.8(c), and the receipt by Administrative Agent of evidence satisfactory to Administrative
Agent that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Administrative Agent
to Borrower, provided no Default shall have occurred and shall be continuing under the Loan, this Agreement or any of the other
Loan Documents.


 


(d)               
All Net Proceeds not required (i) to be made available for the Restoration in accordance with either Section 4.8 (a) or
(b) (due to the fact that Borrower has not satisfied one or more of the provisions of such Sections) or (ii) to be returned to
Borrower as excess Net Proceeds pursuant to Section 4.8(c) may be retained and applied by Administrative Agent toward the payment
of the Loan whether or not then due and payable in such order, priority and proportions as Administrative Agent in its sole discretion
shall deem proper, or, at the discretion of Administrative Agent, the same may be paid, either in whole or in part, to Borrower
for such purposes as Administrative Agent shall approve, in its discretion.


 






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4.9              
THE IMPROVEMENTS. Borrower covenants: (a) not to remove or demolish the Property or Collateral
or any part thereof, not to alter, restore or add to the Property or Collateral and not to initiate or acquiesce in any change
in any zoning or other land classification which affects the Property without Administrative Agent’s prior written consent
or as provided hereunder except for (i) tenant improvement work provided for in any Lease and (ii) any alteration of the Property,
the cost of which in the aggregate (together with all related alterations constituting a single project and all then on-going alterations)
does not exceed the Alteration Threshold (the cost of alterations described in clauses (iii), and (iv) of this Section 4.9(a) shall
be excluded for purposes of determining whether the same, either alone or when aggregated with other alterations, exceed the Alteration
Threshold), provided that such alteration is not reasonably expected to have a Material Adverse Effect on Borrower or a material
adverse effect on the value, use or operation of the Property, (iii) a Restoration of the Property following a Casualty or
Condemnation, but subject to the terms and conditions of Section 4.8 hereof, (iv) alterations required for life and safety
purposes or as required in order to comply with Applicable Law, and (v) non-structural work performed in the ordinary course, which
shall be subject to the cap set forth in clause (ii) of this Section 4.9(a); (b) to complete or restore promptly and in good and
workmanlike manner the Property and Collateral, or any part thereof which may be damaged or destroyed, without regard to whether
the Administrative Agent elects to require that insurance proceeds be used to reduce the Loan as provided in Section 4.8;
(c) to comply with all covenants, conditions, restrictions and equitable servitudes, whether public or private, of every kind and
character which affect the Property or Collateral and pertain to acts committed or conditions existing thereon, including, without
limitation, any work, alteration, improvement or demolition mandated by such laws, covenants or requirements unless such failure
to comply is not reasonably expected to have a Material Adverse Effect; and (d) not to commit or permit waste of the Property or
Collateral.


 


4.10          
TI/LC WORK. Subject to the terms of the Leases entered into in accordance
with the Loan Documents, the TI/LC Work will be prosecuted by Borrower with diligence to completion, and will be completed in a
good and workmanlike manner in accordance with the applicable Lease and other provisions of this Agreement and free and clear from
all liens other than Permitted Liens, the lien and security interest created by the Loan Documents (or any of them) or such liens
that are being contested in accordance with this Agreement. Borrower shall (i) subject to the terms of the applicable Leases, comply
in all material respects with any and all Applicable Law required to be complied with incidental to such TI/LC Work, (ii) use all
Advances made to it by Lenders after the Effective Date, for, and only for, payment of (or reimbursement to Borrower if Borrower
has previously paid and provides reasonably detailed evidence of prior payment of such TI/LC Expenses from Borrower’s equity)
the TI/LC Expenses and under no circumstances use, directly or indirectly, any portion of such Advances for any other purpose,
including, without limiting the generality of the foregoing, the defrayment of living expenses or the anticipation of profit to
Borrower or Guarantor, (iii) obtain and maintain in full force and effect, the insurance required to be obtained and maintained
under the Loan Documents, and (iv) upon Administrative Agent’s request furnish Administrative Agent with a current list of
contractors and subcontractors (if any) performing the TI/LC Work. 


 


ARTICLE 5. INSURANCE


 


5.1              
REQUIRED INSURANCE. At all times during this Agreement except as expressly provided to the contrary,
while any obligation of Borrower under any Loan Document remains outstanding:


 


(a)               
All-Risk/Special Causes of Loss Insurance. Borrower shall maintain, or cause to be maintained, property insurance
covering (i) 100% of the insurable replacement cost value of the Improvements (excluding costs of footings, foundations, excavations
and underground utilities); and (ii) (if applicable) 100% of the insurable replacement cost value of all tenant improvements and
betterments 


 






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that any agreement requires the Borrower to insure against all risks of loss customarily covered by so-called “All-Risk”
or Special Causes of Loss policies as generally available in the insurance market at the closing date. Any All-Risk or special
causes of loss insurance policy shall contain an agreed amount clause or endorsement or a coinsurance waiver clause or endorsement
and a replacement cost value clause or endorsement without reduction for depreciation. The policies shall cover at least the following
perils: building collapse, fire, flood, tsunami, back-up of sewers and drains, water damage, windstorm, earthquake, earth movement,
impact of vehicles and aircraft, lightning, malicious mischief, and vandalism (earthquake and earth movement may have sub-limits
and deductibles as are reasonably acceptable to Administrative Agent and Named Windstorm and flood may have sub-limits and deductibles
as are reasonable and commercially available (in each case, even if higher than the deductible set forth in the next sentence)).
The property deductible shall not exceed $500,000 per claim or other such amount accepted and approved by the Administrative Agent.
Such insurance policy shall name Borrower as an Insured or Additional Insured for its benefit and the benefit of the Lenders and
shall also include Administrative Agent as mortgagee lender loss payee for its benefit and the benefit of the Lenders under a non-contributing
standard mortgagee clause or equivalent endorsement reasonably satisfactory to Administrative Agent for real property.


 


(b)               
Flood Insurance. If any of the Improvements are located in an area designated as “flood prone” or a “special
flood hazard area” under the regulations for the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act
of 1973, and if not otherwise insured under coverage required in Section 5.1(a) above, Borrower shall maintain at least the maximum
coverage for the Property available under the federal flood insurance plan. Administrative Agent may reasonably require additional
flood insurance coverage, based on the inherent exposures, to the extent that is commercially available and reasonable for a prudent
insured in the proximate area, including business income or rents (if any).


 


(c)               
Boiler and Machinery Insurance. Borrower shall maintain, or cause to be maintained, comprehensive boiler and machinery
insurance covering all mechanical and electrical equipment located within or used in connection with the operation of the Property
against physical damage, business income and rent loss (if applicable), extra expense, and expediting expense. Boiler and Machinery
Insurance shall be provided on a replacement cost value basis, to a minimum limit of 100% of the replacement cost of the Improvements.


 


(d)               
Business Income and Rent Loss Insurance. As an extension to its All-Risk Insurance, Earthquake Insurance, Flood Insurance
and Boiler and Machinery Insurance, Borrower shall maintain, or cause to be maintained, business income and rent loss insurance
on an “actual loss sustained” basis. Borrower shall maintain Business Income and Rent Loss Insurance equal to at least
twelve (12) months of Borrower’s actual or projected Gross Operating Income. In addition, Business Income and Rent Loss Insurance
shall be endorsed to include an extended period of indemnity of three hundred sixty-five (365) days. Such insurance policy shall
include Administrative Agent as Lender Loss Payee for its benefit and the benefit of the Lenders as respects business income/loss
of rents (if any).


 


(e)               
Building Law and Ordinance Coverage. Borrower shall maintain, or cause to be maintained, building law and ordinance
coverage insurance covering the loss of the undamaged portion of the Improvements and additional expense of demolition and increased
cost of construction, including, without limitation, increased costs that arise from any changes in laws, statutes, rules, regulations
or codes that would be covered by a standard ISO Property Form with respect to such restoration, in an amount as is reasonably
acceptable to the Administrative Agent.


 


(f)                
Earthquake Insurance. If the Improvements are located in Alaska, California, Pacific Northwest, New Madrid zone,
or any other designated, high-hazard earthquake zone, Borrower shall maintain earthquake insurance on the Improvements, including
loss of income or rents in a


 






    	 	57	 



     


    

 


 minimum amount at least equal to the percent damage estimate of total insurable values for the property
based on results of the PML Study indicating the expected loss from an event in a 250 year return period, if placed on a stand-alone
basis, or for the regional portfolio, if multiple locations are insured. The seismic study shall be completed by a firm reasonably
satisfactory to Administrative Agent. Such insurance shall have deductibles reasonably satisfactory to Administrative Agent, but
not more than 5% of the location insurable values.


 


(g)               
Borrower’s Liability Insurance. Borrower shall maintain, or cause to be maintained, the following insurance
for personal injury, bodily injury, death, accident and property damage: (i) commercial general liability insurance; (ii) owned
(if any), hired, and non-owned automobile liability insurance; (iii) if applicable, statutory workers’ compensation and employer’s
liability insurance as required by law, and (iv) umbrella or excess liability insurance. Liability insurance shall be written on
the so-called “occurrence” form and shall provide coverage of at least $75,000,000 per occurrence and $75,000,000 in
the annual aggregate, which limit may be satisfied by any combination of primary and excess or umbrella occurrence policies. Liability
Insurance under clauses 5.1(g)(i) and (iv) above shall include coverage for liability arising from premises and operations, elevators,
escalators, independent contractors, contractual liability in an insured contract (including, without limitation, any liability
assumed under any leases (except for any exception thereto in the standard ISO Form)), and products and completed operations. All
Liability Insurance, except workers’ compensation, employer’s liability and automobile, shall include Administrative
Agent as an “Additional Insured” for its benefit and the benefit of the Lenders by an endorsement reasonably satisfactory
to Administrative Agent. Administrative Agent acknowledges that the evidence delivered by Borrower and agreed to by the Administrative
Agent on or prior to the Effective Date is acceptable. Such insurance shall be primary and any other insurance maintained by the
additional insured which Lender is not insured under shall be excess only and not contributing with this insurance.


 


(h)               
Terrorism. Borrower shall maintain, or cause to be maintained, at all times, terrorism insurance for Certified Acts
of Terrorism (as such terms are defined in TRIPRA for so long as TRIPRA remains in effect) in an amount equal to the full replacement
cost of the respective Improvements (plus twelve months of business interruption coverage and including a 365-day extended period
of indemnity). Borrower shall also maintain, or cause to be maintained, at all times, Certified Acts of Terrorism coverage on the
general liability and umbrella liability policies for the full limits required for the Loan with no sub limits applying. Notwithstanding
anything to the contrary contained herein and with respect to insurance required to be maintained by Borrower pursuant to this
Section 5.1(h) hereof, Liberty IC Casualty LLC (“Liberty”) shall be an acceptable insurer of perils of terrorism
and acts of terrorism so long as (i) the policy issued by Liberty has (a) no aggregate limit and (b) a deductible of no greater
than that as calculated pursuant to TRIPRA, (ii) other than the deductible, the portion of such insurance which is not reinsured
by TRIPRA, is reinsured by an insurance carrier rated no less than “A-:VIII” by AM Best or “A” as by Standard
and Poor’s, (iii) TRIPRA or a similar federal statute is in effect and provides that the federal government must reinsure
that portion of any terrorism insurance claim above (a) the applicable deductible payable by Liberty and (b) those amounts which
are reinsured pursuant to clause (ii) above, (iv) Liberty is not the subject of a bankruptcy or similar insolvency proceeding and
(v) no Governmental Authority issues any statement, finding or decree that insurers of perils of terrorism similar to Liberty (i.e.,
captive insurers arranged similar to Liberty) do not qualify for the payment or benefits of TRIPRA. In the event that Liberty is
providing insurance coverage (A) to other properties immediately adjacent to the Property, and/or (B) to other properties owned
by a Person(s) who is not an Affiliate of Borrower, and such insurance is not subject to the same reinsurance and other requirements
of this Section 5.1(h), then the Administrative Agent may reasonably re-evaluate the limits and deductibles of the insurance
required to be provided by Liberty hereunder and Borrower shall provide insurance coverage consistent with such reasonably re-evaluated
limits and deductibles promptly following Administrative Agent’s written request therefore. In the event any of the foregoing
conditions


 






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 are not satisfied, Liberty shall not be deemed an acceptable insurer of terrorism losses. In the event that TRIPRA should
cease to be in effect at any time, and not be replaced by similar legislation, Borrower’s obligations under this Section
5.1(h) shall be limited to an obligation to use commercially reasonable efforts to obtain the coverage described in this Section
5.1(h), and, in such event, (i) the amount of the terrorism insurance coverage to be obtained shall be the lesser of (A) the amount
described in the first sentence of this Section 5.1(h) or (B) the principal balance of the Loan then outstanding, and (ii) Borrower
shall not be required to spend on terrorism insurance coverage more than two (2) times the amount of the then-current All-Risk
premium for the Property (including the applicable terrorism insurance charge). If at any time the Administrative Agent notifies
the Borrower that it desires to purchase additional terrorism insurance for the improvements (at the sole cost and expense of the
Administrative Agent and/or the Lenders), the Borrower shall cooperate with the Administrative Agent and use commercially reasonable
efforts to assist Administrative Agent in obtaining such insurance policy (including, without limitation, being listed as the named
insured under any such additional policy); provided, however, such additional terrorism insurance shall not affect the obligations
of any underlying existing insurance policy.


 


(i)                
Other Insurance. Borrower shall maintain such other types and amounts of insurance for the Improvements and its operations
as Administrative Agent shall from time to time reasonably require, consistent with insurance commonly maintained for comparable
properties.


 


5.2              
GENERAL INSURANCE REQUIREMENTS.


 


(a)               
Documentation. Borrower shall cause Administrative Agent to be included as “Lender Loss Payee” and “Mortgagee”
for its benefit and the benefit of the Lenders on a standard noncontributory mortgagee endorsement or its equivalent, in either
case reasonably satisfactory to Administrative Agent, for all property damage insurance. Borrower shall cause Administrative Agent
to be included as “Additional Insured” for its benefit and the benefit of the Lenders, or as otherwise required, on
all liability insurance policies provided by Borrower and Borrower’s contractors (except with respect to workers’ compensation,
employer’s liability and automobile liability). Borrower shall provide such additional evidence of Administrative Agent’s
interest under any required insurance as Administrative Agent or Lender shall reasonably require from time to time (but in no event
shall a copy of the insurance policy be required to be given to the Administrative Agent).


 


(b)               
Policy Requirements. Borrower shall obtain all required insurance, or cause all required insurance to be obtained,
from insurers authorized to do business in the state where the Property and Improvements are located with an “A-:VIII”
or better financial strength rating by AM Best (except as provided otherwise with respect to Liberty in Section 5.1(h) above,
Administrative Agent may in its discretion permit Borrower to maintain required insurance policies with insurance companies which
do not meet the foregoing requirements (an “otherwise rated insurer”), provided Borrower obtains a so-called “cut-through”
endorsement (that is, an endorsement which permits recovery against the provider of such endorsement) with respect to any otherwise
rated insurer from an insurance company which meets the claims paying ability ratings required above. Administrative Agent may
(but have no obligation to), at its sole discretion, accept insurers that do not meet the minimum requirements stated herein. Required
insurance shall contain such provisions as Administrative Agent reasonably deems necessary or desirable to protect its interest,
including language stating that neither Borrower, Administrative Agent nor any other party shall be deemed a coinsurer. Borrower
shall pay the insurance premiums, or cause all insurance premiums to be paid, for all required insurance when due and payable.
Borrower shall not finance or permit the refinancing of insurance premiums under any arrangement that could (if any premium loan
payment is not made) result in the premature cancellation of any required insurance. Borrower shall deliver to Administrative Agent,
promptly after request therefor, certificates of insurance evidencing all required insurance. Before any policy expires (time being
of the essence), the Borrower 


 






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shall deliver evidence of renewal in compliance with the Loan Documents. If at any time Administrative
Agent has not timely received satisfactory written evidence that Borrower maintains or has caused to be maintained all required
insurance, then without limiting Administrative Agent’s rights or remedies hereunder or under any of the other Loan Documents,
if such evidence is not delivered to Administrative Agent within five (5) Business Days after notice of such failure to timely
deliver such required evidence of insurance, Administrative Agent may (but shall have absolutely no obligation to) obtain such
insurance and pay the premium therefor, and the Borrower shall, on demand, reimburse Administrative Agent, for all expenses incurred
in connection therewith. Such amounts shall bear interest at the Alternate Rate from the date such cost or expense was incurred
through the date of payment to Administrative Agent; any such amounts together with interest thereon calculated at the Alternate
Rate shall be deemed to constitute a portion of the indebtedness owing to Lenders hereunder and be secured by the liens, claims
and security interests provided to Administrative Agent under the Loan Documents and shall be immediately due and payable upon
demand by Administrative Agent.


 


(c)               
Blanket Coverage. Any required insurance may be provided under a blanket policy or policies covering any the Property
and Improvements and other property and assets not part of the Property, provided that any such blanket policy otherwise complies
with the requirements hereunder.


 


(d)               
Protection of Lenders’ Interest. To the extent commercially obtainable, in each insurance policy (or an endorsement
thereto), the carrier shall: (a) agree not to cancel or terminate such policy without giving Administrative Agent thirty (30) days’
prior written notice (ten (10) days’ notice for nonpayment of premium), which if the carrier cannot provide such notice,
the obligation shall fall to the Borrower to provide; (b) waive any right to claim any premiums and commissions against Administrative
Agent or any Lender, provided that the policy need not waive the requirement that the premium be paid in order for a claim to be
paid to the insured; and (c) allow Administrative Agent or any Lender to pay premiums to continue such policy upon notice of cancellation
for nonpayment. Every property insurance policy shall provide that as to Administrative Agent’s interest, such policy shall
remain valid and shall insure Administrative Agent regardless of any: (1) named insured’s act, failure to act, negligence,
or violation of warranties, declarations, or conditions; (2) occupancy or use of the Improvements for purposes more hazardous than
those permitted; or (3) Administrative Agent’s or any Lender’s exercise of any of their respective rights or remedies
hereunder or under any of the Loan Documents. Administrative Agent reserves the right for them or their designated representative
to review full and complete copies of Borrower’s insurance policies required hereunder. Such policy review to take place
at a location of mutual consent within seven (7) days of Administrative Agent’s written request. It is agreed that such request
shall take place only in the event of a direct damage claim to one of the locations that are the subject of this agreement, or
a third party claim equal to or in excess of $1,000,000 resulting from the operations at one of the locations that is the subject
of this agreement.


 


(e)               
No Separate Insurance. Borrower may not carry separate insurance for the Improvements, concurrent in kind or form
or contributing in the event of loss, with any required insurance. The Borrower may, however, carry insurance for the Improvements,
in addition to required insurance, but only if such additional insurance: (a) does not violate or entitle the carrier to assert
any defense or disclaim any primary coverage under any required insurance; (b) mutually benefits Borrower and Administrative Agent,
as their interests may appear; and (c) otherwise complies with this agreement.


 


(f)                
Intentionally Omitted.


 


(g)               
Transfers. In the event of foreclosure of the Deed of Trust or other transfer of title to any Collateral in extinguishment
in whole or in part of the indebtedness owing to Lenders, and regardless of whether Administrative Agent shall have sought a deficiency
judgment with respect thereto, all right, title and interest of Borrower in and to the policies of required insurance that are
not blanket


 






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 policies then in force concerning the Collateral, the Property or the Improvements and all proceeds payable thereunder
shall thereupon vest in the purchaser at such foreclosure or Administrative Agent or other transferee in the event of such other
transfer of title.


 


ARTICLE 6. REPRESENTATIONS
AND WARRANTIES


 


As a material inducement
to Lenders’ entry into this Agreement, Borrower represents and warrants to Administrative Agent and each Lender as of the
Effective Date that:


 


6.1              
AUTHORITY/ENFORCEABILITY. Borrower is a limited liability company duly organized, validly existing
and in good standing in the jurisdiction in which it is organized. Borrower is duly qualified to do business and is in good standing
in each jurisdiction where it is required to be so qualified in connection with its respective Property, its businesses and operations.
Borrower has the limited liability company power and authority to enter into each of the Loan Documents being entered into on the
date hereof to which it is a party and to perform its obligations thereunder. Borrower is in compliance with all Applicable Law
applicable to its organization, existence and transaction of business, other than Applicable Law, the noncompliance with which,
would not reasonably be expected to have a Material Adverse Effect and has all necessary rights and powers to own and operate the
Property and Improvements as contemplated by the Loan Documents.


 


6.2              
BINDING OBLIGATIONS. Borrower has taken all necessary action to authorize the execution, delivery
and performance of this Agreement and the other Loan Documents. This Agreement and the other Loan Documents have been duly executed
and delivered by or on behalf of Borrower and constitutes the legal, valid and binding obligations of Borrower enforceable against
Borrower in accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting
rights of creditors 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).


 


6.3              
FORMATION AND ORGANIZATIONAL DOCUMENTS. Borrower has delivered to Administrative Agent all formation
and organizational documents of Borrower and of Guarantor, and all such formation and organizational documents remain in full force
and effect and have not been amended or modified since they were delivered to Administrative Agent. The Borrower shall promptly
provide Administrative Agent with copies of any amendments or modifications of the formation or organizational documents. Attached
hereto as Exhibit G is a true and correct organizational chart of Borrower.


 


6.4              
NO VIOLATION. The execution, delivery, and performance under the Loan Documents by Borrower does
not: (a) require any consent or approval not heretofore obtained under any partnership agreement, operating agreement, articles
of incorporation, bylaws or other document; (b) violate any Applicable Law applicable to the Borrower, the Property and Improvements
or any other statute, law, regulation or ordinance or any order or ruling of any court or Governmental Authority; (c) conflict
with, or constitute a breach or default or permit the acceleration of obligations under any agreement, contract, lease, or other
document by which the Borrower is or the Property and Improvements are bound or regulated; or (d) violate any statute, law,
regulation or ordinance, or any order of any court or Governmental Authority.


 


6.5              
COMPLIANCE WITH LAWS. Borrower has, and at all times shall have obtained, all material permits,
licenses, exemptions, and approvals necessary to occupy and operate the Property and Improvements, and shall maintain compliance
in all material respects with all Applicable Law applicable to the Property and Improvements and all other applicable statutes,
laws, regulations and ordinances 


 






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necessary
for the transaction of its business. The Property is a legal parcel lawfully created in full compliance with all subdivision laws
and ordinances or is exempt therefrom. 


 


6.6              
LITIGATION. Except as disclosed on Schedule III attached hereto, there are no uninsured
claims, actions, suits, or proceedings pending, or to Borrower’s knowledge threatened, against Borrower or Guarantor or affecting
the Collateral, the Property or Improvements that is reasonably likely to have a Material Adverse Effect.


 


6.7              
FINANCIAL CONDITION. All financial statements and information heretofore delivered to Administrative
Agent by the Borrower, including, without limitation, information relating to the financial condition of the Borrower, the Property,
the Improvements, the partners, joint venturers or members of Borrower, and/or Guarantor, fairly and accurately represent the financial
condition of the subject thereof as of the date thereof and have been prepared (except as noted therein) in accordance with GAAP
consistently applied. Borrower acknowledges and agrees that Administrative Agent and Lenders may request and obtain additional
information from third parties regarding any of the above, including, without limitation, credit reports. Notwithstanding the use
of generally accepted accounting principles, the calculation of liabilities shall NOT include any fair value adjustments to the
carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under
FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB
standards allowing entities to elect fair value option for financial liabilities. Therefore, the amount of liabilities shall be
the historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium
or discount. The value of Borrower’s personal property does not exceed 15% of the value of all of its assets.


 


6.8              
NO MATERIAL ADVERSE CHANGE. To the best of the Borrower’s knowledge, there has been no material
adverse change in the financial condition of Borrower and/or Guarantor since the dates of the latest financial statements furnished
to Administrative Agent and, except as otherwise disclosed to Administrative Agent in writing, Borrower has not entered into any
material transaction which is not disclosed in such financial statements. Borrower is not party to any agreement or instrument
or subject to any restriction affecting Borrower or the Property, or Borrower’s business, properties or assets, operations
or condition, financial or otherwise, that is reasonably likely to have a Material Adverse Effect. Borrower is not in default in
any material respect in the performance, observance or fulfillment of any of the material obligations, covenants or conditions
contained in any Material Contract.


 


6.9              
SURVEY. To the knowledge of Borrower, there are no encroachments of the Property onto any other
property, except as revealed in the Survey.


 


6.10          
ACCURACY. To the knowledge of Borrower, all reports, documents, instruments, information and forms
of evidence in each case prepared by Borrower and delivered to Administrative Agent concerning the Loan or the Property are in
all material respects accurate, correct and sufficiently complete to give Administrative Agent and Lenders true and accurate knowledge
of their subject matter as of the date provided to Administrative Agent (unless subsequently corrected), except to the extent that
the failure of any such accuracy or correctness would not result in a Material Adverse Effect..


 


6.11          
TAX LIABILITY. Borrower has filed all required federal, state, county and municipal tax returns
and, to Borrower’s knowledge, has paid all taxes and assessments owed and payable, and Borrower has no knowledge of any basis
for any additional payment with respect to any such taxes and assessments. Without limitation to the foregoing, all transfer taxes,
deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid by any Person under Applicable
Law currently in effect in connection with the transfer of the Property to the Borrower have been paid. All mortgage, mortgage
recording, stamp, intangible or other similar tax required to be paid by any Person under


 






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Applicable Law currently in effect in
connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents,
including, without limitation, the Deed of Trust, have been paid


 


6.12          
TITLE TO ASSETS; NO LIENS. Borrower has good and indefeasible title to its respective Property,
free and clear of all liens and encumbrances except Permitted Liens.


 


6.13          
MANAGEMENT AGREEMENT. Borrower is not a party or subject to any management agreement with respect
to the Property, except for the Management and Leasing Agreement, executed on or around October 15, 2013, between Brookfield Properties
Management (CA), Inc., as “Property Manager,” and Borrower, as “Owner” (the “Management Agreement”).


 


6.14          
UTILITIES. All utility services, including, without limitation, gas, water, sewage, electrical
and telephone, necessary for the use and operation of the Property and Improvements are available at or within the boundaries of
the Property.


 


6.15          
FEDERAL RESERVE REGULATIONS. No part of the proceeds of the Loan shall 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 Applicable Law or by the terms and conditions of this Agreement or the other Loan
Documents.


 


6.16          
LEASES. (a) The rent roll attached hereto as Schedule II is true, correct and complete
in all material respects; (b) Borrower has delivered to Administrative Agent true and correct copies of all of its Existing Leases;
(c) all Existing Leases are in full force and effect, unmodified except as disclosed to Administrative Agent, and are, in all material
respects, enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, and to Borrower’s
knowledge, except as may be set forth in the Rent Roll or tenant estoppel certificates, no material breach or default, or event
which would constitute a material breach or default after notice or the passage of time, or both, exists under any Existing Leases
on the part of any party; (d) to Borrower’s knowledge, except as may be set forth in the Rent Roll, the tenant estoppel certificates
or the Leases, no rent or other payment under any Existing Lease has been paid by any tenant for more than one (1) month in advance
of the due date thereof; and (e) except as may be set forth in the Rent Roll or tenant estoppel certificates, none of the landlord’s,
nor to Borrower’s knowledge, tenant’s, interests under any of the Existing Leases has been transferred or assigned.


 


6.17          
BUSINESS LOAN. The Loan is a business loan transaction in the stated amount solely for the purpose
of carrying on the business of Borrower and none of the proceeds of the Loan will be used for the personal, family or agricultural
purposes of the Borrower.


 


6.18          
PHYSICAL CONDITION. Except as disclosed in the Property Condition Report, to Borrower’s best
knowledge, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage
systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings
and doors, landscaping, irrigation systems and all structural components thereon or used in connection therewith, are in good condition,
order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether
latent or otherwise, and Borrower has not 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 


 






    	 	63	 



     


    

 


premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond. The Property is
free from material damage caused by fire or other casualty. Except as disclosed in the Property Condition Report, all liquid and
solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in material
compliance with Applicable Law.


 


6.19          
FLOOD ZONE. None of the Improvements on the Property are located in an area as identified by the
Federal Emergency Management Agency as an area having special flood hazards or, if so located, the flood insurance required pursuant
to Section 5.1(b) is in full force and effect.


 


6.20          
CONDEMNATION. No condemnation or other similar proceeding has been commenced or, to the best of
Borrower’s knowledge, is threatened or contemplated with respect to all or any portion of the Property or for the relocation
of roadways providing access to the Property.


 


6.21          
NOT A FOREIGN PERSON. The Borrower is not a “foreign person” within the meaning of
 §1445(f)(3) of the Internal Revenue Code.


 


6.22          
SEPARATE LOTS. The Property, other than any easement areas benefitting the Property, is comprised
of one (1) or more parcels which constitute a separate tax lot or lots and does not constitute a portion of any other tax lot not
a part of the Property. For the avoidance of doubt, pursuant to the Co-Ownership Agreement, Borrower is responsible for 57% of
the real estate taxes with respect to Lot 4 (as set forth on Exhibit A).


 


6.23          
AMERICANS WITH DISABILITIES ACT COMPLIANCE. The Improvements are maintained in compliance in all
material respects with all of the requirements of the Americans with Disabilities Act, of July 26, 1990, Pub. L. No. 101-336,
104 Stat. 327, 42 U.S.C. § 12101, et. seq., as may be amended from time to time (the “ADA”).


 


6.24          
ERISA. Neither the Borrower nor any of its ERISA Affiliates maintains or has any obligation or
liability, contingent or otherwise, with respect to any “employee benefit plan,” as defined in Section 3(3) of
ERISA, that is subject to Section 302 or Title IV of ERISA or Section 412 of the Internal Revenue Code.


 


(a)               
None of: (i) the assets of the Borrower; or (ii) the assets of Guarantor are, pursuant to any provision of ERISA
or the Internal Revenue Code, considered for any purpose of ERISA or Section 4975 of the Internal Revenue Code to be, directly
or indirectly, the assets of any Plan (“plan assets”). Assuming that, except for the funds that a Lender may
be considered to receive from Borrower, no part of the Loan funds are plan assets prior to the disbursement of such funds to the
Borrower, and assuming that Lender’s interest in the Loan is not a plan asset, neither the execution or delivery of this
Agreement or of any of the other Loan Documents by the Borrower or Guarantor, nor the performance by Borrower or Guarantor of their
obligations under this Agreement or under any of the other Loan Documents, nor any transaction contemplated under this Agreement
or under any of the other Loan Documents, nor the exercise by Administrative Agent and Lenders of any of their rights or remedies
under this Agreement or under any of the other Loan Documents is or will be a “prohibited transaction” within the meaning
of Section 406 of ERISA or Section 4975 of the Internal Revenue Code.


 


6.25          
INVESTMENT COMPANY ACT. The 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;
or (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 1935, as amended.


 






    	 	64	 



     


    

 


6.26         
OFAC. The Borrower represents and warrants that none of the
Borrower, Guarantor or any of their respective Affiliates is a Prohibited Person, and the Borrower, Guarantor and their respective
Affiliates are in full compliance with all applicable orders, rules, regulations and recommendations of OFAC. Each Loan Party is
in compliance, in all material respects, with The Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)) (the “Patriot
Act”).


 


6.27          
SOLVENCY. The Borrower: (a) has not entered into the transaction or any Loan Document with the
actual intent to hinder, delay, or defraud any creditor; and (b) has received reasonably equivalent value in exchange for
its obligations under the Loan Documents. Giving effect to the Loan, the fair saleable value of Borrower’s assets exceeds
and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including subordinated, unliquidated,
disputed and contingent liabilities. The fair saleable value of Borrower’s assets is and will, immediately following the
making of the Loan, be greater than Borrower’s probable liabilities, including the maximum amount of its contingent liabilities
on its debts as such debts become absolute and matured. Borrower’s assets do not and, immediately following the making of
the Loan 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 indebtedness and liabilities (including contingent liabilities
and other commitments) beyond its ability to pay such indebtedness and liabilities as they mature.


