Promissory Note



 EXHIBIT 10.115 
  
 PROMISSORY NOTE IN FAVOR OF METROPOLITAN LIFE INSURANCE COMPANY 
 RELATING TO WASHINGTON, DC PORTFOLIO (US PARK SERVICE BUILDING) 







 PROMISSORY NOTE 
  

DEFINED TERMS 
  

	 Execution Date: October 24, 2002
	  	City and State of Signing: Boston, Massachusetts
		
	 Loan Amount: 67,560,500.00
	  	Interest Rate: 4.40% per annum

  

	 Borrower: 1201 EYE STREET, N.W. ASSOCIATES LLC, a Delaware limited liability Company

		
	Borrower’s Address:	  	 c/o Beacon Capital Partners, LLC
 One
Federal Street, 26th Floor
 Boston, Massachusetts 02110
 Attention: General Counsel
  
 and:
  
 Goulston & Storrs, P.C.
 400 Atlantic Avenue
 Boston, Massachusetts 02110
 Attention: Jordan P. Krasnow, Esq.


  

	 Holder: METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation

		
	 Holder’s Address:    
	  	 Metropolitan Life Insurance Company
 10
Park Avenue, Third Floor
 Morristown, New Jersey 07962
 Attention: Senior Vice President, Real Estate Investments
  
 and:
  
 Metropolitan Life Insurance Company
 One Madison Avenue, Sixth Floor
 New York, New York 10010
 Attention: Law Department, Chief Counsel, Real Estate Investments


  

	 Maturity Date: November 1, 2007
	  	Advance Date: The date funds are disbursed to Borrower
		
	Interest Only Period: The period from the Advance Date and ending on the day preceding the Maturity Date.	  	Interest Installment Date: The first day of the second calendar month following the Advance Date.
		
	Monthly Installment: Equal monthly installments of interest at the Interest Rate each in the amount of $247,721.83.	  	Permitted Prepayment Period: During the 90 day period prior to the Maturity Date, Borrower may prepay the Loan (in whole but not in part) without a Prepayment Fee on 30 days’
prior written notice.

  

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	 	  	In addition, commencing on July 1, 2004, Borrower may prepay the Loan (in whole but not in part) with a Prepayment fee on 60 days’ prior written notice, with such notice to
be irrevocable 30 days thereafter.

  

	 Liable Parties: Beacon Capital Strategic Partners II, L.P., a Delaware limited partnership

		
	 Addresses of Liable Parties:
	  	 c/o Beacon Capital Partners, LLC
 One
Federal Street, 26th Floor
 Boston, Massachusetts 02110
 Attention: General Counsel

	
	 Late Charge: An amount equal to four cents ($.04) for each dollar that is overdue.
  
 Default Rate: An annual rate equal to the Interest
Rate plus four percentage points (400 basis points).

	
	 Note: This Promissory Note.
  
 Deed of Trust: Deed of Trust, Security Agreement, and Fixture Filing dated as of the
Execution Date granted by Borrower to the Trustee named in the Deed of Trust for the benefit of Holder.
  
 Loan Documents: This Note, the Deed of Trust and any other documents related to this Note and/or the Deed of Trust and all renewals, amendments, modifications, restatements and extensions of these
documents.
  
 Guaranty: Guaranty of Recourse Obligations dated as of the
Execution Date and executed by Liable Parties.
  
 Unsecured Indemnity Agreement:
Unsecured Indemnity Agreement dated as of the Execution Date and executed by Borrower and Liable Parties in favor of Holder. The Unsecured Indemnity Agreement and the Guaranty are not Loan Documents and shall survive repayment of the Loan or other
termination of the Loan Documents.


  
 FOR VALUE RECEIVED,
Borrower promises to pay to the order of Holder at Holder’s Address or such other place as Holder may from time to time designate, the Loan Amount with interest payable in the manner described below, in money of the United States of America
that at the time of payment shall be legal tender for payment of all obligations. 
  
 Capitalized terms which are not defined in this Note shall have the meanings set forth in the Deed of Trust. 
  
 1. Payment of Principal and Interest. Principal and interest under this Note shall be payable as follows: 
  
 (a) Interest on the funded portion of the Loan Amount shall accrue from the
Advance Date at the Interest Rate and shall be paid on the fast day of the first calendar month following the Advance Date; 
  
 (b) Commencing on the Interest Installment Date and on the first day of each calendar month thereafter, to and including the first day of the calendar
month immediately preceding the Maturity Date, Borrower shall pay the Monthly Installment; and 
  

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 (c) On the Maturity Date, a final payment in the aggregate amount of the unpaid principal sum evidenced
by this Note, all accrued and unpaid interest, and all other sums evidenced by this Note or secured by the Deed of Trust and/or any other Loan Documents as well as any future loans or advances under the Deed of Trust that may be made to or on behalf
of Borrower by Holder following the Advance Date (collectively, the “Secured Indebtedness”), shall become immediately payable in full. 
  
