EX-10.16



 Exhibit 10.16 

 
 



 
 TERM LOAN AGREEMENT 
 by and between 
 RIF V – Glendale Commerce Center, LLC, 

a California limited liability company 
 RIF V – GGC Alcorn, LLC, 
 a California limited liability company 

and 
 RIF V
– 3360 San Fernando, LLC, 
 a California limited liability company 

as Borrower, 

and 
 BANK OF
AMERICA, N.A., 
 a national banking association, 
 as Lender, 
 with respect to 

3332, 3334, 3368, 3370, 3378, 3380, 3410 and 3424 San Fernando Road and 3550 Tyburn Street, Los Angeles, CA 

3340 San Fernando Road, Los Angeles, CA 
 and 
 3360 San Fernando Road, Los Angeles, CA 







 Table of Contents 

 

							
	 Article I General Information
	  	 	1	  
			
	 Section 1.1
	  	Conditions to Closing	  	 	1	  
	 Section 1.2
	  	Schedules	  	 	1	  
	 Section 1.3
	  	Defined Terms	  	 	1	  
		
	 Article II Terms of the Loan
	  	 	1	  
			
	 Section 2.1
	  	The Loan	  	 	1	  
	 Section 2.2
	  	Initial Advance	  	 	1	  
	 Section 2.3
	  	Intentionally Omitted	  	 	2	  
	 Section 2.4
	  	Intentionally Omitted	  	 	2	  
	 Section 2.5
	  	Liability of Lender	  	 	2	  
	 Section 2.6
	  	Reconveyances	  	 	2	  
		
	 Article III Representations and Warranties
	  	 	3	  
			
	 Section 3.1
	  	Organization, Power and Authority of Borrower; Loan Documents	  	 	3	  
	 Section 3.2
	  	Other Documents; Laws	  	 	4	  
	 Section 3.3
	  	Taxes	  	 	4	  
	 Section 3.4
	  	Legal Actions	  	 	4	  
	 Section 3.5
	  	Nature of Loan	  	 	4	  
	 Section 3.6
	  	Trade Names	  	 	4	  
	 Section 3.7
	  	Financial Statements	  	 	4	  
	 Section 3.8
	  	No Material Adverse Change	  	 	4	  
	 Section 3.9
	  	ERISA and Prohibited Transactions	  	 	5	  
	 Section 3.10
	  	Compliance with Laws and Zoning and Other Requirements; Encroachments	  	 	5	  
	 Section 3.11
	  	Certificates of Occupancy	  	 	5	  
	 Section 3.12
	  	Utilities; Roads; Access	  	 	5	  
	 Section 3.13
	  	Other Liens	  	 	5	  
	 Section 3.14
	  	No Defaults	  	 	5	  
	 Section 3.15
	  	Representations and Warranties	  	 	6	  
		
	 Article IV Affirmative Covenants and Agreements
	  	 	6	  
			
	 Section 4.1
	  	Compliance with Laws; Use of Proceeds	  	 	6	  
	 Section 4.2
	  	Inspections; Cooperation	  	 	6	  
	 Section 4.3
	  	Payment and Performance of Contractual Obligations	  	 	6	  
	 Section 4.4
	  	Insurance	  	 	7	  
	 Section 4.5
	  	Adjustment of Condemnation and Insurance Claims	  	 	8	  
	 Section 4.6
	  	Utilization of Net Proceeds	  	 	9	  
	 Section 4.7
	  	Management	  	 	9	  
	 Section 4.8
	  	Books and Records; Financial Statements; Tax Returns	  	 	9	  
	 Section 4.9
	  	Estoppel Certificates	  	 	10	  
	 Section 4.10
	  	Taxes; Tax Receipts	  	 	11	  
	 Section 4.11
	  	Lender’s Rights to Pay and Perform	  	 	11	  


  
 i 









							
	 Section 4.12
	  	Reimbursement; Interest	  	 	11	  
	 Section 4.13
	  	Notification by Borrower	  	 	11	  
	 Section 4.14
	  	Indemnification by Borrower	  	 	11	  
	 Section 4.15
	  	Fees and Expenses	  	 	12	  
	 Section 4.16
	  	Appraisals	  	 	12	  
	 Section 4.17
	  	Leasing and Tenant Matters	  	 	12	  
	 Section 4.18
	  	Preservation of Rights	  	 	12	  
	 Section 4.19
	  	Income from Property	  	 	13	  
	 Section 4.20
	  	Representations and Warranties	  	 	13	  
	 Section 4.21
	  	Deposit Accounts; Principal Depository	  	 	13	  
	 Section 4.22
	  	Intentionally Omitted	  	 	13	  
	 Section 4.23
	  	Intentionally Omitted	  	 	13	  
	 Section 4.24
	  	Swap Contracts	  	 	13	  
	 Section 4.25
	  	Financial Covenants	  	 	13	  
	 Section 4.26
	  	Additional Costs	  	 	13	  
	 Section 4.27
	  	Separateness	  	 	14	  
	 Section 4.28
	  	Post-Closing Covenant	  	 	15	  
		
	 Article V Negative Covenants
	  	 	15	  
			
	 Section 5.1
	  	Conditional Sales	  	 	15	  
	 Section 5.2
	  	Insurance Policies and Bonds	  	 	15	  
	 Section 5.3
	  	Commingling	  	 	16	  
	 Section 5.4
	  	Additional Debt	  	 	16	  
		
	 Article VI Events of Default
	  	 	16	  
			
	 Section 6.1
	  	Payment Default	  	 	16	  
	 Section 6.2
	  	Default Under Other Loan Documents	  	 	16	  
	 Section 6.3
	  	Accuracy of Information; Representations and Warranties	  	 	16	  
	 Section 6.4
	  	Deposits	  	 	16	  
	 Section 6.5
	  	Insurance Obligations	  	 	17	  
	 Section 6.6
	  	Other Obligations	  	 	17	  
	 Section 6.7
	  	Damage to Improvements	  	 	17	  
	 Section 6.8
	  	Lapse of Permits or Approvals	  	 	17	  
	 Section 6.9
	  	Mechanic’s Lien	  	 	17	  
	 Section 6.10
	  	Bankruptcy	  	 	17	  
	 Section 6.11
	  	Appointment of Receiver, Trustee, Liquidator	  	 	17	  
	 Section 6.12
	  	Inability to Pay Debts	  	 	18	  
	 Section 6.13
	  	Judgment	  	 	18	  
	 Section 6.14
	  	Dissolution; Change in Business Status	  	 	18	  
	 Section 6.15
	  	Default Under Other Indebtedness	  	 	18	  
	 Section 6.16
	  	Intentionally Omitted	  	 	18	  
	 Section 6.17
	  	Change in Controlling Interest	  	 	18	  
	 Section 6.18
	  	Material Adverse Change	  	 	18	  
	 Section 6.19
	  	Intentionally Omitted	  	 	18	  
	 Section 6.20
	  	Intentionally Omitted	  	 	18	  


  
 ii 










							
	 Article VII Remedies on Default
	  	 	18	  
			
	 Section 7.1
	  	Remedies on Default	  	 	18	  
	 Section 7.2
	  	No Release or Waiver; Remedies Cumulative and Concurrent	  	 	20	  
		
	 Article VIII Miscellaneous
	  	 	20	  
			
	 Section 8.1
	  	Further Assurances; Authorization to File Documents	  	 	20	  
	 Section 8.2
	  	No Warranty by Lender	  	 	20	  
	 Section 8.3
	  	Standard of Conduct of Lender	  	 	21	  
	 Section 8.4
	  	No Partnership	  	 	21	  
	 Section 8.5
	  	Severability	  	 	21	  
	 Section 8.6
	  	Notices	  	 	21	  
	 Section 8.7
	  	Permitted Successors and Assigns; Disclosure of Information	  	 	22	  
	 Section 8.8
	  	Modification; Waiver	  	 	23	  
	 Section 8.9
	  	Third Parties; Benefit	  	 	23	  
	 Section 8.10
	  	Rules of Construction	  	 	23	  
	 Section 8.11
	  	Counterparts	  	 	23	  
	 Section 8.12
	  	Signs; Publicity	  	 	23	  
	 Section 8.13
	  	Governing Law	  	 	23	  
	 Section 8.14
	  	Time of Essence	  	 	23	  
	 Section 8.15
	  	Electronic Communications	  	 	24	  
	 Section 8.16
	  	Dispute Resolution Provision	  	 	24	  
	 Section 8.17
	  	Forum	  	 	26	  
	 Section 8.18
	  	USA Patriot Act Notice	  	 	26	  
	 Section 8.19
	  	Entire Agreement	  	 	26	  

  

			
		  	Schedules to Term Loan Agreement
		
	 Schedule 1
	  	Definitions
		
	 Schedule 2
	  	Intentionally Omitted
		
	 Schedule 3
	  	Intentionally Omitted
		
	 Schedule 4
	  	Leasing and Tenant Matters
		
	 Schedule 5
	  	Intentionally Omitted
		
	 Schedule 6
	  	Intentionally Omitted
		
	 Schedule 7
	  	Swap Contracts
		
	 Schedule 8
	  	Financial Covenants


  
 iii









 TERM LOAN AGREEMENT 

This Term Loan Agreement (this “Agreement”) is made as of the sixteenth day of April, 2013, by and between RIF V –
GLENDALE COMMERCE CENTER, LLC, a California limited liability company, RIF V – GGC ALCORN, LLC, a California limited liability company and RIF V – 3360 SAN FERNANDO, LLC, a California limited liability company (individually and
collectively, jointly and severally, “Borrower”), and BANK OF AMERICA, N.A., a national banking association (“Lender”). 
 Recitals 
 Borrower has applied to Lender for a loan for the purpose of
acquiring the real property that will serve as security for the loan. Lender has agreed to make the loan on the terms and conditions set forth in this Agreement and in the other documents evidencing and securing the loan. 

Now, therefore, in consideration of the premises, and in further consideration of the mutual covenants and agreements herein set forth,
the parties covenant and agree as follows: 
 Agreements 

Article I 

General Information. 
 Section 1.1 Conditions to Closing. 
 The conditions precedent to
closing the Loan and recording the Mortgage are set forth in the Closing Checklist. 
 Section 1.2 Schedules.

 The Schedules attached to this Agreement are incorporated herein and made a part hereof. 

Section 1.3 Defined Terms. 
 Capitalized terms in this Agreement shall have the meanings ascribed to such terms in the Preamble hereto and in Schedule 1. 
 Article II 
 Terms of the Loan. 

Section 2.1 The Loan. 
 Borrower agrees to borrow the Loan from Lender, and Lender agrees to lend the Loan to Borrower, subject to the terms and conditions herein set forth, in an amount not to exceed the Loan Amount. Interest
shall accrue and be payable in arrears only on sums advanced hereunder for the period of time outstanding. The Loan is not a revolving loan; amounts repaid may not be re-borrowed. 

Section 2.2 Initial Advance. 
 At closing, Lender shall credit Borrower for its $25,000.00 good faith deposit against the costs specified in subsections (a) through (c) below and shall advance Loan proceeds in the amount of
$42,750,000.00 as follows: 

  
 Page
1 








 (a) First, to Lender, the sum of $213,750.00 for the Loan Fee; 

(b) Second, to Lender, the sum of $12,125.00 for appraisal fees; 

(c) Third, to Lender, the sum of $460.00 for environmental fee; and 

(d) Fourth, to the Title Company, an amount equal to $42,548,665.00 which shall be used to pay Lender’s legal fees and other
expenses incurred in connection with the closing of the Loan, to pay certain costs and expenses of the Title Company, to pay a portion of Borrower’s cost of acquiring the Property, and to pay or reimburse Borrower for other documented third
party costs incurred by Borrower in connection with the closing of the escrow as specified in Borrower’s written instructions to the Title Company as shown on the settlement statement approved by Lender in writing. 

Section 2.3 Intentionally Omitted. 
 Section 2.4 Intentionally Omitted. 
 Section 2.5 Liability of
Lender. 
 Lender shall in no event be responsible or liable to any Person other than Borrower for the disbursement of or
failure to disburse the Loan proceeds or any part thereof and no Person other than Borrower shall have any right or claim against Lender under this Agreement or the other Loan Documents. 