 


6.28          
ASSESSMENTS. To Borrower’s knowledge, there are no pending or 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.


 


6.29          
USE OF PROPERTY. The Property is used exclusively for office purposes and other appurtenant and
related uses, including parking and retail.


 


6.30          
NO OTHER OBLIGATIONS. Borrower has no contingent or actual obligations not related to the Property.


 


6.31          
REA Representations. With respect to each REA, if any, Borrower hereby represents that (a) to Borrower’s
knowledge, each REA 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), (b) there are no material defaults under any REA by any party thereto beyond any applicable
notice and cure period, (c) all material sums due and payable under each REA have been paid in full and (d) to Borrower’s
knowledge, no party to any REA has commenced any action or given or received any written notice for the purpose of terminating
any REA.


 


6.32          
Co-Ownership Agreement Representations. Borrower is a party to the Co-Ownership Agreement and the
Co-Ownership Agreement is in full force and effect and has not been amended or modified and Borrower has not assigned its interest
thereunder (except as may have occurred pursuant to the Loan Documents). Borrower is in compliance in all material respects under
the Co-Ownership Agreement. No other party to the Co-Ownership Agreement is in default, where the same would have a Material Adverse
Effect (or would do so after the giving of the requisite notice thereunder). Borrower has no knowledge of any notice of termination
or default given with respect to the Co-Ownership Agreement. There are no set offs, claims, counterclaims or defenses being asserted
or capable of being asserted after giving the requisite notice, if any, required under the Co-Ownership Agreement where the same
would have a Material Adverse Effect, or otherwise known by Borrower for the enforcement of the obligations under the Co-Ownership
Agreement. All common charges, shared expenses and other sums due under the Co-Ownership Agreement have been paid to the extent
they are 


 






    	 	65	 



     


    

 


payable to the date hereof. Borrower enjoys the quiet and peaceful possession of the Property granted by the Co-Ownership
Agreement subject to and in accordance with the Co-Ownership Agreement.


 


6.33          
Mezzanine Loan. The outstanding principal balance of the Mezzanine
Loan as of the Effective Date is $43,157,564.34 (the “Initial Mezzanine Loan Advance Amount”). No breach, violation
or Default (as defined in the Mezzanine Loan Agreement) has occurred under the Mezzanine Loan Documents which remains uncured or
unwaived and no circumstance, event or condition has occurred or exists which, with the giving of notice and/or the expiration
of the applicable period would constitute a Default (as defined in the Mezzanine Loan Agreement) under the Mezzanine Loan Documents.
Each and every representation and warranty of Mezzanine Borrower and/or any guarantor or indemnitor under any of the Mezzanine
Loan Documents, made to Mezzanine Lender contained in any one or more of the Mezzanine Loan Documents is true, correct, complete
and accurate in all material respects as of the date hereof.


 


6.34          
AFFILIATE DEBT. Subject to the terms and conditions of this Agreement
and the other Loan Documents, Borrower hereby represents and warrants that Borrower has not incurred, created or assumed any indebtedness,
secured or unsecured, direct or indirect, absolute or contingent (including guaranteeing any obligation) which would in any event
be (a) binding on Administrative Agent or any Lender or (b) following a Mezzanine Loan Enforcement Action, binding on Borrower
or the Property, and without any adverse effect on Borrower, the Property or Mezzanine Lender, other than Permitted Indebtedness
and, as of the Effective Date, any and all debt that Borrower owes to any Affiliate is fully subordinated to the Loan and the Mezzanine
Loan and has a term of at least five (5) years, and upon the consummation of a Mezzanine Loan Enforcement Action, shall cease to
be binding on Borrower or the Property and without any adverse effect on Borrower, the Property or Mezzanine Lender.


 


6.35          
LABOR. To the best of Borrower’s knowledge, no organized work
stoppage or labor strike is pending or threatened by employees and other laborers at the Property. Borrower (i) is not involved
in or threatened with any labor dispute, grievance or litigation relating to labor matters involving any employees and other laborers
at the Property, which could reasonably be expected to have a Material Adverse Effect, 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, (ii) has not engaged in any unfair labor practices within the meaning of the National Labor Relations
Act or the Railway Labor Act and (iii) is not a party to, or bound by, any collective bargaining agreement or union contract with
respect to employees and other laborers at the Property that will be binding on the Property upon a transfer of ownership (an “Organized
Labor Agreement”) and no such Organized Labor Agreement or contract is currently being negotiated by Borrower or any
of its Affiliates. 


 


6.36          
ANTI-CORRUPTION LAWS AND SANCTIONS. Neither (i) Borrower, Sponsor
or any Sponsor BFP Subsidiary nor (ii) to Borrower’s knowledge upon reasonable inquiry, any Person within the Borrowing Group
not listed in (i) above, including directors, officers, employees or agents, is: (a) a Sanctioned Person; or (b) controlled by
or acting on behalf of a Sanctioned Person. Borrower, Sponsor and each Sponsor BFP Subsidiary and, to Borrower’s knowledge
upon reasonable inquiry, any other Person within the Borrowing Group including any of their directors, officers, employees or agents
(a) is in compliance with all Anti-Corruption Laws and Anti-Money Laundering Laws, (b) has not taken any action in furtherance
of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything
else of value, directly or indirectly, to any person while knowing that all or some portion of the money or value will be offered,
given or promised to anyone to improperly influence official action, to obtain or retain business, or otherwise to secure an improper
advantage, (c) has not received notice from or made a voluntary disclosure to any governmental entity regarding a possible violation
of any Anti-Corruption Laws or Anti-Money Laundering Laws. The provisions in this Section shall prevail and control over any contrary
provisions in this Agreement or in 


 






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any related documents; (d) has not been previously indicted for or convicted of any felony involving
any criminal violation of any of Anti-Corruption Laws, Anti-Money Laundering Laws, and Sanctions; and (e) is not currently under
investigation by any Governmental Authority for any alleged criminal activity referenced in provision (d). In entering into the
Loan Documents to which it is a party, each Loan Party is acting solely for its own account and no natural person owns, directly
or indirectly, more than twenty-five percent (25%) of a beneficial interest or voting interest in Borrower.


 


ARTICLE 7. HAZARDOUS
MATERIALS


 


7.1              
SPECIAL REPRESENTATIONS AND WARRANTIES. Without in any way limiting the other representations and
warranties set forth in this Agreement, and after reasonable investigation and inquiry, the Borrower hereby specially represents
and warrants to the best of its knowledge as of the date of this Agreement as follows:


 


(a)               
Hazardous Materials. Except as set forth in those certain reports listed on Schedule IV attached hereto,
the Property and Improvements are not and have not been a site for the use, generation, manufacture, storage, treatment, release,
threatened release, discharge, disposal, transportation or presence of any Hazardous Materials under the Hazardous Materials Laws,
as described below, and/or other applicable environmental laws, ordinances and regulations. “Hazardous Materials” shall
not include commercially reasonable amounts of such materials used or stored in the ordinary course of ownership, operation, maintenance
and use of the Property which are used and stored in accordance with all applicable environmental laws, ordinances and regulations.


 


(b)               
Hazardous Materials Laws. Except as set forth in those certain reports listed on Schedule IV attached
hereto, the Property and Improvements are in compliance in all material respects with all laws, ordinances and regulations relating
to Hazardous Materials (“Hazardous Materials Laws”), including, without limitation: the Clean Air Act, as amended,
42 U.S.C. Section 7401 et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. Section 1251 et
seq.; the Resource Conservation and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended (including the Superfund Amendments and Reauthorization
Act of 1986, “CERCLA”), 42 U.S.C. Section 9601 et seq.; the Toxic Substances Control Act, as amended,
15 U.S.C. Section 2601 et seq.; the Occupational Safety and Health Act, as amended, 29 U.S.C. Section 651, the
Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine Safety and Health
Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe Drinking Water Act, as amended, 42 U.S.C. Section 300f
et seq.; and all comparable state and local laws, laws of other jurisdictions or orders and regulations.


 


(c)               
Border Zone Property. The Property has not been designated as Border Zone Property under the provisions of California
Health and Safety Code, Sections 25220 et seq. and there has been no occurrence or condition on any real property adjoining
or in the vicinity of the Property that is reasonably expected to cause the Property or any part thereof to be designated as Border
Zone Property.


 


(d)               
Hazardous Materials Claims. There are no written claims or actions (“Hazardous Materials Claims”)
pending or to Borrower’s knowledge, threatened in writing against Borrower, the Property or Improvements by any Governmental
Authority, governmental agency or by any other person or entity relating to Hazardous Materials or pursuant to the Hazardous Materials
Laws.


 


7.2              
HAZARDOUS MATERIALS COVENANTS. The Borrower agrees as follows:


 






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(a)               
No Hazardous Activities. The Borrower shall not cause or permit the Property or Improvements to be used as a site
for the use, generation, manufacture, storage, treatment, release, discharge, disposal, transportation or presence of any Hazardous
Materials.


 


(b)               
Compliance. The Borrower shall comply and the Borrower shall use commercially reasonable efforts to cause all other
Persons to comply in all material respects with all Hazardous Materials Laws relating to the Property and Improvements.


 


(c)               
Notices. The Borrower shall promptly notify Administrative Agent in writing of: (i) the discovery of any Hazardous
Materials on, under or about the Property and Improvements; (ii) any knowledge by Borrower that the Property and Improvements
do not comply with any Hazardous Materials Laws; (iii) any Hazardous Materials Claims.


 


(d)               
Remedial Action. In response to the presence of any Hazardous Materials on, under or about the Property or Improvements,
the Borrower shall promptly take, at Borrower’s sole expense, all remedial action required by any Hazardous Materials Laws
(or the applicable Governmental Authority exercising jurisdiction thereover) or any judgment, consent decree, settlement or compromise
in respect to any Hazardous Materials Claims.


 


7.3              
INSPECTION BY ADMINISTRATIVE AGENT. Upon reasonable prior notice to Borrower, Administrative Agent,
its employees and agents, may from time to time (whether before or after the commencement of a nonjudicial or judicial foreclosure
proceeding) enter and inspect the Property and Improvements for the purpose of determining the existence, location, nature and
magnitude of any past or present release or threatened release of any Hazardous Materials into, onto, beneath or from the Property
and Improvements.


 


7.4              
HAZARDOUS MATERIALS INDEMNITY. BORROWER HEREBY AGREES TO DEFEND, INDEMNIFY AND HOLD HARMLESS ADMINISTRATIVE
AGENT AND EACH LENDER, AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS IN EACH SUCH PARTY’S
CAPACITY AS SUCH FROM AND AGAINST ANY AND ALL LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS AND LEGAL OR
OTHER EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES AND EXPENSES) (INCLUDING IN EACH CASE LOSSES FOR
DIMINUTION IN VALUE, BUT NOT OTHER CONSEQUENTIAL DAMAGES AND EXCLUDING LOSSES INCURRED AS A RESULT OF LENDER’S GROSS NEGLIGENCE
OR WILLFUL MISCONDUCT OR ANY HAZARDOUS MATERIALS FIRST INTRODUCED TO A PROPERTY AFTER THE
DATE LENDER, ITS DESIGNEE or AGENT acQuires possession of the propertY, it being acknowledgeD and agreed By BORROWER that a receiver
or custodian appointed BY A COURT SHALL under no circumstances be considered to be an agent of lender) WHICH ADMINISTRATIVE
AGENT AND/OR ANY LENDER ACTUALLY INCURS (EXCEPT IN THEIR RESPECTIVE CAPACITIES AS A TENANT UNDER ANY LEASE OF THE PROPERTY, IF
APPLICABLE, OR AS A PURCHASER OF THE PROPERTY; PROVIDED, HOWEVER, THAT (1) SUCH EXCEPTION SHALL NOT APPLY TO ADMINISTRATIVE AGENT
OR ANY LENDER OR THEIR NOMINEE IN THEIR CAPACITY AS OWNER OR OCCUPANT OF THE PROPERTY IN CONNECTION WITH OR FOLLOWING ANY FORECLOSURE
(OR A DEED IN LIEU OF FORECLOSURE) OR THE EXERCISE OF ANY REMEDIES UNDER THE LOAN DOCUMENTS, (2) SUCH EXCEPTION SHALL IN NO WAY
REDUCE OR IMPAIR ANY INDEMNITY OBLIGATIONS ARISING HEREUNDER AND (3) THAT TO THE EXTENT ANY SUCH PERSON IS BOTH A LENDER AND/OR
ADMINISTRATIVE AGENT AND A TENANT AND, IN SUCH CAPACITY AS A TENANT INCURS ANY LOSS OR DAMAGE, THE RESPONSIBILITY FOR SUCH LOSS
OR DAMAGE SHALL BE GOVERNED BY 


 






    	 	68	 



     


    

 


THE APPLICABLE LEASE) AS A DIRECT CONSEQUENCE OF THE USE, GENERATION, MANUFACTURE, STORAGE, DISPOSAL,
THREATENED DISPOSAL, TRANSPORTATION OR PRESENCE OF HAZARDOUS MATERIALS IN, ON, UNDER OR ABOUT THE PROPERTY OR IMPROVEMENTS. BORROWER
SHALL PAY TO ADMINISTRATIVE AGENT AND/OR ANY LENDER, WITHIN TEN (10) DAYS OF DEMAND, ANY AMOUNTS OWING UNDER THIS INDEMNITY, TOGETHER
WITH INTEREST FROM THE DATE THE INDEBTEDNESS ARISES UNTIL PAID AT THE RATE OF INTEREST APPLICABLE TO THE PRINCIPAL BALANCE OF THE
LOAN. BORROWER’S DUTY AND OBLIGATIONS TO DEFEND, INDEMNIFY AND HOLD HARMLESS ADMINISTRATIVE AGENT AND EACH LENDER SHALL SURVIVE
THE CANCELLATION OF THE NOTES AND THE RELEASE, RECONVEYANCE OR PARTIAL RECONVEYANCE OF THE DEED OF TRUST.


 


7.5              
LEGAL EFFECT. Borrower and Administrative Agent agree that: (i) this Article is intended as Administrative
Agent’s written request for information (and Borrower’s response) concerning the environmental condition of the real
property security as required by California Code of Civil Procedure §726.5; and (ii) each provision in this Section (together
with any indemnity applicable to a breach of any such provision) with respect to the environmental condition of the real property
security is intended by Administrative Agent and Borrower to be an “environmental provision” for purposes of California
Code of Civil Procedure §736. The term of the indemnity provided for herein will commence on the date hereof. Without in any
way limiting the above, it is expressly understood that Borrower’s duty to indemnify the applicable indemnitees hereunder
shall survive: (1) any judicial or non-judicial foreclosure under the Deed of Trust, or transfer of the Property in lieu thereof;
(2) the cancellation of the Note and the release, satisfaction or reconveyance or partial release, satisfaction or reconveyance
of the Deed of Trust; and (3) the satisfaction of all of Borrower’s obligations under the Loan Documents.


 


7.6              
ENVIRONMENTAL IMPAIRMENT. If any portion of the Property is determined to be “environmentally
impaired” (as “environmentally impaired” is defined in California Code of Civil Procedure Section 726.5(e)(3))
or to be an “affected parcel” (as “affected parcel” is defined in California Code of Civil Procedure Section
726.5(e)(1)), then, without otherwise limiting or in any way affecting Administrative Agent’s or the trustee’s rights
and remedies under the Deed of Trust, Administrative Agent may elect to exercise its right under California Code of Civil Procedure
Section 726.5(a) to (1) waive its lien on such environmentally impaired or affected parcel or portion of the Property and (2) exercise
(i) the rights and remedies of an unsecured creditor, including reduction of its claim against Borrower to judgment, and (ii) any
other rights and remedies permitted by law. For purposes of determining Administrative Agent’s right to proceed as an unsecured
creditor under California Code of Civil Procedure Section 726.5(a), Borrower shall be deemed to have willfully permitted or acquiesced
in a release or threatened release of hazardous materials, within the meaning of California Code of Civil Procedure Section 726.5(d)(1),
if the release or threatened release of hazardous materials was knowingly or negligently caused or contributed to by any lessee,
occupant or user of any portion of the Property and Borrower knew or should have known of the activity by such lessee, occupant
or user which caused or contributed to the release or threatened release. All costs and expenses, including, without limitation,
attorneys’ fees, incurred by Administrative Agent or any Lender in connection with any action commenced under this Section,
including any action required by California Code of Civil Procedure Section 726.5(b) to determine the degree to which the Property
is environmentally impaired, plus interest thereon at the default rate of interest set forth in the Note until paid, shall be added
to the obligations secured by the Deed of Trust and shall be due and payable to Lender upon its demand made at any time following
the conclusion of such action.


 






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ARTICLE 8. CASH MANAGEMENT


 


8.1              
ESTABLISHMENT OF PROPERTY ACCOUNT. Borrower (i) has established, and hereby covenants to maintain,
an account (the “Property Account”) with Property Account Bank into which Borrower shall deposit, or cause to
be deposited, all its Gross Operating Income and forfeited Security Deposits and (ii) to the extent reasonably required by Administrative
Agent, has executed an agreement with Administrative Agent and the Property Account Bank providing for the control of each such
Property Account by Administrative Agent for the benefit of the Lenders in form and substance reasonably acceptable to Administrative
Agent (the “Property Account Agreement”).


 


8.2              
DEPOSITS INTO PROPERTY ACCOUNT.


 


(a)               
Borrower represents, warrants and covenants that (i) Borrower shall, or shall cause Manager to, within one (1) Business
Day of receipt, deposit all its respective cash constituting Gross Operating Income and all other moneys paid to or received by
Borrower (including, without limitation, all amounts received by Borrower as agent for, or at the direction of, any Borrower Affiliate,
which amounts Borrower hereby expressly agrees shall be collateral for the Loan) with respect to the use, ownership or operation
of the Property into the Property Account, (ii) other than the Property Account, there shall be no other accounts maintained
by Borrower or any other Person into which revenues from the use, ownership and operation of the Property is deposited, and (iii)
neither the Borrower nor any other Person shall open any other such account with respect to the deposit of such revenue. Until
deposited into the Property Account, any Gross Operating Income and all other moneys paid to or received by Borrower with respect
to the use, ownership or operation of the Property shall be deemed to be Collateral and shall be held in trust by it for the benefit,
and as the property, of the Lenders and shall not be commingled with any other funds or property of Borrower.


 


(b)               
Borrower shall deliver a notice in the form of Exhibit F attached hereto (the “Tenant Direction Letter”)
directly to each new tenant at the Property simultaneously with the execution of each such new tenant’s Lease. Borrower’s
instruction to deliver all payments due under each tenant’s Lease as directed in the Tenant Direction Letters shall be irrevocable
(until the Loan and all other amounts owed to Lenders and Administrative Agent under the Loan Documents are paid in full), except
by written direction of Administrative Agent.


 


8.3              
ACCOUNT NAME. The Property Account shall be in the name of Maguire Properties – 777 Tower,
LLC.


 


8.4              
ELIGIBLE ACCOUNTS. Unless otherwise approved by Administrative Agent, the Property Account shall
at all times be maintained as an Eligible Account.


 


8.5              
DISBURSEMENTS FROM THE PROPERTY ACCOUNT.


 


(a)               
Prior to the occurrence of a Triggering Event (or promptly after the receipt of notice from Administrative Agent that a
Triggering Event Termination has occurred), all funds shall be disbursed by Property Account Bank on each Business Day to an account
to be designated in writing by Borrower to the Property Account Bank or as otherwise designated by Borrower to the Property Account
Bank from time to time (the “Designated Account”); provided, that if (i) no Triggering Event shall exist
and (ii) Mezzanine Lender has notified Administrative Agent in writing that a Default exists (under and as defined in the Mezzanine
Loan Agreement), then, until Mezzanine Lender notifies Administrative Agent that such Default (under and as defined in the Mezzanine
Loan Agreement) has been cured, then all amounts shall be disbursed by Property Account Bank on each Business Day to Mezzanine
Lender for application in accordance with the Mezzanine Loan Agreement. At the Borrower’s request, 


 






    	 	70	 



     


    

 


Administrative Agent agrees
to promptly deliver notice to the Property Account Bank and Borrower that a Triggering Event Termination has occurred, upon Administrative
Agent having received such information as would allow it to determine the same.


 


(b)               
During the continuance of a Triggering Event, (x) Borrower shall not be entitled to withdraw or receive a transfer of funds
in the Property Account, (y) Administrative Agent shall be the sole Person authorized to withdraw or transfer funds in the Property
Account, and (z) Administrative Agent shall apply all funds on deposit in the Property Account on each Payment Date in the following
order of priority: (i) fees and expenses due to the Administrative Agent, (ii) amounts due to the Administrative Agent and the
Lenders in respect of Protective Advances, (iii) to pay interest, principal and other sums due on such date with respect to the
Loan, including payments required to be paid pursuant to Section 2.6(a) and Section 9.15(a); (iv) any payments due to a counterparty
under any Interest Rate Protection Agreement; (v) to pay Property Account Bank for fees and expenses incurred in connection with
this Agreement and the Property Account established hereunder; (vi) to pay monthly Operating Expenses pursuant to the applicable
Approved Annual Budget, less any amounts disbursed under Section 8.5(d) below for such monthly costs and expenses; (vii) provided
that no Default shall then exist, to Mezzanine Lender, in an amount equal to pay currently due, regularly scheduled payments of
interest and/or regularly scheduled fees under the Mezzanine Loan (it being understood and agreed that Administrative Agent shall
not be required to release any funds to Mezzanine Lender for the payment of principal or other, non-regularly scheduled fees or
expenses due under the Mezzanine Loan during the existence of a Trigger Period); (viii) to pay monthly leasing and capital expenditure
costs of the Property pursuant to the applicable Approved Annual Budget, less any amounts disbursed under Section 8.5(d) below
for such monthly costs and expenses; and (ix) the balance (“Excess Cash Flow”), if any, shall be deposited into
the Sweep Account.


 


(c)               
Within ten (10) Business Days after the occurrence of a Triggering Event described in clause (ii) of the definition of Triggering
Event, Borrower shall deposit into the Sweep Account an amount equal to the amount of Excess Cash Flow that otherwise would have
been deposited into the Sweep Account if a Triggering Event had existed during the period commencing on the date the Sweep Guaranty
was delivered and ending on the date of the Sweep Guaranty Termination Event, as such amount is reasonably determined by Administrative
Agent. Within five (5) Business Days after a Sweep Guaranty Termination Event, Borrower shall provide Lender with its good faith
calculation of such amount, with reasonable backup, for Administrative Agent’s approval.


 


(d)               
In addition to the application of funds set forth in Section 8.5(b), following the occurrence of a Triggering Event, Administrative
Agent shall make a disbursement to Borrower on the first day of each month, in an amount up to the lesser of (A) the positive difference,
if any, of (1) the amount of funds in the Property Account at such time less (2) the amount necessary to pay the items listed in
clauses (i), (ii), (iii), (iv), (v) and (vii) of Section 8.5(b) on the next succeeding Payment Date and (B) Operating Expenses
and leasing and capital expenditure costs of the Property set forth in the Approved Annual Budget for such month. If Borrower receives
any amounts under this subsection (d) in excess of the amount of Operating Expenses and leasing and capital expenditure costs of
the Property actually incurred by Borrower during the applicable month, Borrower shall not apply any portion of such excess towards
anything other than amounts described in clauses (i)-(viii) of Section 8.5(b) above.


 


Notwithstanding anything
contained herein, for purposes of this Section 8.5, Operating Expenses shall not include (i) management fees that exceed the lesser
of (x) actual management fees owed or paid and (y) three percent (3%) of Gross Operating Income from operations of the Property;
or (ii) any payments to Borrower Affiliates, excluding management fees payable to Manager under the Management Agreement.


 






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8.6              
SWEEP ACCOUNT. Prior to an Extended Triggering Event Termination, all sums deposited in the Sweep
Account shall remain on deposit therein as additional security for the payment of the Loan and payment and performance of all of
Borrower’s obligations under the Loan Documents. Notwithstanding the foregoing, (i) so long as no Default shall exist, (a)
Administrative Agent shall not unreasonably withhold its consent to Borrower’s written request for a disbursement of funds
from the Sweep Account to (x) fund any Escrow Fund Deficiency Amount, (y) pay expenses that exceed the amount budgeted therefor
in the Approved Annual Budget, and (z) pay unanticipated expenditures necessary to preserve or protect the Property and (b) within
five (5) Business Days’ of Borrower’s written request, Administrative Agent shall disburse funds to pay all or any
portion of any Optional Minimum DSCR Prepayment and (ii) upon the occurrence of an Extended Triggering Event Termination, Administrative
Agent shall (or shall instruct Property Account Bank to) disburse all sums accumulated in the Sweep Account, and in any other reserves
established under Section 8.5 hereof, to the Designated Account.


 


8.7              
SOLE DOMINION AND CONTROL. Borrower acknowledges and agrees that the Property Account is subject
to the sole dominion, control and discretion of Administrative Agent for the benefit of Lenders, its authorized agents or designees,
including Property Account Bank, subject to the terms hereof; and Borrower shall have no right of withdrawal with respect to Property
Account except with the prior written consent of Administrative Agent or as otherwise provided herein.


 


8.8              
SECURITY INTEREST. Borrower hereby grants to Administrative Agent for the benefit of the Lenders
a first priority security interest in the Property Account and the Account Collateral as additional security for the Loan. Borrower
shall not change its name, identity or jurisdiction of organization without, in each case, giving Administrative Agent thirty (30)
days prior written notice.


 


8.9              
RIGHTS ON DEFAULT. Notwithstanding anything to the contrary in this Article 8, but subject to Section
8.13(c), upon the occurrence of a Default, Administrative Agent shall promptly notify Property Account Bank and in writing of such
Default and, without notice from Property Account Bank or Administrative Agent, while such Default shall continue (a) the Borrower
shall have no further right in respect of (including, without limitation, the right to receive a transfer from) the Property Account
and (b) Administrative Agent shall have all rights and remedies with respect to the Property Account and the Sweep Account and
the amounts on deposit therein and the Account Collateral as described in this Agreement and in the Deed of Trust, 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 Deed of Trust, Administrative Agent may apply the amounts of such Property Account or the Sweep Account
as Administrative Agent determines in its sole discretion including, but not limited to, payment of the principal and all other
sums that may be payable with respect to the Loan. If a Default is no longer continuing, Administrative Agent shall rescind such
notice provided above under this Section 8.9 and the Borrower shall not be subject to the obligations set forth in this Section 8.9.


 


8.10          
FINANCING STATEMENT; FURTHER ASSURANCES. Borrower hereby authorizes Administrative Agent to file,
and upon Administrative Agent’s request, shall execute and deliver to Administrative Agent for filing, a financing statement
or statements under the UCC in connection with the Property Account and the Account Collateral with respect thereto in the form
required to properly perfect Lenders’ security interest therein. The Borrower agrees that at any time and from time to time,
at the expense of Borrower, Borrower will promptly execute and deliver all further instruments and documents, and take all further
action, that may be necessary or desirable, or that Administrative Agent may reasonably request, in order to perfect and protect
any security interest granted or purported to be granted hereby or to enable Property Account Bank or Administrative Agent to exercise
and enforce its rights and remedies hereunder with respect to any Property Account or Account Collateral.


 






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8.11          
BORROWER’S OBLIGATION NOT AFFECTED. The insufficiency of funds on deposit in the Property
Account 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.


 


8.12          
DEPOSIT ACCOUNTS. Borrower represents and warrants to Administrative Agent and each Lender as of
the Effective Date and continuing thereafter that:


 


(a)               
This Agreement creates a valid and continuing security interest (as defined in the UCC) in the Property Account and upon
establishment thereof, the Sweep Account, in favor of Administrative Agent for the benefit of the Lenders, which security interests
are prior to all other Liens and are enforceable as such against creditors of and purchasers from Borrower;


 


(b)               
Borrower and Administrative Agent agree that the Property Account and upon establishment thereof, the Sweep Account, is
and shall be maintained (i) as a “deposit account” (as such term is defined in Section 9-102(a)(29) of the UCC),
(ii) in such a manner that Administrative Agent for the benefit of the Lenders shall have control (within the meaning of Section 9-104(a)(2)
of the UCC) over the Property Account and (iii) such that neither Borrower nor Manager shall have any right of withdrawal from
the Property Account and upon establishment thereof, the Sweep Account, and no Account Collateral shall be released to Borrower
or Manager from the Property Account. Unless otherwise approved by the Administrative Agent in its sole discretion, the Designated
Account, the Property Account and the Sweep Account shall be maintained with Wells Fargo. Without limitation of the foregoing,
Borrower shall only establish and maintain the Property Account with a financial institution (other than Wells Fargo or an Affiliate
thereof) that has executed an agreement substantially in the form of the Property Account Agreement or in such other form reasonably
acceptable to Administrative Agent.


 


(c)               
The Borrower owns and has good and marketable title to the Property Account free and clear of any Lien or claim of any Person;


 


(d)               
Other than the security interest granted to Administrative Agent for the benefit of the Lenders pursuant to this Agreement,
the Borrower has not pledged, assigned, or sold, granted a security interest in, or otherwise conveyed the Property Account; and


 


(e)               
The Property Account is not in the name of any Person other than the Borrower or Administrative Agent for the benefit of
Lenders.


 


8.13          
Additional Provisions Relating to AccountS.


 


(a)               
Upon the occurrence of a Triggering Event or upon a Default, Borrower shall within three (3) Business Days transfer any
funds on deposit in the Designated Account to the Property Account and shall promptly provide a DSCR Certificate.


 


(b)               
Borrower may not use any of its Gross Operating Income for purposes other than the payment of Operating Expenses, payments
of principal, interest, fees and other amounts due under this Agreement and the other Loan Documents, payments under Interest Rate
Protection Agreements, leasing and capital expenditure costs with respect to the Property, in each case, in accordance with the
Approved Annual Budget (it being understood that other than payments pursuant to the Management Agreement, Permitted Liens and
those incurred in accordance with the Approved Annual Budget that comply with the provisions of Section 10.1(e), the Borrower shall
not make any payments to any Affiliate of any Loan Party). The Borrower shall provide an accounting of its funds in each DSCR Certificate
delivered in accordance with Section 10.1(a).


 






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(c)               
It is acknowledged by the Parties that notwithstanding anything to the contrary herein, any amounts invested pursuant to
this Article 8 at all times shall be invested solely in Permitted Investments.


 


ARTICLE 9. ADDITIONAL
COVENANTS OF BORROWER


 


9.1              
EXPENSES. The Borrower shall promptly pay Administrative Agent upon demand all costs and expenses
incurred by Administrative Agent (including reasonable attorneys’ fees and expenses) in connection with: (a) the preparation
of this Agreement, all other Loan Documents and Other Related Documents contemplated hereby; (b)  the negotiation, preparation,
execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement, the other
Loan Documents, Other Related Documents and any other documents or matters; (c) securing the Borrower’s compliance with any
requests made pursuant to the provisions of this Agreement; (d) 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 Liens in favor of Administrative Agent pursuant to this Agreement, the other Loan Documents and
Other Related Documents; (e) 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 the Borrower, this Agreement, the other
Loan Documents, Other Related Documents, the Property or any other security given for the Loan; and (f) the enforcement or
satisfaction by Administrative Agent or Lenders of any of Borrower’s obligations under this Agreement, the other Loan Documents
or the Other Related Documents 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. For all purposes of this
Agreement, Administrative Agent’s and Lenders’ costs and expenses shall include, without limitation, all appraisal
fees incurred for (x) provided that no Default exists, no more than two appraisals obtained during the term of the Loan (in addition
to any appraisal delivered in connection with the closing of the Loan) and (y) all appraisals obtained after and during the continuation
of a Default, cost engineering and inspection fees, reasonable legal fees and expenses, accounting fees, environmental consultant
fees, auditor fees, UCC filing fees, UCC vendor fees and the cost to Lenders of any title insurance premiums, title surveys, reconveyance
and notary fees (to the extent Administrative Agent is permitted to procure such items hereunder) and/or (following the occurrence
and during the continuance of Default) all costs incurred by Administrative Agent in connection with Section 11.2 hereof. The Borrower
recognizes and agrees that formal written Appraisals of the Property and Improvements by a licensed independent appraiser may be
required by Administrative Agent’s or any Lender’s internal procedures and/or federal regulatory reporting requirements
on an annual and/or specialized basis. If any of the services described above are provided by an employee of Administrative Agent
if Wells Fargo is acting as Administrative Agent, Administrative Agent’s costs and expenses for such services shall be calculated
in accordance with Administrative Agent’s standard charge for such services, which charges shall be commercially reasonable
and without duplication to any third-party costs in connection with the same service.