 Borrower acknowledges and agrees that the entire original Loan Amount shall be outstanding and due on the Maturity Date. 
  
 Interest shall be calculated on the basis of a thirty (30) day month and a
three hundred sixty (360) day year, except that (i) if the Advance Date occurs on a date other than the first day of a calendar month, interest payable for the period commencing on the Advance Date and ending on the last day of the month in which
the Advance Date occurs shall be calculated on the basis of the actual number of days elapsed over a 365-day or 366-day year, as applicable, and (ii) if the Maturity Date occurs on a date other than the last day of the month, interest payable for
the period commencing on the first day of the month in which the Maturity Date occurs and ending on the Maturity Date shall be calculated on the basis of the actual number of days elapsed over a 365-day or 366-day year, as applicable. 
  
 2. Application of Payments. At the election of Holder, and to the
extent permitted by law, all payments shall be applied in the order selected by Holder to any expenses, prepayment fees, late charges, escrow deposits and other sums due and payable under the Loan Documents, and to unpaid interest at the Interest
Rate or at the Default Rate, as applicable. The balance .of any payments shall be applied to reduce the then unpaid Loan Amount. 
  
 3. Security. This Note is secured by the Deed of Trust and other instruments. This Note shall evidence, and the Deed of Trust shall secure, the
Secured Indebtedness. 
  
 4. Late Charge. If any payment of
a Monthly Installment or any payment of a required escrow deposit is not paid within seven (7) days of the due date, Holder shall have the option to charge the Borrower the Late Charge. The Late Charge is for the purpose of defraying the expenses
incurred in connection with handling and processing delinquent payments and is payable in addition to any other remedy Holder may have. Unpaid Late Charges shall become part of the Secured Indebtedness and shall be added to any subsequent payments
due under the Loan Documents. 
  
 5. Acceleration Upon
Default. At the option of Holder, if Borrower fails to pay any sum specified in this Note within seven (7) days after the due date or if any other Event of Default occurs, the Secured Indebtedness, and all other sums evidenced and/or secured by
the Loan Documents, including without limitation any applicable prepayment fees (collectively, the “Accelerated Loan Amount”) shall become immediately due and payable. 
  
 6. Interest Upon Default. The Accelerated Loan Amount shall bear interest at the Default Rate which shall never
exceed the maximum rate of interest permitted to be contracted for under the laws of the State. The Default Rate shall commence upon the occurrence of an Event of Default and shall continue until all defaults are cured. 
  

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 7. Limitation on Interest. The agreements made by Borrower with respect to this Note and the other
Loan Documents are expressly limited so that in no event shall the amount of interest received, charged or contracted for by Holder exceed the highest lawful amount of interest permissible under the laws applicable to the Loan. If at any time
performance of any provision of this Note or the other Loan Documents results in the highest lawful rate of interest permissible under applicable laws being exceeded, then the amount of interest received, charged or contracted for by Holder shall
automatically and without further action by any party be deemed to have been reduced to the highest lawful amount of interest then permissible under applicable laws. If Holder shall ever receive, charge or contract for, as interest, an amount which
is unlawful, at Holder’s election, the amount of unlawful interest shall be refunded to Borrower (if actually paid) or applied to reduce the then unpaid Loan Amount. To the fullest extent permitted by applicable laws, any amounts contracted
for, charged or received under the Loan Documents included for the purpose of determining whether the Interest Rate would exceed the highest lawful rate shall be calculated by allocating and spreading such interest to and over the full stated term
of this Note. 
  
 8. Prepayment. Borrower shall not have
the right to prepay all or any portion of the Loan Amount at any time during the term of this Note except as expressly set forth in the Defined Terms. If Borrower provides notice of its intention to prepay (a “Prepayment Notice”), the
Secured Indebtedness shall become due and payable on the date specified in the Prepayment Notice; provided, however, that during the period ending thirty (30) days after Holder receives a Prepayment Notice, Borrower may rescind such Prepayment
Notice by written notice to Holder of such rescission; thereafter the Prepayment Notice shall be irrevocable. 
  
 9. Prepayment Fee. 
  
 (a) Any tender of payment by Borrower or any other person or entity of the Secured Indebtedness, other than as expressly provided in the Loan Documents,
shall constitute a prohibited prepayment. If a prepayment of all or any part of the Secured Indebtedness is made (i) following an Event of Default and an acceleration of the Maturity Date, or (ii) in connection with a sale of the Property or a
repayment of the Secured Indebtedness at any time before, during or after, a judicial or non judicial foreclosure or sale of the Property, then to compensate Holder for the loss of the investment, Borrower shall pay an amount equal to the Prepayment
Fee (as hereinafter defined). No Prepayment Fee shall be charged with respect to the application of money to the principal of the Loan as the result of a casualty or condemnation. 
  