Section 2.6 Reconveyances. 
 Upon request of the Borrower to obtain the release and reconveyance of the RIF V – 3360 Mortgage, but not the RIF V – Glendale Mortgage or the RIF V – Alcorn Mortgage, Lender will grant
such release and execute and deliver to Borrower, with respect to the RIF V – 3360 Property, a Deed of Reconveyance and a termination of the financing statement filed with respect to RIF V – 3360 in connection with the Loan, provided the
following conditions are met: 
 (a) Borrower provides, and Lender will have approved, in its reasonable discretion, any
easements, reciprocal easement agreements, covenants, conditions and restrictions or any modification to existing easements, reciprocal easement agreements, covenants, conditions and restrictions or other documents or agreements necessitated by the
release for the use, maintenance and operation of the RIF V – 3360 Property and the remaining portion of the Property which burden or benefit the Release Parcel or the remainder of the Property; 

(b) not less than 30 days prior to the proposed date of the reconveyance, Borrower deliver to Lender a notice setting forth (i) the
date of the reconveyance; (ii) the name of the proposed transferee or proposed lender; and (iii) any other information reasonably necessary for Lender to analyze the terms of the reconveyance. The notice will be accompanied by a copy of
the documents effecting the transfer of the RIF V – 3360 Property; 
 (c) on the date Borrower delivers to Lender notice of
the proposed reconveyance and on the date of the reconveyance, there is no Default or Event of Default under the Loan Documents on either the notice date or the release date; 
 (d) Borrower delivers to Lender evidence satisfactory to Lender that Borrower have complied with any applicable requirements of easements, covenants conditions and restrictions affecting the Property or
the leases applicable to the reconveyance, that the reconveyance does not violate any of the provisions thereof and, to the extent necessary to comply therewith or the leases, that the transferee has assumed all of Borrower’s obligations
relating to the RIF V – 3360 Property thereunder; 

  
 Page
2 








 (e) Borrower delivers to Lender an endorsement to Lender’s title insurance policy or
policies satisfactory to Lender that (i) extends the effective date of the policy to the effective date of the reconveyance; (ii) confirms no change in the priority of this Mortgage on the balance of the Property or in the amount of
coverage; (iii) consents to the reconveyance; (iv) waives any defense resulting from the reconveyance; (v) to the extent of the value of the RIF V – 3360 Property, waives any right of subrogation; and (vi) confirms that the
RIF V – 3360 Property and the balance of the Property constitute a separate tax lot; 
 (f) not less than ten
(10) days prior to the date of the reconveyance, Borrower deliver to Lender consents to the reconveyance by and estoppels from entities holding liens affecting the Property or holding any other interests in the Property that would be affected
by the reconveyance, including parties to any Leases; 
 (g) Borrower deliver to Lender evidence satisfactory to Lender that the
RIF V – 3360 Property and the balance of the Property each separately conforms to and is in compliance with all subdivision laws (as evidenced by the issuance of an endorsement to Lender’s title insurance policy or policies satisfactory to
Lender) and the balance of the Property is a self-contained unit, having direct on-site connection to all utilities or via easements acceptable to Lender in its sole discretion and direct access to one or more public streets, all in a location and
configuration acceptable to Lender; 
 (h) Borrower pay Lender all of Lender’s reasonable costs and expenses relating to
the reconveyance, including Lender’s attorneys’ fees, appraisal fees, engineering fees, title fees and Trustee’s attorneys’ fees; 
 (i) Borrower deliver to Lender copies of the executed documents evidencing the transfer or refinancing of the RIF V – 3360 Property; 

(j) Borrower deliver to Lender any other information, approvals and documents reasonably required by Lender relating to the reconveyance;
and 
 (k) prior to or concurrently with the reconveyance of the RIF V – 3360 Property, Lender shall have received a
repayment on the Loan in an amount equal to the greater of (x) Two Million Six Hundred Thousand and No/100 Dollars ($2,600,000.00), or (y) such amount, as determined by Lender in its sole discretion, as would cause the Debt Service
Coverage Ratio (using the definitions set forth in Schedule 8) to equal 1.20 to 1.00 after the reconveyance and after taking into account the paydown required by this subsection. 

Upon the reconveyance of the RIF V – 3360 Mortgage pursuant to this Section 2.6, the obligations of RIF V – 3360
under the Loan Documents shall terminate as and to the same extent as said obligations would terminate upon the full repayment of the Loan. 
 Article III 
 Representations and Warranties. 

Borrower makes the following representations and warranties to Lender as of the date hereof and as of the date of each advance hereunder:

 Section 3.1 Organization, Power and Authority of Borrower; Loan Documents. 

Borrower (a) is a limited liability company duly organized, existing and in good standing under the Laws of the state in which it is
organized and is duly qualified to do business and in good standing in the state in which the Land is located (if different from the state of its formation) and in any other state where the nature of Borrower’s business or property requires it
to be qualified to do business, and (b) has the power, authority and legal right to own its property and carry on the business now being conducted by it and to engage in the transactions contemplated by the Loan Documents. The Loan Documents to
which Borrower is a party have been duly executed and delivered by Borrower, and the execution and delivery of, and the carrying out of the transactions contemplated by, such Loan Documents, and the performance and 

  
 Page
3 








 
observance of the terms and conditions thereof, have been duly authorized by all necessary organizational action by and on behalf of Borrower. The Loan Documents to which Borrower is a party
constitute the valid and legally binding obligations of Borrower and are fully enforceable against Borrower in accordance with their respective terms, except to the extent that such enforceability may be limited by Laws generally affecting the
enforcement of creditors’ rights. 
 Section 3.2 Other Documents; Laws. 

The execution and performance of the Loan Documents to which Borrower is a party and the consummation of the transactions contemplated
thereby will not conflict with, result in any breach of, or constitute a default under, the organizational documents of Borrower, or any contract, agreement, document or other instrument to which Borrower is a party or by which Borrower or any of
its properties may be bound or affected, and such actions do not and will not violate or contravene any Law to which Borrower is subject. 
 Section 3.3 Taxes. 
 Borrower has filed all federal, state, county and
municipal tax returns required to have been filed by Borrower and has paid all Taxes which have become due pursuant to such returns or pursuant to any tax assessments received by Borrower. 

Section 3.4 Legal Actions. 
 There are no Claims or investigations by or before any court or Governmental Authority, pending, or to the best of Borrower’s knowledge and belief, threatened against or affecting Borrower,
Borrower’s business or the Property. Borrower is not in default with respect to any order, writ, injunction, decree or demand of any court or any Governmental Authority affecting Borrower or the Property. 

Section 3.5 Nature of Loan. 
 Borrower is a business or commercial organization. The Loan is being obtained solely for business or investment purposes, and will not be used for personal, family, household or agricultural purposes.

 Section 3.6 Trade Names. 
 Borrower conducts its business solely under the name set forth in the Preamble to this Agreement and makes use of no trade names in connection therewith, unless such trade names have been previously
disclosed to Lender in writing. 
 Section 3.7 Financial Statements. 

The financial statements heretofore delivered by Borrower and each Guarantor to Lender are true and correct in all respects, have been
prepared in accordance with sound accounting principles consistently applied, and fairly present the respective financial conditions of the subjects thereof as of the respective dates thereof. 

Section 3.8 No Material Adverse Change. 
 No material adverse change has occurred in the financial conditions reflected in the financial statements of Borrower or any Guarantor since the respective dates of such statements, and no material
additional liabilities have been incurred by Borrower since the dates of such statements other than the borrowings contemplated herein or as approved in writing by Lender. 

  
 Page
4 








 Section 3.9 ERISA and Prohibited Transactions. 

As of the date hereof and throughout the term of the Loan: (a) Borrower is not and will not be (i) an “employee benefit
plan,” as defined in Section 3(3) of ERISA, (ii) a “governmental plan” within the meaning of Section 3(32) of ERISA, or (iii) a “plan” within the meaning of Section 4975(e) of the Code; (b) the
assets of Borrower do not and will not constitute “plan assets” within the meaning of the United States Department of Labor Regulations set forth in Section 2510.3-101 of Title 29 of the Code of Federal Regulations;
(c) transactions by or with Borrower are not and will not be subject to state statutes applicable to Borrower regulating investments of fiduciaries with respect to governmental plans; and (d) Borrower will not engage in any transaction
that would cause any Obligation or any action taken or to be taken hereunder (or the exercise by Lender of any of its rights under the Mortgage or any of the other Loan Documents) to be a non-exempt (under a statutory or administrative class
exemption) prohibited transaction under ERISA or Section 4975 of the Code. Borrower agrees to deliver to Lender such certifications or other evidence of compliance with the provisions of this Section as Lender may from time to time request.

 Section 3.10 Compliance with Laws and Zoning and Other Requirements; Encroachments. 

Borrower is in compliance with the requirements of all applicable Laws. To the best of Borrower’s knowledge, the use of the Property
complies with applicable zoning ordinances, regulations and restrictive covenants affecting the Land. All use and other requirements of any Governmental Authority having jurisdiction over the Property have been satisfied. No violation of any Law
exists with respect to the Property. The Improvements are constructed entirely on the Land and do not encroach upon any easement or right-of-way, or upon the land of others. The Improvements comply with all applicable building restriction lines and
set-backs, however established, and are in strict compliance with all applicable use or other restrictions and the provisions of all applicable agreements, declarations and covenants and all applicable zoning and subdivision ordinances and
regulations. 
 Section 3.11 Certificates of Occupancy. 

To the best of Borrower’s knowledge, all certificates of occupancy and other permits and licenses necessary or required in
connection with the use and occupancy of the Improvements have been validly issued. 
 Section 3.12 Utilities; Roads;
Access. 
 To the best of Borrower’s knowledge, all utility services necessary for the operation of the Improvements
for their intended purposes have been fully installed, including telephone service, cable television, water supply, storm and sanitary sewer facilities, natural gas and electric facilities, including cabling for telephonic and data communication,
and the capacity to send and receive wireless communication. All roads and other accesses necessary to serve the Land and Improvements have been completed, are serviceable in all weather, and where required by the appropriate Governmental Authority,
have been dedicated to and formally accepted by such Governmental Authority. 
 Section 3.13 Other Liens.

 Except for contracts for labor, materials and services furnished or to be furnished in connection with any construction at
the Property, including any construction of tenant improvements, Borrower has made no contract or arrangement of any kind the performance of which by the other party thereto would give rise to a lien on the Property. 

Section 3.14 No Defaults. 
 There is no Default or Event of Default under any of the Loan Documents, and there is no default or event of default under any material contract, agreement or other document related to the construction or
operation of the Improvements. 

  
 Page
5 








 Section 3.15 Representations and Warranties. 

Notwithstanding anything to the contrary contained in Article 3 of this Agreement, Article 3 of the Mortgage, and/or
Section 2 of the Environmental Indemnity, all of Borrower’s representations and warranties contained therein, as applicable, shall be subject to the condition of the Property as disclosed in (i) the Phase 1 Environmental Site
Assessment for the Glendale Commerce Center, prepared by ADR Environmental Group, Inc. and dated March 26, 2013, and (ii) the Structural Overview and Seismic Risk Assessment (Job No. 13221) prepared by Coffman Engineers and dated
April 5, 2013. 
 Article IV 
 Affirmative Covenants and Agreements. 
 Borrower covenants as of the date
hereof and until such time as all Obligations shall be paid and performed in full, that: 
 Section 4.1 Compliance with
Laws; Use of Proceeds. 
 Borrower shall comply with all Laws and all orders, writs, injunctions, decrees and demands of any
court or any Governmental Authority affecting Borrower or the Property, provided, however that so long as Lender determines that neither the operation of the Property nor Lender’s security for the Loan is diminished or jeopardized thereby,
Borrower shall have the right to contest any such laws orders, injunction, decree or demand, provided that Borrower does so diligently and without prejudice to Lender . Borrower shall use all proceeds of the Loan for business purposes which are not
in contravention of any Law or any Loan Document. 
 Section 4.2 Inspections; Cooperation. 