 


9.2              
ERISA COMPLIANCE. The Borrower shall at all times comply with the provisions of ERISA with respect
to any retirement or other employee benefit plan to which it is a party as employer, and as soon as possible after Borrower knows,
or has reason to know, that any Reportable Event (as defined in ERISA) with respect to any such plan of the Borrower has occurred,
it shall furnish to Administrative Agent a written statement setting forth details as to such Reportable Event and the action,
if any, which Borrower proposes to take with respect thereto, together with a copy of the notice of such Reportable Event furnished
to the Pension Benefit Guaranty Corporation.


 






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9.3              
LEASING.


 


(a)               
The Borrower covenants and agrees at Borrower’s sole cost and expense to: (a) perform the material obligations of
lessor contained in the Leases and use commercially reasonable efforts to enforce by all available remedies, at the discretion
of Borrower, performance by the lessees of the material obligations of the lessees contained in the Leases; (b) (x) give Administrative
Agent prompt written notice of any default in the payment of base rent or any other material default which occurs with respect
to any of the Major Leases and Significant Leases and (y) use commercially reasonable efforts to give Administrative Agent prompt
written notice of any default in the payment of base rent or any other material default which occurs with respect to any other
Leases, whether the default be that of the lessee or of the lessor; and (c) exercise Borrower’s diligent efforts to keep
all portions of the Property that are capable of being leased, leased at all times at rentals commensurate with current market
rates for similarly situated property. The Borrower shall not, without the Administrative Agent’s prior written consent or
as otherwise permitted by any provision of this Agreement: (i) execute any other assignment relating to any of the Leases; (ii)
collect rentals more than one (1) month in advance of the time when it becomes due; (iii) consent to any assignment by any lessee
under any office lease other than in accordance with the provisions of the Lease in question; or (iv) subordinate or agree to subordinate
any of the Leases to any other deed of trust or encumbrance. Any attempted action in violation of this Section 9.3(a), Section
9.3(b), Section 9.3(c) or Section 9.4 of this Agreement shall be null and void. Notwithstanding anything contained herein to the
contrary, in no event shall Borrower enter into any Modification that adversely affects the economic terms of a Lease based on
lessee’s or lessee’s Affiliates relationship or business dealing with Borrower or any Borrower’s Affiliate unrelated
to the Property.


 


(b)               
With respect to executed Leases (including Leases entered into after the Effective Date), the Borrower shall not, without
(1) Requisite Lenders’ prior written consent if such Lease is a Major Lease, or (2) the Administrative Agent’s prior
written consent with respect to any other Lease: (i) permit or allow any change, amendment, modification, assignment, surrender,
renewal, extension or termination (each a “Modification”) of any Lease (provided that notwithstanding the foregoing
with respect to Modifications that are not terminations or surrenders of a Lease, Requisite Lenders’ or Administrative Agent’s
consent, as applicable, shall not be unreasonably withheld and provided further that only the Administrative Agent’s consent
shall be needed for Modifications to any Lease that do not affect the economic or other material terms of such Lease, increase
the landlord’s obligations thereunder or decrease the tenant’s obligations thereunder); (ii) waive any of the
Borrower’s rights or remedies, other than such rights which are de minimis in nature; or (iii) otherwise consent to
any material change in the obligations, duties or liabilities of a tenant; provided however that Requisite Lenders’ or Administrative
Agent’s prior written consent, as applicable, shall not be required (1) for any Modification of any Lease entered into after
the date hereof that did not require Requisite Lenders’ or Administrative Agent’s consent as of the execution thereof
and that would not have required Requisite Lenders’ or Administrative Agent’s consent if the modified terms had been
part of the original lease terms (or if such Lease as modified would have been permitted hereunder as a new Lease (after obtaining
the approval of Administrative Agent or the Requisite Lender that would be applicable to such new Lease), or (2) any Modification
of any Existing Lease, so long as such modification does not (y) reduce the amount (except (I) with respect to any amounts (other
than base rent) that are past due, in accordance with Borrower’s customary operating procedures or in good faith settlement
of any claims and (II) with respect to any amounts (other than base rent) that have not yet become due, discounts, in Borrower’s
good faith judgment, that are commercially reasonable and, with respect to clause (II), in no event to exceed $10,000 in the aggregate
with respect to all Leases on a monthly basis) or change the timing for payment of rent of such Existing Lease, or otherwise result
in such Existing Lease having materially less favorable terms or (z) change the term of such Existing Lease, provided, however
any Modification to an Existing Lease shall be permitted if such Existing Lease as modified would have been permitted hereunder
as a new Lease (after obtaining the approval of Administrative Agent or the Requisite Lender that would be 


 






    	 	75	 



     


    

 


applicable to such new
Lease)), or (3) any Modification evidencing lease renewal options allowing for renewal at the greater of (i) the rent payable prior
to the execution of such option and (ii) fair market rent.


 


(c)               
Administrative Agent’s consent shall not be required for Borrower to terminate or accept a surrender of any Lease
that is not a Major Lease or a Significant Lease where either (i) there is a bona fide default by the tenant thereunder in the
payment of base rent or otherwise in material default or (ii) such termination or surrender in Borrower’s good faith judgment
is commercially reasonable. Additionally, the Requisite Lenders and Administrative Agent, as applicable, shall not unreasonably
withhold their consent to a termination or acceptance of a surrender of a Lease that is a Major Lease or Significant Lease, respectively
(A) where such termination or surrender is by reason of the bona fide default by the tenant in the payment of base rent or other
material default or (B) where another creditworthy tenant is willing to lease the related space and the net effective rent that
would be paid by the replacement tenant would exceed the net effective rent being paid by the tenant whose Lease is being terminated
or surrendered for each of the remaining years of such Lease.


 


(d)               
Any sums received by Borrower in consideration of any termination, in full or in part, or any reduction in term, or the
release or discharge of any lessee of any Lease, but only if a Default exists or such funds exceed (1) $500,000 from any such termination
or (2) $1,000,000 taken in the aggregate with all prior lease termination payments received by Borrower (hereafter, a “Termination
Payment”), shall be promptly delivered to Administrative Agent to hold in escrow (the “Termination Payment Escrow”)
and shall be disbursed in accordance with this Section 9.3(d). Any funds not required to be delivered to the Administrative
Agent pursuant to the preceding sentence shall, except during the existence of a Triggering Event or a Default, be deposited in
the Borrower’s Designated Account. Borrower hereby grants to Administrative Agent as agent for the Lenders a first perfected
security interest in the Termination Payment Escrow. The Termination Payments will be held in a separate interest bearing account,
which account shall provide for interest at then prevailing market rates and all interest thereon shall be for the benefit of Borrower
and shall be added to and remain in the Termination Payment Escrow; provided, however, that nothing herein shall require that interest
be earned at the highest prevailing rates. Provided no Default exists and is continuing, Borrower may request a disbursement from
the Termination Payment Escrow for payment of tenant improvement costs, tenant improvement allowances and/or leasing commissions
with the approval of Administrative Agent, such approval not to be unreasonably withheld or delayed and such approval shall not
be required and shall be deemed to have been given if the provision for making such payment (and the terms of such payments) is
contained in a Lease which exists on the date hereof or that has been entered into in accordance with the provisions of this Agreement.
Notwithstanding the foregoing, provided no Triggering Event or Default exists and is continuing, any Termination Payment that is
not applied in accordance with the preceding sentence shall be returned to the Borrower once all of the space with respect to which
the Termination Payment was paid has been re-leased pursuant to Lease(s) entered into in accordance with the terms of this Agreement,
the tenant thereunder has taken possession of all of its space and commenced payment of its full base minimum rent, the Administrative
Agent has received an estoppel letter with respect to each new Lease in form reasonably acceptable to Administrative Agent and
all obligations of Borrower with respect to the construction of tenant improvements, and the payment of tenant improvement allowances
and leasing commissions have been fully performed, provided, however, if at such time a Default shall have occurred and be continuing,
such amount shall not be returned to Borrower and shall instead be applied or used by Administrative Agent pursuant to the immediately
succeeding sentence. Upon the occurrence and during the continuance of a Default, Administrative Agent may, in addition to all
other remedies permitted under this Agreement and the other Loan Documents, at law or in equity, charge, set-off and otherwise
apply against the obligations and liabilities of Borrower under the Loan Documents or any part thereof, all or any part of the
funds on deposit in the Termination Payment Escrow. For the avoidance of doubt, this Section 9.3(d) is subject to Section 8.13(c).


 






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9.4              
APPROVAL OF LEASES.


 


(a)               
Borrower may enter into any Leases provided that all the following requirements are satisfied (the “Minimum Leasing
Guidelines”):


 


(i)                
(A) If the Lease is a Major Lease, Requisite Lenders’ prior written approval and (B) if the Lease is a Significant
Lease, Administrative Agent’s prior written approval shall have first been obtained pursuant to Section 9.4(b), at Borrower’s
sole cost and expense;


 


(ii)              
The Lease shall be prepared substantially on the Borrower’s standard form of lease agreement, which has been approved
by Administrative Agent (with changes as are commercially reasonable taking into consideration the size, credit and bargaining
power of the related tenant) or other form required by the tenant (which, as modified in negotiations with the tenant, is commercially
reasonable taking into consideration the size, credit and bargaining power of the tenant);


 


(iii)            
The Lease shall be to a tenant who will occupy its premises for the conduct of its and its affiliates’ business and
not as a master lease primarily for the subletting of space to others (it being understood that Leases to tenants who lease “office
suites” (i.e., tenants who conduct a similar business to Regus Corporation) that are not Affiliates of Borrower or Guarantor
are not prohibited by this clause (iii));


 


(iv)             
The Borrower shall deliver to Administrative Agent a true and complete copy of such Lease together with the delivery of
the financial statements required by Section 10.1(a) and shall certify to Administrative Agent Borrower’s compliance
with this Section 9.4;


 


(v)               
The Lease shall be subordinate to the Loan and the Deed of Trust (which subordination may be subject to the delivery by
Administrative Agent of a subordination, non-disturbance and attornment agreement in accordance with the provisions of Section
9.4(c) below);


 


(vi)             
No purchase option, master lease options, or rights of first refusal for the sale of the Property shall be permitted without
Administrative Agent’s prior written approval, which may be withheld in its sole and absolute discretion; and


 


(vii)           
The Lease shall provide for rental rates and other material economic terms comparable to existing local market rates and
terms (taking into account the type and quality of the tenant) as of the date such Lease is executed by Borrower, shall be an arms-length
transaction with a bona fide, independent third party tenant (other than leases to the Manager on comparable terms and covering
comparable space with those in place on the date hereof), and shall not have a Material Adverse Effect on the value or quality
of the Property.


 


If any of the conditions to entering into
a Lease as set forth in this Section 9.4(a) are not satisfied, the consent of the (A) the Requisite Lenders if such Lease
is a Major Lease and (B) the Administrative Agent with respect to any other Lease shall be required.


 


(b)               
Borrower may not enter into any new Major Lease or Significant Lease for space in the Improvements unless the following
conditions are satisfied: (i) Borrower shall have obtained the consent of (A) Requisite Lenders in the case of a Major Lease and
(B) the Administrative Agent in the case of a Significant Lease, which consent shall not be unreasonably withheld if the proposed
tenant is creditworthy (as determined by Requisite Lenders or Administrative Agent, as applicable, in their reasonable discretion)
and the provisions of Sections 9.4(a)(ii) and (viii) have been complied with and (ii)


 






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 such Major Lease or Significant Lease complies
with the provisions of Sections 9.4(a)(i), (iii), (vi) (subject to Section 9.4(c) below) and (vii).


 


(c)               
At Borrower’s request and at Borrower’s sole cost and expense, Administrative Agent shall promptly execute a
subordination, non-disturbance and attornment agreement substantially in the form attached hereto as Exhibit H with such
changes as may be requested by tenants and are reasonably acceptable to Administrative Agent for each Lease, provided that the
terms and conditions of such Lease (including, any non-Major Lease, consent for which is not required hereunder) have been approved
by Administrative Agent, which approval shall not be unreasonably withheld.


 


(d)               
Borrower shall promptly reimburse Administrative Agent for all actual out-of-pocket costs and expenses reasonably incurred
by Administrative Agent (including, without limitation, reasonable attorney’s fees and costs) in connection with Administrative
Agent’s review and approval of any new Lease or any Modification of an existing Lease or any other related Lease documentation
required to be reviewed and/or approved by Administrative Agent or Requisite Lenders under this Section 9.4 (including, without
limitation, any costs and expenses of Administrative Agent and its counsel (but not any other Lender’s counsel) incurred
in connection with the preparation and negotiation of any subordination, non-disturbance and attornment agreement).


 


(e)               
Borrower shall have the right to request approval to the material economic and material non-economic terms of a proposed
Lease or Modification which would be subject to Administrative Agent’s or Requisite Lenders’ approval hereunder, and
upon approval of such terms, Administrative Agent or Requisite Lenders, as applicable, shall not unreasonably withhold consent
to the final Lease documentation provided such Lease or Modification is consistent with such agreed upon terms and in any event
Administrative Agent or Requisite Lenders, as applicable, shall not have the right to withhold consent to such Lease or Modification
based upon objection to any of the previously approved terms.


 


(f)                
Any failure of Administrative Agent or any Lender, as applicable, to respond to Borrower’s written request for consent
or approval made to Administrative Agent pursuant to Section 9.3 or this Section 9.4 within ten (10) Business Days (or
fifteen (15) Business Days if Requisite Lenders’ consent is required) of the date of any such request shall be deemed to
constitute Administrative Agent’s or such Lender’s consent or approval, as applicable, provided that Borrower’s
request (i) is made in accordance with the notice provisions of this Agreement; (ii) is accompanied by a copy of the Lease, memorandum,
modification, amendment or other document or instrument for which consent or approval is being requested and (iii) states prominently
in bold capital letters that Administrative Agent’s or Lender’s failure to respond within such time period may result
in deemed consent or approval.


 


9.5              
OFAC. At all times throughout the term of the Loan, the Borrower, Guarantor and their respective
Affiliates shall be in full compliance with all applicable orders, rules, regulations and recommendations of The Office of Foreign
Assets Control of the U.S. Department of the Treasury.


 


9.6              
FURTHER ASSURANCES. Upon Administrative Agent’s request and at Borrower’s sole cost
and expense, the Borrower shall execute, acknowledge and deliver any other instruments and perform any other acts necessary, desirable
or proper, as reasonably determined by Administrative Agent, to carry out the purposes of this Agreement and the other Loan Documents
or to perfect and preserve any Liens created by the Loan Documents. The Borrower shall cooperate with the Administrative Agent
and any Lender with respect to any proceedings arising out of or relating to the Property, the Borrower, the Guarantor, the Loan
or the Loan Documents before any court, board or other Governmental Authority which may in any way adversely affect the rights
of the Administrative Agent or any Lender hereunder or any rights obtained by Administrative Agent or such Lender under any of
the Loan Documents and, in


 






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 connection therewith, permit the Administrative Agent and any Lender, at its election, to participate
in any such proceedings. The Borrower shall cooperate with the Administrative Agent and any Lender in obtaining for the Administrative
Agent or any Lender the benefits of any insurance proceeds lawfully or equitably payable to the Administrative Agent or any Lender
in connection with the Property.


 


9.7              
ASSIGNMENT. Without the prior written unanimous consent of each Lender (which consent may be withheld
in their sole and absolute discretion), and except for Permitted Transfers or Permitted Liens, the Borrower shall not, whether
the same occurs directly, indirectly, by operation of Law (other than as a result of a condemnation) or otherwise (any of the following
being a “Transfer”): (a) sell, assign, convey, transfer, pledge, mortgage or hypothecate (or permit or suffer
the occurrence of any sale, assignment, conveyance, transfer, pledge, mortgaging or hypothecation of): (i) all or any portion of
the Property or the Borrower’s interest in all or any portion of the Collateral (including, without limitation, the Transfer
or lease of any zoning, development or air rights with respect to the Property); (ii) any direct or indirect interest in Borrower
or (iii) Borrower’s interest under any of the Loan Documents; or (b) cause, or permit to occur, a Change of Control. Any
Transfer not otherwise permitted by this Section 9.7 shall be void. In this regard, the Borrower acknowledges that Lenders
would not make this Loan except in reliance on Borrower’s and Guarantor’s expertise, reputation, prior experience in
developing and constructing commercial real property and Lenders’ knowledge of Borrower and Guarantor. Borrower shall pay
any and all out-of-pocket costs incurred by Administrative Agent in connection with any Permitted Transfer (including, without
limitation, reasonable attorneys’ fees and expenses). The parties acknowledge that entering into Leases shall not constitute
a Transfer. Notwithstanding anything in this Agreement to the contrary, a lease of all or substantially all of Borrower’s
property to a tenant who will not occupy the leased premises for the conduct of its and its affiliates’ business shall constitute
a Transfer requiring the prior written consent of each Lender.


 


9.8              
MANAGEMENT AGREEMENT. At all times hereunder, Borrower shall require the Manager of the Property
to perform in all material respects in accordance with the terms of the Management Agreement and shall not materially amend, modify
or alter the Management Agreement or the responsibilities of such Manager or the liabilities of the Borrower under the Management
Agreement without Administrative Agent’s prior written consent, not to be unreasonably withheld, conditioned or delayed.
In addition, provided no Default is then continuing and upon thirty (30) days’ prior written notice to Administrative Agent
(or such shorter time frame as agreed to by Administrative Agent), Borrower shall have the right to terminate the Management Agreement
and enter into a replacement management agreement with a Qualified Manager, provided that such replacement management agreement
is: (I) (i) substantially in the same form and substance as the Management Agreement delivered to Administrative Agent and
Lenders on or prior to the Effective Date and (ii) entered into on an arms’-length basis and otherwise on commercially
reasonable terms and providing for economic terms and management fees comparable to then existing local market rates, with a management
fee not in excess of three percent (3.0%)] of Gross Operating Income or (II) otherwise reasonably acceptable to Administrative
Agent. The Borrower shall execute, upon Administrative Agent’s request, an assignment of Borrower’s rights under the
Management Agreement or any replacement management agreement to Administrative Agent as additional security for Borrower’s
obligations under this Agreement and the other Loan Documents and shall cause the Manager and any replacement manager to consent
to any such assignment (which consent shall include, among other things, a subordination of any of its fees or compensation provided
in the applicable Management Agreement as set forth in the Assignment of Agreements). In no event shall Manager be entitled to
receive a management fee in excess of 3% of Revenues (as currently defined in the Management Agreement) of the Property (including
the proceeds of any business interruption insurance).


 


9.9              
COMPLIANCE WITH APPLICABLE LAW. Borrower shall comply in all material respects with Applicable
Law applicable to it or its properties, including without limitation, the ADA.


 






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9.10          
SPECIAL COVENANTS; SINGLE PURPOSE ENTITY. Borrower represents and warrants that it at all times
since its formation has been, and covenants and agrees that until the Loan has been paid in full it shall, and its Organizational
Documents shall provide that it shall, continue to be, a Special Purpose Entity. A Special Purpose Entity means a corporation,
limited liability company or a limited partnership, which at all times since its formation has and, on and after the date hereof,
shall:


 


(a)               
not own (and has not owned) any asset or property other than (i) the Property, and (ii) such property as may be necessary
for or incidental to its business purposes set forth in Section 9.10(b) below and (iii) cash, accounts receivable associated
with its business purposes set forth in Section 9.10(b) below and other ordinary course investments of funds;


 


(b)               
not engage (and has not engaged) in any business, directly or indirectly, other than the ownership, development, operation,
leasing, financing and management of the Property and conduct and operate its business as presently conducted and operated;


 


(c)               
not amend, alter, change or repeal the “Special Purpose Provisions” as set forth in, and as defined in, Borrower’s
limited liability company agreement without the consent of Administrative Agent, nor amend, modify or otherwise change the Organizational
Documents of Borrower without the prior consent of Administrative Agent in any manner that (i) violates the single purpose covenants
set forth in this Section 9.10, or (ii) amends, modifies or otherwise changes any provision thereof that by its terms cannot
be modified at any time when the Loan is outstanding or by its terms cannot be modified without Requisite Lenders’ consent;


 


(d)               
maintain relationships comparable to an arm’s-length transaction with its Affiliates and enter into transactions with
its Affiliates only on a commercially reasonable basis and on terms similar to those of an arm’s-length transaction (acknowledging
that Borrower may enter into agreements with Affiliates relating to Sponsor maintaining Control of Borrower, so long as such agreements
are not binding upon any successor owner of the Property or, following the consummation of a Mezzanine Loan Enforcement Action,
Borrower or the Property and without any adverse effect on Borrower, the Property or Mezzanine Lender, and will not result in any
liability for which any such successor owner or, following the consummation of a Mezzanine Loan Enforcement Action, Borrower, the
Property or Mezzanine Lender, could be liable, and without any adverse effect on Borrower, the Property or Mezzanine Lender);


 


(e)               
not incur, create or assume any indebtedness, secured or unsecured, direct or indirect, absolute or contingent (including
guaranteeing any obligation), other than (i) indebtedness paid off in full on or before the date hereof, (ii) the indebtedness
created by the Loan Documents, the Previous Loan Documents, or any Interest Rate Protection Agreement, (iii) unsecured trade payables
and operational debt not evidenced by a note and shall not remain outstanding for more than ninety (90) days, unless being contested
by Borrower in accordance with the Loan Documents; (iv) Borrower’s obligations under any permitted Leases, (v) Borrower’s
obligations with respect to tenant improvements, tenant allowances or leasing commissions with respect to permitted Leases and
(vi) customary equipment leases and financing; provided that any indebtedness incurred pursuant to subclauses (iii) and (vi) shall
(1) be incurred in the ordinary course of the business of operating the Property, and (2) not exceed, in the aggregate, three percent
(3%) of the outstanding principal balance of the Loan (as applicable “Permitted Indebtedness”);


 


(f)                
not make any loans or advances to any Person (other than advances to any tenant for purposes relating to its Lease or any
contractors or subcontractors) nor acquire debt obligations or securities of any Person;


 






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(g)               
intend to remain solvent and pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses)
from its assets (to the extent of available cash flow); provided that this subsection (g) shall not be deemed to require any Person
to make additional capital contributions to Borrower;


 


(h)               
pay its own liabilities and expenses only out of its own funds and not the funds of any other Person (to the extent of available
cash flow);


 


(i)                
comply with and observe in all material respects the laws of the state of its formation as they relate to its organizational
functions and responsibilities and other organizational formalities in order to maintain its separate existence;


 


(j)                
maintain all of its books, records and bank accounts separate from those of any other Person;


 


(k)               
prepare separate financial statements, showing its assets and liabilities separate and apart from those of any other Person,
and not have its assets listed on the financial statement of any other Person; provided, however, Borrower’s assets may be
included in a consolidated financial statement with its Affiliates provided that (i) any such consolidated financial statements
do not suggest in any way that Borrower’s assets are available to satisfy the claims of its Affiliate’s creditors and
(ii) such assets shall also be listed on Borrower’s own separate balance sheet;


 


(l)                
file its own tax returns, if any, as may be required under Applicable Law, to the extent not treated as a “disregarded
entity”, and pay any Taxes so required to be paid under Applicable Law unless such taxes are contested in accordance with
Section 4.4 of this Agreement;


 


(m)             
maintain its books, records, resolutions and agreements as official records;


 


(n)               
be, and at all times hold itself out to the public and all other Persons as a legal entity separate and distinct from any
other entity (including any Affiliate or any constituent party of Borrower);


 


(o)               
conduct its business in its own name and correct any known misunderstanding regarding its separate identity;


 


(p)               
not identify itself or any of its Affiliates as a division or part of the other;


 


(q)               
intentionally deleted;


 


(r)                
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, provided that this subsection (r) shall not be deemed to require any Person
to make additional capital contributions to Borrower;


 


(s)                
not commingle its funds and other assets with assets of any Affiliate or constituent party or any other Person and hold
all of its assets in its own name;


 


(t)                
maintain its assets in such a manner that it will not be materially costly or difficult to segregate, ascertain or identify
its individual asset or assets, as the case may be, from those of any other Person;


 






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(u)               
except in connection with the Previous Loan Documents or for the pledge of assets to Administrative Agent for the benefit
of Lenders in connection with the Loan, (i) not pledge its assets for the benefit of any other Person, (ii) not guarantee or become
obligated for the debts of any other Person, and (iii) not hold itself out to be responsible for or have its credit available
to satisfy the debts or obligations of any other Person;


 


(v)               
not permit any constituent party independent access to its bank accounts;


 


(w)             
maintain a sufficient number of employees, if any, in light of its contemplated business operations;


 


(x)               
not form, acquire or hold an interest in any subsidiary;


 


(y)               
allocate fairly and reasonably any overhead expenses that are shared with any Affiliate, including paying for office space
and services that are performed by any employee of any Affiliate on behalf of Borrower;


 


(z)               
to the fullest extent permitted by law, not seek or effect or cause any constituent party to seek or effect the liquidation,
dissolution, winding up, consolidation or merger, in whole or in part, or the sale of substantially all of the assets of Borrower;


 


(aa)            
not fund the operations of any of its Affiliates or pay their expenses;


 


(bb)           
keep careful records of all transactions by and between Borrower and its Affiliates and all such transactions shall be completely
and accurately documented and payables shall be accurately and timely recorded;


 


(cc)            
obtain, from and after the Effective Date, the prior unanimous written consent of all other managing members/directors to
(i) file or consent to the filing of any bankruptcy, insolvency or reorganization case or proceeding involving Borrower; institute
any proceedings under any applicable insolvency law or otherwise seek any relief for Borrower under any laws relating to the relief
from debts or protection of debtors generally; (ii) seek or consent to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator, custodian or any similar official for Borrower or a substantial portion of its properties; (iii) make any assignment
for the benefit of Borrower’s creditors, as the case may be; or (iv) take any action in furtherance of the foregoing.


 


9.11          
SECURITY DEPOSITS AND DRAWS UNDER TENANT LETTER OF CREDIT.


 


(a)               
From and after the occurrence and during the continuance of a Default, Borrower shall, upon the request of Administrative
Agent, deposit (x) into a blocked account with and controlled by Administrative Agent, for the benefit of Lenders (the “Security
Deposit Account”) all security deposits under all Leases and (y) with Administrative Agent, all Tenant Letters of Credit
under all Leases. As additional security for Borrower’s performance under the Loan Documents, the Borrower hereby irrevocably
pledges and assigns to Administrative Agent, for the benefit of Lenders, the Security Deposit Account and all monies at any time
deposited therein. Borrower’s assignment of leases and rents pursuant to the Deed of Trust shall expressly be understood
to include, as additional security for the Loan, any lease guaranty which Borrower receives in conjunction with a Lease. From
and after the occurrence and during the continuance of a Default, to the extent Borrower possesses or receives Tenant Letters
of Credit, Borrower shall (i) deliver to Administrative Agent, for the benefit of Lenders, an assignment of proceeds of letter
of credit and issuer’s consent executed by Borrower and the issuer of such Tenant Letter of Credit assigning to Administrative
Agent Borrower’s rights to proceeds from draws under such


 






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Tenant Letter of Credit as additional security for the Loan and (ii) provide to Administrative
Agent each original Tenant Letter of Credit in connection with such Lease along with an executed transfer of beneficiary document
(provided, however, that such transfer document shall not be presented to the issuer thereof except following a foreclosure
or deed-in-lieu of foreclosure under the Deed of Trust or a failure by Borrower to comply with the requirements of subsection (c)
or (d) below). Pursuant to such assignment of proceeds, all draws under applicable Tenant Letters of Credit shall be deposited
(upon payment by the applicable issuing bank with respect to such Tenant Letter of Credit) by Administrative Agent into the Security
Deposit Account. Any draws under Tenant Letters of Credit and the tenant security deposits referenced above shall remain in the
Security Deposit Account pending disposition of such draws and/or security deposits in a manner consistent with this Agreement.
Borrower hereby grants to Administrative Agent, for the benefit of Lenders, a security interest in all of Borrower’s right,
title and interest in Tenant Letters of Credit in connection with Leases and all proceeds thereof. Borrower’s obligation
to deposit and hold with Administrative Agent any security deposit (including the proceeds of any draw on a Tenant Letter of Credit),
and any interest thereof, shall be subject to Applicable Law with respect to Tenant security deposits.


 


(b)               
Provided there is no Default or Triggering Event then existing by Borrower under this Agreement, Borrower may request a
withdrawal of funds from the Security Deposit Account for application in respect of tenant defaults under the applicable Lease
and to cover any losses, costs or other claims which Borrower certifies in writing to Administrative Agent are recoverable from
the applicable tenant’s Tenant Letter of Credit or security deposit, and Administrative Agent shall disburse to Borrower
from the Tenant Security Account such requested amount. Notwithstanding the foregoing, from time to time Administrative Agent may
require an accounting from the Borrower of funds in the Security Deposit Account, and in the event that Borrower’s accounting
discloses a balance in the Security Deposit Account less than the aggregate amount of security deposits collected and draws under
Tenant Letters of Credit to be held in the Security Deposit Account in accordance with paragraph (a) above (less any amounts legitimately
applied in accordance with this Section 9.11), the Borrower shall promptly, but in any event within five (5) days and prior
to any further disbursements from the Security Deposit Account by Administrative Agent, fund additional monies into the Security
Deposit Account such that no discrepancy remains. For the avoidance of doubt, this Article 9, including Sections 9.11(a) and (b),
is subject to Section 8.13(c).


 


(c)               
The Borrower shall (i) promptly notify Administrative Agent of any event or condition which permits a draw under a Tenant
Letter of Credit held by Administrative Agent hereunder, (ii) provide to Administrative Agent a copy of the notice of lease default,
as applicable, and (iii) in a timely manner request a draw from the applicable issuing bank of such Tenant Letter of Credit. Additionally,
if an issuing bank of a Tenant Letter of Credit held by Administrative Agent hereunder notifies Borrower that such issuing bank
will not renew a Tenant Letter of Credit (or if the applicable tenant has failed to provide a replacement letter of credit not
later than sixty (60) days prior to the expiration thereof or such lesser period of time as may be provided in the Lease), then
Borrower shall (x) provide Administrative Agent prompt written notice of such nonrenewal or failure, and (y) timely draw the full
amount under such Tenant Letter of Credit (with the proceeds thereof to be deposited directly into the Security Deposit Account).
The Borrower shall not amend or terminate any Tenant Letter of Credit held by Administrative Agent hereunder without Administrative
Agent’s prior approval, except such amendments or terminations as are expressly required under the terms of the Lease (or
other agreement entered into with tenant regarding the Tenant Letter of Credit), and, if pursuant to the terms of the Lease (or
other agreement entered into with tenant regarding the Tenant Letter of Credit) the amount or other terms thereof are to change,
Administrative Agent will, upon Borrower’s request, promptly deliver the Tenant Letter of Credit to Borrower to allow Borrower
to timely effectuate such change in the Tenant Letter of Credit and Borrower shall deliver the amended or replacement Tenant Letter
of Credit to Administrative Agent within two (2) Business Days of Administrative Agent’s delivery of the original 


 






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Tenant
Letter of Credit (as such time period may be extended by the period the issuer bank holds the same to effectuate such change).