 (b) The “Prepayment Fee” shall be the greater of (A)(x) the present value of all remaining payments of principal
and interest including the outstanding principal due on the Maturity Date, discounted at the rate which, when compounded monthly, is equivalent to the Adjusted Treasury Rate compounded semi-annually, less (y) the amount of the principal then
outstanding, or (B) one percent (1%) of the amount of the principal being prepaid. 
  
 (c) The “Treasury Rate” shall be the annualized yield on securities issued by the United States Treasury having a maturity equal to the remaining stated term of this Note, as quoted in the Federal Reserve
Statistical Release [H. 15 (519)] under the heading “U.S. Government Securities—Treasury Constant Maturities” for the date on which prepayment is being made. If this rate is not available as of the date of prepayment, the Treasury
Rate shall be determined by interpolating between the yield on securities of the next longer and next shorter maturity. If the Treasury Rate is no longer published, Holder shall select a comparable rate. 
  

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 (d) “Adjusted Treasury Rate” shall mean the Treasury Rate plus 25 basis points (one-quarter of
one percentage point); provided, however, that if the prepayment occurs during the period commencing on the first day of the 49th month following the Advance Date and ending on the day which is 90 days prior to the Maturity Date, “Adjusted Treasury Rate” shall mean the Treasury Rate plus 50 basis points (one-half of one percentage point). 

 
 (e) Holder will, upon request, provide an estimate of the amount of the
Prepayment Fee two (2) weeks before the date of the scheduled prepayment. 
  
 10. Waiver of Right to Prepay Note Without Prepayment Fee. Borrower acknowledges that Holder has relied upon the anticipated investment return under this Note in entering into transactions with, and in making
commitments to, third parties and that the tender of any prohibited prepayment shall, to the extent permitted by law, include the- Prepayment Fee. Borrower agrees that the Prepayment Fee represents the reasonable estimate of Holder and Borrower of a fair average compensation for the loss that may be sustained by Holder as a result of a prohibited prepayment of
this Note and it shall be paid without prejudice to the right of Holder to collect any other amounts provided to be paid under the Loan Documents. 
  
 BORROWER EXPRESSLY (A) WAIVES ANY RIGHTS IT MAY HAVE TO PREPAY THIS NOTE, IN WHOLE OR IN PART, WITHOUT FEE OR PENALTY, UPON ACCELERATION OF THE MATURITY
DATE OF THIS NOTE, AND (B) AGREES THAT IF, FOR ANY REASON, A PREPAYMENT OF THIS NOTE IS MADE, UPON OR FOLLOWING ANY ACCELERATION OF THE MATURITY DATE OF THIS NOTE BY HOLDER ON ACCOUNT OF ANY DEFAULT BY BORROWER UNDER ANY LOAN DOCUMENT, INCLUDING BUT
NOT LIMITED TO ANY TRANSFER, FURTHER ENCUMBRANCE OR DISPOSITION WHICH IS PROHIBITED OR RESTRICTED BY THE DEED OF TRUST, THEN BORROWER SHALL BE OBLIGATED TO PAY CONCURRENTLY THEREWITH THE PREPAYMENT FEE SPECIFIED IN SECTION 9. 
  
 11. Liability of Borrower. Upon the occurrence of an Event of Default,
except as provided in this Section 11, Holder will look solely to the Property and the security under the Loan-
Documents for the repayment of the Loan and will not enforce a deficiency judgment against Borrower. However, nothing contained in this section shall limit the rights of Holder to enforce any policies of insurance or to proceed against Borrower and
the general partners of Borrower, if any, and/or the Liable Parties or any one or more of them (i) to enforce any Leases entered into by Borrower or its affiliates as tenant, guarantees, or other agreements entered into by Borrower in a capacity
other than as borrower, (ii) to recover damages for fraud, material misrepresentation, material breach of warranty or waste committed by Borrower or any constituent thereof; (iii) to recover any Condemnation Proceeds or Insurance Proceeds or other
similar funds which have been misapplied by Borrower or which, under the terms of the Loan Documents, should have been paid to Holder, (iv) to recover any tenant security deposits, tenant letters of credit or other deposits or refundable fees paid
to Borrower that are part of the collateral for the Loan or prepaid rents for a period of more than 30 days which have not been delivered to Holder unless applied in accordance with the Leases prior to an Event of Default; (v) to recover Rents and
Profits received by Borrower after the first day of the month in which an Event of Default occurs and prior to the date Holder acquires title to the Property which have not been applied to the Loan or in accordance with 

  

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the Loan Documents to operating and maintenance expenses of the Property; .(vi) to recover damages, costs and expenses arising from, or in connection with,
any breach of a covenant contained in Article 6 of the Deed of Trust or the Unsecured Indemnity Agreement; (vii) to recover any amount expended by Holder in connection with a foreclosure or trustee’s sale under the Deed of Trust; (viii) to
recover damages arising from Borrower’s failure to comply with Section 8.1 of the Deed of Trust pertaining to ERISA; and/or (ix) to recover damages, costs and expenses arising from, or in connection with, Borrower’s failure to pay any
Impositions or Premiums. 
  