Subject to the security requirements of tenants pursuant to applicable leases, Borrower shall permit representatives of Lender to enter
upon the Land, to inspect the Improvements and any and all materials to be used in connection with any construction at the Property, including any construction of tenant improvements, to examine all detailed plans and shop drawings and similar
materials as well as all records and books of account maintained by or on behalf of Borrower relating thereto and to discuss the affairs, finances and accounts pertaining to the Loan and the Improvements with representatives of Borrower. Borrower
shall at all times cooperate and cause each and every one of its contractors, subcontractors and material suppliers to cooperate with the representatives of Lender in connection with or in aid of the performance of Lender’s functions under this
Agreement. Except in the event of an emergency, Lender shall give Borrower at least one Banking Day’s prior notice by telephone in each instance before entering upon the Land and/or exercising any other rights granted in this Section.

 Section 4.3 Payment and Performance of Contractual Obligations. 

Borrower shall perform in a timely manner all of its obligations under any and all contracts and agreements related to any construction
activities at the Property or the maintenance or operation of the Improvements, and Borrower will pay when due all bills for services or labor performed and materials supplied in connection with such construction, maintenance and/or operation.
Within sixty (60) days after the filing of any mechanic’s lien or other lien or encumbrance against the Property, Borrower will promptly discharge the same by payment or filing a bond or otherwise as permitted by Law. So long as
Lender’s security has been protected by the filing of a bond or otherwise in a manner satisfactory to Lender in its sole and absolute discretion, Borrower shall have the right to contest in good faith any claim, lien or encumbrance, provided
that Borrower does so diligently and without prejudice to Lender or delay in completing construction of any tenant improvements. 

  
 Page
6 








 Section 4.4 Insurance. 

Borrower shall maintain the following insurance at its sole cost and expense: 

(a) Insurance against Casualty to the Property under a policy or policies covering such risks as are presently included in
“special form” (also known as “all risk”) coverage, including such risks as are ordinarily insured against by similar businesses, but in any event including fire, lightning, windstorm, hail, explosion, riot, riot
attending a strike, civil commotion, damage from aircraft, smoke, vandalism, malicious mischief and acts of terrorism. Such insurance shall name Lender as mortgagee and loss payee. Unless otherwise agreed in writing by Lender, such insurance shall
be for the full insurable value of the Property on a replacement cost basis, with a deductible amount, if any, satisfactory to Lender. No policy of insurance shall be written such that the proceeds thereof will produce less than the minimum coverage
required by this Section by reason of co-insurance provisions or otherwise. The term “full insurable value” means one hundred percent (100%) of the actual replacement cost of the Property, including tenant improvements (excluding
excavation costs and costs of underground flues, pipes, drains and other uninsurable items). 
 (b) Commercial (also known as
comprehensive) general liability insurance on an “occurrence” basis against claims for “personal injury” liability and liability for death, bodily injury and damage to property, products and completed operations, in
limits satisfactory to Lender with respect to any one occurrence and the aggregate of all occurrences during any given annual policy period. Such insurance shall name Lender as an additional insured. 

(c) Workers’ compensation insurance for all employees of Borrower in such amount as is required by Law and including employer’s
liability insurance, if required by Lender. 
 (d) During any period of construction of tenant improvements, Borrower shall
maintain, or cause others to maintain, such insurance as may be required by Lender of the type customarily carried in the case of similar construction for one hundred percent (100%) of the full replacement cost of materials stored at or upon
the Property. During any period of other construction upon the Property, Borrower shall maintain, or cause others to maintain, builder’s risk insurance (non-reporting form) of the type customarily carried in the case of similar construction for
one hundred percent (100%) of the full replacement cost of work in place and materials stored at or upon the Property. 

(e) If at any time any portion of any structure on the Property is insurable against Casualty by flood and is located in a Special Flood
Hazard Area under the Flood Disaster Protection Act of 1973, as amended, a flood insurance policy on the structure and Borrower owned contents in form and amount acceptable to Lender but in no amount less than the amount sufficient to meet the
requirements of applicable Law as such requirements may from time to time be in effect. 
 (f) Loss of rental value insurance
and business interruption insurance in an amount equal to twelve (12) months of the projected gross income of the Property. 
 (g) Such other and further insurance as may be required from time to time by Lender in order to comply with regular requirements and practices of Lender in similar transactions including, if required by
Lender, boiler and machinery insurance, pollution liability insurance, wind insurance and earthquake insurance, so long as any such insurance is generally available at commercially reasonable premiums as determined by Lender from time to time and,
with respect to earthquake insurance, only if the probably maximum loss for all of the Improvements exceeds 20% of the appraised value of the Improvements, as reasonably determined by Lender. 

  
 Page
7 








 Each policy of insurance (i) shall be issued by one or more insurance companies each of
which must have an A.M. Best Company financial and performance rating of A-IX or better and are qualified or authorized by the Laws of the State to assume the risks covered by such policy, (ii) with respect to the insurance described under the
preceding Subsections (a), (d), (e) and (f), shall have attached thereto standard non-contributing, non-reporting mortgagee clauses in favor of and entitling Lender without contribution to collect any and all proceeds payable under such
insurance, either as sole payee or as joint payee with Borrower, (iii) shall provide that such policy shall not be canceled or modified for nonpayment of premiums without at least ten (10) days prior written notice to Lender, or for any
other reason without at least thirty (30) days prior written notice to Lender, and (iv) shall provide that any loss otherwise payable thereunder shall be payable notwithstanding any act or negligence of Borrower which might, absent such
agreement, result in a forfeiture of all or a part of such insurance payment. Borrower shall promptly pay all premiums when due on such insurance and, not less than ten (10) days prior to the expiration dates of each such policy, Borrower will
deliver to Lender acceptable evidence of insurance, such as a renewal policy or policies marked “premium paid” or other evidence satisfactory to Lender reflecting that all required insurance is current and in force. Borrower will
immediately give Notice to Lender of any cancellation of, or change in, any insurance policy. Lender shall not, because of accepting, rejecting, approving or obtaining insurance, incur any liability for (A) the existence, nonexistence, form or
legal sufficiency thereof, (B) the solvency of any insurer, or (C) the payment of losses. Borrower may satisfy any insurance requirement hereunder by providing one or more “blanket” insurance policies, subject to Lender’s
approval in each instance as to limits, coverages, forms, deductibles, inception and expiration dates, and cancellation provisions. 
 Section 4.5 Adjustment of Condemnation and Insurance Claims. 

Borrower shall give prompt Notice to Lender of any Casualty or any Condemnation or threatened Condemnation. Lender is authorized, at its
sole and absolute option, to commence, appear in and prosecute, in its own or Borrower’s name, any action or proceeding relating to any Condemnation or Casualty, and to make proof of loss for and to settle or compromise any Claim in connection
therewith. In such case, Lender shall have the right to receive all Condemnation Awards and Insurance Proceeds, and may deduct therefrom any and all of its Expenses. However, so long as no Event of Default has occurred and if any Casualty or
Condemnation individually or in the aggregate is less than $250,000 in Claims, and if Borrower is diligently pursuing its rights and remedies with respect to a Claim, then Lender allow Borrower to make proof of loss for or settle or compromise such
Claim. Borrower agrees to diligently assert its rights and remedies with respect to each Claim and to promptly pursue the settlement and compromise of each Claim subject to Lender’s approval, which approval shall not be unreasonably withheld or
delayed. If, prior to the receipt by Lender of any Condemnation Award or Insurance Proceeds, the Property shall have been sold pursuant to the provisions of the Mortgage, Lender shall have the right to receive such funds (a) to the extent of
any deficiency found to be due upon such sale with interest thereon (whether or not a deficiency judgment on the Mortgage shall have been sought or recovered or denied), and (b) to the extent necessary to reimburse Lender for its Expenses. If
any Condemnation Awards or Insurance Proceeds are paid to Borrower, Borrower shall receive the same in trust for Lender. Within ten (10) days after Borrower’s receipt of any Condemnation Awards or Insurance Proceeds, Borrower shall deliver
such awards or proceeds to Lender in the form in which they were received, together with any endorsements or documents that may be necessary to effectively negotiate or transfer the same to Lender. Borrower agrees to execute and deliver from time to
time, upon the request of Lender, such further instruments or documents as may be requested by Lender to confirm the grant and assignment to Lender of any Condemnation Awards or Insurance Proceeds. 

  
 Page
8 








 Section 4.6 Utilization of Net Proceeds. 

(a) Net Proceeds must be utilized either for payment of the Obligations or for the restoration of the Property. Net Proceeds may be
utilized for the restoration of the Property only if no Default or Event of Default shall exist and only if in the reasonable judgment of Lender (i) there has been no material adverse change in the financial viability of the Improvements,
(ii) the Net Proceeds, together with other funds deposited with Lender for that purpose, are sufficient to pay the cost of the restoration pursuant to a budget and plans and specifications approved by Lender, (iii) the restoration can be
completed prior to the final maturity of the Loan and prior to the date required by any permanent loan commitment or any purchase and sale agreement or by any Lease, and (iv) following restoration, the Property will have a fair market value at
least equal to its fair market value immediately prior to the Casualty or Condemnation. Otherwise, Net Proceeds shall be utilized for payment of the Obligations. 
 (b) If Net Proceeds are to be utilized for the restoration of the Property, the Net Proceeds, together with any other funds deposited with Lender for that purpose, must be deposited in a Borrower’s
Deposit Account, which shall be an interest-bearing account, with all accrued interest to become part of Borrower’s deposit. Borrower agrees that it shall include all interest and earnings on any such deposit as its income (and, if Borrower is
a partnership or other pass-through entity, the income of its partners, members or beneficiaries, as the case may be), and shall be the owner of all funds on deposit in the Borrower’s Deposit Account for federal and applicable state and local
tax purposes. Lender shall have the exclusive right to manage and control all funds in the Borrower’s Deposit Account, but Lender shall have no fiduciary duty with respect to such funds. Prior to the advance by Lender of any funds so deposited
and the commencement of such restoration, Borrower shall take all steps necessary to avoid the imposition of any mechanics’ liens on the Property or the Improvements. Thereafter, Lender will advance the deposited funds from time to time to
Borrower for the payment of costs of restoration of the Property upon presentation of evidence acceptable to Lender that such restoration has been completed satisfactorily and lien-free. If at any time Lender determines that there is a deficiency in
the funds available in the Borrower’s Deposit Account to complete the restoration as contemplated, then Borrower will promptly deposit in the Borrower’s Deposit Account additional funds equal to the amount of the deficiency. Any account
fees and charges may be deducted from the balance, if any, in the Borrower’s Deposit Account. Borrower grants to Lender a security interest in the Borrower’s Deposit Account and all funds hereafter deposited to such deposit account, and
any proceeds thereof, as security for the Obligations. Such security interest shall be governed by the Uniform Commercial Code of the State, and Lender shall have available to it all of the rights and remedies available to a secured party
thereunder. The Borrower’s Deposit Account may be established and held in such name or names as Lender shall deem appropriate, including in the name of Lender. Borrower hereby constitutes and appoints Lender and any officer or agent of Lender
its true and lawful attorneys-in-fact with full power of substitution to open the Borrower’s Deposit Account and to do any and every act that Borrower might do on its own behalf to fulfill the terms of this Section. To the extent permitted by
Law, Borrower hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. It is understood and agreed that this power of attorney, which shall be deemed to be a power coupled with an interest, cannot be revoked.

 Section 4.7 Management. 
 Borrower at all times shall provide for the competent and responsible management and operation of the Property by an Approved Manager. Any management contract or contracts affecting the Property must be
approved in writing by Lender prior to the execution of the same. 
 Section 4.8 Books and Records; Financial
Statements; Tax Returns. 
 Borrower shall provide or cause to be provided to Lender all of the following: 

(a) For each calendar quarter (and for the calendar year through the end of that quarter) (A) unaudited property operating reports
which include all income and expenses in connection with the Property, and (B) rent rolls, as soon as reasonably practicable but in any event within forty-five (45) days after the end of each such calendar quarter. Items provided under
this paragraph shall be in form and detail satisfactory to Lender. 