 


(d)               
The procedures for a draw under a Tenant Letter of Credit held by Administrative Agent hereunder shall be as follows: No
later than four (4) Business Days following written notice of an event or condition which permits a draw under a Tenant Letter
of Credit held by Administrative Agent hereunder (with all documentation and certifications as required by this Section 9.11
from the Borrower pursuant to subsection (c) above), Administrative Agent shall either (i) return the relevant Tenant Letter
of Credit to the Borrower so that the Borrower can draw the full amount which may be drawn thereunder when such credit may be drawn
(and, in any event not later than twenty (20) days prior to the expiration thereof), or (ii) present such Tenant Letter of Credit
to the issuing bank directly, in which case the Borrower shall concurrently provide to such issuing bank any required draw request
or other documentation so that the full amount which may be drawn thereunder is drawn, in either such case with the proceeds of
such draw to be deposited (upon payment by the applicable issuing bank with respect to such Tenant Letter of Credit) by Administrative
Agent into the Security Deposit Account. Promptly following any partial draw by Borrower under a Tenant Letter of Credit held by
Administrative Agent hereunder, the Borrower shall return (or cause to be returned) the original Tenant Letter of Credit to Lender
to be held by Administrative Agent in accordance with this Section 9.11. The Borrower also shall take such other actions consistent
with the foregoing as may reasonably be requested by Administrative Agent with respect to such Tenant Letters of Credit held by
Administrative Agent hereunder.


 


(e)               
Upon satisfaction of the Loan in full, any Tenant Letters of Credit or tenant security deposits held by Administrative Agent
shall be returned to Borrower. In addition, following expiration or termination of any Lease, any Tenant Letters of Credit or tenant
security deposits (and any interest thereon) held by Administrative Agent with respect to such terminated Lease shall be returned
to Borrower to the extent that Borrower is obligated to return same to tenant. Additionally, if any other event has occurred pursuant
to which a tenant’s security deposit (including any interest thereon) or Tenant Letter of Credit (or any portion thereof)
is required to be returned to a tenant, whether pursuant to its Lease (or other agreement with such tenant covering the same) or
by operation of law, Administrative Agent agrees to timely do so whether or not a Default then exists.


 


(f)                
Administrative Agent agrees that it will return to Borrower any cash security deposit (including any interest thereon) and/or
Tenant Letter of Credit that was originally delivered to Administrative Agent by reason of the occurrence of a Default, if such
Default is no longer existing and Administrative Agent would not otherwise be entitled to hold such security deposit or Tenant
Letter of Credit if such Default had not occurred.


 


(g)               
Borrower hereby represents to and for the benefit of Administrative Agent and Lenders that nothing contained in this Section 9.11
conflicts with the terms of any Lease, and Borrower shall not enter into any new Lease that conflicts with the terms of this Section 9.11.
In addition, the indemnity provisions contained in Section 13.1 of this Agreement shall apply to and include any claims against
Administrative Agent or Lenders by tenants or issuers of Tenant Letters of Credit held by Administrative Agent hereunder, or by
any person or entity on their behalf.


 


9.12          
PAYMENT OF PROPERTY TAXES, ETC. The Borrower shall pay all Taxes, assessments, water rates, sewer
rents and other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining the
Property, now or hereafter levied or assessed against the Property (“Property Taxes”) prior to the date upon
which any fine, penalty, interest or cost may be added thereto or imposed by law for the nonpayment thereof. The Borrower shall
deliver to Administrative Agent, upon request, receipted bills, cancelled checks and other evidence reasonably 


 






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satisfactory to
Administrative Agent evidencing the payment of the Property Taxes prior to the date upon which any fine, penalty, interest or cost
may be added thereto or imposed by law for the nonpayment thereof.


 


9.13          
DSCR.


 


(a)               
Notwithstanding anything contained herein to the contrary, Borrower shall have the option to avoid a Triggering Event caused
by a DSCR Event, or if such Triggering Event has occurred, Borrower at any time thereafter shall have the option to satisfy the
definition of Triggering Event Termination, in either case, by (a) prepaying a portion of the Loan (and causing Mezzanine Borrower
to make a pro-rata prepayment of the Mezzanine Loan unless such DSCR Event results solely from the occurrence of an event described
in clause (ii) of the definition of DSCR Event) equal to an amount which, had the Loan been prepaid by such amount on the date
of the DSCR Event, would result in the DSCR being equal to or greater than the applicable Minimum DSCR and the DSCR (Mortgage)
being equal to or greater than the applicable Minimum DSCR (Mortgage) for the immediately preceding calendar quarter (the “Optional
Minimum DSCR Prepayment”), (b) depositing with Administrative Agent cash or a Letter of Credit in an amount equal to
the Optional Minimum DSCR Prepayment which shall be held by Administrative Agent on behalf of the Lenders as additional security
for the Loan or (c) delivering a fully executed and enforceable Sweep Guaranty to Administrative Agent. After the occurrence of
a Sweep Guaranty Termination Event, any Sweep Guaranty delivered prior to such date shall terminate upon Borrower’s compliance
with Section 8.5(c) of this Agreement.


 


(b)               
In connection with any prepayment made pursuant to Section 9.13(a) above, Borrower shall (i) pay to Administrative Agent
any amount owing under Section 2.13 hereof incurred by the Lenders in connection with such prepayment, provided that Administrative
Agent shall use reasonable efforts to apply such prepayment in a manner that minimizes any amounts owing under Section 2.13 hereof
and (ii) pay any IRPA Termination Fees.


 


(c)               
If, as of any date that the DSCR is calculated under Section 9.13(a), the DSCR Collateral Amount then held by Administrative
Agent shall exceed the DSCR Collateral Amount that Administrative Agent needs to hold to ensure continued compliance by Borrower
with Section 9.13(a) (such excess, “DSCR Collateral Excess”), then, provided no Default shall occur and be continuing,
Administrative Agent shall return an amount equal to all DSCR Collateral Excess that has existed for two consecutive calendar quarters
to Borrower within five (5) Business Days of Borrower’s request therefor.


 


9.14          
COMPLIANCE WITH ANTI-CORRUPTION LAWS AND SANCTIONS. Neither the Borrower nor any subsidiary of
Borrower, nor to the Borrower’s knowledge upon reasonable inquiry, (i) any other Person within the Borrowing Group (including
any directors or officers of Borrower or any subsidiary of Borrower) or (ii) any Person acting at the specific direction of Borrower
or its Affiliates, including employees and agents, with respect to the matters prohibited by this Section 9.14 shall: directly
or indirectly use any of the Loan proceeds, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner, or other Person (a) for the purpose of providing financing to or otherwise making funds available to any Sanctioned
Person or in any other manner, in each case, as would be prohibited by Sanctions or would otherwise cause Administrative Agent,
any Lender or Borrower, or any entity affiliated with Administrative Agent, any Lender or Borrower, to be in breach of any Sanction;
(b) fund any repayment of the Loan with proceeds derived from any transaction that would be prohibited by Sanctions or would otherwise
cause Lender or Borrower, or any entity affiliated with Administrative Agent, any Lender or Borrower, to be in breach of any Sanction;
or (c) in any other manner that would result in a violation of the Anti-Money Laundering Laws, Anti-Corruption Laws, or Sanctions.
Borrower shall notify Administrative Agent in writing not more than one (1) Business Day after becoming aware of any breach of
this Section (including, the occurrence of any violation of the 


 






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Anti-Money Laundering Laws, Anti-Corruption Laws, or Sanctions
as contemplated by provision (c) even if such violation was not a result of willful, intentional or grossly negligent action).


 


9.15          
ESCROW FUND.


 


(a)               
If a Triggering Event shall have occurred and be continuing, Borrower shall pay to Administrative Agent on each Payment
Date (a) one twelfth of an amount which would be sufficient to pay the Property Taxes payable, or reasonably estimated by Administrative
Agent to be payable, during the next ensuing twelve (12) months and (b) if the liability or casualty policies of insurance maintained
by Borrower covering the Property shall not constitute an approved blanket or umbrella Policy pursuant to Section 5.1 hereof, one
twelfth of an amount which would be sufficient to pay the insurance premiums due for the renewal of the coverage afforded by the
policies of the insurance required pursuant to Section 5.1 hereof upon the expiration thereof (the amounts in (a) and (b) above
shall be called the “Escrow Fund”). During any time the foregoing sentence shall be in effect, Borrower agrees
to notify Administrative Agent promptly of any changes to the amounts, schedules and instructions for payment of any Property Taxes
and insurance premiums of which it has obtained knowledge (to the extent such premiums are required to be escrowed hereunder) and
authorizes Administrative Agent or its agent to obtain the bills for Property Taxes directly from the appropriate taxing authority.
The Escrow Fund and the payments of interest or principal or both, payable pursuant to Section 2.6(a) shall be added together and
shall be paid as an aggregate sum by Borrower to Administrative Agent. Administrative Agent will apply the Escrow Fund to payments
of Property Taxes and insurance premiums (to the extent such premiums are required to be escrowed hereunder) required to be made
by Borrower pursuant to Sections 9.14 and 5.1 hereof. If the amount of the Escrow Fund shall exceed the amounts due for Property
Taxes and insurance premiums pursuant to Sections 9.14 and 5.1 hereof, Administrative Agent shall, at Borrower’s election,
credit such excess against future payments to be made to the Escrow Fund or deposit such excess funds into the Sweep Account. In
allocating such excess, Administrative Agent may deal with the person shown on the records of Administrative Agent to be the owner
of the Property. If at any time prior to a Triggering Event Termination Administrative Agent reasonably determines that the Escrow
Fund together with the amounts required to be paid by Borrower pursuant to the first sentence of this Section 9.15 is not sufficient
to pay the items set forth in (a) and (b) above, to the extent funds in the Sweep Account are insufficient Borrower shall promptly
pay to Administrative Agent, upon demand, an amount which Administrative Agent shall estimate as sufficient to make up the deficiency
(such amount, an “Escrow Fund Deficiency Amount”). The Escrow Fund shall not constitute a trust fund. Upon an
Extended Triggering Event Termination, Administrative Agent shall disburse all sums in the Escrow Fund to an account designated
by Borrower in writing and any obligation to make any payment under this Section 9.15 shall terminate, subject to such obligations
again arising if a subsequent Triggering Event shall have occurred and be continuing. The Escrow Fund shall be a separate interest
bearing account, which account shall provide for interest at then prevailing market rates and all interest thereon shall be for
the benefit of Borrower and shall be added to and remain in the Escrow Fund; provided, however, that nothing herein shall require
that interest be earned at the highest prevailing rates.


 


(b)               
Borrower shall have the right to deliver a Letter of Credit in lieu of making payments to the Escrow Fund subject to the
following terms and conditions: the aggregate amount of any such Letter of Credit deposited with respect to the Escrow Fund shall
at all times be at least equal to the aggregate amount that Borrower would be required to deposit in the Escrow Fund over the next
twelve (12) month period; in the event that a Letter of Credit is delivered in lieu of any portion of the Escrow Fund, Borrower
shall be responsible for the payment of Property Taxes, and Lenders shall not be responsible therefor; and each Letter of Credit
delivered under this Section shall be additional security for the payment of the Loan and all sums payable with respect to the
Loan under this Agreement and the other Loan Documents. Any amounts invested pursuant to this Section 9.15 shall be invested solely
in Permitted Investments.


 






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9.16          
INTEREST RATE PROTECTION AGREEMENTS.


 


(a)               
Borrower shall obtain, and thereafter maintain in effect, an Interest Rate Protection Agreement which (i) has a term that
expires no earlier than the date that is 45 days prior to the Maturity Date; provided, that Borrower shall be permitted
to provide Interest Rate Protection Agreements with successive terms of 1 year, so long as Borrower obtains a replacement Interest
Rate Protection Agreement satisfying the requirements of this Section 9.16 on or before the expiration date of the then-existing
Interest Rate Protection Agreement, (ii) has a notional amount at all times equal to or greater than 100% of the amount of the
Loan, (iii) is on terms reasonably acceptable to the Administrative Agent and (iv) fixes (by the Borrower paying to the counterparty
a fixed rate payment) one month LIBOR (without taking into account any Reserve Percentage) or any applicable Benchmark Replacement
at a rate not to exceed 4.0% (such initial Interest Rate Protection Agreement, together with any future Interest Rate Protection
Agreement required hereunder shall be referred to herein as the “Required Hedge”). If the counterparty under
the Interest Rate Protection Agreement is not Wells Fargo or an Affiliate of Wells Fargo, the counterparty must be reasonably acceptable
to Administrative Agent and must at all times maintain a long term unsecured debt rating or counterparty rating from S&P of
 “A-” or higher and a long-term unsecured debt rating of not less than “A3” by Moody’s (Wells Fargo
or its Affiliate, as counterparty under any such Interest Rate Protection Agreement, or any such other counterparty, shall be referred
to herein as an “Acceptable Counterparty”). Notwithstanding the foregoing, if any such Acceptable Counterparty
is downgraded by S&P or Moody’s below the minimum ratings levels such counterparty shall continue to be an Acceptable
Counterparty even without satisfying the foregoing ratings requirements, provided, that, it shall provide a reasonable guaranty
from an affiliate that satisfies the foregoing ratings requirements and which is reasonably acceptable to Administrative Agent.
So long as neither US Bank, SMBC Capital Markets, Inc. nor Sumitomo Mitsui Banking Corporation (its credit support party) are downgraded
by S&P or Moody’s from the long-term ratings issued by such rating agencies as of the Effective Date, US Bank, SMBC Capital
Markets, Inc. (with Sumitomo Mitsui Banking Corporation as its credit support party) shall be deemed an Acceptable Counterparty.
If the counterparty under the Interest Rate Protection Agreement is Wells Fargo, an Affiliate of Wells Fargo or any other Lender,
all breakage amounts due under or pursuant to the applicable Interest Rate Protection Agreement shall be guaranteed by Guarantor
(or another creditworthy entity acceptable to Administrative Agent), pursuant to a guaranty in form and substance acceptable to
Administrative Agent.


 


(b)               
Borrower hereby collaterally assigns to Administrative Agent, for the benefit of Lenders, all of their right, title and
interest in any and all payments under each Interest Rate Protection Agreement, and shall (i) deliver to Administrative Agent an
executed counterpart of each such Interest Rate Protection Agreement, (ii) obtain the consent of the Acceptable Counterparty to
such collateral assignment (as evidenced by the Acceptable Counterparty’s execution of such collateral assignment of interest
rate protection agreement) and (iii) provide to Administrative Agent and the Lenders any additional documentation reasonably requested
by Administrative Agent to confirm or perfect such security instrument.


 


(c)               
If, at any time during the term of the Loan, the counterparty to the Interest Rate Protection Agreement then in effect ceases
to be an Acceptable Counterparty, or if the Interest Rate Protection Agreement is terminated for any reason, then, within thirty
(30) days after notice from the Administrative Agent, Borrower shall (i) obtain a replacement Interest Rate Protection Agreement
satisfying the requirements of Section 9.16(a) above, with a counterparty that is an Acceptable Counterparty and (ii) satisfy the
requirements of Section 9.16(b) above with regard to such replacement Interest Rate Protection Agreement. Notwithstanding anything
contained herein to the contrary, Borrower shall obtain a replacement Interest Rate Protection Agreement satisfying the requirements
of Section 9.16(a) above and satisfy the requirements of Section 9.16(b) above on or before the expiration date of any then-existing
Interest Rate Protection Agreement.


 






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(d)               
At any time that Borrower obtains a replacement Interest Rate Protection Agreement as set forth in clause (a) or (c) above,
Borrower shall deliver to Administrative Agent a legal opinion or opinions from counsel to the applicable Acceptable Counterparty
(which counsel may be internal counsel) in form and substance reasonably acceptable to Administrative Agent; provided, however,
that a legal opinion shall not be required if Wells Fargo is the Acceptable Counterparty.


 


(e)               
[Intentionally Omitted]


 


(f)                
Any Interest Rate Protection Agreement provided by an Acceptable Counterparty (other than Wells Fargo or its Affiliates
or any other Lender) shall in no event be secured by the Collateral or any interest therein.


 


(g)               
If Borrower purchases from Wells Fargo any swap in connection with the Loan, Borrower shall, upon receipt from Wells Fargo,
execute promptly all documents evidencing such transaction, including without limitation, the ISDA Master Agreement, the Schedule
to the ISDA Master Agreement and the ISDA Confirmation, provided the terms thereof shall be mutually acceptable to Borrower and
Wells Fargo.


 


9.17          
GUARANTOR COVENANTS.


 


(a)               
Guarantor shall maintain, as of the last day of each fiscal quarter of Guarantor, a Net Worth, exclusive of the Property,
of at least $318,600,000, with the value of Guarantor’s real estate assets in connection with the foregoing Net Worth calculation
being adjusted to reflect fair values consistent with GAAP or International Financial Reporting Standards; and


 


(b)               
at any time that a Sweep Guaranty is in effect, Guarantor shall maintain, as of the last day of each fiscal quarter of Guarantor,
a maximum leverage ratio of 65% with respect to all of Guarantor’s assets in the aggregate.


 


Property values in connection
with the foregoing leverage ratio calculations shall be calculated using the most recent appraisals ordered by Guarantor or Administrative
Agent (at Borrower’s sole cost and expense), which appraisals shall be reasonably acceptable to Administrative Agent and
shall not be more than three years old at the time of such calculation. In addition, the calculation of liabilities in connection
with the foregoing Net Worth and leverage ratio calculations shall NOT include any fair value adjustments to the carrying value
of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25
(formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing
entities to elect fair value option for financial liabilities. Therefore, the amount of liabilities shall be the historical cost
basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium or discount.


 


9.18          
RESTRICTED PAYMENTS. Borrower shall not make a Restricted Payment at any time a Triggering Event,
Potential Default (but only if Borrower shall have received written notice of such Potential Default) or Default has occurred and
is continuing.


 


9.19          
MEZZANINE LOAN DOCUMENTS. Borrower shall provide Administrative
Agent with copies of all notices and other material correspondence received or sent by Mezzanine Borrower in accordance with the
Mezzanine Loan Documents.


 


9.20          
REA Covenants. Borrower shall (a) promptly perform and/or observe, in all material respects, all
of the covenants and agreements required to be performed and observed by it under


 






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 any REA and do all things reasonably necessary
to preserve and to keep unimpaired its material rights thereunder, where the failure to do so would result in a Material Adverse
Effect; (b) promptly notify Administrative Agent of any material default under any REA of which it has received written notice;
(c) [Intentionally omitted]; (d) enforce the performance and observance of all of the material covenants and material agreements
required to be performed and/or observed under any REA in a commercially reasonable manner, where the failure to do so would result
in a Material Adverse Effect; (e) cause the Property to be operated, in all material respects, in accordance with any REA; and
(f) not, without the prior written consent of Administrative Agent, not to be unreasonably withheld, conditioned or delayed (i)
enter into any new REA, execute modifications to any then-existing REA or terminate any REA, if such new REA, such modification
or such termination will have a Material Adverse Effect, or (ii) following the occurrence and during the continuance of a Default,
exercise any rights, make any decisions, grant any approvals or otherwise take any action under any REA.


 


9.21          
DISREGARDED ENTITY. None of Borrower, Mezzanine Borrower or any member thereof shall take any action
(including but not limited to making any election) which would cause Borrower to fail to be treated, for federal income tax purposes,
as a disregarded entity within the meaning of Treasury Regulations §301.7701-2.


 


9.22          
Co-Ownership Agreement Covenants. Borrower hereby covenants and agrees that:


 


 


(a)               
Borrower shall not, without Requisite Lenders’ prior written consent, amend, modify or materially supplement the Co-Ownership
Agreement except (i) to the extent the Loan Documents expressly permit any of the foregoing and (ii) where the same would have
no more than a de minimus effect.


 


(b)               
Borrower shall pay all charges and other sums to be paid by Borrower pursuant to the terms of the Co-Ownership Agreement
as the same shall become due and payable and prior to the expiration of any applicable grace period therein provided. After prior
written notice to Administrative Agent, Borrower, at its own expense, may contest in a commercially reasonable manner (which may
include, but shall not require, a contest by appropriate legal proceeding), in good faith and with reasonable diligence considering
the nature of the claim, the amount or validity or application in whole or in part of any charges required to be paid or services
performed by Borrower pursuant to the Co-Ownership Agreement, provided that (i) no Default has occurred and is continuing; (ii)
the Property and no part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost;
(iii) the Co-Ownership Agreement will not be in danger of being terminated; and (iv) Borrower shall promptly upon final determination
thereof pay the amount of any such charges, together with all costs, interest and penalties which may be payable in connection
therewith. Borrower shall not be deemed to be in breach of the first sentence of this Section 9.21(b) (and no Default shall arise
by reason thereof) if the payment in question is being contested pursuant to the procedures set forth above.


 


(c)               
Borrower shall (i) comply, in all material respects, with all of the terms, covenants and conditions on Borrower’s
part to be complied with pursuant to terms of the Co-Ownership Agreement, and (ii) use commercially reasonable efforts to cause
each other Person that is a party to the Co-Ownership Agreement to comply, in all material respects, with all of the terms, covenants
and conditions on such Person’s part to be complied with pursuant to terms of the Co-Ownership Agreement where the failure
to do so would have a Material Adverse Effect.


 





(d)               
Borrower shall take all actions or use commercially reasonable efforts to cause each other Person that is a party to the
Co-Ownership Agreement to take all actions, as may be necessary



 






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from time to
time to preserve and maintain the Co-Ownership Agreement in accordance with applicable laws, rules and regulations.


 


(e)               
Borrower shall not, without the prior written consent of Administrative Agent, as determined in its sole discretion, take
(and hereby assigns to Administrative Agent any right it may have to take) any action to terminate, surrender, or accept any termination
or surrender of, the Co-Ownership Agreement or the Property. Borrower will promptly provide Administrative Agent with a copy of
all notices of default given or received by it under the Co-Ownership Agreement at the address listed in this Agreement, or any
other address which Administrative Agent from time to time may provide in writing to it.


 


(f)                
Borrower shall not, without Administrative Agent’s prior written consent (which consent shall not be unreasonably
withheld, conditioned or delayed), consent to the appointment of a depository for insurance or condemnation proceeds or exercise
any right it may have to grant consent (or withhold its consent) to any request by any party to the Co-Ownership Agreement which
request would have an adverse effect on the value or the utility of the Property.


 


(g)               
Except for Permitted Liens, Borrower shall not assign (other than to Administrative Agent) or encumber Property or, except
to the extent permitted under the Co-Ownership Agreement and solely to the extent Borrower has a right of consent or approval thereover,
permit any other Person to assign or encumber any interests under the Co-Ownership Agreement other than such Person’s separate
tenancy-in-common interest therein.


 


(h)               
If Administrative Agent, its nominee, designee, successor, or assignee acquires title and/or rights of Borrower under the
Co-Ownership Agreement by reason of foreclosure of the Deed of Trust, deed in lieu of foreclosure or otherwise, such party shall
(x) succeed to all of the rights of and benefits accruing to Borrower under the Co-Ownership Agreement, and (y) be entitled to
exercise all of the rights and benefits accruing to Borrower under the Co-Ownership Agreement. At such time as Administrative Agent
shall request, Borrower agrees to execute and deliver to Administrative Agent such documents as Administrative Agent and its counsel
may reasonably require in order to insure that the provisions of this Section will be validly and legally enforceable and effective
against Borrower and all parties claiming by, through, under or against Borrower.


 


(i)                
Borrower shall not commence any proceeding or take any action to terminate the Co-Ownership Agreement or partition the tenancy-in-common
without the prior written consent of Requisite Lenders. Borrower hereby waives its right of partition while the Loan is outstanding.
The unenforceability of the waiver of the right to partition shall not affect, impair or limit the right of Administrative Agent
to declare a Default with respect to any partition or action for partition.


 


9.23          
NO LLC DIVISION. Borrower, Guarantor or any Person (a) obligated to pay all or any part of any
sums that are, or may become, due under the Loan Documents, or (b) who is, or may become, obligated to perform any obligations
secured by the Deed of Trust, in either case, shall not: (i) create or adopt a Plan of Division, or file a Certificate of Division,
or otherwise effectuate a LLC Division of any such entity or Person; (ii) be liquidated, terminated, dissolved, or merged or consolidated
into another entity (including, in each case, without limitation, pursuant to a LLC Division); (iii) be divided into two (2) or
more Persons, including, without limitation, becoming a Divided LLC (whether or not the original Person survives such division);
(iv) be created, or reorganized into, one or more series pursuant to a LLC Division or otherwise; or (v) fail or cease to be in
good standing in (x) with respect to the Borrower, the state where the Property is located and/or the state of its incorporation
or organization, if different, or (y) with respect to Borrower, Guarantor or such other Person, any other jurisdiction in which
Borrower, Guarantor or such Person is required to be registered and remain in good standing under applicable law.


 






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9.24          
INTERCREDITOR AGREEMENT. Borrower acknowledges that Borrower has been informed by Administrative
Agent that Administrative Agent and Lenders are party to the Intercreditor Agreement. Borrower has been informed by Administrative
Agent that the Intercreditor Agreement memorializes the relative rights and obligations of the parties thereto with respect to
the Loan and the Mezzanine Loan and based on assertions of Administrative Agent it is the intention of the Lenders and the Administrative
Agent that: (a) the Intercreditor Agreement is intended solely for the benefit of the parties thereto; and (b) Borrower is not
an intended third-party beneficiary of any of the provisions therein with the ability to rely on any of the provisions contained
therein. Neither Administrative Agent, Lenders nor any of the other parties thereto shall have any obligation to disclose to Borrower
the contents of the Intercreditor Agreement and the contents of the Intercreditor Agreement have not been disclosed to Borrower
as of the date hereof.


 


ARTICLE 10. REPORTING
COVENANTS


 


10.1          
FINANCIAL INFORMATION.


 


(a)               
Until such time as the Loan shall have been paid in full, the Borrower shall deliver to Administrative Agent, as soon as
available, but in no event later than one hundred twenty (120) days after each fiscal year end which shall at all times be a calendar
year, a current annual financial statement (including, without limitation, an income and expense statement, a cash flow statement
and a balance sheet, together with supporting property schedules) of the Borrower, in form, content, substance and reasonable detail
acceptable to Administrative Agent. Each such annual financial statement shall be accompanied by a certificate of Borrower stating
that each such annual financial statement is true, correct, accurate, and complete and presents fairly the financial condition
and results of the operations of Borrower and the Property being reported upon and has been prepared in accordance with GAAP or
International Financial Reporting Standards. In addition to the foregoing, Borrower shall deliver to Administrative Agent as soon
as available but no later than ninety (90) days after the closing date of each fiscal quarter, a quarterly financial statement
(including, without limitation, an income and expense statement, a cash flow statement and a balance sheet), accompanied by a certificate
of Borrower stating that each such quarterly financial statement is true, correct, accurate, and complete and presents fairly the
financial condition and results of the operations of Borrower and the Property being reported upon and has been prepared in accordance
with GAAP or International Financial Reporting Standards. Within sixty (60) days after the closing date of each fiscal quarter,
the Borrower shall deliver an operating statement for the Property, a rent roll for the previous fiscal quarter, copies of Leases
executed during the previous fiscal quarter, and a DSCR Certificate for the purposes of determining whether any prepayment, delivery
of collateral or other action may be required pursuant to Sections 9.13(a) through (c) hereof. Except as otherwise agreed to by
Administrative Agent, all such financial information shall be prepared in accordance with GAAP or International Financial Reporting
Standards, consistently applied. In addition, the Borrower shall provide to Administrative Agent, not later than thirty (30) days
prior to the fiscal year end, operating and capital budgets for the Property and Improvements for the next calendar year, which
budgets shall show projected Gross Operating Income, Operating Expenses and capital expenditures, each on a monthly basis.


 


(b)               
Guarantor Reporting. Until such time as the Loan shall have been paid in full, the Guarantor shall deliver to Administrative
Agent, as soon as available, but in no event later than one-hundred twenty (120) days after each fiscal year end, which shall end
as of the last day of a calendar quarter, a current annual financial statement (including, without limitation, an income and expense
statement, a cash flow statement and a balance sheet, together with supporting property schedules) of Guarantor, audited by a Big
Four accounting firm (or such other firm as may be reasonably acceptable to Administrative Agent), in form, substance and detail
as is reasonably acceptable to Administrative Agent. Each annual financial statement shall be accompanied by a certificate of Guarantor
stating that each such 


 






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annual financial statement is true, correct, accurate, and complete and presents fairly the financial condition
and results of the operations of Guarantor and has been prepared in accordance with GAAP or International Financial Reporting Standards
as of the date of the applicable financial report. In addition to the foregoing, the Guarantor shall deliver to Administrative
Agent as soon as available but no later than ninety (90) days after the closing date of each fiscal quarter, a quarterly financial
statement (including, without limitation, an income and expense statement, a cash flow statement and a balance sheet), in form,
substance and detail reasonably acceptable to Administrative Agent, accompanied by a certificate of Guarantor stating that each
such quarterly financial statement is true, correct, accurate, and complete and presents fairly the financial condition and results
of the operations of Guarantor and has been prepared in accordance with GAAP or International Financial Reporting Standards as
of the date of the applicable financial report. Concurrently with delivery of the annual and quarterly financial statements referred
to above, the Guarantor shall deliver a compliance certificate setting forth in reasonable detail the calculation of the Guarantor’s
Net Worth for such fiscal quarter (or in the case of the annual financial statements, the last fiscal quarter of such fiscal year).
Except as otherwise agreed to by Administrative Agent, all such financial information shall be prepared in accordance with GAAP
or International Financial Reporting Standards as of the date of the applicable financial report, consistently applied.


 


(c)               
Certificate of Borrower and Guarantor. Together with each delivery of any financial statement pursuant to Section 10.1(a)
or Section 10.1(b), Borrower or Guarantor, as applicable, shall provide the certificate of a financial officer or other authorized
signatory that such person has reviewed the terms of this Agreement and the other Loan Documents, and has made a review in reasonable
detail of the transactions and condition of Borrower or the Guarantor, as applicable, during the accounting period covered by financial
statements as he or she deems appropriate with respect to the giving of such certificate, and that such review has not disclosed
the existence during or at the end of such accounting period, and that such person does not have knowledge of the existence of
any condition or event which constitutes a Default or a material Potential Default as of the date of such certificate, or, if any
such condition or event existed or exists, specifying the nature and period of existence thereof and what action has been taken,
is being taken and is proposed to be taken with respect thereto.


 


(d)               
Other Information. Promptly upon Administrative Agent’s request, Borrower shall provide such other information
(including but not limited to leasing status reports) as Administrative Agent or Lenders may reasonably require.