 The limitation of liability set forth
in this Section 11 shall not apply and the Loan shall be fully recourse in the event that prior to the indefeasible repayment in full of the Secured Indebtedness, (i) Borrower commences a voluntary bankruptcy or insolvency proceeding, or (ii) an
involuntary bankruptcy or insolvency proceeding is commenced against Borrower, and Borrower or any related party has directly or indirectly encouraged, participated with, or colluded with the parties filing such involuntary bankruptcy or insolvency
proceeding to file such proceeding. In addition, this agreement shall not waive any rights which Holder would have under any provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Secured. Indebtedness or to require that
the Property shall continue to secure all of the Secured Indebtedness. 
  
 12. Waiver by Borrower. Borrower and others who may become liable for the payment of all or any part of this Note, and each of them, waive diligence, demand, presentment for payment, notice of nonpayment, protest, notice of dishonor
and notice of protest, notice of intent to accelerate and notice of acceleration and specifically consent to and waive notice of any amendments, modifications, renewals or extensions of this Note, including the granting of extension of time for
payment, whether made to or in favor of Borrower or any other person or persons. 
  
 13. Exercise of Rights. No single or partial exercise by Holder, or delay or omission in the exercise by Holder, of any right or remedy under the Loan Documents shall waive or limit the exercise of any such
right or remedy. Holder shall at all times have the right to proceed against any portion of or interest in the Property in the manner that Holder may deem appropriate, without waiving any other rights or remedies. The release of any party under this
Note shall not operate to release any other party which is liable under this Note and/or under the other Loan Documents or under the Unsecured Indemnity Agreement. 
  
 14. Fees and Expenses. If Borrower defaults under this Note, Borrower shall be personally liable for and shall pay to
Holder, in addition to the sums stated above, the costs and expenses of enforcement and collection, including a reasonable sum as an attorney’s fee. This obligation is not limited by Section 11. 
  
 15. No Amendments. This Note may not be modified or amended except in
a writing executed by Borrower and Holder. No waivers shall be effective unless they are set forth in a writing signed by the party which is waiving a right. This Note and the other Loan Documents are the final expression of the lending relationship
between Borrower and Holder and there is no unwritten agreement with respect to the subject matter of the Loan. 
  

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 16. Governing Law. This Note is to be construed and enforced in accordance with the laws of the
State in which the Property is located 
  
 17.
Construction. The words “Borrower” and “Holder” shall be deemed to include their respective heirs, representatives, successors and assigns, and shall denote the singular and/or plural, and the masculine and/or feminine,
and natural and/or artificial persons, as appropriate. The provisions of this Note shall remain in full force and effect notwithstanding any changes in the shareholders, partners or members of Borrower. If more than one party is Borrower,-the
obligations of each party shall be joint and several. The captions in this Note are inserted only for convenience of reference and do not expand, limit or define the scope or intent of any section of this Note. 
  
 18. Notices. All notices, demands, requests and consents permitted or
required under this Note shall be given in the manner prescribed in the Deed of Trust. 
  
 19. Time of the Essence. Time shall be of the essence with respect to all of Borrower’s obligations under this Note. 
  

20. Severability. If any provision of this Note should be held unenforceable or void, then that provision shall be deemed separable from the
remaining provisions and shall not affect the validity of this Note, except that if that provision relates to the payment of any monetary sum, then Holder may, at its option, declare the Secured Indebtedness (together with the Prepayment Fee)
immediately due and payable. 
  
 IN WITNESS WHEREOF, Borrower has
executed this Note as of the Execution Date.. 
  

	 1201 EYE STREET, N.W. ASSOCIATES LLC

	 a Delaware limited liability company

		
	 By:
	  	 BCSP II Washington Manager LLC, a Delaware limited liability company, its Manager

			
	 	  	By:	  	Beacon Capital Strategic Partners II, L.P., a Delaware limited partnership, Majority Member
				
	 	  	 	  	By:	  	BCP Strategic Partners II, LLC, a Delaware limited liability company, its General Partner
					
	 	  	 	  	 	  	             By:
	  	Beacon Capital Partners. LLC, a Delaware limited liability company, its Manager
					
	 	  	 	  	 	  	By:	  	 /s/    Nancy J. Broderick


	 	  	 	  	 	  	 	  	 Nancy J. Broderick

	 	  	 	  	 	  	 	  	 Vice President and Treasurer


  

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