  
 Page
9 








 (b) Annual Financial Statements of Guarantor for each fiscal year of Guarantor, as soon as
reasonably practicable and in any event within one hundred twenty (120) days after the close of each fiscal year. 
 (c)
Compliance certificates evidencing Borrower’s compliance with the financial covenants of Borrower set forth in Schedule 8, such certificates to be in such form, and be accompanied by such supporting information, as Lender shall
specify and delivered by Borrower within forty-five (45) days after each Determination Date. 
 (d) Compliance certificates
evidencing Guarantor’s compliance with the financial covenants of Guarantor set forth in Schedule 8, such certificates to be in such form, and be accompanied by such supporting information, as Lender shall specify and delivered by
Borrower within one hundred twenty (120) days after the end of each fiscal year of Guarantor. 
 (e) From time to time
promptly after Lender’s request, such additional information, reports and statements respecting the Property and the Improvements, or the business operations and financial condition of each reporting party, as Lender may reasonably request.

 Borrower will keep and maintain full and accurate books and records administered in accordance with sound accounting
principles, consistently applied, showing in detail the earnings and expenses of the Property and the operation thereof. All Financial Statements shall be in form and detail satisfactory to Lender (Lender hereby acknowledging that so long as
Guarantor’s annual Financial Statements comply with all state and federal securities laws applicable to Guarantor, such form will be satisfactory to Lender) and shall contain or be attached to the signed and dated written certification of the
reporting party in form specified by Lender to certify that the Financial Statements are furnished to Lender in connection with the extension of credit by Lender and constitute a true and correct statement of the reporting party’s financial
position. All certifications and signatures on behalf of corporations, partnerships, limited liability companies or other entities shall be by a representative of the reporting party satisfactory to Lender. All Financial Statements for a reporting
party who is an individual shall be on Lender’s then-current personal financial statement form or in another form satisfactory to Lender. All fiscal year-end Financial Statements of Guarantor shall be audited and certified, without any
qualification or exception not acceptable to Lender, by independent certified public accountants acceptable to Lender, and shall contain all reports and disclosures required by generally accepted accounting principles for a fair presentation. All
quarterly Financial Statements may be prepared by the applicable reporting party and shall include a minimum of a balance sheet, income statement, and statement of cash flow. Borrower shall provide, upon Lender’s request, convenient facilities
for the audit and verification of any such statement. Additionally, Borrower will provide Lender at Borrower’s expense with all evidence that Lender may from time to time reasonably request as to compliance with all provisions of the Loan
Documents. Borrower shall promptly notify Lender of any event or condition that could reasonably be expected to have a material adverse change in the financial condition of Borrower, of Guarantor (if known by Borrower), or in the construction
progress of the Improvements. 
 Section 4.9 Estoppel Certificates. 

Within ten (10) Banking Days after any request by Lender or a proposed assignee or purchaser of the Loan or any interest therein,
Borrower shall certify in writing to Lender, or to such proposed assignee or purchaser, the then unpaid balance of the Loan and whether Borrower claims any right of defense or setoff to the payment or performance of any of the Obligations, and if
Borrower claims any such right of defense or setoff, Borrower shall give a detailed written description of such claimed right. 

  
 Page
10 








 Section 4.10 Taxes; Tax Receipts. 

Borrower shall pay and discharge all Taxes prior to the date on which penalties are attached thereto unless and to the extent only that
such Taxes are contested in accordance with the terms of the Mortgage. If Borrower fails, following demand, to provide Lender the tax receipts required under the Mortgage, without limiting any other remedies available to Lender, Lender may, at
Borrower’s sole expense, obtain and enter into a tax services contract with respect to the Property with a tax reporting agency satisfactory to Lender. 
 Section 4.11 Lender’s Rights to Pay and Perform. 
 If, after any
required notice, Borrower fails to promptly pay or perform any of the Obligations within any applicable grace or cure periods, Lender, without Notice to or demand upon Borrower, and without waiving or releasing any Obligation or Default, may (but
shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Borrower. Lender may enter upon the Property for that purpose and take all action thereon as Lender considers
necessary or appropriate. 
 Section 4.12 Reimbursement; Interest. 

If Lender shall incur any Expenses or pay any Claims by reason of the Loan or the rights and remedies provided under the Loan Documents
(regardless of whether or not any of the Loan Documents expressly provide for an indemnification by Borrower against such Claims), Lender’s payment of such Expenses and Claims shall constitute advances to Borrower which shall be paid by
Borrower to Lender on demand, together with interest thereon from the date incurred until paid in full at the rate of interest then applicable to the Loan under the terms of the Note. Each advance arising out of the Environmental Agreement shall be
unsecured. All other advances shall be secured by the Mortgage and the other Loan Documents as fully as if made to Borrower, regardless of the disposition thereof by the party or parties to whom such advance is made. Notwithstanding the foregoing,
however, in any action or proceeding to foreclose the Mortgage or to recover or collect the Obligations, the provisions of Law governing the recovery of costs, disbursements and allowances shall prevail unaffected by this Section. 

Section 4.13 Notification by Borrower. 
 Borrower will promptly give Notice to Lender of the occurrence of any Default or Event of Default hereunder or under any of the other Loan Documents. Borrower will also promptly give Notice to Lender of
any claim of a default by Borrower, or any claim by Borrower of a default by any other party, under any property management contract or any Lease. 
 Section 4.14 Indemnification by Borrower. 
 Borrower agrees to
indemnify Lender and to hold Lender harmless from and against, and to defend Lender by counsel approved by Lender against, any and all Claims directly or indirectly arising out of or resulting from any transaction, act, omission, event or
circumstance in any way connected with the Property or the Loan, including any Claim arising out of or resulting from (a) any construction activity at the Property, including any defective workmanship or materials; (b) any failure by
Borrower to comply with the requirements of any Laws or to comply with any agreement that applies or pertains to the Property, including any agreement with a broker or “finder” in connection with the Loan or other financing of the
Property; (c) any failure by Borrower to observe and perform any of the obligations imposed upon the landlord under the Leases; (d) any other Default or Event of Default hereunder or under any of the other Loan Documents; or (e) any
assertion or allegation that Lender is liable for any act or omission of Borrower or any other Person in connection with the ownership, development, financing, leasing, operation or sale of the Property; provided, however, that Borrower shall
not be obligated to indemnify Lender with respect to any Claim arising solely from the gross negligence or willful misconduct of Lender. The agreements and indemnifications contained in this Section shall apply to Claims arising both before and
after the repayment of the Loan and shall survive the repayment of the Loan, any foreclosure or deed, assignment or conveyance in lieu thereof and any other action by Lender to enforce the rights and remedies of Lender hereunder or under the other
Loan Documents. 

  
 Page
11 








 Section 4.15 Fees and Expenses. 

Borrower shall pay all fees, charges, costs and expenses required to satisfy the conditions of the Loan Documents. Without limitation of
the foregoing, Borrower will pay, when due, and if paid by Lender will reimburse Lender on demand for, all fees and expenses of any construction consultant (if any), the title insurer, environmental engineers, appraisers, surveyors and Lender’s
counsel in connection with the closing, administration, modification or any “workout” of the Loan, or the enforcement of Lender’s rights and remedies under any of the Loan Documents; provided that Borrower shall not be obligated for
any cost of any construction consultant (a) for any construction project, the reasonably anticipate total cost of which is below $1,000,000, or (b) in excess of $15,000 in the aggregate for any single construction project, except to the
extent any such excess amounts are a result of (i) the construction consultant in good faith being required by Lender to perform services above and beyond its customary and typical scope of services because of a defect or problem with the
construction or (ii) the work of the construction consultant is in connection with or a result of a Default. Borrower acknowledges that Lender may receive a benefit, including without limitation, a discount, credit or other accommodation, from
outside counsel based on the fees such counsel may receive on account of their relationship with Lender including fees paid pursuant hereto. 
 Section 4.16 Appraisals. 
 Lender may obtain from time to time an
appraisal of all or any part of the Property, prepared in accordance with written instructions from Lender, from a third-party appraiser satisfactory to, and engaged directly by, Lender. The cost of one such appraisal, including any costs for
internal review thereof, obtained by Lender in each calendar year and the cost of each such appraisal obtained by Lender following the occurrence of an Event of Default shall be borne by Borrower and shall be paid by Borrower on demand. 

Section 4.17 Leasing and Tenant Matters. 
 Borrower shall comply with the terms and conditions of Schedule 4 in connection with the leasing of space within the Improvements. In addition, Borrower shall deposit with Lender on the date of
Borrower’s receipt thereof any and all termination fees or other similar funds paid by tenant in connection with any tenant’s election to exercise an early termination option contained in its respective Lease or otherwise at the Property
(the “Termination Fee Deposit”). Lender shall have the right, in its sole and absolute discretion, at any time when an uncured Event of Default exists, to either (a) make the Termination Fee Deposit available to reimburse
Borrower for Tenant Improvements and Leasing Commissions paid with respect to reletting the vacated space at the Property which shall be disbursed in accordance with the terms and conditions of Schedule 2 attached hereto, or (b) apply
the Termination Fee Deposit to repay a portion of the outstanding principal balance of the Loan in accordance with Section 4 of the Note at any time when an unsecured Event of Default exists; provided that if no uncured Event of Default exists
Lender make the Termination Fee Deposit available for the purposes specified in clause (a). 
 Section 4.18 Preservation
of Rights. 
 Borrower shall obtain, preserve and maintain in good standing, as applicable, all rights, privileges and
franchises necessary or desirable for the operation of the Property and the conduct of Borrower’s business thereon or therefrom. 

  
 Page
12 








 Section 4.19 Income from Property. 

Borrower shall first apply all income derived from the Property, including all income from Leases, to pay costs and expenses incurred in
connection with the ownership, maintenance, operation and leasing of the Property which are currently due and payable, including all amounts then required to be paid under the Loan Documents, before using or applying such income for any other
purpose. No such income shall be distributed or paid to any member, partner, shareholder or, if Borrower is a trust, to any beneficiary or trustee, unless and until all such costs and expenses which are then due shall have been paid in full.

 Section 4.20 Representations and Warranties. 

Borrower shall take all actions and shall do all things necessary or desirable to cause all of Borrower’s representations and
warranties in this Agreement to be true and correct at all times. 
 Section 4.21 Deposit Accounts; Principal
Depository. 
 Borrower shall maintain with Lender all deposit accounts related to the Property at all times that Bank of
America, N.A., is the lender hereunder, including all operating accounts, any reserve or escrow accounts, any accounts from which Borrower may from time to time authorize Lender or Swap Counterparty to debit payments due on the Loan and any Swap
Contracts, and any lockbox, cash management or other account into which tenants are required from time to time to pay rent. Borrower hereby grants to Lender a security interest in the foregoing accounts and deposit accounts. Without limiting the
generality of the foregoing, Borrower shall maintain Bank of America, N.A. as its principal depository bank at all times that Bank of America, N.A., is the lender hereunder, including for the maintenance of business, cash management, operating and
administrative deposit accounts. 
 Section 4.22 Intentionally Omitted. 

Section 4.23 Intentionally Omitted. 
 Section 4.24 Swap Contracts. 
 In the event that Borrower shall elect
to enter into a Swap Contract with Swap Counterparty, Borrower shall comply with all of the terms and conditions of Schedule 7 with respect to all Swap Contracts. 
 Section 4.25 Financial Covenants 
 Borrower and Guarantor shall comply
with the terms and conditions of Schedule 8 with respect to financial covenants as described therein. 

Section 4.26 Additional Costs. 
 Borrower will pay Lender, on demand, for Lender’s costs or losses arising from any Change in Law which are allocated to this Agreement or any credit outstanding under this Agreement. The allocation
will be made as determined by Lender, using any reasonable method. The costs include, without limitation, the following: 
 (a)
any reserve or deposit requirements (excluding any reserve requirement already reflected in the calculation of the interest rate in this Agreement); and 
 (b) any capital requirements relating to Lender’s assets and commitments for credit. 

  
 Page
13 








 Section 4.27 Separateness. 

(a) The sole purpose to be conducted or promoted by Borrower shall be to: (i) engage in the acquisition, ownership, leasing,
operation, management, maintenance , redevelopment, renovation, refurbishment, rehabilitation, altering and improvement of the Property, (ii) enter into and perform its obligations under the Loan Documents; (iii) sell, transfer, service,
convey, dispose of, pledge, assign, borrow money against, finance, refinance or otherwise deal with the Property to the extent permitted under the Loan Documents; and (iv) engage in any lawful act or activity and to exercise any powers
permitted to limited liability companies organized under the laws of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above mentioned purposes. 