 


(e)               
Budget. For the partial year period commencing on the Effective Date, and for each fiscal year thereafter, the Borrower
shall submit to the Administrative Agent an Annual Budget for the Property not later than thirty (30) days prior to the commencement
of such fiscal year in form reasonably satisfactory to the Administrative Agent. From and after the occurrence of a Triggering
Event and until a Triggering Event Termination, such Annual Budget shall be subject to Administrative Agent’s written approval
(each such Annual Budget, after it has been approved in writing by the Administrative Agent shall be hereinafter referred to as
an “Approved Annual Budget”). So long as no Triggering Event has occurred and is continuing, such Annual Budget
shall not be subject to Administrative Agent’s approval, and shall be deemed to be an Approved Annual Budget for the purposes
of this Agreement until the occurrence of a Triggering Event. Upon the occurrence of a Triggering Event, Borrower shall provide
to Administrative Agent (within five (5) Business Days after the occurrence of such Triggering Event) an Annual Budget for the
remainder of the then-current fiscal year, and such Annual Budget shall not be deemed to be an Approved Budget until approved by
Administrative Agent in its reasonable discretion. These approval provisions will then apply until a Triggering Event Termination.
In the event that the Administrative Agent objects to a proposed Annual Budget (or a modification to an Approved Annual Budget)
submitted by the Borrower for approval, the Administrative Agent shall advise Borrower of such objections within fifteen (15) days
after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and the Borrower shall promptly
revise such Annual Budget and resubmit 


 






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the same to the Administrative Agent. The Administrative Agent shall advise the Borrower
of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and deliver to Borrower a reasonably
detailed description of such objections) and Borrower shall promptly revise the same in accordance with the process described in
this subsection until the Administrative Agent approves the Annual Budget. Failure of Administrative Agent to object to an Annual
Budget within the time frames described above shall be deemed to be approval of such Annual Budget as an Approved Annual Budget;
provided the Borrower’s request states prominently in bold capital letters that Administrative Agent’s failure to respond
with such time period may result in deemed consent or approval. Until such time that the Administrative Agent approves a proposed
Annual Budget, the Administrative Agent will disburse funds from the Property Account that are available to pay Operating Expenses
and leasing and capital expenditure costs in accordance with Sections 8.5(b)(vi), 8.5(d) and 8.6 to the extent Administrative Agent
has approved such expenditures, which approval shall not be unreasonably withheld; provided that amounts necessary to pay Property
Taxes, insurance premiums, utilities expenses and other non-discretionary expenses shall be deemed to have been approved by the
Administrative Agent.


 


(f)                
Borrower shall provide Administrative Agent with prompt notice upon becoming aware of any DSCR Event or any failure of the
Guarantor to be in compliance with the financial covenants set forth in Section 9.17.


 


10.2          
BOOKS AND RECORDS. The Borrower shall maintain complete books of account and other records for
the Property and Improvements and for disbursement and use of the proceeds of the Loan, and the same shall be available for inspection
and copying by Administrative Agent or any Lender upon reasonable prior notice. Borrower shall be obligated to reimburse the Administrative
Agent for its costs and expenses incurred in connection with the exercise of their rights under this Section while a Default exists.


 


10.3          
INTENTIONALLY OMITTED.


 


10.4          
INTENTIONALLY OMITTED.


 


10.5          
INTENTIONALLY OMITTED.


 


10.6          
KNOWLEDGE OF DEFAULT; ETC. The Borrower shall promptly, upon obtaining knowledge thereof, report
in writing to Administrative Agent the occurrence of any Default.


 


10.7          
LITIGATION, ARBITRATION OR GOVERNMENT INVESTIGATION. The Borrower shall promptly, upon obtaining
knowledge thereof, report in writing to Administrative Agent, (i) the institution of, or threat in writing of, any material proceeding
against or affecting Borrower or the Property, including any eminent domain or other condemnation proceedings affecting the Property,
or (ii) any material development in any proceeding already disclosed, which, in either case, has a Material Adverse Effect, which
notice shall contain such information as may be reasonably available to Borrower to enable Administrative Agent and its counsel
to evaluate such matters.


 


10.8          
ENVIRONMENTAL NOTICES. Borrower shall notify Administrative Agent, in writing, as soon as practicable,
and in any event within ten (10) days after Borrower’s learning thereof, of any notice required pursuant to Section 7.2(c).



 






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ARTICLE 11. DEFAULTS
AND REMEDIES


 


11.1          
DEFAULT. The occurrence of any one or more of the following shall constitute an event of default
(“Default”) under this Agreement, the other Loan Documents, the Guaranty and the Hazardous Materials Indemnity
Agreement:


 


(a)               
Monetary. Borrower’s failure to pay when due any sums payable under Section 2.6(a); or


 


(b)               
Other Monetary. Borrower’s failure to pay when due any sums payable under this Agreement, the Notes, the Hazardous
Materials Indemnity Agreement and any of the other Loan Documents other than those set forth in Section 11.1(a) and such failure
continues for five (5) Business Days after written notice by Administrative Agent; or


 


(c)               
Performance of Obligations. Borrower’s or Guarantor’s failure to perform in any material respect any
obligation (other than those specified in clauses (a) and (b), and clauses (d) through (o) of this Section 11.1) that it is
required to perform under any of the Loan Documents or the Guaranty or the Hazardous Materials Indemnity Agreement and the continuance
of such failure for thirty (30) days after written notice thereof from Administrative Agent; provided, however, other than with
respect to a failure to deliver any documents or information to the Administrative Agent which Borrower or the Guarantor is required
to under the Loan Documents or the Guaranty or the Hazardous Materials Indemnity Agreement (including, but not limited to, pursuant
to Section 10.1 of this Agreement), if such failure cannot be cured by Borrower or Guarantor, as the case may be, within such
thirty (30) day period with reasonable diligence, then said thirty (30) day period shall be extended for such additional time period
as Borrower or Guarantor shall require to cure the same, provided that such party commences to cure within such thirty (30) day
period and thereafter continues with reasonable diligence to cure the same, but in no event shall such additional period exceed
ninety (90) days; or


 


(d)               
Liens, Material Damage. (i) Subject to Borrower’s right to contest as provided in the second proviso of Section 4.4,
if the Property becomes subject to any mechanic’s, materialman’s or other Lien, except a Permitted Lien, and such Lien
is not discharged (by payment or bonding) within forty five (45) days after Borrower obtains knowledge of such Lien, or (ii) any
material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute,
embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than thirty (30) consecutive days beyond
the coverage period of any applicable business interruption insurance, or, if such event is not covered by business interruption
insurance, for ninety (90) consecutive days, the cessation or substantial curtailment of revenue producing activities of Borrower,
but only if any such event or circumstance could reasonably be expected to have a Material Adverse Effect; or


 


(e)               
Representations and Warranties. The material breach of any representation or warranty of Borrower or the Guarantor
in any of the Loan Documents or the Guaranty or the Hazardous Materials Indemnity Agreement or in any report, certificate, financial
statement or other document prepared or certified by Borrower or Guarantor and furnished pursuant to or in connection with this
Agreement or any other Loan Documents or the Guaranty or the Hazardous Materials Indemnity Agreement, provided that in the event
of an unintentional breach of a representation or warranty which exists due to circumstances or conditions which are capable of
being cured within thirty (30) days, Borrower or Guarantor, as the case may be, shall have thirty (30) days from the date of Administrative
Agent’s delivery of notice of the breach in which to cure the breach; however, if such breach has not or would not reasonably
be likely to cause a Material Adverse Effect and such breach cannot be cured by Borrower or Guarantor, as the case may be, within
such thirty (30) day period with reasonable diligence, then said thirty (30) day period shall be extended for such additional time
period as Borrower or 


 






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Guarantor, as the case may be, shall require to cure the same, provided that such party commences such cure
within such thirty (30) day period and thereafter continues with reasonable diligence to cure the same, but in no event shall such
additional period exceed sixty (60) days; or


 


(f)                
Voluntary Bankruptcy; Insolvency; Dissolution. (i) The filing of a petition by Borrower or Mezzanine Borrower for
relief under the Bankruptcy Code, or under any other present or future state or federal law regarding bankruptcy, reorganization
or other debtor relief law; (ii) the filing of any pleading or an answer by Borrower or Mezzanine Borrower in any involuntary proceeding
under the Bankruptcy Code or other debtor relief law which admits the jurisdiction of the court or the petition’s material
allegations regarding Borrower’s insolvency; (iii) a general assignment by Borrower or Mezzanine Borrower for the benefit
of creditors; or (iv) Borrower or Mezzanine Borrower applying for, or the appointment of, a receiver, trustee, custodian or liquidator
of Borrower or Mezzanine Borrower or any of its property; or


 


(g)               
Involuntary Bankruptcy. The failure of Borrower or Mezzanine Borrower to effect a full dismissal of any involuntary
petition under the Bankruptcy Code or under any other debtor relief law that is filed against Borrower or Mezzanine Borrower or
in any way restrains or limits Borrower, Administrative Agent or Lenders regarding the Loan, the Property or the Improvements,
prior to the earlier of the entry of any court order granting relief sought in such involuntary petition, or ninety (90) days after
the date of filing of such involuntary petition; or


 


(h)               
Guarantors. The occurrence of any of the events specified in Section 11.1(f) or Section 11.1(g) as to Guarantor;
or


 


(i)                
Transfer. The occurrence of any Transfer other than a Permitted Transfer, Permitted Lien or Permitted Easement without
the prior written consent of each Lender; or


 


(j)                
Loss of Priority. The failure at any time of the Deed of Trust to be a valid first lien upon the Property or other
Collateral described therein (subject to Permitted Liens), other than as a result of any release or reconveyance of such Deed of
Trust with respect to all or any portion of the Property and Improvements pursuant to the terms and conditions of this Agreement;
or


 


(k)               
Revocation of Loan Documents. Borrower or Guarantor shall disavow, revoke or terminate the Guaranty, the Hazardous
Materials Indemnity Agreement or any Loan Document to which it is a party or shall otherwise challenge or contest in any action,
suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document, the Guaranty
or the Hazardous Materials Indemnity Agreement; or


 


(l)                
Interest Rate Protection Agreement. If any of the following events shall occur: (1) the occurrence of a default by
Borrower, which default shall continue beyond the applicable notice and grace period, under any Interest Rate Protection Agreement
now or hereafter entered into between Borrower, Administrative Agent, any Lender or another financial institution in connection
with the Loan, including, without limitation, the Required Hedge; or (2) without limitation to the provisions of the preceding
clause (1), the failure of the Borrower to comply with its obligations under Section 9.16(c) within the time periods proscribed
therein; or


 


(m)             
Judgment. One or more final, non-appealable judgment or judgments are entered against the Borrower in an aggregate
amount greater than $4,000,000 which is not paid, bonded or otherwise satisfied in full within ninety (90) days following the date
such judgment was entered; provided, however that any such judgment shall not be a Default under this Section 11.1(m)
if and for long as (i) the amount of such judgment is covered by a valid and binding policy of insurance between the 


 






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defendant and an insurer
(such insurer meeting the rating requirement set forth in Section 5.2(b) hereof), covering payment thereof and (ii) the insurer
has been notified of and has not disputed the claim made for payment of, the amount of such judgment, provided, further, however,
that if any such judgment shall constitute a Lien on the Property, the provisions of Section 11.1(d) shall apply; or


 


(n)               
Guaranties. The occurrence of a default under the Guaranty or the Hazardous Materials Indemnity Agreement, beyond
any applicable notice and cure period set forth therein, if any; or


 


(o)               
Sweep Guaranty Cross-Default. If any Sweep Guaranty remains outstanding, (a) the occurrence of any default beyond
any applicable notice and cure period of any obligation of Guarantor greater than $25,000,000 under any loan or line of credit
pursuant to which Guarantor is a debtor and (b) in connection with the resultant Sweep Guaranty Termination Event, Borrower fails
to comply with its obligations set forth in Section 8.5(c) of this Agreement; or


 


(p)               
Guarantor Financial Covenants. Either (i) the Guarantor shall at any time fail to comply with the financial covenants
set forth in Section 9.17(a) or (ii) the Guarantor shall at any time fail to comply with the financial covenants set forth in Section
9.17(b) and, in connection with the resultant Sweep Guaranty Termination Event, Borrower fails to comply with its obligations set
forth in Section 8.5(c) of this Agreement; or


 


(q)               
Co-Ownership Agreement. If Borrower defaults under the Co-Ownership Agreement beyond the expiration of applicable
notice and grace periods, if any, thereunder which such default results in a Material Adverse Effect or if the Co-Ownership Agreement
is canceled, terminated or surrendered or expires pursuant to its terms, unless in such case Borrower shall within thirty (30)
days thereafter cause the Co-Ownership Agreement to be reinstated or continued, as the case may be; or


 


(r)                
Partition. If Borrower or any other Person commences any proceeding or takes any action to terminate the Co-Ownership
Agreement or partition the tenancy-in-common described therein without the prior written consent of Requisite Lenders and, if a
Person other than Borrower, the same is not dismissed within ninety (90) days of its commencement; or


 


(s)                
Breach of Sanctions Provisions. The failure of any representation or warranty of Borrower, or Borrower’s failure
to perform or observe any covenant, contained in either of those Sections of this Agreement entitled “Anti-Corruption Laws
and Sanctions” or “Compliance With Anti-Corruption Laws and Sanctions”; or


 


(t)                
Money Laundering. The indictment, arraignment, custodial detention or conviction of Borrower, Sponsor, Guarantor,
or any Sponsor BFP Subsidiary, or any officer or director thereof, on any charge of violating any Anti-Money Laundering Laws, to
the extent such indictment, arraignment, custodial detention or conviction is reasonably expected to, in the opinion of Administrative
Agent, result in a Material Adverse Event or subject Administrative Agent or any Lender to liability by any Governmental Authority.


 


Notwithstanding the foregoing,
in no event shall any Default result from Borrower’s failure to pay any amount if both (i) Administrative Agent is expressly
obligated pursuant to the terms of the Loan Documents to release funds to Borrower to pay such amount and (ii) Administrative Agent
breaches, and continues to be in breach of, such obligation.


 






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11.2          
ACCELERATION UPON DEFAULT; REMEDIES.


 


(a)               
Automatic Acceleration. Upon the occurrence of a Default specified in Sections 11.1(f) or 11.1(g), the principal
of, and all accrued interest on, the Loan and the Notes at the time outstanding, and all of the other Obligations of Borrower,
including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes
or any of the other Loan Documents shall become immediately and automatically due and payable by Borrower without presentment,
demand, protest, or other notice of any kind, all of which are expressly waived by Borrower.


 


(b)               
Acceleration. If any other Default shall exist, the Administrative Agent may, and at the direction of the Requisite
Lenders shall, declare the principal of, and accrued interest on, the Loans and the Notes at the time outstanding and all of the
other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this
Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become
due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by Borrower.


 


(c)               
Loan Documents. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so
directed shall, exercise any and all of its rights under any and all of the other Loan Documents. Upon any such acceleration, Administrative
Agent may, and at the direction of Requisite Lenders, shall, in addition to all other remedies permitted under this Agreement and
the other Loan Documents and at law or equity, apply any sums in the Property Account, the Sweep Account, Escrow Fund and the Security
Deposit Account to the sums owing under the Loan Documents and any and all obligations of Lenders to fund further disbursements
under the Loan shall terminate.


 


(d)               
Appointment of Receiver. To the extent permitted by Applicable Law while a Default is continuing, the Administrative
Agent and the Lenders shall be entitled to the appointment of a receiver for the assets and properties of the Borrower, without
notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the solvency of any party
bound for its payment, to take possession of all or any portion of the Collateral, and/or the business operations of the Borrower
and to exercise such power as the court shall confer upon such receiver.


 


(e)               
Marshaling. None of the Administrative Agent or any Lender shall be under any obligation to marshal any assets in
favor of any Loan Party or any other party or against or in payment of any or all of the Obligations. To the extent that any Loan
Party makes a payment or payments to the Administrative Agent and/or any Lender and the Administrative Agent or any Lender enforces
their security interests or exercises their rights of setoff, and such payment or payments or the proceeds of such enforcement
or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required
to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable
cause, then to the extent of such recovery, the Obligations, or part thereof originally intended to be satisfied, and all Liens,
rights and remedies therefore, shall be revived and continued in full force and effect as if such payment had not been made or
such enforcement or setoff had not occurred.


 


(f)                
Remedy Procedures.


 


(i)                
Nothing contained herein or in any other Loan Document shall be construed as requiring the Administrative Agent or the
Lenders to resort to the Property or any other Collateral for satisfaction of the Obligations in preference or priority to any
other Collateral, and Administrative Agent and the Lenders may seek satisfaction out of the Property or all of the other Collateral
or any part thereof, in its absolute discretion in respect of the Obligations. The Administrative


 






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Agent and the Lenders shall have the right to partially
foreclose the Deed of Trust in any manner and for any amounts secured by the Deed of Trust then due and payable as determined by
the Administrative Agent or Lenders in their sole discretion. Notwithstanding one or more partial foreclosures, the Property shall
remain subject to the Deed of Trust to secure payment of sums secured by the Deed of Trust and not previously recovered. In addition,
the Administrative Agent and the Lenders shall have the right, from time to time during the continuance of a Default, to sever
the Notes and the other Loan Documents into one or more separate notes, Deed of Trust and other security documents (the “Severed
Loan Documents”) in such denominations as the Administrative Agent or Lenders shall determine in their sole discretion
for purposes of evidencing and enforcing its rights and remedies hereunder. The Borrower shall execute and deliver to the Administrative
Agent and/or the Lenders from time to time, promptly after request, a severance agreement and such other documents as the Administrative
Agent or the Lenders shall request in order to effect the severance described in the preceding sentence, all in form and substance
reasonably satisfactory to the Administrative Agent and the Lenders. The Borrower hereby absolutely and irrevocably appoints the
Administrative Agent 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.


 


(ii)              
Without limitation to the foregoing, upon the occurrence and during the continuance of a Default, Administrative Agent shall
have the right to institute a proceeding or proceedings for the total or partial foreclosure of the Deed of Trust whether by court
action, power of sale or otherwise, under any applicable provision of law, for all or any part of the Obligations, and the lien
and the security interest created by the Deed of Trust shall continue in full force and effect without loss of priority as a lien
and security interest securing the payment of that portion of the Obligations then due and payable but still outstanding.  Administrative
Agent shall be permitted to enforce payment and performance of the Obligations and exercise any and all rights and remedies under
the Loan Documents, or as provided by law or at equity, by one or more proceedings, whether contemporaneous, consecutive or both,
to be determined by Administrative Agent, in its sole discretion, in the State or county in which the Property is located. 
The enforcement of the Deed of Trust in any one State or county, whether by court action, foreclosure, power of sale or otherwise,
shall not prejudice or in any way limit or preclude enforcement by court action, foreclosure, power of sale or otherwise, any other
Loan Document through one or more additional proceedings in that State or county or in any other State or county.  Any and
all sums received by Administrative Agent in connection with the enforcement of the Deed of Trust shall be applied to the Obligations
in such order and priority as Administrative Agent shall determine, in its sole discretion.


 


(g)               
Order of Payments. If a Default exists and maturity of any of the Obligations has been accelerated or the Maturity
Date has occurred, all payments received by the Administrative Agent under any of the Loan Documents, in respect of any principal
of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the
following order and priority:


 


(i)                
amounts due to the Administrative Agent in respect of expenses due under Section 9.1 until paid in full;


 


(ii)              
amounts due to the Administrative Agent and the Lenders in respect of Protective Advances;


 


(iii)            
payments of interest on the Loan, to be applied for the ratable benefit of the Lenders;


 






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(iv)             
payments of principal on the Loan and payments of the Derivatives Termination Value in respect of all Interest Rate Protection
Agreements entered into pursuant to Section 9.16 with Wells Fargo, any Lender or any of their respective Affiliates, as the case
may be, to be applied for the ratable benefit of the Lenders and the applicable counterparties;


 


(v)               
amounts due to the Administrative Agent and Lenders pursuant to Section 13.1;


 


(vi)             
any amount remaining after application as provided above, shall be paid (i) if the Mezzanine Loan has not been repaid in
full, to Mezzanine Lender, and (ii) if the Mezzanine Loan has been repaid in full, to Borrower or whomever else may be legally
entitled thereto.


 


11.3          
DISBURSEMENTS TO THIRD PARTIES. Upon the occurrence of a Default occasioned by Borrower’s
failure to pay money to a third party as required by this Agreement, Administrative Agent may but shall not be obligated to make
such payments. The Borrower shall immediately repay such funds upon written demand of Administrative Agent. In either case, the
Default with respect to which any such payment has been made by Administrative Agent or Lenders shall not be deemed cured until
such deposit or repayment (as the case may be) has been made by Borrower to Administrative Agent.


 


11.4          
COSTS OF ENFORCEMENT; REPAYMENT OF FUNDS ADVANCED. All costs of enforcement and collection (including
reasonable attorneys’ fees and expenses) and any other funds expended by Administrative Agent or any Lender in the exercise
of its rights or remedies under this Agreement and the other Loan Documents shall be payable by the Borrower to Administrative
Agent upon demand, together with interest at the rate applicable to the principal balance of the Loan from the date the funds were
expended.


 


11.5          
RIGHTS CUMULATIVE, NO WAIVER. All Administrative Agent’s and Lenders’ rights and remedies
provided in this Agreement and the other Loan Documents, together with those granted by law or at equity, are cumulative and may
be exercised by Administrative Agent or Lenders at any time. Administrative Agent’s or any Lender’s exercise of any
right or remedy shall not constitute a cure of any Default unless all sums then due and payable to Lenders under the Loan Documents
are repaid and Borrower has cured all other Defaults. No waiver shall be implied from any failure of Administrative Agent or any
Lender to take, or any delay by Administrative Agent or any Lender in taking, action concerning any Default or failure of condition
under the Loan Documents, or from any previous waiver of any similar or unrelated Default or failure of condition. Any waiver or
approval under any of the Loan Documents must be in writing and shall be limited to its specific terms.


 


11.6          
PROVISIONS REGARDING LETTERS OF CREDIT.


 


(a)               
Default. A Default shall occur if Borrower shall have any reimbursement or similar obligation with respect to
a Letter of Credit, or if Borrower shall fail to (i) replace or extend any Letter of Credit prior to the expiration thereof or
(ii) replace any outstanding Letter of Credit within ten (10) Business Days of Administrative Agent’s notice that such Letter
of Credit fails to meet the requirements set forth in the definition of Letter of Credit. Administrative Agent shall not be required
to exercise its rights under Section 11.6(c) below in order to prevent any such a Default from occurring and neither Administrative
Agent nor any Lender shall be liable for any losses due to the insolvency of the issuer of the Letter of Credit as a result of
any failure or delay by Administrative Agent in the exercise of such rights; provided, however, if (notwithstanding the absence
of any obligation of Administrative Agent to do so) Administrative Agent shall successfully draw upon any Letter of Credit and
at the time of such draw no Default shall exist, then Administrative Agent shall hold the proceeds of such draw as additional 


 






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security
for the Loan on behalf of the Lenders and shall apply such proceeds on the same terms and conditions as originally applied to Administrative
Agent’s right to draw and apply the proceeds of the related Letter of Credit.


 


(b)               
Security for Debt.Each Letter of Credit delivered under this Agreement shall be additional security for the payment
of the Loan and all sums payable with respect to the Loan under this Agreement and the other Loan Documents. While a Default exists,
Administrative Agent for the benefit of the Lenders 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 interest, principal and all other sums payable with respect to the Obligations
under this Agreement or the other Loan Documents in such order, proportion or priority as Administrative Agent may determine or
to hold such proceeds as security for the Loan.


 


(c)               
Additional Rights of Administrative Agent. In addition to any other right Administrative Agent may have to draw upon
a Letter of Credit pursuant to the terms and conditions of this Agreement, Administrative Agent shall have the additional right
to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Administrative Agent or any Lender
shall have received a notice from the issuer that the Letter of Credit will not be renewed and a substitute Letter of Credit is
not provided at least ten (10) Business Days prior to the date on which the outstanding Letter of Credit is scheduled to expire;
(b) with respect to any Letter of Credit with a stated expiration date, if Administrative Agent has not received a notice from
the issuer that it has renewed the Letter of Credit at least thirty (30) 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 ten (10) Business Days prior to the date on which
the outstanding Letter of Credit is scheduled to expire; or (c) if Administrative Agent or any Lender shall have received notice
that the bank issuing the Letter of Credit shall cease to be an Acceptable Issuer and Borrower has not, within ten (10) Business
Days after notice thereof, obtained a new Letter of Credit with an Acceptable Issuer.


 


ARTICLE 12. THE ADMINISTRATIVE
AGENT; INTERCREDITOR PROVISIONS


 


12.1          
APPOINTMENT AND AUTHORIZATION. Each Lender hereby irrevocably appoints and authorizes the Administrative
Agent to take such action as contractual representative on such Lender’s behalf and to exercise such powers under this Agreement
and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together
with such powers as are reasonably incidental thereto. Not in limitation of the foregoing, each Lender authorizes and directs the
Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as
otherwise set forth herein, any action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the
Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers
as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed
to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations
other than those expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Administrative
Agent”, “agent” and similar terms in the Loan Documents with reference to the Administrative Agent is not intended
to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead,
use of such terms is merely a matter of market custom, and is intended to create or reflect only an administrative relationship
between independent contracting parties. The Administrative Agent shall deliver to each Lender, promptly upon receipt thereof by
the Administrative Agent, copies of each of the financial statements, certificates, notices and other documents delivered to the
Administrative Agent pursuant to Article 10. The Administrative Agent will furnish to any Lender, upon the request of such
Lender, a copy (or, where appropriate, an original) of any document, instrument, agreement, certificate or notice furnished to
the Administrative Agent by the Borrower, any Loan Party or any other Affiliate of 


 






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the Borrower, pursuant to this Agreement or
any other Loan Document not already delivered to such Lender pursuant to the terms of this Agreement or any such other Loan Document.
As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of
any of the Obligations), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall
be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions
of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions
shall be binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding anything
in this Agreement to the contrary, the Administrative Agent shall not be required to take any action which exposes the Administrative
Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Notwithstanding
anything contained herein to the contrary, the Administrative Agent may exercise any right or remedy it or the Lenders may have
under any Loan Document upon the occurrence of a Default unless the Requisite Lenders have directed the Administrative Agent otherwise.
Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result
of the Administrative Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance
with the instructions of the Requisite Lenders, or where applicable, all the Lenders.


 


12.2          
WELLS FARGO AS A LENDER. Wells Fargo, as a Lender, shall have the same rights and powers under
this Agreement and any other Loan Document, as any other Lender and may exercise the same as though it were not the Administrative
Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include Wells Fargo
in each case in its individual capacity. Wells Fargo and its affiliates may each accept deposits from, maintain deposits or credit
balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage
in any kind of business with the Borrower, any other Loan Party or any other affiliate thereof as if it were any other bank and
without any duty to account therefore to the other Lenders. Further, the Administrative Agent and any affiliate may accept fees
and other consideration from the Borrower for services in connection with this Agreement or otherwise without having to account
for the same to the other Lenders. The Lenders acknowledge that, pursuant to such activities, Wells Fargo or its affiliates may
receive information regarding the Borrower, other Loan Parties, other Subsidiaries and other Affiliates (including information
that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall
be under no obligation to provide such information to them.


 


12.3          
COLLATERAL MATTERS; PROTECTIVE ADVANCES.


 


(a)               
Each Lender hereby authorizes the Administrative Agent, without the necessity of any notice to or further consent from any
Lender, from time to time prior to a Default, to take any action with respect to any Collateral or Loan Documents which may be
necessary to perfect and maintain perfected the Liens upon the Collateral granted pursuant to any of the Loan Documents.


 


(b)               
The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted
to or held by the Administrative Agent upon all or any portion of the Collateral (i) upon termination of the Commitments and payment
and satisfaction in full of all of the Obligations; (ii) as expressly permitted by, but only in accordance with, the terms of the
applicable Loan Document; or (iii) if approved, authorized or ratified in writing by each Lender. Upon request by the Administrative
Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or
items of Collateral pursuant to this section.


 


(c)               
Upon any sale or transfer of Collateral which is expressly permitted pursuant to the terms of this Agreement, and upon at
least five (5) business days’ prior written request by the


 






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Borrower, the Administrative
Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the
release of the Liens granted to the Administrative Agent for its benefit and the benefit of the Lenders, herein or pursuant hereto
upon the Collateral that was sold or transferred; provided, however, that (i) the Administrative Agent shall not be required to
execute any such document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent to
liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty
and (ii) such release shall not in any manner discharge, affect or impair the Obligations or any Liens upon (or Obligations of
the Borrower or any other Loan Party in respect of) all interests retained by the Borrower or any other Loan Party, including
(without limitation) the proceeds of such sale or transfer, all of which shall continue to constitute part of the Collateral.
In the event of any sale or transfer of Collateral, or any foreclosure with respect to any of the Collateral, the Administrative
Agent shall be authorized to deduct all of the expenses reasonably incurred by the Administrative Agent from the proceeds of any
such sale, transfer or foreclosure.


 


(d)               
The Administrative Agent shall have no obligation whatsoever to the Lenders or to any other Person to assure that the Collateral
exists or is owned by the Borrower, any other Loan Party or any other subsidiary or is cared for, protected or insured or that
the Liens granted to the Administrative Agent herein or pursuant hereto have been properly or sufficiently or lawfully created,
perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or
in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or available
to the Administrative Agent in this Section or in any of the Loan Documents, it being understood and agreed that in respect of
the Collateral, or any act, omission or event related thereto, the Administrative Agent may act in any manner it may deem appropriate,
in its sole discretion, and that the Administrative Agent shall have no duty or liability whatsoever to the Lenders, except to
the extent resulting from its gross negligence or willful misconduct.


 


(e)               
The Administrative Agent may make, and shall be reimbursed by the Lenders (in accordance with their Pro Rata Shares) to
the extent not reimbursed by the Borrower for, Protective Advances during any one calendar year with respect to the Property that
is Collateral up to the sum of (i) amounts expended to pay real estate Taxes, assessments and governmental charges or levies imposed
upon such property; (ii) amounts expended to pay insurance premiums for policies of insurance related to such property and (iii)
$500,000. Protective Advances in excess of said sum during any calendar year that is Collateral shall require the consent of the
Requisite Lenders. The Borrower agrees to pay on demand all Protective Advances.


 


12.4          
POST-FORECLOSURE PLANS.


 


If all or any portion
of the Collateral is acquired by the Administrative Agent as a result of a foreclosure or the acceptance of a deed or assignment
in lieu of foreclosure, or is retained in satisfaction of all or any part of the Obligations, the title to any such Collateral,
or any portion thereof, shall be held in the name of the Administrative Agent or a nominee or subsidiary of the Administrative
Agent, as Administrative Agent, for the ratable benefit of all Lenders. The Administrative Agent shall prepare a recommended course
of action for such Collateral (a “Post-Foreclosure Plan”), which shall be subject to the approval of the Requisite
Lenders. In accordance with the approved Post-Foreclosure Plan, the Administrative Agent shall manage, operate, repair, administer,
complete, construct, restore or otherwise deal with the Collateral acquired, and shall administer all transactions relating thereto,
including, without limitation, employing a management agent, leasing agent and other agents, contractors and employees, including
agents for the sale of such Collateral, and the collecting of rents and other sums from such Collateral and paying the expenses
of such Collateral. Actions taken by the Administrative Agent with respect to the Collateral, which are not specifically provided
for in the approved Post-Foreclosure Plan or reasonably incidental thereto, shall require the written consent of the Requisite
Lenders by way of


 






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 supplement to such Post-Foreclosure Plan. Upon demand therefor from time to time, each Lender will contribute
its share (based on its Pro Rata Share) of all reasonable costs and expenses incurred by the Administrative Agent pursuant to the
approved Post-Foreclosure Plan in connection with the construction, operation, management, maintenance, leasing and sale of such
Collateral. In addition, the Administrative Agent shall render or cause to be rendered to each Lender, on a monthly basis, an income
and expense statement for such Collateral, and each Lender shall promptly contribute its Pro Rata Share of any operating loss for
such Collateral, and such other expenses and operating reserves as the Administrative Agent shall deem reasonably necessary pursuant
to and in accordance with the approved Post-Foreclosure Plan. To the extent there is net operating income from such Collateral,
the Administrative Agent shall, in accordance with the approved Post-Foreclosure Plan, determine the amount and timing of distributions
to the Lenders. All such distributions shall be made to the Lenders in accordance with their respective Pro Rata Shares. The Lenders
acknowledge and agree that if title to any Collateral is obtained by the Administrative Agent or its nominee, such Collateral will
not be held as a permanent investment but will be liquidated and the proceeds of such liquidation will be distributed in accordance
with Section 11.2 as soon as practicable. The Administrative Agent shall undertake to sell such Collateral, at such price
and upon such terms and conditions as the Requisite Lenders reasonably shall determine to be most advantageous to the Lenders.
Any purchase money mortgage or deed of trust taken in connection with the disposition of such Collateral in accordance with the
immediately preceding sentence shall name the Administrative Agent, as Administrative Agent for the Lenders, as the beneficiary
or mortgagee. In such case, the Administrative Agent and the Lenders shall enter into an agreement with respect to such purchase
money mortgage or deed of trust defining the rights of the Lenders in the same Pro Rata Shares as provided hereunder, which agreement
shall be in all material respects similar to this Article insofar as the same is appropriate or applicable.


 


12.5          
APPROVALS OF LENDERS. All communications from the Administrative Agent to any Lender requesting
such Lender’s determination, consent, approval or disapproval (a) shall be given in the form of a written notice to such
Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent
or disapproval is requested, or shall advise such Lender where information, if any, regarding such matter or issue may be inspected,
or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and to
the extent not previously provided to such Lender, written materials and a summary of all oral information provided to the Administrative
Agent by the Borrower in respect of the matter or issue to be resolved, and (d) shall include the Administrative Agent’s
recommended course of action or determination in respect thereof. Unless a Lender shall give written notice to the Administrative
Agent that it specifically objects to the recommendation or determination of the Administrative Agent (together with a reasonable
written explanation of the reasons behind such objection) within ten (10) Business Days (or such lesser or greater period as may
be specifically required under the express terms of the Loan Documents) of receipt of such communication, such Lender shall be
deemed to have conclusively approved of or consented to such recommendation or determination.


 


12.6          
NOTICE OF EVENTS OF DEFAULT. The Administrative Agent shall not be deemed to have knowledge or
notice of the occurrence of a Default unless the Administrative Agent has received notice from a Lender or the Borrower referring
to this Agreement, describing with reasonable specificity such Default and stating that such notice is a “notice of default.”
If any Lender (excluding the Lender which is also serving as the Administrative Agent) becomes aware of any Default, it shall promptly
send to the Administrative Agent such a “notice of default”. Further, if the Administrative Agent receives such a “notice
of default,” the Administrative Agent shall give prompt notice thereof to the Lenders.


 


12.7          
ADMINISTRATIVE AGENT’S RELIANCE. Notwithstanding
any other provisions of this Agreement or any other Loan
Documents, neither the Administrative
Agent nor any of its directors, officers, agents, employees or counsel shall be
liable for any action taken or not taken by it


 






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under
or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct
in connection with its duties expressly set forth herein or therein. Without limiting the generality of the foregoing, the Administrative
Agent: may consult with legal counsel (including its own counsel or counsel for the Borrower or any other Loan Party), independent
public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good
faith by it in accordance with the advice of such counsel, accountants or experts. Neither the Administrative Agent nor any of
its directors, officers, agents, employees or counsel: (a) makes any warranty or representation to any Lender, or any other Person
and shall be responsible to any Lender, or any other Person for any statement, warranty or representation made or deemed made
by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document;
(b) shall have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions
of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan
Document on the part of the Borrower or other Persons or inspect the property, books or records of the Borrower or any other Person;
(c) shall be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or
value of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto or any Collateral
covered thereby or the perfection or priority of any Lien in favor of the Administrative Agent on behalf of the Lenders; (d) shall
have any liability in respect of any recitals, statements, certifications, representations or warranties contained in any of the
Loan Documents or any other document, instrument, agreement, certificate or statement delivered in connection therewith; and (e)
shall incur any liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent,
certificate or other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine
and signed, sent or given by the proper party or parties. The Administrative Agent may execute any of its duties under the Loan
Documents by or through agents, employees or attorneys-in-fact and shall not be responsible for the negligence or misconduct of
any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct.


 


12.8          
INDEMNIFICATION OF ADMINISTRATIVE AGENT. Regardless of whether the transactions contemplated by
this Agreement and the other Loan Documents are consummated, each Lender agrees to indemnify the Administrative Agent (to the extent
not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) pro rata in accordance with such Lender’s
respective Pro Rata Share, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted
against the Administrative Agent (in its capacity as Administrative Agent but not as a “Lender”) in any way relating
to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action taken or omitted by the Administrative
Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall
be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Administrative Agent’s gross negligence
or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, however,
that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders, if expressly required hereunder)
shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limiting the generality
of the foregoing, each Lender agrees to reimburse the Administrative Agent (to the extent not reimbursed by the Borrower and without
limiting the obligation of the Borrower to do so) promptly upon demand for its ratable share of any out of pocket expenses (including
the reasonable fees and expenses of the counsel to the Administrative Agent) incurred by the Administrative Agent in connection
with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings,
or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any
suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect any Obligations, any 


 






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 “lender liability” suit or claim brought against the Administrative Agent and/or the Lenders, and any claim or suit
brought against the Administrative Agent and/or the Lenders arising under any Hazardous Materials Laws. Such out of pocket expenses
(including counsel fees) shall be advanced by the Lenders on the request of the Administrative Agent notwithstanding any claim
or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Administrative
Agent that the Administrative Agent will reimburse the Lenders if it is actually and finally determined by a court of competent
jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in this Section shall survive
the payment of the Loans and all other amounts payable hereunder or under the other Loan Documents and the termination of this
Agreement. If Borrower shall reimburse the Administrative Agent for any Indemnifiable Amount following payment by any Lender to
the Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section, the Administrative Agent shall share
such reimbursement on a ratable basis with each Lender making any such payment.


 


12.9          
LENDER CREDIT DECISION, ETC. Each of the Lenders expressly acknowledges and agrees that neither
the Administrative Agent nor any of its officers, directors, employees, agents, counsel, attorneys-in-fact or other affiliates
has made any representations or warranties to such Lender and that no act by the Administrative Agent hereafter taken, including
any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to constitute
any such representation or warranty by the Administrative Agent to any Lender. Each of the Lenders acknowledges that it has, independently
and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective
officers, directors, employees, agents or counsel, and based on the financial statements of Borrower, the other Loan Parties, and
other Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of Borrower, the other
Loan Parties, and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder,
the advice of its own counsel and such other documents and information as it has deemed appropriate, made its own credit and legal
analysis and decision to enter into this Agreement and the transactions contemplated hereby. Each of the Lenders also acknowledges
that it will, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative
Agent or any of their respective officers, directors, employees and agents, and based on such review, advice, documents and information
as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents.
The Administrative Agent shall not be required to keep itself informed as to the performance or observance by the Borrower or any
other Loan Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties or
books of, or make any other investigation of, the Borrower, any other Loan Party. Except for notices, reports and other documents
and information expressly required to be furnished to the Lenders by the Administrative Agent under this Agreement or any of the
other Loan Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender with any credit or other
information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any
other Loan Party or any other Affiliate thereof which may come into possession of the Administrative Agent or any of its officers,
directors, employees, agents, attorneys-in-fact or other Affiliates. Each of the Lenders acknowledges that the Administrative Agent’s
legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Administrative
Agent and is not acting as counsel to any Lender.


 


12.10       
SUCCESSOR ADMINISTRATIVE AGENT. The Administrative Agent may resign at any time as Administrative
Agent under the Loan Documents by giving written notice thereof to the Lenders and Borrower. The Requisite Lenders and the Borrower
may, upon 30 days’ prior written notice, remove the Administrative Agent as administrative agent if the Administrative Agent
(i) is found by a court of competent jurisdiction in a final, non-appealable judgment to have committed gross negligence or willful
misconduct in the course of performing its duties hereunder or (ii) has become or is insolvent or


 






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 has become the subject of a bankruptcy
or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in
furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. Upon any such
removal or resignation, the Requisite Lenders shall have the right to appoint a successor Administrative Agent which appointment
shall, provided no Default or Potential Default exists, be subject to the Borrower’s approval, which approval shall not be
unreasonably withheld or delayed (except that Borrower shall, in all events, be deemed to have approved each Lender and any of
its affiliates as a successor Administrative Agent). If no successor Administrative Agent shall have been so appointed in accordance
with the immediately preceding sentence in connection with the resignation of the current Administrative Agent, and shall have
accepted such appointment, within thirty (30) days after the current Administrative Agent’s giving of notice of resignation,
then the current Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a
Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee. Upon the acceptance of any appointment
as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed
to and become vested with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative
Agent shall be discharged from its duties and obligations under the Loan Documents. After any Administrative Agent’s removal
or resignation hereunder as Administrative Agent, the provisions of this Article 12 shall continue to inure to its benefit as to
any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything
contained herein to the contrary, the Administrative Agent may assign its rights and duties under the Loan Documents to any of
its affiliates by giving Borrower and each Lender prior written notice.


 


12.11       
WITHHOLDING TAX. Notwithstanding anything to the contrary herein, to the extent required by law
(as determined by the Administrative Agent in its good faith discretion), the Administrative Agent may withhold from any payment
to any Lender an amount equivalent to any applicable withholding tax. Without limiting or expanding the obligations of the Loan
Parties under Section 2.11, each Lender shall indemnify the Administrative Agent, and shall make payable in respect thereof
within 30 calendar days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities and
expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against
the Administrative Agent by the Internal Revenue Service or any other Governmental Authority as a result of the failure of the
Administrative Agent to properly withhold tax from amounts paid to or for the account of such Lender for any reason (including,
without limitation, because the appropriate form was not delivered or not property executed, or because such Lender failed to notify
the Administrative Agent of a change in circumstance that rendered an exemption from, or reduction of, withholding tax ineffective).
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time
owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this
Section 12.11. The agreements in this Section 12.11 shall survive the resignation and/or replacement of the Administrative
Agent, any assignment of rights by, or the replacement of, a Lender, and the repayment, satisfaction or discharge of any Loan and
all other amounts payable under the Loan Documents.


 


12.12       
TITLED AGENTS. Each of the Lead Arranger and Bookrunner (each a “Titled Agent”)
in each such respective capacity, assumed no responsibility or obligation hereunder, including, without limitation, for servicing,
enforcement or collection of the Loan nor any duties as an agent hereunder for the Lenders. The titles given to the Titled Agents
are solely honorific and imply no fiduciary responsibility on the part of the Titled Agents to the Administrative Agent, any Lender,
the Borrower or any other Loan Party and the use of such titles does not impose on the Titled Agents any duties or 


 






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obligations
greater than those of any other Lender or entitle the Titled Agents to any rights other than those to which any other Lender is
entitled.


 


12.13       
LENDER ACTION. Each Lender agrees that it will not take any action, nor institute any actions or
proceedings, against Borrower or any other obligor under the Loan Documents, in each case, with respect to exercising claims against
or rights in the Collateral, and agrees that all remedies against the Collateral shall be exercised by the Administrative Agent,
subject to and in accordance with the terms of this Agreement and the other Loan Documents.


 


12.14       
NO SETOFF. Each Lender hereby acknowledges that the exercise by any Lender of offset, set-off,
banker’s lien or similar rights against any deposit account or other property or asset of any Borrower, whether or not located
in California, could result under certain laws in significant impairment of the ability of all Lenders to recover any further amounts
in respect of the Loan. Therefore, each Lender agrees not to charge or offset any amount owed to it by any Borrower against any
of the accounts, property or assets of such Borrower or any of its affiliates held by such Lender without the prior written approval
of Administrative Agent and Requisite Lenders.


 


ARTICLE 13. MISCELLANEOUS
PROVISIONS


 


13.1          
INDEMNITY. The Borrower hereby agrees to defend, indemnify and hold harmless the Administrative
Agent and each Lender, their respective directors, officers, employees, agents, successors and assigns (in their capacities as
such) from and against any and all losses, damages, liabilities, claims, actions, judgments, court costs and reasonable legal fees
or other out-of-pocket expenses (including, without limitation, attorneys’ fees and expenses) which Administrative Agent
or any Lender could reasonably be anticipated to actually incur (except in their respective capacities as a tenant under any Lease
of the Property, if applicable, or as a purchaser of the Property; provided, however, that (1) such exception shall not apply to
Administrative Agent or any Lender or their nominee in their capacity as owner or occupant of the Property in connection with or
following any foreclosure (or a deed in lieu of foreclosure) or the exercise of any remedies under the Loan Documents, (2) such
exception shall in no way reduce or impair any indemnity obligations arising hereunder and (3) that to the extent any such person
is both a Lender and/or Administrative Agent and a tenant and, in such capacity as a tenant incurs any loss or damage, the responsibility
for such loss or damage shall be governed by the applicable Lease) as a direct consequence of: (a) the purpose to which Borrower
applies the Loan proceeds; (b) the failure of Borrower or guarantor to perform any obligations as and when required by this
Agreement, any of the other Loan Documents or any Other Related Document; (c) any failure at any time of Borrower’s
representations or warranties to be true and correct; or (d) any act or omission by Borrower, constituent partner or member
of Borrower, any contractor, subcontractor or material supplier, engineer, architect or other person or entity with respect to
the Property. Borrower shall pay to such Administrative Agent or such Lender within ten (10) days after demand thereof any amounts
owing under this indemnity, together with interest from the date the indebtedness arises until paid at the rate of interest applicable
to the principal balance of the loan. Borrower’s duty and obligations to defend, indemnify and hold harmless the Administrative
Agent and each Lender shall survive cancellation of the notes and the release, reconveyance or partial reconveyance of any or all
of the Deed of Trust.


 


13.2          
FORM OF DOCUMENTS. The form and substance of all documents, instruments, and forms of evidence
to be delivered to Administrative Agent under the terms of this Agreement, any of the other Loan Documents or Other Related Documents
shall be subject to Administrative Agent’s approval and shall not be modified, superseded or terminated in any respect without
Administrative Agent’s prior written approval.


 






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13.3          
NO THIRD PARTIES BENEFITED. No person other than Administrative Agent, Lenders and Borrower and
their permitted successors and assigns shall have any right of action under any of the Loan Documents or Other Related Documents.


 


13.4          
NOTICES. All notices, demands, or other communications under this Agreement, the other Loan Documents
or the Other Related Documents shall be in writing, shall be delivered by hand or overnight courier service (with a reputable overnight
courier service), or mailed by certified or registered mail, return receipt requested, and shall be delivered to the appropriate
party at the address set forth on the signature page of this Agreement (subject to change from time to time by written notice to
all other parties to this Agreement). All communications shall be deemed served upon delivery, or (a) if mailed, upon the first
to occur of receipt or the expiration of three (3) days after the deposit in the United States Postal Service mail, postage prepaid
and addressed to the address of Borrower or Administrative Agent and Lenders at the address specified or (b) if sent by hand or
overnight courier service, upon the first to occur of receipt or one (1) Business Day after being deposited with the courier service;
provided, however, that non-receipt of any communication as the result of any change of address of which the sending party was
not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication.


 


13.5          
ATTORNEY-IN-FACT. Borrower hereby irrevocably appoints and authorizes Administrative Agent, as
Borrower’s attorney-in-fact, which agency is coupled with an interest, to execute and/or record in Administrative Agent’s
or Borrower’s name any notices, instruments or documents that Administrative Agent deems appropriate in its reasonable judgment
to protect Lenders’ interest under any of the Loan Documents or Other Related Documents; provided, that prior to a Default,
Administrative Agent shall give Borrower at least five (5) Business Days’ notice before exercising such power of attorney
and no such action taken shall increase Borrower’s obligations or liabilities hereunder.


 


13.6          
ACTIONS. The Borrower agrees that Administrative Agent or any Lender, in exercising the rights,
duties or liabilities of Administrative Agent, Lenders or Borrower under the Loan Documents or Other Related Documents, may commence,
appear in or defend, as is appropriate to protect its interest in the Collateral or to prevent a Material Adverse Effect, any action
or proceeding purporting to affect the Property, the Improvements, the Loan Documents or the Other Related Documents and Borrower
shall, within ten (10) days after demand, reimburse Administrative Agent or such Lender for all such expenses so incurred or paid
by Administrative Agent or such Lender, including, without limitation, attorneys’ fees and expenses and court costs.


 


13.7          
RELATIONSHIP OF PARTIES. The relationship of Borrower, Administrative Agent and Lenders under the
Loan Documents and Other Related Documents is, and shall at all times remain, solely that of borrower and lender, and Administrative
Agent and Lenders neither undertake nor assumes any responsibility or duty to Borrower or to any third party with respect to the
Property or Improvements, except as expressly provided in this Agreement, the other Loan Documents and the Other Related Documents.


 


13.8          
DELAY OUTSIDE LENDER’S CONTROL. No Lender or Administrative Agent shall be liable in any
way to Borrower or any third party for Administrative Agent’s or such Lender’s failure to perform or delay in performing
under the Loan Documents (and Administrative Agent or any Lender may suspend or terminate all or any portion of Administrative
Agent’s or such Lender’s obligations under the Loan Documents) if such failure to perform or delay in performing results
directly or indirectly from, or is based upon, the action, inaction, or purported action, of any governmental or local authority,
or because of war, rebellion, insurrection, strike, lock-out, boycott or blockade (whether presently in effect, announced or in
the sole judgment of Administrative Agent or such Lender deemed 


 






    	 	108	 



     


    

 


probable), or from any Act of God or other cause or event beyond
Administrative Agent’s or such Lender’s control.


 


13.9          
ATTORNEYS’ FEES AND EXPENSES; ENFORCEMENT. If any attorney is engaged by Administrative Agent
or any Lender to enforce or defend any provision of this Agreement, any of the other Loan Documents or Other Related Documents,
or as a consequence of any Default under the Loan Documents or Other Related Documents, with or without the filing of any legal
action or proceeding, and including, without limitation, any fees and expenses incurred in any bankruptcy proceeding of Borrower,
then Borrower shall promptly pay to Administrative Agent or such Lender, upon demand, the amount of all reasonable attorneys’
fees and expenses and all costs incurred by Administrative Agent or such Lender in connection therewith, together with interest
thereon from the date of such demand until paid at the rate of interest applicable to the principal balance of the Loan. Notwithstanding
anything to the contrary contained in this Agreement, in no event shall Borrower be responsible for paying or reimbursing any Lender
other than Administrative Agent for any attorney’s fees or costs or other out of pocket third party expenses except pursuant
to this Section 13.9 and in connection with Borrower’s indemnity obligations under Section 13.1.


 


13.10       
IMMEDIATELY AVAILABLE FUNDS. Unless otherwise expressly provided for in this Agreement, all amounts
payable by Borrower to Administrative Agent or any Lender shall be payable only in United States Dollars, in immediately available
funds.


 


13.11       
AMENDMENTS AND WAIVERS.


 


(a)               
Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted
by this Agreement or in any Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other
Loan Document may be amended, (iii) the performance or observance by the Borrower or any other Loan Party of any terms of this
Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default may be waived (either generally or
in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders
(or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document,
the written consent of each Loan Party which is party thereto. Notwithstanding the previous sentence, the Administrative Agent,
shall be authorized on behalf of all the Lenders, without the necessity of any notice to, or further consent from, any Lender,
to waive the imposition of the late fees provided in Section 2.6(c), up to a maximum of 3 times per calendar year. Borrower
may rely on any consent, approval or waiver executed and delivered by Administrative Agent without any duty of inquiry as to whether
any additional required consents of Lenders have been obtained. Notwithstanding anything contained herein, Wells Fargo shall at
all times while it remains Administrative Agent, until the occurrence of a Default, retain a portion of the Loan in a principal
amount equal to no less than the lesser of (i) $50,000,000 and (ii) the highest principal amount that is then held by any Lender
other than Wells Fargo.


 


(b)               
Unanimous Consent. Notwithstanding the foregoing, no amendment, waiver or consent shall, unless in writing, and signed
by all of the Lenders (or the Administrative Agent at the written direction of the Lenders), do any of the following:


 


(i)                
subject the Lenders to any additional obligations or increase the commitment of any Lender;


 


(ii)              
reduce the principal of, or interest rates that have accrued or that will be charged on the outstanding principal amount
of, the Loan;


 






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(iii)            
reduce the amount of any fees payable to the Lenders hereunder;


 


(iv)             
postpone any date fixed for any payment of principal of, or interest on, the Loan (including, without limitation, the Maturity
Date) or for the payment of fees or any other monetary Obligations of Borrower or Guarantor;


 


(v)               
modify or amend the organizational documents of Borrower in any manner that could be reasonably expected to have a Material
Adverse Effect;


 


(vi)             
change the Pro Rata Shares;


 


(vii)           
amend this Section or amend the definitions of the terms used in this Agreement or the other Loan Documents insofar as such
definitions affect the substance of this Section;


 


(viii)         
modify the definition of the term “Requisite Lenders” or modify in any other manner the number or percentage
of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof;


 


(ix)             
release any Guarantor from its obligations under the Guaranty except as permitted, and in accordance with, the Loan Documents;


 


(x)               
waive a Default under Section 11.1(a) or (b);


 


(xi)             
release or dispose of any Collateral unless released or disposed of as permitted by, and in accordance with, the Loan Documents;
or


 


(xii)           
subordinate the lien of the Deed of Trust other than to a Permitted Easement. For the avoidance of doubt, the Administrative
Agent shall have the sole right to approve, in its reasonable discretion, the subordination of the lien of any Deed of Trust to
any Permitted Easement.


 


(c)               
Amendment of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and signed
by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties
of the Administrative Agent under this Agreement, any of the other Loan Documents or Other Related Documents. No waiver shall extend
to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall
be effective only in the specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission
on the part of the Administrative Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be
prejudicial thereto. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon
the Borrower shall entitle the Borrower to other or further notice or demand in similar or other circumstances.


 


13.12       
SUCCESSORS AND ASSIGNS.


 


(a)               
Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns, except that the Borrower may not assign or otherwise transfer any of its rights under
this Agreement without the prior written consent of all the Lenders (and any such assignment or transfer to which all of the Lenders
have not consented shall be void).


 


(b)               
Participations. Any Lender may at any time grant to an affiliate of such Lender, or one or more banks or other financial
institutions (each a “Participant”) participating interests in its 


 






    	 	110	 



     


    

 


Commitments or the Obligations
owing to such Lender hereunder; provided that any such participation (and assignments of participation interests by existing Participants)
shall be subject to the following conditions: (i) any participation (or assignment of participation) shall be in an amount at
least equal to Fifteen Million Dollars ($15,000,000) (ii) consent to such participation (or such assignment of participation)
shall be obtained from Administrative Agent in its sole discretion; and (iii) the consent of Borrower (such consent not to be
unreasonably withheld, conditioned or delayed) shall be required unless: (A) a Default has occurred and is continuing at the time
of such participation (or such assignment of participation); or (B) such participation (or such assignment of participation) is
to a Lender, an Affiliate of a Lender, or an Approved Fund. Notwithstanding any of the foregoing to the contrary, nothing contained
herein shall require Borrower’s consent as to any sub-participation by an existing Participant. Except as expressly stated
herein, no Participant shall have any rights or benefits under this Agreement or any other Loan Document. In the event of any
such grant by a Lender of a participating interest to a Participant, such Lender shall remain responsible for the performance
of its obligations hereunder, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any
Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to
enforce the obligations of the Borrower hereunder including, without limitation, the right to approve any amendment, modification
or waiver of any provision of this Agreement; provided, however, such Lender may agree with the Participant that it will not,
without the consent of the Participant, agree to (i) increase such Lender’s Commitment, (ii) extend the date fixed
for the payment of principal on the Loans or portions thereof owing to such Lender, (iii) reduce the rate at which interest is
payable thereon, (iv) release any Collateral (except as expressly provided in the Loan Documents) or (v) release Guarantor from
any liability under the Guaranty (except as expressly provided in the Loan Documents). An assignment or other transfer which is
not permitted by subsection (c) or (d) below shall be given effect for purposes of this Agreement only to the extent of a
participating interest granted in accordance with this subsection (b). The costs and expenses of Administrative Agent and
each Lender and Participant in connection with such participation shall be at the sole cost and expense of such parties. A Participant,
through the applicable participating Lender, shall be entitled to the benefits of Section 2.11 in the same manner as if it
were an Assignee so long as such Participant shall have complied with the requirements of Section 2.11, and, provided, further,
that no Participant shall be entitled to receive any greater amount pursuant to Section 2.11 than the participating Lender
would have been entitled to receive with respect to the direct or indirect participation sold to the Participant (and without
duplication of amounts payable to such participating Lender). Each 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 Loans, Commitments or other obligations
under any Loan Document from time to time (the “Participant Register”). The obligations of Borrower under the
Loan Documents are registered obligations within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue
Code and any related regulations and any other relevant or successor provisions of the Internal Revenue Code or such regulations
(and shall be construed as such) and the right, title and interest of each Participant in and to such obligations shall be transferable
only upon notation of such transfer in the Participant Register. No 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, 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, or other obligation is in registered form under Sections 163(f), 871(h)(2)
and 881(c)(2) of the Internal Revenue Code. The entries in the Participant Register shall be conclusive absent manifest error,
and such 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. For the avoidance of doubt, the Administrative
Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.


 



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(c)               
Assignments. Any Lender may with the prior written consent of the Administrative Agent (such approval not to be unreasonably
withheld) at any time assign to one or more Eligible Assignees (each an “Assignee”) all or a portion of its
rights and obligations under this Agreement and the Notes; provided, however, (i) any partial assignment shall be in an amount
at least equal to $15,000,000, and after giving effect to such assignment the assigning Lender retains a Commitment, or if the
Commitments have been terminated, holds Notes having an aggregate outstanding principal balance, of at least $15,000,000, (ii)
if the assigning Lender holds and/or owns an interest in any Interest Rate Protection Agreement or has any obligation with respect
thereto, and after giving effect to such assignment such Lender will hold no further Commitment under this Agreement, such Lender
shall undertake such assignment only contemporaneously with an assignment by such Lender of its interest in the Interest Rate Protection
Agreement to the Assignee or another Lender (or Affiliate thereof) provided that unless a Default shall have occurred and is continuing,
in no event shall the foregoing result in a change of the counterparty under the Interest Rate Protection Agreement without the
Borrower’s prior written approval) and (iii) each such assignment shall be effected by means of an Assignment and Assumption
Agreement. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Lender of an amount equal
to the purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be deemed to be a Lender party
to this Agreement and shall have all the rights and obligations of a Lender with a Commitment and/or Loans, as the case may be,
as set forth in such Assignment and Assumption Agreement, and the transferor Lender shall be released from its obligations hereunder
to a corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment
pursuant to this subsection (c), the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements
so the new Notes are issued to the Assignee and such transferor Lender, as appropriate, and shall update Schedule I attached
hereto. In connection with any such assignment, the transferor Lender shall pay to the Administrative Agent an administrative fee
for processing such assignment in the amount of $4,500.00 (or $7,500.00 in the case of an assignment by a Defaulting Lender). Anything
in this Section to the contrary notwithstanding, no Lender may assign or participate any interest in any Loan held by it hereunder
to Borrower, or any of its respective affiliates or Subsidiaries. From the later to occur of (i) ninety (90) days following the
Effective Date and (ii) the date upon which the Commitment of Administrative Agent has been reduced, through one or more assignments,
to $150,000,000, the costs and expenses of Administrative Agent and each Lender and Assignee in connection with such participation
shall be at the sole cost and expense of such parties; prior thereto, such costs shall be payable by Borrower. Administrative Agent,
acting for this purpose as a non-fiduciary of Borrower, shall maintain at one of its offices a copy of each assignment delivered
to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount
(and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
The entries in the Register shall be conclusive, and Borrower, the Administrative Agent and the Lenders shall treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by Borrower and any Lender at any time and from time to
time upon reasonable prior notice. The obligations of Borrower under the Loan Documents are registered obligations and the right,
title and interest of Lender and its Assignees in and to such obligations shall be transferable only upon notation of such transfer
in the Register. This Section 13.12(c) shall be construed so that such obligations are at all times maintained in “registered
from” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue Code and any related regulations
(and any other relevant or successor provisions of the Internal Revenue Code or such regulations).


 


(d)               
Federal Reserve Bank Assignments. In addition to the assignments and participations permitted under the foregoing
provisions of the Section, and without the need to comply with any of the formal or procedural requirements of this Section, any
Lender may at any time and from time to time, pledge and assign all or any portion of its rights under all or any of the Loan Documents
and 


 






    	 	112	 



     


    

 


Other Related Documents to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from
its obligation thereunder.


 


(e)               
Information to Assignee, Etc. A Lender may furnish any information concerning the Borrower, any subsidiary or any
other Loan Party in the possession of such Lender from time to time to Assignees and Participants (including prospective Assignees
and Participants). In connection with such negotiation, execution and delivery, Borrower authorizes Administrative Agent and Lenders
to communicate all information and documentation related to the Loan (whether to Borrower or to any Participant, Assignee, legal
counsel, appraiser or other necessary party) directly by e-mail, fax, or other electronic means used to transmit information.


 


(f)                
Interest Rate Protection Agreement. Notwithstanding anything to the contrary herein contained, Administrative Agent
and the Lenders shall not, without Borrower’s prior written consent (unless a Default exists), take any action which may
(i) cause the Interest Rate Protection Agreement to no longer be secured by the collateral which secures the Loan (on the same
terms in all relevant respects and on a pari passu and pro rata basis with the principal of such Loan) or (ii) give rise to an
Additional Termination Event under the Interest Rate Protection Agreement.


 


(g)               
Pledge; German Covered Bonds. Notwithstanding anything to the contrary contained herein, any Lender (any such Lender,
a “Pfandbrief Pledging Lender”) may freely assign, pledge or otherwise transfer all or any part of its interest in
the Loan to a trustee, collateral trustee, administrator, receiver or other Person (or their respective nominees, agents or collateral
agents or collateral trustees) in connection with the issuance of covered mortgage bonds under German Pfandbrief legislation, as
such legislation may be amended and in effect from time to time, or any substitute or successor legislation of a mortgage pool
securing covered mortgage bonds issued by a German mortgage bank, or any other Person meeting the eligibility requirements and
being permitted to issue covered mortgage bonds, 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 no such assignment, pledge or other transfer
shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party
hereto. Borrower, Administrative Agent and Lenders agree to execute, within fifteen (15) Business Days after request therefor is
made by Administrative Agent to Borrower and Lenders, any documents or any amendments, amendments and restatements and/or modifications
to any Loan Document (including amended, amended and restated, modified and/or replacement promissory notes) and/or any estoppel
certificates from Borrower reasonably requested by Administrative Agent or such pledging 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, without charge to Borrower, Administrative Agent and the other Lenders, provided that (i) such documents,
amendments, amendments and restatements, modifications and/or estoppel certificates do not (a) expand the liability or obligations
of Borrower, Administrative Agent and/or Lenders under the Loan Documents or diminish the rights of Borrower, Administrative Agent
and/or Lenders under the Loan Documents or (b) expand the liability or obligations of any assignee of a Lender or any Participant
under the Loan Documents or diminish the rights of any assignee of a Lender or any Participant under the Loan Documents; and (ii)
the pledging Lender shall pay all costs and expenses (including reasonable out-of-pocket attorney’s fees and disbursements)
incurred by Borrower, Administrative Agent and Lenders in connection with such documents, amendments, amendments and restatements,
modifications and/or estoppel certificates.


 


(h)               
No Assignments to Borrower or Affiliates.