(b) Notwithstanding anything to the contrary in the Loan Documents or in any other document governing the formation, management or
operation of Borrower, and in addition to the other restrictions on the activities of Borrower set forth in the Loan Documents, Borrower shall not: (i) guarantee any obligation of any person or entity, including any affiliate, or become
obligated for the debts of any other person or entity or hold out its credit as being available to pay the obligations of any other person or entity; (ii) engage, directly or indirectly, in any business other than as required or permitted to be
performed under this Section; (iii) engage in any dissolution (unless occurring as a matter of Applicable Law), liquidation, consolidation, merger, sale or other transfer of any of its assets outside the ordinary course of Borrower’s
business; (iv) buy or hold evidence of indebtedness issued by any other person or entity (other than cash or investment-grade securities); (v) form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company
or other) or own any equity interest in any other entity; or (vi) own any material asset or property other than the Property and incidental personal and intangible property necessary for or incidental to the ownership or operation of the
Property. 
 (c) In order to maintain its status as a separate entity and to avoid any confusion or potential consolidation with
any affiliate, Borrower shall observe the following covenants (collectively, the “Separateness Covenants”): (i) maintain books and records and bank accounts separate from those of any other person or entity; (ii) maintain
its assets in such a manner that it is not costly or difficult to segregate, identify or ascertain such assets; (iii) comply with all organizational formalities necessary to maintain its separate existence; (iv) hold itself out to
creditors and the public as a legal entity separate and distinct from any other entity; (vi) maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person and not have its assets
listed on any financial statement of any other person or entity except that Borrower’s assets may be included in a consolidated financial statement of its’ affiliate so long as appropriate notation is made on such consolidated financial
statements to indicate the separateness of Borrower from such affiliate and to indicate that Borrower’s assets and credit are not available to satisfy the debts and other obligations of such affiliate or any other person or entity;
(vii) except to the extent that the Borrower is a treated as a disregarded entity, prepare and file its own tax returns separate from those of any person or entity to the extent required by applicable law, and pay any taxes required to be paid
by applicable law; (viii) allocate and charge fairly and reasonably any common employee or overhead shared with affiliates; (ix) other than capital contributions and distributions permitted under the terms of its organizational documents,
not enter into any transaction with any affiliate, except on an arm’s-length basis on terms which are intrinsically fair and no less favorable than would be available for unaffiliated third parties, and pursuant to written, enforceable
agreements; (x) conduct business in its own name, and use separate stationery, invoices and checks bearing its own name; (xi) not assume, guarantee or pay the debts or obligations of any other person or entity other than any other entity
comprising Borrower; (xii) not permit any affiliate (other than any other entity comprising Borrower ) to guarantee or pay its obligations (other than limited guarantees and indemnities pursuant to the Loan Documents and in connection with a
sale of the Property); (xiii) not make loans or advances to any other person or entity other than any other entity comprising Borrower; (xiv) pay its liabilities and expenses out of and to the extent of its own funds, provided, however,
nothing shall require the funding of any additional capital contributions to such entity; (xvi) endeavor to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and in light of its contemplated
business purpose, transactions and liabilities; provided, however, that the foregoing shall not require any equity owner or other Person to make additional capital contributions to Borrower and there shall be no breach of this clause
(xvi) solely as a result of insufficient revenues from the Property ; and (xviii) endeavor to cause the 

  
 Page
14 








 
managers, officers, employees, agents and other representatives of Borrower to act at all times with respect to Borrower consistently and in furtherance of the foregoing and in the best interests
of Borrower. 
 The failure of Borrower to comply with any of the covenants contained in this Section or any other covenants
contained in this Agreement shall not affect the status of Borrower as a separate legal entity. 
 (d) Borrower covenants and
agrees to incorporate the provisions contained in this Section into Borrower’s organizational documents and Borrower agrees not to amend, modify or otherwise change its organizational documents with respect to the provisions of this Section.

 Section 4.28 Post-Closing Covenants. 
 (a) To the extent not already delivered to Lender as of the date hereof, Borrower shall use commercially reasonable efforts to deliver to Lender, within sixty (60) days after the closing, estoppel
certificates from tenants who lease, in the aggregate, eighty percent (80) of the net rentable area of the Improvements. 

(b) Within sixty (60) days after closing, Borrower shall deliver to Lender a copy of the policy of pollution/environmental
impairment insurance (Policy No. FEIEIL1447200) issued by Admiral Insurance Company with respect to the Property and naming Lender and its successors and assigns as an additional insured, such policy to be in the form of the specimen policy and with
the form of endorsements thereto provided to Lender prior to the date hereof, subject to only such changes as may be approved by Lender. 
 Borrower’s failure to deliver any such estoppel certificate or such insurance policy within said sixty (60) day period shall constitute an Event of Default hereunder; provided, however, that if
Borrower delivers such insurance policy with changes from the specimen policy or endorsements and such changes are not acceptable to Lender, Borrower shall have thirty (30) days from the expiration of such sixty (60) day period to deliver
the insurance policy in acceptable form. Borrower shall deliver each estoppel certificate and such insurance policy to Lender at the following address: Bank of America, N.A., 333 South Hope Street, 20th Floor, Los Angeles, California 90071,
Attention: Julie Elterman. 
 Article V 
 Negative Covenants. 
 Borrower covenants as of the date hereof and until
such time as all Obligations shall be paid and performed in full, that: 
 Section 5.1 Conditional Sales.

 Without the prior written consent of Lender (which consent shall not be unreasonably withheld provided no uncured Event of
Default then exists), Borrower shall not incorporate in the Improvements any property acquired under a conditional sales contract or lease or as to which the vendor retains title or a security interest, in an amount in excess of $250,000 in the case
of any single contract or lease or $2,000,000 in the aggregate with respect to all such contracts and leases in effect at any time. 
 Section 5.2 Insurance Policies and Bonds. 
 Borrower shall not do or
permit to be done anything that would affect the coverage or indemnities provided for pursuant to the provisions of any insurance policy, performance bond, labor and material payment bond or any other bond given in connection with any construction
at the Property, including any construction of tenant improvements. 

  
 Page
15 








 Section 5.3 Commingling. 

Neither RIF V – Glendale, RIF V – Alcorn, nor RIF V – 3360 shall commingle their funds and other assets with each
other’s fund or other assets or with those of any other Affiliate or any other Person. 
 Section 5.4 Additional
Debt. 
 Borrower shall not incur any debt, secured or unsecured, direct or contingent (including guaranteeing any
obligation), other than (a) the Loan, and (b) advances or trade debt or accrued expenses incurred in the ordinary course of business of operating the Property and unsecured indebtedness borrowed from Guarantor in an aggregate amount not to
exceed at any time five percent (5%) of the original principal balance of the Loan. No other debt may be secured by the Property, whether senior, subordinate or pari passu. 

Article VI 

Events of Default. 
 The occurrence or happening, from time to time, of any one or more of the following shall constitute an Event of Default under this Agreement: 

Section 6.1 Payment Default. 
 Borrower fails to pay any Obligation under this Agreement when due, whether on the scheduled due date or upon acceleration, maturity or otherwise. 

Section 6.2 Default Under Other Loan Documents. 
 An Event of Default (as defined therein) occurs under the Note or the Mortgage or any other Loan Document, or Borrower or Guarantor fails to promptly pay, perform, observe or comply with any term,
obligation or agreement contained in any of the Loan Documents (within any applicable grace or cure period). 
 Section 6.3
Accuracy of Information; Representations and Warranties. 
 Any information contained in any financial statement,
schedule, report or any other document delivered by Borrower, Guarantor or any other Person to Lender in connection with the Loan proves at any time not to be in all material respects true and accurate, or Borrower, Guarantor or any other Person
shall have failed to state any material fact or any fact necessary to make such information not misleading, or any representation or warranty contained in this Agreement or in any other Loan Document or other document, certificate or opinion
delivered to Lender in connection with the Loan, proves at any time to be incorrect or misleading in any material respect either on the date when made or on the date when reaffirmed pursuant to the terms of this Agreement; provided that if such
statement, representation or warranty was not knowingly or negligently false, misleading or erroneous, then Borrower shall have a thirty (30) day period in which to remedy the underlying condition which caused such statement, representation or
warranty to be so false, misleading or erroneous. 
 Section 6.4 Deposits. 

Borrower fails to deposit funds with Lender, in the amount requested by Lender, pursuant to the provisions of Section 4.6,
within ten (10) days from the effective date of a Notice from Lender requesting such deposit, or Borrower fails to deliver to Lender any Condemnation Awards or Insurance Proceeds within ten (10) days after Borrower’s receipt thereof.


  
 Page
16 








 Section 6.5 Insurance Obligations. 

Borrower fails to promptly perform or comply with any of the covenants contained in the Loan Documents with respect to maintaining
insurance, including the covenants contained in Section 4.4. 
 Section 6.6 Other Obligations.

 Borrower fails to promptly perform or comply with any of the Obligations set forth in this Agreement (other than those
expressly described in other Sections of this Article), and such failure continues uncured for a period of thirty (30) days after Notice from Lender to Borrower, unless (a) such failure, by its nature, is not capable of being cured within
such period, and (b) within such period, Borrower commences to cure such failure and thereafter diligently prosecutes the cure thereof, and (c) Borrower causes such failure to be cured no later than ninety (90) days after the date of
such Notice from Lender. 
 Section 6.7 Damage to Improvements. 

The Improvements are substantially damaged or destroyed by fire or other casualty and Lender determines that the Improvements cannot be
restored in accordance with the terms and provisions of this Agreement and the Mortgage. 
 Section 6.8 Lapse of Permits
or Approvals. 
 Any permit, license, certificate or approval that Borrower is required to obtain with respect to any
construction activities at the Property or the operation, leasing or maintenance of the Improvements or the Property lapses or ceases to be in full force and effect. 
 Section 6.9 Mechanic’s Lien. 
 A lien for the performance of work
or the supply of materials filed against the Property, or any stop notice served on Borrower, any contractor of Borrower, or Lender, remains unsatisfied or unbonded for a period of sixty (60) days after the date of filing or service.

 Section 6.10 Bankruptcy. 
 Borrower, RIF V – SPE Owner, any manager of Borrower, or any Guarantor files a bankruptcy petition or makes a general assignment for the benefit of creditors, or a bankruptcy petition is filed
against Borrower, RIF V – SPE Owner, any manager of Borrower, or any Guarantor and such involuntary bankruptcy petition continues undismissed for a period of sixty (60) days after the filing thereof. 

Section 6.11 Appointment of Receiver, Trustee, Liquidator. 

Borrower, RIF V – SPE Owner, any manager of Borrower, or any Guarantor applies for or consents in writing to the appointment of a
receiver, trustee or liquidator of Borrower, RIF V – SPE Owner, any manager of Borrower, any Guarantor, the Property, or all or substantially all of the other assets of Borrower, RIF V – SPE Owner, any manager of Borrower, or any
Guarantor, or an order, judgment or decree is entered by any court of competent jurisdiction on the application of a creditor appointing a receiver, trustee or liquidator of Borrower, RIF V – SPE Owner, any manager of Borrower, any Guarantor,
the Property, or all or substantially all of the other assets of Borrower , RIF V – SPE Owner, any manager of Borrower, or any Guarantor. 

  
 Page
17 








 Section 6.12 Inability to Pay Debts. 

Borrower or any Guarantor becomes unable or admits in writing its inability or fails generally to pay its debts as they become due.

 Section 6.13 Judgment. 
 A final nonappealable judgment for the payment of money involving more than $250,000 is entered against Borrower or any Guarantor, and Borrower or such Guarantor fails to discharge the same, or fails to
cause it to be discharged or bonded off to Lender’s satisfaction, within thirty (30) days from the date of the entry of such judgment. 
 Section 6.14 Dissolution; Change in Business Status. 
 Unless the
written consent of Lender is previously obtained, all or substantially all of the business assets of Borrower or any Guarantor are sold, Borrower or any Guarantor is dissolved, or there occurs any change in the form of business entity through which
Borrower or any Guarantor presently conducts its business or any merger or consolidation involving Borrower or any Guarantor. 

Section 6.15 Default Under Other Indebtedness. 
 Borrower or any Guarantor fails to pay any indebtedness (other than the Loan) owed by Borrower or such Guarantor to Lender when and as due and payable (whether by acceleration or otherwise). 