 


(i)                
Notwithstanding anything in this Section 13.12 to the contrary, no Lender may assign or participate any interest in the
Loan held by it hereunder to Borrower, Guarantor,


 






    	 	113	 



     


    

 


any Person owning a direct or indirect interest in Borrower or Guarantor or any
of their respective Affiliates (a “Borrower-Related Lender”). Notwithstanding the foregoing, subject to the
terms of this clause (h), Affiliates of Borrower (other than Guarantor, Sponsor and their controlled Subsidiaries) may acquire
all or any portion of non-controlling securities with respect to the Loan provided that such acquisition occurs solely as the result
of such Affiliate’s acquisition of securities in a non-Affiliated Lender in connection with a broader capital markets transaction
that is not related to the Loan (and any such Lender in which an Affiliate of Borrower acquires such securities shall be considered
a Borrower-Related Lender for purposes of this Agreement).


 


(ii)                 
No fiduciary duties shall be owed by Administrative Agent and/or the Lenders to any Borrower-Related Lender and such Borrower-Related
Lender shall promptly execute such documents as Administrative Agent may reasonably require in connection therewith, including,
without limitation, an irrevocable waiver of any fiduciary or other duties owed to such Borrower-Related Lender in connection with
the ownership of such interest. Borrower, on behalf of itself and on behalf of any Borrower-Related Lender, hereby irrevocably
appoints and authorizes Administrative Agent, as Borrower’s and such Borrower-Related Lender’s attorney-in-fact, which
agency is coupled with an interest, to execute and/or record in Borrower’s or Borrower-Related Lender’s name any such
instruments or documents that Administrative Agent may reasonably require; provided, that prior to a Default, Administrative Agent
shall give Borrower at least five (5) Business Days’ notice before exercising such power of attorney.


 


(iii)               
Notwithstanding anything to the contrary contained in this Agreement, under no circumstances shall any Borrower-Related
Lender, or any Lender holding an interest in the Loan for or on behalf of a Borrower-Related Lender:


 


(A)             
have any rights to vote or grant consent or approval with respect to any matter for which the vote, consent or approval
of any Lender is required under the terms of the Loan Documents including, without limitation, any of the matters set forth in
Section 13.11 of this Agreement, or exercise, directly or indirectly, any control, decision-making power, consent or approval rights,
voting rights, notice and cure rights or any other right that is granted to Administrative Agent or any Lender or would otherwise
benefit a Lender by virtue of its ownership or control of any interest with respect to the Loan, and for purposes of (A) determining
how many or which Lenders constitute the Requisite Lenders, or (B) obtaining unanimous consent of the Lenders under this Agreement,
in each case for the purposes of consenting to, approving or voting with respect to any decision or any action (or waiver or forbearance
form taking an action) to be made or undertaken by Administrative Agent and/or the Lenders with respect to this Agreement or any
other Loan Document, such Borrower-Related Lender’s proportionate share of the Commitment shall be disregarded for such determination,
and such Borrower-Related Lender’s interest in the Loan shall be entirely passive;


 


(B)             
have any rights to initiate any enforcement actions against any of the Loan Parties pursuant to any of the Loan Documents;


 


(C)             
have any rights to bring any claim, in its capacity as a Lender, against any of the other Lenders or the Administrative
Agent with respect to the duties and obligations of such Persons under the Loan Documents;


 






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(D)             
be entitled to cancel, forgive or discharge (by set-off or otherwise) any outstanding Obligations;


 


(E)              
be entitled to any priority in repayment for protective advances funded by such Borrower-Related Lender or in respect of
default interest, late payment charges or other fees and expenses in connection with the Loan, all of which shall be paid to such
Borrower-Related Lender after all amounts due to Administrative Agent and the other Lenders have been paid in the order and priority
set forth in Section 11.2(g);


 


(F)              
have any rights to attend or participate in meetings, discussions or conference calls among Administrative Agent and any
of the Lenders, or otherwise);


 


(G)             
have access to any electronic site established for the Lenders or confidential communications from counsel to or financial
advisors of the Administrative Agent or the Lenders;


 


(H)             
have any rights to receive any notices, correspondence, communication, documents, information, reports or other materials
(whether oral or written) from, or otherwise be consulted by, Administrative Agent or any other Lender that relates, in any way,
to the Property, Borrower or the Loan (including, without limitation, any report delivered pursuant to Section 10.1 of this Agreement
or pursuant to the Guaranty); or


 


(I)                
have any decision-making rights, notice and cure rights, rights to provide direction, control, consent or vote its claim
or any other rights that are granted to Administrative Agent and/or any Lender or would otherwise benefit a Lender by virtue of
its ownership or control of any interest with respect to the Loan in connection with any voluntary or involuntary case or other
proceeding by or against Borrower or Guarantor which seeks liquidation, reorganization or other relief with respect to it or its
debts or other liabilities under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeks the appointment
of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property.


 


13.13       
STAMP, INTANGIBLE AND RECORDING TAXES.


 


The Borrower will pay
any and all stamp, excise, intangible, registration, recordation and similar Taxes, fees or charges and shall indemnify the Administrative
Agent and each Lender against any and all liabilities with respect to or resulting from any delay in the payment or omission to
pay any such Taxes, fees or charges, which may be payable or determined to be payable in connection with the execution, delivery,
recording, performance or enforcement of this Agreement, the Notes and any of the other Loan Documents, the amendment, supplement,
modification or waiver of or consent under this Agreement, the Notes or any of the other Loan Documents or the perfection of any
rights or Liens under this Agreement, the Notes or any of the other Loan Documents.


 


13.14       
LENDER’S DISCRETION. Whenever pursuant to this
Agreement, Administrative Agent or any Lender exercises any right given to it to approve or disapprove, or any arrangement or term
is to be satisfactory to Administrative Agent or any Lender, the decision of Administrative Agent or any Lender to approve or disapprove
or to decide whether arrangements or terms are satisfactory or not 


 






    	 	115	 



     


    

 


satisfactory shall (except as is otherwise specifically herein
provided) be in the sole discretion of Administrative Agent or any Lender, and with respect to any determination that is in the
sole discretion of Administrative Agent or any Lender, shall be final and conclusive absent manifest error, in the case of numerical
calculations.


 


13.15       
ADMINISTRATIVE AGENT. Upon the occurrence and during the continuance of a Default, Administrative
Agent may designate an agent or independent contractor to exercise any of Administrative Agent’s rights under this Agreement,
any of the other Loan Documents and Other Related Documents (acknowledging that Administrative Agent shall not engage such parties
to perform ministerial services which Administrative Agent performs on a routine basis). Any reference to Administrative Agent
in any of the Loan Documents or Other Related Documents shall include Administrative Agent’s and Administrative Agent’s
agents, employees or independent contractors. Borrower shall pay the costs of such agent or independent contractor either directly
to such person or to Administrative Agent in reimbursement of such costs, as applicable.


 


13.16       
TAX SERVICE. Administrative Agent, on behalf of Lenders, is authorized to secure, at Borrower’s
expense, a tax service contract with a third party vendor which shall provide tax information on the Property and Improvements
satisfactory to Administrative Agent.


 


13.17       
WAIVER OF RIGHT TO TRIAL BY JURY. [EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT
TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THE LOAN DOCUMENTS OR OTHER RELATED DOCUMENTS,
INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THE LOAN DOCUMENTS OR OTHER RELATED DOCUMENTS (AS NOW OR HEREAFTER
MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED
HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND
WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS AGREEMENT MAY
FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO
TO THE WAIVER OF ANY RIGHT THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY.] [SUBJECT TO LOCAL COUNSEL REVIEW]


 


13.18       
SEVERABILITY. If any provision or obligation under this Agreement, the other Loan Documents or
Other Related Documents shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that
provision shall be deemed severed from the Loan Documents and the Other Related Documents and the validity, legality and enforceability
of the remaining provisions or obligations shall remain in full force as though the invalid, illegal, or unenforceable provision
had never been a part of the Loan Documents or Other Related Documents, provided, however, that if the rate of interest
or any other amount payable under the Notes or this Agreement or any other Loan Document, or the right of collectability therefor,
are declared to be or become invalid, illegal or unenforceable, Lenders’ obligations to make advances under the Loan Documents
shall not be enforceable by Borrower.


 


13.19       
TIME. Time is of the essence of each and every term of this Agreement.


 


13.20       
HEADINGS. All article, section or other headings appearing in this Agreement, the other Loan Documents
and Other Related Documents are for convenience of reference only and shall be


 






    	 	116	 



     


    

 


 disregarded in construing this Agreement, any of
the other Loan Documents and Other Related Documents.


 


13.21       
GOVERNING LAW.


 


(a)               
THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY BORROWER AND ACCEPTED BY ADMINISTRATIVE AGENT AND LENDERS
IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN 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 OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES
OF AMERICA. BORROWER ACKNOWLEDGES AND AGREES THAT, TO THE FULLEST EXTENT PERMITTED BY LAW, THE LAW OF THE STATE OF NEW YORK SHALL
GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF THIS AGREEMENT AND ALL OF THE OBLIGATIONS ARISING HEREUNDER, AND UNCONDITIONALLY
AND IRREVOCABLY WAIVE ANY CLAIM TO ASSERT THAT THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK 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)               
BORROWER HEREBY CONSENTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY, UNCONDITIONALLY AND IRREVOCABLY, TO THE NONEXCLUSIVE
JURISDICTION OF THE FEDERAL AND STATE COURTS IN THE COUNTY AND STATE OF NEW YORK WITH RESPECT TO ANY PROCEEDING RELATING TO ANY
MATTER, CLAIM OR DISPUTE ARISING UNDER THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY. EACH BORROWER FURTHER CONSENTS,
GENERALLY, UNCONDITIONALLY AND IRREVOCABLY, TO THE NONEXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS OF THE COUNTY AND
STATE IN WHICH ANY OF THE PROPERTY IS LOCATED IN RESPECT OF ANY PROCEEDING RELATING TO ANY MATTER, CLAIM OR DISPUTE ARISING WITH
RESPECT TO SUCH PROPERTY. BORROWER FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS, GENERALLY, UNCONDITIONALLY AND IRREVOCABLY,
AT THE ADDRESSES SET FORTH IN SECTION 13.4 HEREOF IN CONNECTION WITH ANY OF THE AFORESAID PROCEEDINGS IN ACCORDANCE WITH THE RULES
APPLICABLE TO SUCH PROCEEDINGS AND/OR PURSUANT TO THE LAST PARAGRAPH HEREOF. TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER
HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW HAVE OR HAVE IN THE FUTURE TO THE LAYING OF VENUE IN RESPECT OF ANY OF
THE AFORESAID PROCEEDINGS BROUGHT IN THE COURTS REFERRED TO ABOVE AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH
ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING HEREIN SHALL AFFECT THE RIGHT
OF THE ADMINISTRATIVE AGENT OR LENDER TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW OR TO COMMENCE PROCEEDINGS OR OTHERWISE PROCEED
AGAINST BORROWER IN ANY JURISDICTION.


 






    	 	117	 



     


    

 


(c)               
PROCESS MAY BE SERVED BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO BORROWER AT ITS ADDRESS REFERRED TO ABOVE.


 


13.22       
USA PATRIOT ACT NOTICE; COMPLIANCE.


 


(a)               
In order for the Administrative Agent to comply with “know your customer” and anti-money laundering rules and
regulations, including without limitation, the Patriot Act, prior to any Lender that is organized under the laws of a jurisdiction
outside of the United States of America becoming a party hereto, the Administrative Agent may request, and such Lender shall provide
to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall
be necessary for the Administrative Agent to comply with federal law.


 


(b)               
The Patriot Act and federal regulations issued with respect thereto require all financial institutions to obtain, verify
and record certain information that identifies individuals or business entities which open an “account” with such financial
institution. Consequently, a Lender (for itself and/or as Administrative Agent for all Lenders hereunder) may from time-to-time
request, and the Borrower shall, and shall cause the other Loan Parties, to provide to such Lender, such Loan Party’s name,
address, tax identification number and/or such other identification information as shall be necessary for such Lender to comply
with federal law. An “account” for this purpose may include, without limitation, a deposit account, cash management
service, a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services
product.


 


13.23       
ELECTRONIC DOCUMENT DELIVERIES. Documents required to be delivered pursuant to the Loan Documents
shall be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the
Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com <http://www.Edgar.com>
or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that (A) the foregoing shall not apply to
notices to any Lender pursuant to Article 3 and (B) the Lender has not notified the Administrative Agent or Borrower that it cannot
or does not want to receive electronic communications. The Administrative Agent or the Borrower may, in its discretion, agree to
accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or
particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four
(24) hours after the date and time on which the Administrative Agent or Borrower posts such documents or the documents become available
on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto
provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting
date and time shall be deemed to have commenced as of 9:00 a.m. on the opening of business on the next business day for the recipient.
Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper copies of the certificates
required by Section 10.1 hereof to the Administrative Agent and shall deliver paper copies of any documents to the Administrative
Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the
Administrative Agent or such Lender. Except for the certificates required by Section 10.1 hereof, the Administrative Agent
shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and
in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender
shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents. Notwithstanding
anything to the contrary contained above, no notice (including, without limitation, any default notice) given to, or made by (including
any required deliveries by), Borrower or Guarantor under this Agreement or the other Loan Documents shall be covered by this Section 13.23.


 






    	 	118	 



     


    

 


13.24       
INTEGRATION; INTERPRETATION. The Loan Documents and Other Related Documents contain or expressly
incorporate by reference the entire agreement of the parties with respect to the matters contemplated therein and supersede all
prior negotiations or agreements, written or oral. The Loan Documents and Other Related Documents shall not be modified except
by written instrument executed by all parties. Any reference to the Loan Documents or Other Related Documents includes any amendments,
renewals or extensions now or hereafter approved by Administrative Agent in writing.


 


13.25       
JOINT AND SEVERAL LIABILITY. The liability of the Borrower and all other persons and entities obligated
in any manner under this Agreement, any of the Loan Documents or Other Related Documents, other than Administrative Agent and/or
Lenders, shall be joint and several.


 


13.26       
COUNTERPARTS. To facilitate execution, this document may be executed in as many counterparts as
may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature
of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single
document. It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing
the respective signatures of, or on behalf of, each of the parties hereto. Any signature page to any counterpart may be detached
from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart
identical thereto except having attached to it additional signature pages.


 


13.27       
LIMITED RECOURSE. The members and other direct or indirect owners of Borrower and their officers,
directors, partners, members, shareholders, principals, managers, trustees, agents and affiliates (collectively, “Borrower
Related Parties”) shall have no personal liability for and none of their assets shall be subject to a claim arising out
of the obligations of Borrower hereunder or under any of the other Loan Documents or otherwise with respect to the Loan and the
Loan Documents (other than the Guaranty and the Hazardous Materials Indemnity Agreement, in each case, to the extent that any such
Borrower Related Party is a party thereto, and as more particularly set forth in such documents).


 


13.28       
REMEDIES OF BORROWER. In the event that a claim or adjudication is made that Administrative Agent,
any Lender or their respective agents have acted unreasonably or unreasonably delayed acting in any case where by law or under
this Agreement or the other Loan Documents, Administrative Agent, any Lender or their respective agents, as the case may be, has
an obligation to act reasonably or promptly, Borrower agrees that neither Administrative Agent, any Lender or their or their respective
agents shall be liable for any monetary damages, and Borrower’s sole remedies 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 Administrative
Agent or any Lender has acted reasonably shall be determined by an action seeking declaratory judgment.


 


13.29       
CONFLICTS. In the event of any conflict between the terms of this Agreement and the terms of the
other Loan Documents and the Other Related Documents, the terms of this Agreement shall prevail.


 


13.30       
CONSTRUCTION OF DOCUMENTS. The parties hereto acknowledge that they were represented by competent
counsel in connection with the negotiation, drafting and execution of this Agreement and the other Loan Documents and that this
Agreement and the other Loan Documents shall not be subject to the principle of construing their meaning against the party which
drafted same.


 


13.31       
INTENTIONALLY OMITTED. 


 


13.32       
ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN OF EEA FINANCIAL INSTITUTIONS.
Notwithstanding anything to the contrary in any Loan Document or in any other 


 






    	 	119	 



     


    

 


agreement, arrangement or understanding among any
such parties, each Lender 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.


 


[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]


 


 


 


 


 



    	 	120	 



     


    

 





IN WITNESS WHEREOF,
Borrower, Administrative Agent and Lenders have executed this Agreement as of the date appearing on the first page of this Agreement.


 


 


	
        “ADMINISTRATIVE AGENT”

         

        WELLS FARGO BANK, NATIONAL

        ASSOCIATION, as Administrative Agent

         

        By: /s/ Jesse Lee                                      

        Name: Jesse Lee

        Its:Vice President

         
	
        Administrative Agent’s Address:

         

        Wells Fargo Bank, National Association

        Commercial Real Estate – New York

        500 W. 33rd Street, 61st Floor

        New York NY 10001

        Attention: Jesse Lee

        (Loan No. 1019350)

         

        with a copy to:

         

        Wells Fargo Bank, National Association

        Minneapolis Loan Center

        608 2nd Ave. South, 11th Floor

        Minneapolis, MN 55402

        Attn: Mark Halfmann

        (Loan No. 1019350)

         

        with a copy to:

         

        Riemer & Braunstein LLP

        Seven Times Square, Suite 2506

        New York, New York 10036

        Attention: Jonathan Baumstark, Esq.

         




 






    	 	[Signature Page to Loan Agreement]	 



     


    

 





	
        “BORROWER”

         

        MAGUIRE PROPERTIES – 777 TOWER, LLC,

        a Delaware limited liability company

         

         

         

        By: /s/ Mark Phillips                                

        Name:  Mark Phillips

        Its: Senior Vice President, Regional Counsel

         

         
	
        Borrower’s Address:

         

        c/o Brookfield Properties

        Brookfield Place

        250 Vesey Street, 15th Floor

        New York, New York 10281

        Attention: Jason Kirschner

         

        with a copy to:

         

        c/o Brookfield Properties

        Brookfield Place

        250 Vesey Street, 15th Floor

        New York, New York 10281

        Attention: General Counsel

         

        with a copy to:

         

        Goodwin Procter LLP

        100 Northern Avenue

        Boston, Massachusetts 02210

        Attention: Freddie Akrouche, Esq.

         



 







    	 	[Signature Page to Loan Agreement]	 



     


    

 


	
        “LENDER”

         

        WELLS FARGO BANK, NATIONAL

        ASSOCIATION, as Lender

         

        By: /s/ Jesse Lee                                  

        Name: Jesse Lee

        Its: Vice President

         
	
        Lender’s Address:

         

        Wells Fargo Bank, National Association

        Commercial Real Estate – New York

        500 W. 33rd Street, 61st Floor

        New York NY 10001

        Attention: Jesse Lee

        (Loan No. 1019350)

         

        with a copy to:

         

        Wells Fargo Bank, National Association

        Minneapolis Loan Center

        608 2nd Ave. South, 11th Floor

        Minneapolis, MN 55402

        Attn: Mark Halfmann

        (Loan No. 1019350)

         

        with a copy to:

         

        Riemer & Braunstein LLP

        Seven Times Square, Suite 2506

        New York, New York 10036

        Attention: Jonathan Baumstark, Esq.

          

         



 







    	 	[Signature Page to Loan Agreement]	 



     


    

 


Schedule I – Pro Rata Shares


 


 


	Lender	Commitment	Pro Rata Share
	 	 	 
	Wells Fargo Bank, National Association	$268,600,000	100%
	 	 	 
	TOTALS	$268,600,000	100%


 


 


 




    	 	Schedule I-1
	 



     


    

 


Schedule II – Existing Leases/Rent
Rolls


 


[Redacted]


 


 


 




    	 	Schedule II-1
	 



     


    

 


Schedule III – Litigation
Disclosure


 


None


 


 


 


 




    	 	Schedule III-1
	 



     


    

 





Schedule IV – Environmental
Reports


 


 


Phase I Environmental
Site Assessment by EBI Consulting, prepared for Wells Fargo Bank, dated October 3, 2019, EBI Project Number 1119006197, RETECHS
Number WF-LA-19-014747-0001-04E.


 


 


 


 


 




    	 	Schedule IV
	 



     


    

 


Schedule V – REAs


 


Amended and Restated
Owners’ Operating and Reciprocal Easement Agreement, by and among South Figueroa Plaza Associates (as successor-in-interest
to 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 in the Recorder’s Office of Los Angeles County, California as document 87-885291


 


 


 


 


 




    	 	Schedule V
	 



     


    

 


Schedule VI – Qualified
Managers





 


[Redacted]


 


 


 


 







    	 	Schedule VI
	 



     


    

 


EXHIBIT A


 


DESCRIPTION OF PROPERTY


 


The Land referred to herein below is situated
in the City of Los Angeles, County of Los Angeles, State of California, and is described as follows:


 


PARCEL
1


 


LOTS 2 AND 8 OF THE AMENDED MAP OF TRACT NO. 32622, IN THE CITY
OF LOS ANGELES, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 1098, PAGES 83 THROUGH 86 INCLUSIVE OF
MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.


 


EXCEPT FROM SAID LOTS 2 AND 8, 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 07,
1982 AS INSTRUMENT NO. 82-576233 OFFICIAL RECORDS.


 


APNS: 5144-009-047 AND 086


 


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 OWNER'S 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 05, 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 RERECORDED APRIL 30, 1991 AS INSTRUMENT NO. 91-619078,
BOTH OF OFFICIAL RECORDS, AND BY AMENDMENT NO. 2


 






    	 	Exhibit A-1	 



     


    

 


TO AMENDED AND RESTATED OWNER'S OPERATING AND RECIPROCAL EASEMENT
AGREEMENT, DATED JANUARY 01, 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.


 


PARCEL
3


 


AN UNDIVIDED FIFTY-SEVEN PERCENT (57%) INTEREST IN AND TO LOT
4, OF TRACT NO. 32622, IN THE CITY OF LOS ANGELES, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 1034,
PAGES 53 THROUGH 55 INCLUSIVE OF MAPS, IN 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, 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 588 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
07, 1982 AS INSTRUMENT NO. 82-576233, OFFICIAL RECORDS.


 


APN: 5144-009-082


 


  




    	 	Exhibit A-2	 



     


    

 


EXHIBIT B – DOCUMENTS


 


1.       Loan
Documents. The documents listed below in this Section 1 and amendments, modifications and supplements thereto which have received
the prior written consent of Administrative Agent, together with any documents executed in the future that are approved by Administrative
Agent and the Lenders and that recite that they are “Loan Documents” for purposes of this Agreement are collectively
referred to herein as the Loan Documents.


 


1.1       Note


 


1.2       Deed
of Trust


 


1.3       Assignment
of Leases and Rents


 


1.4       Hazardous
Materials Indemnity Agreement


 


1.5       Guaranty


 


1.6       Assignment
of Agreements


 


1.7       Collateral
Assignment of Interest Rate Protection Agreement


 


1.8       Fee
Letter


 


 


 


2.       Other
Related Documents (Which Are Not Loan Documents):


 


2.1.       Financing
Statement, Form UCC-1, naming Borrower as Debtor and naming Agent as Secured Party, to be filed in the office of the DE Secretary


 


2.2       Financing
Statement, Form UCC-1, naming Borrower as Debtor and naming Agent as Secured Party, to be filed in the office of the Clerk-Recorder
of Los Angeles County, California


 


 




    	 	Exhibit B-1	 



     


    

 


EXHIBIT C


 


FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT


 


ASSIGNMENT AND ASSUMPTION AGREEMENT


 


THIS ASSIGNMENT AND
ASSUMPTION AGREEMENT (this “Agreement”) is dated as of ________ __, ____, between __________________ (“Assignor”)
and _________________ (“Assignee”).


 


RECITALS:


 


A.       Assignor
is a Lender under the Loan Agreement dated as of ________ (as from time to time amended, supplemented or restated, the “Loan
Agreement”), by and among MAGUIRE PROPERTIES – 777 TOWER, LLC as Borrower, the persons named therein as Lenders
and such other Persons as may become Lenders in accordance with the terms of the Loan Agreement, and Wells Fargo Bank, National
Association, as Administrative Agent (“Administrative Agent”). (Capitalized terms used in this Agreement without
definition have the same meanings as in the Loan Agreement.)


 


B.       Currently,
Assignor’s Pro Rata Share of the Loan is equal to __________% and Assignee’s Pro Rata Share of the Loan is equal to
_________%.


 


C.       Assignor
desires to assign to Assignee, and Assignee desires to accept and assume, [all/a portion of] the rights and obligations of Assignor
under the Loan Agreement.


 


NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties hereto agree as follows:


 


1.       Assignment.


 


(a)       Effective
on the Assignment Effective Date (as defined in Section 3 below), Assignor hereby assigns to Assignee the Assigned Share (as
defined below) of [all/a portion of] of Assignor’s rights, title, interest and obligations under the Loan Agreement and other
Loan Documents, including without limitation those relating to Assignor’s Pro Rata Share of the Loan. The Assigned Share
of all such rights, title, interest and obligations is referred to collectively as the “Assigned Rights and Obligations”.


 


(b)       The
 “Assigned Share” means the portion of Assignor’s Pro Rata Share in the Loan being assigned hereby, such
portion being equal to _______% of the Loan (or $__________ of Commitment). The new Pro Rata Share of Loan being held by Assignee
(after giving effect to the assignment hereunder), and the Pro Rata Share in the Loan retained by Assignor, shall be as specified
on the signature pages of this Agreement.


 


2.       Assumption.
Effective on the Assignment Effective Date and subject to Section 13.12(c) of the Loan Agreement, Assignee hereby accepts the foregoing
assignment of, and hereby assumes from Assignor, the Assigned Rights and Obligations.


 


3.       Effectiveness.
This Agreement shall become effective on a date (the “Assignment Effective Date”) selected by Assignor, which
shall be on or as soon as practicable after the execution and delivery of counterparts of this Agreement by Assignor, Assignee,
Administrative Agent and Borrower. Assignor shall promptly notify Assignee, Administrative Agent and Borrower in writing of the
Assignment Effective Date.


 






    	 	Exhibit C-1	 



     


    

 


4.       Payments
on Assignment Effective Date. In consideration of the assignment by Assignor to Assignee, and the assumption by Assignee, of
the Assigned Rights and Obligations, on the Assignment Effective Date Assignee shall pay to Assignor such amounts as are specified
in any written agreement or exchange of letters between them and additionally shall pay to Administrative Agent an assignment processing
fee of $________


 


5.       Allocation
and Payment of Interest and Fees.


 


(a)       Administrative
Agent shall pay to Assignee all interest and other amounts (including Fees, except as otherwise provided in the written agreement
referred to in Section 4 above) not constituting principal that are paid by or on behalf of Borrower pursuant to the Loan
Documents and are attributable to the Assigned Rights and Obligations (“Borrower Amounts”), that accrue on and
after the Assignment Effective Date. If Assignor receives or collects any such Borrower Amounts, Assignor shall promptly pay them
to Assignee.


 


(b)       Administrative
Agent shall pay to Assignor all Borrower Amounts that accrue before the Assignment Effective Date (or otherwise pursuant to the
written agreement referred to in Section 4 above) when and as the same are paid by Administrative Agent to the other Lenders.
If Assignee receives or collects any such Borrower Amounts, Assignee shall promptly pay such amounts to Assignor.


 


(c)       Unless
specifically assumed by Assignee, Assignor shall be responsible and liable for all reimbursable liabilities and costs and indemnification
obligations which accrue under Section 12.12 of the Loan Agreement prior to the Assignment Effective Date, and such liability
shall survive the Assignment Effective Date.


 


6.       Administrative
Agent Liability. Administrative Agent shall not be liable for any allocation or payment to either Assignor or Assignee subsequently
determined to be erroneous, unless resulting from Administrative Agent’s willful misconduct or gross negligence.


 


7.       Representations
and Warranties.


 


(a)       Each
of Assignor and Assignee represents and warrants to the other and to Administrative Agent as follows:


 


(i)       It
has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to fulfill its obligations
under, and to consummate the transactions contemplated by, this Agreement;


 


(ii)       The
making and performance of this Agreement and all documents required to be executed and delivered by it hereunder do not and will
not violate any law or regulation applicable to it;


 


(iii)       This
Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding obligation enforceable in accordance
with its terms; and


 


(iv)       All
approvals, authorizations or other actions by, or filings with, any Governmental Authority necessary for the validity or enforceability
of its obligations under this Agreement have been made or obtained.


 






    	 	Exhibit C-2	 



     


    

 


(b)       Assignor
represents and warrants to Assignee that Assignor owns the Assigned Rights and Obligations free and clear of any Lien or other
encumbrance.


 


(c)       Assignee
represents and warrants to Assignor as follows:


 


(i)       Assignee
is and shall continue to be an “Eligible Assignee” as defined in the Loan Agreement;


 


(ii)       Assignee
has made and shall continue to make its own independent investigation of the financial condition, affairs and creditworthiness
of Borrower and any other Loan Party; and


 


(iii)       Assignee
has received copies of the Loan Documents and such other documents, financial statements and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Agreement.


 


8.       No
Assignor Responsibility. Assignor makes no representation or warranty regarding, and assumes no responsibility to Assignee
for:


 


(a)       the
execution (by any party other than Assignor), effectiveness, genuineness, validity, enforceability, collectability or sufficiency
of the Loan Documents or any representations, warranties, recitals or statements made in the Loan Documents or in any financial
or other written or oral statement, instrument, report, certificate or any other document made or furnished or made available by
Assignor to Assignee or by or on behalf of any Loan Party to Assignor or Assignee in connection with the Loan Documents and the
transactions contemplated thereby;


 


(b)       the
performance or observance of any of the terms, covenants or agreements contained in any of the Loan Documents or as to the existence
or possible existence of any Default or Potential Default under the Loan Documents; or


 


(c)       the
accuracy or completeness of any information provided to Assignee, whether by Assignor or by or on behalf of any Loan Party.


 


Assignor shall have
no initial or continuing duty or responsibility to make any investigation of the financial condition, affairs or creditworthiness
of any of the Loan Parties, in connection with the assignment of the Assigned Rights and Obligations or to provide Assignee with
any credit or other information with respect thereto, whether coming into its possession before the date hereof or at any time
or times thereafter.


 


9.       Assignee
Bound by Loan Agreement. Effective on the Assignment Effective Date, Assignee (a) shall be deemed to be a party to the Loan
Agreement and as such, shall be directly liable to Borrower for any failure by Assignee to comply with Assignee’s assumed
obligations thereunder, including, without limitation, Assignee’s obligation to fund its Pro Rata Share of the Loan in accordance
with provisions of the Loan Agreement and be subject to Section 13.12(c) of the Loan Agreement, (b) agrees to be bound by the Loan
Agreement to the same extent as it would have been if it had been an original Lender thereunder, (c) agrees to perform in accordance
with their respective terms all of the obligations which are required under the Loan Documents to be performed by it as a Lender,
and (d) agrees to maintain its status as an Eligible Assignee. Assignee appoints and authorizes Administrative Agent to take such
actions as agent on its behalf and to exercise such powers under the Loan Documents


 






    	 	Exhibit C-3	 



     


    

 


 as are delegated to Administrative Agent by
the terms thereof, together with such powers as are reasonably incidental thereto.


 


10.       Assignor
Released From Loan Agreement. Effective on the Assignment Effective Date, Assignor shall be released from the Assigned Rights
and Obligations; provided, however, that Assignor shall retain all of its rights to indemnification under the Loan Agreement and
the other Loan Documents for any events, acts or omissions occurring before the Assignment Effective Date, and, to the extent not
assumed by Assignee, Assignor shall continue to be responsible for the liabilities and obligations described in Section 5(c)
of this Agreement.


 


11.       New
Notes. On or promptly after the Assignment Effective Date, Borrower, Administrative Agent, Assignor and Assignee shall make
appropriate arrangements so that new Notes executed by the Borrower, dated the Assignment Effective Date and in the amount of the
respective Pro Rata Shares of Assignor and Assignee in the original Loan amount, after giving effect to this Agreement, are issued
to Assignor and Assignee, in exchange for the surrender by Assignor and Assignee to Borrower of any applicable outstanding Notes,
marked “Exchanged”.