Section 6.16 Intentionally Omitted. 
 Section 6.17 Change in Controlling Interest. 
 Without the prior written
consent of Lender (which consent may be conditioned, among other matters, on the issuance of a satisfactory endorsement to the title insurance policy insuring Lender’s interest under the Mortgage), and except as otherwise permitted pursuant to
the provisions of Section 8.7(c), the controlling interest in Borrower ceases to be directly or indirectly owned by Guarantor. 
 Section 6.18 Material Adverse Change. 
 In the reasonable opinion of
Lender, the prospect of payment or performance of all or any part of the Obligations has been materially impaired from that existing on the date of the closing of the Loan because of a material adverse change in the financial condition, results of
operations, business or properties of Borrower or Guarantor or any other Person liable for the payment or performance of any of the Obligations when taken as a whole. 
 Section 6.19 Intentionally Omitted. 
 Section 6.20 Intentionally
Omitted. 
 Article VII 
 Remedies on Default. 
 Section 7.1 Remedies on Default.

 Upon the happening of any Event of Default, Lender shall have the right, in addition to any other rights or remedies
available to Lender under the Mortgage or any of the other Loan Documents or under applicable Law, to exercise any one or more of the following rights and remedies: 

  
 Page
18 








 (a) Lender may accelerate all of Borrower’s Obligations under the Loan Documents
whereupon such Obligations shall become immediately due and payable, without notice of default, acceleration or intention to accelerate, presentment or demand for payment, protest or notice of nonpayment or dishonor, or notices or demands of any
kind or character (all of which are hereby waived by Borrower). 
 (b) Lender may apply to any court of competent jurisdiction
for, and obtain appointment without bond of, a receiver for the Property. 
 (c) Lender may set off the amounts due Lender under
the Loan Documents, whether or not matured and regardless of the adequacy of any other collateral securing the Loan, against any and all accounts, credits, money, securities or other property of Borrower now or hereafter on deposit with, held by or
in the possession of Lender to the credit or for the account of Borrower, without notice to or the consent of Borrower. 
 (d)
Lender may enter into possession of the Property and perform any and all work and labor necessary to complete any construction at the Property, including any construction of tenant improvements, and to employ watchmen to protect the Property and the
Improvements. All sums expended by Lender for such purposes shall be deemed to have been advanced to Borrower under the Note and shall be secured by the Mortgage. For this purpose, Borrower hereby constitutes and appoints Lender its true and lawful
attorney-in-fact with full power of substitution, which power is coupled with an interest and cannot be revoked, to complete the work in the name of Borrower, and hereby empowers said attorney or attorneys, in the name of Borrower or Lender:

 (i) To use any funds of Borrower including any balance which may be held by Lender and any funds (if any)
which may remain unadvanced hereunder for the purpose of completing any construction, including any construction of tenant improvements, whether or not in the manner called for in the applicable plans and specifications; 

(ii) To make such additions and changes and corrections to any plans and specifications as shall be necessary or desirable
in the judgment of Lender to complete any construction, including any construction of tenant improvements; 

(iii) To employ such contractors, subcontractors, agents, architects and inspectors as shall be necessary or desirable for
said purpose; 
 (iv) To pay, settle or compromise all existing bills and claims which are or may be liens
against the Property, or may be necessary or desirable for the completion of the work or the clearance of title to the Property; 
 (v) To execute all applications and certificates which may be required in the name of Borrower; 
 (vi) To enter into, enforce, modify or cancel Leases and to fix or modify Rents on such terms as Lender may consider proper; 

(vii) To file for record, at Borrower’s cost and expense and in Borrower’s name, any notices of completion,
notices of cessation of labor, or any other notices that Lender in its sole and absolute discretion may consider necessary or desirable to protect its security; 
 (viii) To prosecute and defend all actions or proceedings in connection with any construction at the Property, including any construction of tenant improvements, and to take such actions and to require
such performance as Lender may deem necessary; and 
 (ix) To do any and every act with respect to any such
construction which Borrower may do in its own behalf. 

  
 Page
19 








 Section 7.2 No Release or Waiver; Remedies Cumulative and Concurrent.

 Borrower shall not be relieved of any Obligation by reason of the failure of Lender to comply with any request of Borrower or
of any other Person to take action to foreclose on the Property under the Mortgage or otherwise to enforce any provision of the Loan Documents, or by reason of the release, regardless of consideration, of all or any part of the Property. No delay or
omission of Lender to exercise any right, power or remedy accruing upon the happening of an Event of Default shall impair any such right, power or remedy or shall be construed to be a waiver of any such Event of Default or any acquiescence therein.
No delay or omission on the part of Lender to exercise any option for acceleration of the maturity of the Obligations, or for foreclosure of the Mortgage following any Event of Default as aforesaid, or any other option granted to Lender hereunder in
any one or more instances, or the acceptance by Lender of any partial payment on account of the Obligations shall constitute a waiver of any such Event of Default and each such option shall remain continuously in full force and effect. No remedy
herein conferred upon or reserved to Lender is intended to be exclusive of any other remedies provided for in the Loan Documents, and each and every such remedy shall be cumulative, and shall be in addition to every other remedy given hereunder, or
under the Loan Documents, or now or hereafter existing at Law or in equity or by statute. Every right, power and remedy given by the Loan Documents to Lender shall be concurrent and may be pursued separately, successively or together against
Borrower or the Property or any part thereof, and every right, power and remedy given by the Loan Documents may be exercised from time to time as often as may be deemed expedient by Lender. All notice and cure periods provided in this Agreement or
in any Loan Document shall run concurrently with any notice or cure periods provided by law. 
 Article VIII 

Miscellaneous. 
 Section 8.1 Further Assurances; Authorization to File Documents. 
 At
any time, and from time to time, upon request by Lender, Borrower will, at Borrower’s expense, (a) correct any defect, error or omission which may be discovered in the form or content of any of the Loan Documents, and (b) make,
execute, deliver and record, or cause to be made, executed, delivered and recorded, any and all further instruments, certificates and other documents as may, in the opinion of Lender, be necessary or desirable in order to complete, perfect or
continue and preserve the lien of the Mortgage. Upon any failure by Borrower to do so, Lender may make, execute and record any and all such instruments, certificates and other documents for and in the name of Borrower, all at the sole expense of
Borrower, and Borrower hereby appoints Lender the agent and attorney-in-fact of Borrower to do so, this appointment being coupled with an interest and being irrevocable. Without limitation of the foregoing, Borrower irrevocably authorizes Lender at
any time and from time to time to file any initial financing statements, amendments thereto and continuation statements deemed necessary or desirable by Lender to establish or maintain the validity, perfection and priority of the security interests
granted in the Mortgage or hereunder, and Borrower ratifies any such filings made by Lender prior to the date hereof. In addition, at any time, and from time to time, upon request by Lender, Borrower will, at Borrower’s expense, provide any and
all further instruments, certificates and other documents as may, in the opinion of Lender, be necessary or desirable in order to verify Borrower’s identity and background in a manner satisfactory to Lender. 

Section 8.2 No Warranty by Lender. 
 By accepting or approving anything required to be observed, performed or fulfilled by Borrower or to be given to Lender pursuant to this Agreement, including any certificate, Survey, receipt, appraisal or
insurance policy, Lender shall not be deemed to have warranted or represented the sufficiency, legality, effectiveness or legal effect of the same, or of any term, provision or condition thereof and any such acceptance or approval thereof shall not
be or constitute any warranty or representation with respect thereto by Lender. 

  
 Page
20 








 Section 8.3 Standard of Conduct of Lender. 

Nothing contained in this Agreement or any other Loan Document shall limit the right of Lender to exercise its business judgment or to
act, in the context of the granting or withholding of any advance or consent under this Agreement or any other Loan Document, in a subjective manner, whether or not objectively reasonable under the circumstances, so long as Lender’s exercise of
its business judgment or action is made or undertaken in good faith. Borrower and Lender intend by the foregoing to set forth and affirm their entire understanding with respect to the standard pursuant to which Lender’s duties and obligations
are to be judged and the parameters within which Lender’s discretion may be exercised hereunder and under the other Loan Documents. As used herein, “good faith” means honesty in fact in the conduct and transaction concerned.

 Section 8.4 No Partnership. 
 Nothing contained in this Agreement shall be construed in a manner to create any relationship between Borrower and Lender other than the relationship of borrower and lender and Borrower and Lender shall
not be considered partners or co-venturers for any purpose on account of this Agreement. 
 Section 8.5
Severability. 
 In the event any one or more of the provisions of this Agreement or any of the other Loan Documents
shall for any reason be held to be invalid, illegal or unenforceable, in whole or in part or in any other respect, or in the event any one or more of the provisions of any of the Loan Documents operates or would prospectively operate to invalidate
this Agreement or any of the other Loan Documents, then and in either of those events, at the option of Lender, such provision or provisions only shall be deemed null and void and shall not affect the validity of the remaining Obligations, and the
remaining provisions of the Loan Documents shall remain operative and in full force and effect and shall in no way be affected, prejudiced or disturbed thereby. 
 Section 8.6 Notices. 
 All Notices required or which any party desires
to give hereunder or under any other Loan Document shall be in writing and, unless otherwise specifically provided in such other Loan Document, shall be deemed sufficiently given or furnished if delivered by personal delivery, by nationally
recognized overnight courier service or by certified United States mail, postage prepaid, addressed to the party to whom directed at the applicable address set forth below (unless changed by similar notice in writing given by the particular party
whose address is to be changed) or by facsimile. Any Notice shall be deemed to have been given either at the time of personal delivery or, in the case of courier or mail, as of the date of first attempted delivery at the address and in the manner
provided herein, or, in the case of facsimile, upon receipt; provided that service of a Notice required by any applicable statute shall be considered complete when the requirements of that statute are met. Notwithstanding the foregoing, no notice of
change of address shall be effective except upon actual receipt. This Section shall not be construed in any way to affect or impair any waiver of notice or demand provided in this Agreement or in any other Loan Document or to require giving of
notice or demand to or upon any Person in any situation or for any reason. 
 The address and fax number of
Borrower are: 
 11620 Wilshire Boulevard, Suite 300 

Los Angeles, California 90025 
 Fax Number: (310) 966-1690 

  
 Page
21 








 The address and fax number of Lender are: 

Bank of America, N.A. 

333 So. Hope Street, 20th Floor 
 Los Angeles, California 90071 
 Attn: CREB Loan Administration

 Fax Number: (949) 794-7424 
 Section 8.7 Permitted Successors and Assigns; Disclosure of Information 
 (a) Each and every one of the covenants, terms, provisions and conditions of this Agreement and the Loan Documents shall apply to, bind and inure to the benefit of Borrower, its successors and those
assigns of Borrower consented to in writing by Lender, and shall apply to, bind and inure to the benefit of Lender and the endorsees, transferees, successors and assigns of Lender, and all Persons claiming under or through any of them. 

(b) Borrower agrees not to transfer, assign, pledge or hypothecate any right or interest in any payment or advance due pursuant to this
Agreement, or any of the other benefits of this Agreement, without the prior written consent of Lender, which consent may be withheld by Lender in its sole and absolute discretion. Any such transfer, assignment, pledge or hypothecation made or
attempted by Borrower without the prior written consent of Lender shall be void and of no effect. No consent by Lender to an assignment shall be deemed to be a waiver of the requirement of prior written consent by Lender with respect to each and
every further assignment and as a condition precedent to the effectiveness of such assignment. 
 (c) Lender acknowledges that
Guarantor and certain of its Affiliates are in the process of a roll up of various Rexford Funds and, in connection therewith, one or more of the entities comprising Borrower and/or Guarantor may merge into other Affiliates or otherwise cease to
exist and their assets transferred to other Affiliates. Lender will permit the substitution of one or more new borrower’s in the place of one or more of the entities comprising Borrower which are so merging or dissolving and/or a replacement
guarantor in the place of Guarantor if Guarantor so merges or dissolves so long as (i) Lender determines, in its reasonable discretion, that the financial condition of the new borrower or guarantor is equal to or better than that of the party
or parties it replaces, (ii) all of Lender’s Know Your Customer and other due diligence items with respect to the new borrower and new guarantor (as applicable), including all of the requirements of the Act are satisfied, and
(iii) the new borrower and new guarantor (as applicable) execute such documents as Lender reasonably requires to evidence any new borrower or new guarantor (as applicable) becoming a party to the Loan, including, in the case of any new
borrower, an assignment and assumption agreement and an amendment to the Mortgage encumbering the Property to be owned by such new borrower and, in the case of any new guarantor, a new guaranty substantially in the form of the Guaranty. 

(d) Lender may sell or offer to sell the Loan or interests therein to one or more assignees or participants. Borrower shall execute,
acknowledge and deliver any and all instruments reasonably requested by Lender in connection therewith, and to the extent, if any, specified in any such assignment or participation, such assignee(s) or participant(s) shall have the same rights and
benefits with respect to the Loan Documents as such Person(s) would have if such Person(s) were Lender hereunder. Lender may disseminate any information it now has or hereafter obtains pertaining to the Loan, including any security for the Loan, any
credit or other information on the Property (including environmental reports and assessments), Borrower, any of Borrower’s principals or any Guarantor, to any actual or prospective assignee or participant, to Lender’s Affiliates, including
Merrill Lynch, Pierce, Fenner & Smith Incorporated, to any regulatory body having jurisdiction over Lender, to any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to Borrower and the Loan,
or to any other party as necessary or appropriate in Lender’s reasonable judgment. 

  
 Page
22 








 Section 8.8 Modification; Waiver. 

None of the terms or provisions of this Agreement may be changed, waived, modified, discharged or terminated except by instrument in
writing executed by the party or parties against whom enforcement of the change, waiver, modification, discharge or termination is asserted. None of the terms or provisions of this Agreement shall be deemed to have been abrogated or waived by reason
of any failure or failures to enforce the same. 
 Section 8.9 Third Parties; Benefit. 

All conditions to the obligation of Lender to make advances hereunder are imposed solely and exclusively for the benefit of Lender and
its assigns and no other Persons shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make advances in the absence of strict compliance with any or all
thereof and no other Person shall, under any circumstances, be deemed to be the beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender at any time in the sole and absolute exercise of its discretion.
The terms and provisions of this Agreement are for the benefit of the parties hereto and, except as herein specifically provided, no other Person shall have any right or cause of action on account thereof. 

Section 8.10 Rules of Construction. 
 The words “hereof,” “herein,” “hereunder,” “hereto,” and other words of similar import refer to this Agreement in its entirety. The terms “agree” and
“agreements” mean and include “covenant” and “covenants.” The words “include” and “including” shall be interpreted as if followed by the words “without limitation.” The captions and
headings contained in this Agreement are included herein for convenience of reference only and shall not be considered a part hereof and are not in any way intended to define, limit or enlarge the terms hereof. All references (a) made in the
neuter, masculine or feminine gender shall be deemed to have been made in all such genders, (b) made in the singular or plural number shall be deemed to have been made, respectively, in the plural or singular number as well, (c) to the
Loan Documents are to the same as extended, amended, restated, supplemented or otherwise modified from time to time unless expressly indicated otherwise, (d) to the Land, the Improvements or the Property shall mean all or any portion of each of
the foregoing, respectively, and (e) to Articles, Sections and Schedules are to the respective Articles, Sections and Schedules contained in this Agreement unless expressly indicated otherwise. 

Section 8.11 Counterparts. 
 This Agreement may be executed in any number of counterparts, each of which shall be considered an original for all purposes; provided, however, that all such counterparts shall together constitute one
and the same instrument. 
 Section 8.12 Signs; Publicity. 

At Lender’s request and at Lender’s expense, Borrower shall place a sign at a location on the Property satisfactory to Lender,
which sign shall recite, among other things, that Lender is financing the Property. Borrower expressly authorizes Lender to prepare and to furnish to the news media for publication from time to time news releases with respect to the Property,
specifically to include releases detailing Lender’s involvement with the financing of the Property. 
 Section 8.13
Governing Law. 
 This Agreement shall be governed by and construed, interpreted and enforced in accordance with the Laws
of the State. 
 Section 8.14 Time of Essence. 

Time shall be of the essence for each and every provision of this Agreement of which time is an element. 

  
 Page
23 








 Section 8.15 Electronic Communications. 

(a) Electronic Transmission of Data. Lender and Borrower agree that certain data related to the Loan (including confidential
information, documents, applications and reports) may be transmitted electronically, including transmission over the Internet. This data may be transmitted to, received from or circulated among agents and representatives of Borrower and/or Lender
and their Affiliates and other Persons involved with the subject matter of this Agreement. 
 (b) Borrower Controlled
Websites. Borrower may elect to deliver documentation required pursuant to the Closing Checklist or Schedule 2 hereof electronically, and if so delivered, such documentation shall be deemed to have been delivered on the date (i) on
which Borrower posts such documents, or provides a link thereto on Borrower’s website on the Internet at the website address listed on Borrower’s signature page to this Agreement; or (ii) on which such documents are posted on
Borrower’s behalf on an Internet or intranet website, if any, to which Lender has access (whether a commercial, third-party website or whether sponsored by Lender; provided that: (i) Borrower shall deliver paper copies of
such documents to Lender upon its request to Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by Lender, and (ii) Borrower shall notify Lender (by facsimile or electronic mail) of the
posting of any such documents and provide to Lender by electronic mail electronic versions (i.e., soft copies) of such documents. Borrower agrees that in the event that Borrower would like to update or revise a document previously posted to the
Borrower controlled website, Borrower shall notify Lender (by facsimile or electronic mail) that such document has been revised and an updated version has been posted. 
 (c) Assumption of Risks; Indemnification. Borrower acknowledges and agrees that (i) there are risks associated with the use of electronic transmission and Borrower controlled websites and that
Lender does not control the method of transmittal, the service providers or the operational or technical issues that could occur; (ii) Lender has no obligation or responsibility whatsoever and assumes no duty or obligation for the security,
receipt or third party interception of any such electronic transmission of data or Borrower controlled website, or any operational or technical issues that may occur with the electronic transmission of data or the Borrower controlled website; and
(iii) Borrower will release, hold harmless and indemnify Lender from any claim, damage or loss, including that arising in whole or part from Lender’s strict liability or sole, comparative or contributory negligence, which is related to the
electronic transmission of data or the Borrower controlled website. 
 Section 8.16 Dispute Resolution Provision.

 This Section, including the subsections below, is referred to as the “Dispute Resolution Provision.” This
Dispute Resolution Provision is a material inducement for the parties entering into this Agreement. 
 (a) This Dispute
Resolution Provision concerns the resolution of any controversies or claims between or among the parties, whether arising in contract, tort or by statute, including controversies or claims that arise out of or relate to: (i) this Agreement
(including any renewals, extensions or modifications); or (ii) any Loan Document or any other document related to this Agreement (collectively, a “Dispute”). For the purposes of this Dispute Resolution Provision only, the term
“parties” shall include any parent corporation, subsidiary or Affiliate of Lender involved in the servicing, management or administration of any obligation described or evidenced by this Agreement. 

(b) Except to the extent expressly provided below, any Dispute shall, upon the mutual agreement of the parties, acting in their sole and
absolute discretion, be resolved by binding arbitration in accordance with the Federal Arbitration Act (Title 9, U.S. Code) (the “Federal Arbitration Act”). The Federal Arbitration Act will apply even though this Agreement provides
that it is governed by California law. 
 (c) Arbitration proceedings will be determined in accordance with the Federal
Arbitration Act, the then-current rules and procedures for the arbitration of financial services disputes of the AAA and the terms of this Dispute Resolution Provision. In the event of any inconsistency, the terms of this Dispute Resolution
Provision shall control. If 

  
 Page
24 








 
AAA is unwilling or unable to (i) serve as the provider of arbitration or (ii) enforce any provision of this arbitration clause, Lender may designate another arbitration organization
with similar procedures to serve as the provider of arbitration. 
 (d) The arbitration shall be administered by AAA and
conducted, unless otherwise required by law, in any U.S. state where real or tangible personal property for the Loan is located or if there is no such collateral, in the state specified in the governing law section of this Agreement. All Disputes
shall be determined by one arbitrator; however, if Disputes exceed Five Million Dollars ($5,000,000), upon the request of any party, the Disputes shall be decided by three arbitrators. All arbitration hearings shall commence within ninety
(90) days of the demand for arbitration and close within ninety (90) days of commencement and the award of the arbitrator(s) shall be issued within thirty (30) days of the close of the hearing. However, the arbitrator(s), upon a
showing of good cause, may extend the commencement of the hearing for up to an additional sixty (60) days. The arbitrator(s) shall provide a concise written statement of reasons for the award. The arbitration award may be submitted to any court
having jurisdiction to be confirmed and have judgment entered and enforced. 
 (e) The arbitrator(s) will give effect to
statutes of limitations in determining any Dispute and may dismiss the arbitration on the basis that the Dispute is barred. For purposes of the application of any statutes of limitation, the service on AAA under applicable AAA rules of a notice of
Dispute is the equivalent of the filing of a lawsuit. Any dispute concerning this arbitration provision or whether a Dispute is arbitrable shall be determined by the arbitrator(s), except as set forth in Subsection (j) of this Dispute
Resolution Provision. The arbitrator(s) shall have the power to award legal fees pursuant to the terms of this Agreement. 
 (f)
The procedure described above will not apply if the Dispute, at the time of the proposed submission to arbitration, arises from or relates to an obligation to Lender secured by real property. In this case, all of the parties to this Agreement, in
their sole and absolute discretion, must consent to submission of the Dispute to arbitration. 
 (g) To the extent any Disputes
are not arbitrated, to the extent permitted by law the Disputes shall be resolved in court by a judge without a jury, except any Disputes which are brought in California state court shall be determined by judicial reference as described below.

 (h) Any Dispute which is not arbitrated and which is brought in California state court will be resolved by a general
reference to a referee (or a panel of referees) as provided in California Code of Civil Procedure (“CCP”) Section 638. The referee (or presiding referee of the panel) shall be a retired Judge or Justice. The referee (or panel
of referees) shall be selected by mutual written agreement of the parties. If the parties do not agree, the referee shall be selected by the Presiding Judge of the Court (or his or her representative) as provided in CCP Section 638 and the
following related sections. The referee shall determine all issues in accordance with existing California law and the California rules of evidence and civil procedure. The referee shall be empowered to enter equitable as well as legal relief,
provide all temporary or provisional remedies, enter equitable orders that will be binding on the parties and rule on any motion which would be authorized in a trial, including motions for summary judgment or summary adjudication. The award that
results from the decision of the referee(s) will be entered as a judgment in the court that appointed the referee, in accordance with the provisions of CCP Sections 644(a) and 645. The parties reserve the right to seek appellate review of any
judgment or order, including orders pertaining to class certification, to the same extent permitted in a court of law. 
 (i)
This Dispute Resolution Provision does not limit the right of any party to: (i) exercise self-help remedies, such as but not limited to, setoff; (ii) initiate judicial or non-judicial foreclosure against any real or personal property
collateral; (iii) exercise any judicial or power of sale rights; or (iv) act in a court of law to obtain an interim remedy, such as but not limited to, injunctive relief, writ of possession or appointment of a receiver, or additional or
supplementary remedies. The filing of a court action is not intended to constitute a waiver of the right of any party, including the suing party, thereafter to request or require submittal of the Dispute to arbitration or judicial reference as
provided herein. 

  
 Page
25 








 (j) Any arbitration, judicial reference or trial by a judge of any Dispute will take place
on an individual basis without resort to any form of class or representative action (the “Class Action Waiver”). Regardless of anything else in this Dispute Resolution Provision, the validity and effect of the Class Action Waiver may be
determined only by a court or referee and not by an arbitrator. The parties to this Agreement acknowledge that the Class Action Waiver is material and essential to the arbitration of any claims between the parties and is nonseverable from the
agreement to arbitrate Disputes. If the Class Action Waiver is limited, voided or found unenforceable, then the parties’ agreement to arbitrate shall be null and void with respect to such proceeding, subject to the right to appeal the
limitation or invalidation of the Class Action Waiver. The parties acknowledge and agree that under no circumstances will a class action be arbitrated.  
 (k) By agreeing to binding arbitration or judicial reference, the parties irrevocably and voluntarily waive any right they may have to a trial by jury as permitted by law in respect of any Dispute.
Furthermore, without intending in any way to limit this Dispute Resolution Provision, to the extent any Dispute is not arbitrated or submitted to judicial reference, the parties irrevocably and voluntarily waive any right they may have to a trial by
jury to the extent permitted by law in respect of such Dispute. This waiver of jury trial shall remain in effect even if the Class Action Waiver is limited, voided or found unenforceable. WHETHER THE DISPUTE IS DECIDED BY ARBITRATION, BY JUDICIAL
REFERENCE, OR BY TRIAL BY A JUDGE, THE PARTIES AGREE AND UNDERSTAND THAT THE EFFECT OF THIS AGREEMENT IS THAT THEY ARE GIVING UP THE RIGHT TO TRIAL BY JURY TO THE EXTENT PERMITTED BY LAW. 