 


12.       General.


 


(a)       No
term or provision of this Agreement may be amended, waived or terminated orally, but only by an instrument signed by the parties
hereto.


 


(b)       This
Agreement may be executed in one or more counterparts. Each set of executed counterparts shall be an original. Executed counterparts
may be delivered by facsimile transmission.


 


(c)       If
Assignor has not assigned its entire remaining Pro Rata Share of the Loan to Assignee, Assignor may at any time and from time to
time grant to others, subject to applicable provisions in the Loan Agreement, assignments of or participation in all of Assignor’s
remaining Pro Rata Share of the Loan.


 


(d)       This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Neither
Assignor nor Assignee may assign or transfer any of its rights or obligations under this Agreement without the prior written consent
of the other and Administrative Agent. The preceding sentence shall not limit the right of Assignee to grant to others a participation
in all or part of the Assigned Rights and Obligations subject to the terms of the Loan Agreement.


 


(e)       All
payments to Assignor or Assignee hereunder shall, unless otherwise specified by the party entitled thereto, be made in United States
dollars, in immediately available funds, and to the address or account specified on the signature pages of this Agreement. The
address of Assignee for notice purposes under the Loan Agreement shall be as specified on the signature pages of this Agreement.


 


(f)       If
any provision of this Agreement is held invalid, illegal or unenforceable, the remaining provisions hereof will not be affected
or impaired in any way.


 


(g)       Each
party shall bear its own expenses in connection with the preparation and execution of this Agreement.


 






    	 	Exhibit C-4	 



     


    

 


(h)       This
Agreement shall be governed by and construed in accordance with the laws of the State of New York.


 


(i)       [Foreign
Withholding. On or before the Assignment Effective Date, Assignee shall comply with the provisions of Section 2.11 of the
Loan Agreement.]


 


(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)


 


 


 


 


 


 


 




    	 	Exhibit C-5	 



     


    

 


IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first above written.


 


	ASSIGNOR:	 
	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 
	 	 	 
	 	Pro Rata Share:	 	%
	 	Share of Original Loan:	$	 	 
	 	 	 	 	 
	 	Payment Instruction:
	 	 
	 	 
	 	 
	 	ABA No.:	 
	 	Account No.:	 
	 	Reference:	 
	 	Loan No. :	 
	 	Attn :	 
	 	Telephone:	 
	 	Facsimile:	 
	 	 	 
	ASSIGNEE:	 
	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 
	 	 	 
	 	Pro Rata Share:	 	%
	 	Share of Original Loan:	$	 	 
	 	 	 	 	 
	 	Payment Instruction:
	 	 
	 	 
	 	 
	 	ABA No.:	 
	 	Account No.:	 
	 	Reference:	 
	 	Loan No. :	 
	 	Attn :	 
	 	Telephone:	 
	 	Facsimile:	 
	 	 	 
	 	 	 	 	 	 	 


 




    	 	Exhibit C-6	 



     


    

 


	ACKNOWLEDGED AND AGREED:
	 
	BORROWER:	MAGUIRE PROPERTIES – 777 TOWER, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 
	 	 	 
	 	 	 
	ADMINISTRATIVE AGENT:	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 


 


 


 


 


 


 


 




    	 	Exhibit C-7	 



     


    

 


EXHIBIT D – FORM OF REQUEST FOR
ADVANCE


 


BORROWER’S REQUISITION


REQUISITION NO:


 


DATE:


 


	TO:	Wells Fargo Bank, National Association, as Administrative Agent for the Lenders which may from time to time be parties to that
certain Loan Agreement (as hereinafter defined):



 


	
        BORROWER: 

         
	PREMISES:
	
        PERIOD COVERED:

         
	 
	
        ACCOUNT NO.: 

         
	LOAN NO.:


 


 


 


Pursuant to the Loan Agreement (the “Loan Agreement”)
for the subject Loan, Borrower hereby authorizes and requests an advance to its Property Account having Account No. with (name
of Bank) in the amount of $____________ which is calculated as follows:


 


 


	I. TI/LC Expenses incurred to the end of the Period Covered (from Schedules I and I-A hereto):	$( )
	III. Applicable TI/LC Budgeted Amount	$( )
	II. Less portion of Maximum Future Advance Commitment previously advanced:	$( )
	IV. Less applicable Mezzanine Advance Amount	$( )
	V. Less applicable equity funding requirement	$( )
	VI. Less amount previously requisitioned but not advanced	$( )
	VII. Amount Requisitioned for the Period Covered (1-3):	$( )


 


 




    	 	Exhibit D-1	 



     


    

 


EXHIBIT A


REQUISITION NO.:


 


In connection with and in order to induce Administrative Agent
to advance the amount requested above, Borrower represents, warrants and stipulates as follows:


 


		a)	The information stated above and, except to the extent otherwise set forth in the Loan Agreement, the representations and warranties
in Article 6 of the Loan Agreement are true and correct in all material respects as of the date of this Requisition and, unless
Lender is notified to the contrary prior to the disbursement of the advance requested above, will be so on the date thereof, except
(i) for any representation or warranty that, by its terms, refers to a specific date, or (ii) to the extent that the failure of
any such representation or warranty to be true and correct in all material respects on and as of the date hereof and on the date
of the disbursement of the advance requested above will not have a Material Adverse Effect.



		b)	The amount and percentages set forth on SCHEDULES I and I-A hereto are true and correct to the best of Borrower’s knowledge.



		c)	All sums previously requisitioned have been applied to the payment of the direct and indirect costs heretofore incurred or
to reimburse Borrower if it has previously paid such cost, or such sums have been retained in the Property Account for such purpose
and no other.



		d)	Names, addresses, contract date and amounts for the contractors, sub-contractors, suppliers and materialmen responsible for
performing each item of direct costs listed on SCHEDULE I and I-A hereto have been heretofore or are herewith submitted to Administrative
Agent.



 


Capitalized terms used herein not otherwise defined shall have
the meanings ascribed to them in


the Loan Agreement.


 





	 	Very truly yours,


By: ________________________


Name:


Title:









 


Subscribed and sworn to


before me on ________, 20__:


 


 


___________________________


Notary Public


(Stamp and Seal)


 




    	 	Exhibit D-1	 



     


    

 


SCHEDULE I


REQUISITION SPREADSHEET





 


 


 


 


 




    	 	Exhibit D-1	 



     


    

 


SCHEDULE I-A


INFORMATION PURSUANT TO SECTIONS 3.4(a)(V)
OF THE LOAN


AGREEMENT





 


 


 


 


 




    	 	Exhibit D-1	 



     


    

 


EXHIBIT E – DISBURSEMENT INSTRUCTION
AGREEMENT


 





 


 


 


 


 




    	 	Exhibit E-1	 



     


    

 


EXHIBIT F – TENANT DIRECTION LETTER


 


[BORROWER LETTERHEAD]


[Date]


To: [Tenant Name (“Tenant”)]


Re:[Describe Lease (the “Lease”)]


Dear [Tenant]:


 


__________________, a ________________
(“Landlord”), the owner of the property commonly known as 777 Tower located at 777 South Figueroa Street located
in Los Angeles, California (the “Project”) has granted a security interest in the Project to Wells Fargo Bank,
National Association (together with its successors and assigns, “Lender”).


 


Effective immediately, Landlord hereby
unconditionally and irrevocably authorizes, directs and instructs you to send all payments of rent due under the Lease (including
without limitation base rent, additional rent, any amounts due for operating expenses and real estate taxes, and, if applicable,
rent due as a percentage of sales receipts) and all other sums payable by you under the Lease directly to the following address:


 


[_________________


_________________]


 


OR BANK WIRE TRANSFER AS FOLLOWS:


Account # __________________


Wire Routing # 121000248


Wells Fargo Bank, National Association


Loan #_________________




You are to continue making all payments due under the Lease as directed in this letter until you receive written instructions to
do otherwise from Lender. These payment instructions are provided to you pursuant to a deposit account arrangement between your
Landlord and Lender. Please note that the Landlord has granted a lien on the Property to Lender pursuant to the Deed of Trust and
that all leases and rents from the Property, including security deposits, have been collaterally assigned to the Lender. Please
note that Lender is neither a mortgagee-in-possession nor a receiver of rents, and Lender has not assumed any obligations of your
Landlord under the Lease. Therefore, you should continue to send all communications regarding the Lease or landlord issues in the
manner specified in your lease and not to Lender. Lender has no obligation with respect to any such notice, and notice to
Lender will not be deemed effective notice to your Landlord under the Lease.


Very truly yours,


 


[Signature]


Acknowledged and Agreed to:


 


[Tenant signature block]


 




    	 	Exhibit F-1	 



     


    

 


EXHIBIT G – ORGANIZATIONAL
CHART OF BORROWER AND GUARANTOR


 





 


 


 


 


 


 




    	 	Exhibit G-1	 



     


    

 


EXHIBIT H – SUBORDINATION,
NON-DISTURBANCE

AND ATTORNMENT AGREEMENT


 


RECORDING REQUESTED BY

AND WHEN RECORDED MAIL TO:


 


Wells Fargo Bank, National Association


Commercial Real Estate


150 E. 42nd Street, 37th Floor


New York, NY 10017


Attn: Jesse Lee


Loan No. ________


 


 



 





 


SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT
AGREEMENT


 


 


 


WELLS FARGO BANK, NATIONAL ASSOCIATION,

as administrative agent for itself and certain other co-lenders


("Lenders")


 


and


 


[_______]


("Tenant")


 


and


 


MAGUIRE PROPERTIES – 777 TOWER,
LLC,


a Delaware limited liability company


("Borrower")


 


 


PARCEL





	ADDRESS:	777 S. Figueroa St., Los Angeles, California
	TRACT NO:	32622
	LOTS:	2, 8
	BOOK:	1098
	PAGES:	83-86







  


MORTGAGE


Deed of Trust, Assignment of Leases and
Rents, Security Agreement and Fixture Filing dated _______ and recorded in the official records of the County of Los Angeles, State
of California on _______ as Document No. _________.


 





 




    	 	1	 



     


    

 


Subordination, Non-disturbance

and Attornment Agreement


 


		NOTICE:	THIS AGREEMENT RESULTS IN YOUR INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY
THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT.



 


This SUBORDINATION, NON-DISTURBANCE AND
ATTORNMENT AGREEMENT (“Agreement”) is made as of October _____, 2019, by and among MAGUIRE PROPERTIES –
777 TOWER, LLC, a Delaware limited liability company, owner of the real property hereinafter described (“Borrower”),
[_______] (“Tenant”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (together with its
successors or assigns, “Administrative Agent”) for itself and certain lenders (collectively, the “Lenders”).


 


RECITALS


 


A.       Borrower
owns that certain real property having a street address of 777 S. Figueroa St., Los Angeles, California (such real property, including
all buildings, improvements, structures and fixtures located thereon, being referred to herein as the “Property”),
as more particularly described on Exhibit A attached hereto and made a part hereof. Pursuant to the terms and provisions of a lease
dated [_______] (as amended, restated or otherwise modified, the “Lease”), Tenant holds a leasehold estate in
and to a portion of Property.


 


B.       Lenders
have made certain loans (collectively, the “Loan”) to Borrower pursuant to that certain Loan Agreement dated
on or about the date hereof, by and among Borrower, Administrative Agent, Lenders and Wells Fargo Securities, LLC, as Lead Arranger
and Book Runner (collectively, the “Loan Agreement”), which Loan is secured by, among other things, that certain
Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (hereinafter, as the same may be amended,
restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Security Instrument”),
encumbering the Property and securing those certain notes (hereinafter, as the same may be amended, restated, replaced, supplemented,
renewed, extended or otherwise modified from time to time, collectively, the “Note”) made by Borrower in favor
Lenders. The Security Instrument has been, or will be, recorded in the real property records where the Property is located.


 


C.       As
a condition to Administrative Agent and Lenders making the Loan secured by the Security Instrument, Administrative Agent and Lenders
require that the Security Instrument be unconditionally and at all times remain a lien on the Property, prior and superior to all
the rights of Tenant under the Lease and that the Tenant specifically and unconditionally subordinate the Lease to the lien of
the Security Instrument.


 


D.       Borrower
and Tenant have agreed to the subordination, attornment, and other agreements herein in favor of Administrative Agent and Lenders.


 


NOW THEREFORE, for valuable consideration
and to induce Lenders to make the Loan, Borrower and Tenant hereby agree for the benefit of Administrative Agent and Lenders as
follows:


 


		1.	SUBORDINATION



 


1.1       Subordination.
The Lease and all of the terms, covenants and provisions thereof and all rights, remedies and options of Tenant thereunder are
and shall at all times continue to be subject and subordinate in all respects to the lien of the Security Instrument with the same
force and effect as if the Security Instrument had been executed delivered and recorded prior to the execution and delivery of
the Lease, and the Security Instrument shall unconditionally be and at all times remain a lien on the Property prior and superior
to the Lease (including, without limitation, any amendments, modifications, renewals or extensions thereof);


 


1.2       Whole
Agreement. This Agreement shall be the whole agreement and only agreement with regard to the subordination of the Lease to
the terms, covenants, provisions and the lien of the Security Instrument and shall supersede and cancel, but only insofar as would
affect the priority between the Security Instrument and the Lease, any prior agreements as to such subordination, including, without
limitation, those provisions, if any, contained in the Lease which provide for the subordination of the Lease to a deed or deeds
of trust or to a mortgage or mortgages.


 






    	 	2	 



     


    

 


1.3       Use
of Proceeds. Administrative Agent and Lenders, in making disbursements pursuant to the Note, the Security Instrument or the
Loan Agreement with respect to the Property, is under no obligation or duty to, nor has Administrative Agent or Lenders represented
that it will, see to the application of such proceeds by the person or persons to whom Administrative Agent or the Lenders disburse
such proceeds, and any application or use of such proceeds for purposes other than those provided for in such agreement or agreements
shall not defeat this agreement to subordinate in whole or in part; and


 


1.4       Waiver,
Relinquishment and Subordination. Subject to the terms of this Agreement, Tenant intentionally and unconditionally waives,
relinquishes and subordinates all of Tenant’s right, title and interest in and to the Property to the lien of the Security
Instrument and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination, specific
loans and advances are being and will be made by Lenders and, as part and parcel thereof, specific monetary and other obligations
are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment
and subordination.


 


		2.	ASSIGNMENT



 


Tenant acknowledges and consents to the
assignment of the Lease by Borrower in favor of Administrative Agent on behalf of Lenders.


 


		3.	ADDITIONAL AGREEMENTS



 


Tenant covenants and agrees that, during
all such times as Administrative Agent is the mortgagee under the Security Instrument:


 


3.1       Modification,
Termination and Cancellation. Without the prior written consent of Administrative Agent, not to be unreasonably withheld, conditioned
or delayed, Tenant will not (A) consent to any modification, amendment, termination or cancellation of the Lease (in whole or in
part), except any amendment, supplement or modifications entered into pursuant to the express provisions of the Lease and (B) except
in connection with a termination of the Lease permitted pursuant to this section, make any payment to Borrower in consideration
of any modification, termination or cancellation of the Lease (in whole or in part);


 


3.2       Notice
of Default. Tenant will notify Administrative Agent in writing concurrently with any notice given to Borrower of any default
by Borrower under the Lease, and Tenant agrees that Administrative Agent has the right (but not the obligation) to cure any breach
or default specified in such notice within the time periods set forth below and Tenant will not declare a default of the Lease,
as to Administrative Agent, if Administrative Agent cures such default within thirty (30) days from and after the expiration of
the time period provided in the Lease for the cure thereof by Borrower; provided, however, that if such default cannot with diligence
be cured by Administrative Agent within such thirty (30) day period, the commencement of action by Administrative Agent within
such thirty (30) day period to remedy the same shall be deemed sufficient so long as Administrative Agent pursues such cure with
diligence;


 


3.3       No
Advance Rents. Tenant will make no payments or prepayments of rent more than one (1) month in advance of the time when the
same become due under the Lease; and


 


3.4       Assignment
of Rents. Upon the occurrence of an Event of Default as defined in the Loan Agreement and receipt by Tenant of written notice
from Administrative Agent that Administrative Agent has elected to terminate the license granted to Borrower to collect rents,
as provided in the Security Instrument, and directing the payment of rents by Tenant to Administrative Agent, Tenant shall comply
with such direction to pay and shall not be required to determine whether an Event of Default has occurred under the Loan and/or
the Security Instrument. Borrower hereby consents to the payment of such rents to Administrative Agent and any such payments shall
be credited to Tenant’s obligations under the Lease.


 


		4.	ATTORNMENT



 


As used herein, “Successor Landlord”
shall mean Administrative Agent, Lenders, or any of their respective successors, assigns, nominees or designees or any transferee
or purchaser of Borrower’s title in and to the Property by reason of a foreclosure of the Security Instrument, acceptance
of a deed in lieu of foreclosure or by reason of any other enforcement of the Security Instrument. In the event of a foreclosure
under the Security 


 






    	 	3	 



     


    

 


Instrument, acceptance of a deed in lieu of foreclosure or by reason of any other enforcement of the Security
Instrument, Tenant agrees for the benefit of Successor Landlord, as follows:


 


4.1       Payment
of Rent. Tenant shall pay to Successor Landlord all rental payments required to be made by Tenant pursuant to the terms of
the Lease for the duration of the term of the Lease.


 


4.2       Continuation
of Performance. Tenant shall be bound to Successor Landlord in accordance with all of the provisions of the Lease for the balance
of the term thereof, and Tenant hereby attorns to Successor Landlord, as its landlord, such attornment to be effective and self-operative
without the execution of any further instrument immediately upon Successor Landlord succeeding to Borrower’s interest in
the Lease and giving written notice thereof to Tenant.


 


4.3       No
Offset or Other Liability. Successor Landlord shall not be liable for, bound by, or subject to the following: (i) any offsets,
defenses, abatements or counterclaims which Tenant may have by reason of any act or omission of Borrower under the Lease, (ii)
the return of any sums which Tenant may have paid to Borrower under the Lease as and for security deposits, advance rentals or
otherwise, except to the extent that such sums are actually delivered by Borrower to Successor Landlord, (iii) any obligation to
make, pay for, or reimburse Tenant for any alterations, demolition, or other improvements or work at the Property (not including
any day-to-day maintenance and repairs for which are the responsibility of Successor Landlord under the Lease), and (iv) any amendment,
modification or termination of the Lease made without the prior written consent of Administrative Agent, unless made pursuant to
the express terms of the Lease.


 


4.4       Subsequent
Transfer. If Successor Landlord, by succeeding to the interest of Borrower under the Lease, should become obligated to perform
the covenants of Borrower thereunder, then, upon any further transfer of Borrower’s interest by Successor Landlord, all of
such obligations shall terminate as to Successor Landlord.


 


4.5       Limitation
on Liability. Tenant agrees to look solely to Successor Landlord’s interest in the Property and the rent, income or proceeds
derived therefrom for the recovery of any judgment against Successor Landlord, and in no event shall Successor Landlord or any
of its affiliates, officers, directors, shareholders, partners, agents, representatives or employees ever be personally liable
for any such obligation, liability or judgment.


 


4.6       No
Representation, Warranties, or Indemnities. Successor Landlord shall not be liable with respect to any representations, warranties
or indemnities from Borrower, whether pursuant to the Lease or otherwise, including, but not limited to, any representation, warranty
or indemnity related to the use of the Property, compliance with zoning, landlord’s title, landlord’s authority, habitability
or fitness for purposes or commercial suitability, or hazardous wastes, hazardous substances, toxic materials or similar phraseology
relating to the environmental condition of the Property or any portion thereof.


 


		5.	NON-DISTURBANCE



 


In the event of a foreclosure under the
Security Instrument, acceptance of a deed in lieu of foreclosure or by reason of any other enforcement of the Security Instrument,
so long as there shall then exist no breach, default, or event of default on the part of Tenant under the Lease beyond applicable
notice and cure periods set forth in the Lease, Administrative Agent agrees for itself and its successors and assigns that the
leasehold interest of Tenant under the Lease shall not be extinguished or terminated by reason of such foreclosure, but rather
the Lease shall continue in full force and effect and Administrative Agent shall recognize and accept Tenant as tenant under the
Lease subject to the terms and provisions of the Lease except as modified by this Agreement; provided, however, that Tenant and
Administrative Agent agree that the following provisions of the Lease (if any) shall not be binding on Administrative Agent: any
option to purchase with respect to the Property; any right of first refusal with respect to the Property; any provision regarding
the use of insurance proceeds or condemnation proceeds with respect to the Property which is inconsistent with the terms of the
Security Instrument.


 


		6.	MISCELLANEOUS



 


6.1       Notices.
All notices, demands, or other communications under this Agreement and the other Loan Documents shall be in writing and shall be
delivered to the appropriate party at the address set forth below (subject to change from time to time by written notice to all
other parties to this Agreement). All notices, demands or other communications shall be considered as properly given if delivered
personally or sent by first class United States


 






    	 	4	 



     


    

 


 Postal Service mail, postage prepaid, or by Overnight Express Mail or by overnight
commercial courier service, charges prepaid, except that notice of Default may be sent by certified mail, return receipt requested,
charges prepaid. Notices so sent shall be effective three (3) days after mailing, if mailed by first class mail, and otherwise
upon delivery or refusal; provided, however, that non-receipt of any communication as the result of any change of address of which
the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication.
For purposes of notice, the address of the parties shall be:


 


	Borrower:	
        Maguire Properties – 777 Tower, LLC

        c/o Brookfield Properties

        601 S. Figueroa Street, Suite 2200

        Los Angeles, CA 90017

        Attn: Legal Department

         

	Tenant:	[_______]
	Administrative Agent:	
        Wells Fargo Bank, National Association

        Commercial Real Estate

        150 E. 42nd St., 37th Floor

        New York, NY 10017

        Attn: Jesse Lee

         

        with copies to:

         

        Wells Fargo Bank, National Association

        Minneapolis Loan Center

        608 2nd Ave. South, 11th Floor

        Minneapolis, MN 55402

        Attn: Mark Halfmann

         

        and

         

        Riemer & Braunstein LLP

        Seven Times Square, Suite 2506

        New York, NY 10036

        Attn: Richard I. Lefkowitz, Esq.

         



Any party shall have the right to change its address for notice
hereunder to any other location within the continental United States by the giving notice to the other party in the manner set
forth hereinabove.


 


6.2       Remedies
Cumulative. All rights of Administrative Agent herein to collect rents on behalf of Borrower under the Lease are cumulative
and shall be in addition to any and all other rights and remedies provided by law and by other agreements between Administrative
Agent and Borrower or others.


 


6.3       Heirs,
Successors and Assigns. Except as otherwise expressly provided under the terms and conditions herein, the terms of this Agreement
shall bind and inure to the benefit of the heirs, executors, administrators, nominees, successors and assigns of the parties hereto.


 


6.4       Headings.
All article, section or other headings appearing in this Agreement are for convenience of reference only and shall be disregarded
in construing this Agreement.


 


6.5       Counterparts.
To facilitate execution, this document may be executed in as many counterparts as may be convenient or required. It shall not be
necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party,
appear on each counterpart. All counterparts shall collectively constitute a single document. It shall not be necessary in making
proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on
behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from such counterpart without impairing
the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached
to it additional signature pages.


 


6.6       Exhibits,
Schedules, and Riders. All exhibits, schedules, riders, and other items attached hereto are incorporated into this Agreement
by such attachment for all purposes.


 






    	 	5	 



     


    

 


IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the day and year first above written.


 


		NOTICE:	THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR
REAL PROPERTY SECURITY TO OBTAIN A LOAN, A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE PROPERTY.
IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT HERETO.



 


[signature
pages follow]


 


 


 




    	 	6	 



     


    

 


“Borrower”


 


Maguire Properties-777 Tower, LLC

a Delaware limited liability company


 


By: _____________________________________________


 


Name: __________________________________________


 


Title:____________________________________________


 




Acknowledgement


 


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 __________________)


                                                               )


COUNTY OF ________________)


 


 


On ___________________ before me,
__________________________________________, a notary public, personally appeared _______________________________________________, who proved to me on the basis of satisfactory
evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) 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 


SEAL 


 


 




    	 	Signature
                                         Page of Borrower	 



     


    

 


“Tenant”


 


[_______]


 


By: _____________________________________________


 


Name: __________________________________________


 


Title:____________________________________________


 




Acknowledgement


 


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 __________________)


                                                               )


COUNTY OF ________________)


 


 


On ___________________ before me,
__________________________________________, a notary public, personally appeared ________________________________________________________, who proved to me on the basis of satisfactory
evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) 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





SEAL


 


 


 




    	 	Signature
                                         Page of Tenant	 



     


    

 


“Administrative Agent”


 


WELLS FARGO BANK, NATIONAL ASSOCIATION,

a national banking association,

as administrative agent for the benefit

of each Lender


 


By: _____________________________________________


 


Name: __________________________________________


 


Title:____________________________________________


 




Acknowledgement


 


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 __________________)


                                                               )


COUNTY OF ________________)


 


 


On ___________________ before me,
_______________________________________, a notary public, personally appeared ___________________________________________________, who proved to me on the basis of satisfactory evidence
to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed
the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s),
or the entity upon behalf of which the person(s) 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


SEAL





 


 




    	 	Signature Page of Administrative Agent	 



     


    

 


Exhbiit A – Description
of Property


 


The Land referred to herein below is situated
in the City of Los Angeles, County of Los Angeles, State of California, and is described as follows:


 


PARCEL
1


 


LOTS 2 AND 8 OF THE AMENDED MAP OF TRACT NO. 32622, IN THE CITY
OF LOS ANGELES, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 1098, PAGES 83 THROUGH 86 INCLUSIVE OF
MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.


 


EXCEPT FROM SAID LOTS 2 AND 8, 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 07,
1982 AS INSTRUMENT NO. 82-576233 OFFICIAL RECORDS.


 


APNS: 5144-009-047 AND 086


 


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 OWNER'S 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 05, 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 RERECORDED APRIL 30, 1991 AS INSTRUMENT NO. 91-619078,
BOTH OF OFFICIAL RECORDS, AND BY AMENDMENT NO. 2


 


TO AMENDED AND RESTATED OWNER'S OPERATING AND RECIPROCAL EASEMENT
AGREEMENT, DATED JANUARY 01, 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.


 


PARCEL
3


 


AN UNDIVIDED FIFTY-SEVEN PERCENT (57%) INTEREST IN AND TO LOT
4, OF TRACT NO. 32622, IN THE CITY OF LOS ANGELES, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 1034,
PAGES 53 THROUGH 55 INCLUSIVE OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.


 






    	 	Exhibit A-2	 



     


    




  


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, 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 588 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
07, 1982 AS INSTRUMENT NO. 82-576233, OFFICIAL RECORDS.


 


APN: 5144-009-082


 







    	 	Exhibit A-3	 



     


    

 


EXHIBIT I-1


 


[FORM OF]


 


U.S.
TAX COMPLIANCE CERTIFICATE


(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)


 


Reference is hereby made
to the Loan Agreement dated as of [       ] (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”),
among [      ], and each lender from time to time party thereto.


 


Pursuant to the provisions
of Section 2.11 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of
the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not
a bank within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iii) it is not a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code and (iv) it is not a controlled foreign corporation
related to the Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code.


 


The undersigned has
furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS
Form W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this
certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned
shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.


 


Unless otherwise defined
herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.


 


 


 


[NAME OF LENDER]


 


By: _________________________________


       Name:


       Title:  



 


Date: ________ __, 20[   ]


 




    	 	Exhibit I-1	 



     


    

 


EXHIBIT I-2


 


[FORM OF]


 


U.S.
TAX COMPLIANCE CERTIFICATE


(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)


 


Reference is hereby made
to the Loan Agreement dated as of [      ] (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”),
among [      ], and each lender from time to time party thereto.


 


Pursuant to the provisions
of Section 2.11 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of
the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A)
of the Internal Revenue Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)
of the Internal Revenue Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section
881(c)(3)(C) of the Internal Revenue Code.


 


The undersigned has furnished
its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.


 


Unless otherwise defined
herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.


 


 


 


[NAME OF PARTICIPANT]


 


By: _________________________________


       Name:


       Title:


 



Date: ________ __, 20[      ]


 




    	 	Exhibit I-2	 



     


    

 


EXHIBIT I-3


 


[FORM OF]


 


U.S.
TAX COMPLIANCE CERTIFICATE


(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)


 


Reference is hereby made
to the Loan Agreement dated as of [      ] (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”),
among [      ], and each lender from time to time party thereto.


 


Pursuant to the provisions
of Section 2.11 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation
in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners
of such participation, (iii) with respect to such participation, neither the undersigned nor any of its direct or indirect partners/members
is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iv) none of its direct or indirect partners/members is a ten percent
shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Internal Revenue Code.


 


The undersigned has furnished
its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that
is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial
owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned
shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar
year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.


 


Unless otherwise defined
herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.


 


 


 


[NAME OF PARTICIPANT]


 


By: _________________________________


       Name:


       Title:



 


Date: ________ __, 20[      ]


 




    	 	Exhibit I-3	 



     


    

 


EXHIBIT I-4


 


[FORM OF]


 


U.S.
TAX COMPLIANCE CERTIFICATE


(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)


 


Reference is hereby made
to the Loan Agreement dated as of [      ] (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”),
among [      ], and each lender from time to time party thereto.


 


Pursuant to the provisions
of Section 2.11 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as
well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect
to the extension of credit pursuant to this Loan Agreement or any other Loan Document, neither the undersigned nor any of its direct
or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iv) none of its direct or indirect
partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue
Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described
in Section 881(c)(3)(C) of the Internal Revenue Code.


 


The undersigned has furnished
the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form
W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.


 


Unless otherwise defined
herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.


 


 


 


[NAME OF LENDER]


 


By: _________________________________


       Name:


       Title:



 


Date: ________ __, 20[   ]


 




    	 	Exhibit I-4	 



     


    

 


EXHIBIT J


 


TI/LC EXISTING OBLIGATIONS SCHEDULE





 


 


[Redacted]


 


 


 


 




    	 	Exhibit J	 



     


    

 


EXHIBIT K


 


FORM OF BORROWING CERTIFICATE


  


Pursuant to Section
3.4 of the Loan Agreement (the “Loan Agreement”) dated ___________, 2019 between Wells Fargo Bank, National
Association, as Administrative Agent and the lenders named therein, and MAGUIRE PROPERTIES – 777 TOWER, LLC (the “Borrower”),
the undersigned solely in his/her capacity as __________ of Borrower and not in his/her personal capacity, hereby certifies on
behalf of Borrower, as follows on the date hereof:


 


		1.	The TI/LC Expenses that constitute tenant improvement
costs for work being performed by Borrower under the applicable Lease (or any portion thereof) which are subject of the requested
TI/LC Advance (the “TI Costs”) are required to be expended pursuant to the terms of the applicable Lease and
the proceeds of such TI/LC Advance shall be used to complete such work in a good and workmanlike manner and substantially in accordance
with all Applicable Law and the applicable Lease or to reimburse Borrower for the completion of such work in a good and workmanlike
manner and substantially in accordance with all Applicable Law; and



 


		2.	Each Person performing work in connection with the TI
Costs for which the request of the TI/LC Advance has been made or, upon receipt of the requested disbursement of such TI/LC Advance,
will be paid in full (subject to retainage) with respect to the portion of the TI Costs which is subject to the requested TI/LC
Advance.



  


All terms used in
this Certificate that are defined in the Loan Agreement shall have the meanings given to them therein.


 


Date: _____________


 


MAGUIRE PROPERTIES – 777 TOWER, LLC,


a Delaware limited liability company


 


By: _______________________


Name:


Title:


 






    	 	Exhibit K