Section 8.17 Forum. 
 Borrower hereby irrevocably submits generally and unconditionally for itself and in respect of its property to the jurisdiction of any state court or any United States federal court sitting in the State
specified in the governing law section of this Agreement and to the jurisdiction of any state court or any United States federal court sitting in the state in which any of the Property is located, over any Dispute. Borrower hereby irrevocably
waives, to the fullest extent permitted by Law, any objection that Borrower may now or hereafter have to the laying of venue in any such court and any claim that any such court is an inconvenient forum. Borrower hereby agrees and consents that, in
addition to any methods of service of process provided for under applicable Law, all service of process in any such suit, action or proceeding in any state court or any United States federal court sitting in the state specified in the governing law
section of this Agreement may be made by certified or registered mail, return receipt requested, directed to Borrower at its address for notice set forth in this Agreement, or at a subsequent address of which Lender received actual notice from
Borrower in accordance with the notice section of this Agreement, and service so made shall be complete five (5) days after the same shall have been so mailed. Nothing herein shall affect the right of Lender to serve process in any manner
permitted by Law or limit the right of Lender to bring proceedings against Borrower in any other court or jurisdiction. 

Section 8.18 USA Patriot Act Notice. 
 Lender hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), Lender is
required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow Lender to identify Borrower in accordance with the Act. 

Section 8.19 Entire Agreement. 
 The Loan Documents constitute the entire understanding and agreement between Borrower and Lender with respect to the transactions arising in connection with the Loan, and supersede all prior written or
oral understandings and agreements between Borrower and Lender with respect to the matters addressed in the Loan Documents. In particular, and without limitation, the terms of any commitment by Lender to make the Loan are merged into the Loan
Documents. Except as incorporated in writing into the Loan Documents, there are no representations, understandings, stipulations, 

  
 Page
26 








 
agreements or promises, oral or written, with respect to the matters addressed in the Loan Documents. If there is any conflict between the terms, conditions and provisions of this Agreement and
those of any other instrument or agreement, including any other Loan Document, the terms, conditions and provisions of this Agreement shall prevail. 

  
 Page
27 








 IN WITNESS WHEREOF, Borrower and Lender have caused this Agreement to be executed as of the
date first above written. 
  

							
	BORROWER:
	
	 RIF V – GLENDALE COMMERCE CENTER, LLC,
 a California limited liability company

		
	 By:  
	 	 RIF V – SPE Manager, LLC
 a California limited liability company,
 Its Manager

			
		 	By:  	 	 Rexford Sponsor V, LLC,
 a Delaware limited liability company,
 Its Manager

				
		 		 	By:	 	




		 		 	Name:  	 	Howard Schwimmer
		 		 	Its:	 	Manager


  

							
	 RIF V – GGC ALCORN, LLC,
 a California limited liability company

		
	 By:  
	 	 RIF V – SPE Manager, LLC
 a California limited liability company,
 Its Manager

			
		 	By:  	 	 Rexford Sponsor V, LLC,
 a Delaware limited liability company,
 Its Manager

				
		 		 	By:	 	




		 		 	Name:  	 	Howard Schwimmer
		 		 	Its:	 	Manager


  

							
	 RIF V – 3360 SAN FERNANDO, LLC,
 a California limited liability company

		
	 By:  
	 	 RIF V – SPE Manager, LLC
 a California limited liability company,
 Its Manager

			
		 	By:  	 	 Rexford Sponsor V, LLC,
 a Delaware limited liability company,
 Its Manager

				
		 		 	By:	 	




		 		 	Name:  	 	Howard Schwimmer
		 		 	Its:	 	Manager



  
 Page S-1
 









			
	LENDER:
	
	 BANK OF AMERICA, N.A.,
 a national banking association

		
	BY:	 	




	Name:	 	Julia Elterman
	Title:	 	VP



  
 Page S-2
 








 Schedule 1 
 Definitions 
 Unless the context otherwise specifies or requires, the
following terms shall have the meanings herein specified, such definitions to be applicable equally to the singular and the plural forms of such terms and to all genders: 
 “AAA” means the American Arbitration Association, or any successor thereof. 
 “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with
the Person specified. 
 “Approved Manager” means Borrower, Rexford Industrial Realty and Management, Inc., a
California corporation, another Affiliate of Manager, or any other reputable and creditworthy property manager, subject to the prior written approval of Lender, which written approval may be evidenced by e-mail confirmation, not to be unreasonably
withheld, with a portfolio of properties comparable to the Property under active management. 
 “Banking Day”
means any day that is not a Saturday, Sunday or banking holiday in the State. 
 “Borrower’s Deposit
Account” means an account established with Lender pursuant to the terms of Section 4.6. 

“Casualty” means any act or occurrence of any kind or nature that results in damage, loss or destruction to the
Property. 
 “Change in Law” means the occurrence, after the date of this Agreement, of any of the following:
(a) the adoption or taking effect of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof by any Governmental Authority, or (c) the making or issuance of any request, rule,
guideline, or directive (whether or not having the force of Law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and (y) all
requests, rules, guidelines, or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority), or the United States or foreign regulatory authorities, in each
case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, or issued. 
 “Claim” means any liability, suit, action, claim, demand, loss, expense, penalty, fine, judgment or other cost of any kind or nature whatsoever, including fees, costs and expenses of
attorneys, consultants, contractors and experts. 
 “Closing Checklist” means that certain Closing Requirements
and Checklist setting forth the conditions for closing the Loan and recording the Mortgage. 
 “Code” means the
Internal Revenue Code of 1986, as amended. 
 “Condemnation” means any taking of title to, use of, or any other
interest in the Property under the exercise of the power of condemnation or eminent domain, whether temporarily or permanently, by any Governmental Authority or by any other Person acting under or for the benefit of a Governmental Authority.

 “Condemnation Awards” means any and all judgments, awards of damages (including severance and consequential
damages), payments, proceeds, settlements, amounts paid for a taking in lieu of Condemnation, or other compensation heretofore or hereafter made, including interest thereon, and the right to receive the same, as a result of, or in connection with,
any Condemnation or threatened Condemnation. 

  
 Schedule
1 
 Page 1 of 5 








 “Control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” or “Controlled” have meanings correlative
thereto. 
 “Default” means an event or circumstance that, with the giving of Notice or lapse of time, or both,
would constitute an Event of Default under the provisions of this Agreement. 
 “Dispute” has the meaning
ascribed to such term in Section 8.16. 
 “Environmental Agreement” means the Environmental
Indemnification and Release Agreement of even date herewith by and between Borrower and Lender pertaining to the Property, as the same may from time to time be extended, amended, restated or otherwise modified. The Environmental Agreement is
unsecured. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Event of Default” means any event or circumstance specified in Article VI and the continuance of such event or
circumstance beyond the applicable grace and/or cure periods therefor, if any, set forth in Article VI. 

“Expenses” means all fees, charges, costs and expenses of any nature whatsoever incurred at any time and from time to
time (whether before or after an Event of Default) by Lender in making, funding, administering or modifying the Loan, in negotiating or entering into any “workout” of the Loan, or in exercising or enforcing any rights, powers and remedies
provided in the Mortgage or any of the other Loan Documents, including attorneys’ fees, court costs, receiver’s fees, management fees and costs incurred in the repair, maintenance and operation of, or taking possession of, or selling, the
Property. 
 “Financial Statements” means (i) for each reporting party other than an individual, a balance
sheet, income statement, statements of cash flow and amounts and sources of contingent liabilities, a reconciliation of changes in equity and liquidity verification, real estate schedules providing details on each individual real property in the
reporting party’s portfolio, including, but not limited to raw land, land under development, construction in process and stabilized properties and unless Lender otherwise consents, consolidated and consolidating statements if the reporting
party is a holding company or a parent of a subsidiary entity; and (ii) for each reporting party who is an individual, a balance sheet, statements of cash flow and amounts and sources of contingent liabilities, sources and uses of cash and
liquidity verification, cash flow projections, real estate schedules providing details on each individual real property in the reporting party’s portfolio, including, but not limited to raw land, land under development, and unless Lender
otherwise consents, Financial Statements for each entity owned or jointly owned by the reporting party. For purposes of this definition and any covenant requiring the delivery of Financial Statements, each party for whom Financial Statements are
required is a “reporting party” and a specified period to which the required Financial Statements relate is a “reporting period.” 
 “Governmental Authority” or “Governmental Authorities” means any governmental or quasi-governmental entity, including any court, department, commission, board, bureau,
agency, administration, service, district or other instrumentality of any governmental entity. 
 “Guarantor”
means, individually or collectively, Rexford Industrial Fund V REIT, LLC, a Delaware limited liability company and its successors and assigns. 
 “Guaranty” means the Guaranty Agreement of even date herewith executed by Guarantor for the benefit of Lender, as the same may from time to time be extended, amended, restated,
supplemented or otherwise modified. 
 “Improvements” means all on-site and off-site improvements to the Land
for a seven-building, 451,422-square-foot industrial park. 

  
 Schedule
1 
 Page 2 of 5 








 retail building leased to Staples, Inc. Not included in the building square footage is a
21,700-square-foot auto parts and service store situated on 0.91 located on the Land, together with all fixtures, tenant improvements and appurtenances now or later to be located on the Land and/or in such improvements. 

“Insurance Proceeds” means the insurance claims under and the proceeds of any and all policies of insurance covering the
Property or any part thereof, including all returned and unearned premiums with respect to any insurance relating to the Property, in each case whether now or hereafter existing or arising. 

“Land” means the land described in and encumbered by the Mortgage. 

“Law(s)” means all federal, state and local laws, statutes, rules, ordinances, regulations, codes, licenses,
authorizations, decisions, injunctions, interpretations, orders or decrees of any court or other Governmental Authority having jurisdiction as may be in effect from time to time. 

“Lease(s)” means all leases, license agreements and other occupancy or use agreements (whether oral or written), now or
hereafter existing, which cover or relate to the Property or any part thereof, together with all options therefor, amendments thereto and renewals, modifications and guaranties thereof, including any cash or security deposited under the Leases to
secure performance by the tenants of their obligations under the Leases, whether such cash or security is to be held until the expiration of the terms of the Leases or applied to one or more of the installments of rent coming due thereunder.

 “Loan” means the loan from Lender to Borrower, the repayment obligations in connection with which are
evidenced by the Note. 
 “Loan Amount” means Forty-Two Million Seven Hundred Fifty Thousand and No/100 Dollars
($42,750,000). 
 “Loan Documents” means this Agreement, the Note, the Mortgage, the Environmental Agreement,
the Guaranty, any Swap Contract, any application or reimbursement agreement executed in connection with any letter of credit issued by Lender in connection with the Loan, and any and all other documents which Borrower, Guarantor or any other party
or parties have executed and delivered, or may hereafter execute and deliver, to evidence, secure or guarantee the Obligations, or any part thereof, as the same may from time to time be extended, amended, restated, supplemented or otherwise
modified. 
 “Mortgage” means, individually and collectively, the RIF V – Glendale Mortgage, the RIF
V – Alcorn Mortgage, and the RIF V – 3360 Mortgage. 
 “Net Proceeds” when
used with respect to any Condemnation Awards or Insurance Proceeds, means the gross proceeds from any Condemnation or Casualty remaining after payment of all expenses, including attorneys’ fees, incurred in the collection of such gross
proceeds. 
 “Note” means the Promissory Note of even date herewith, in an amount equal to the Loan Amount,
made by Borrower to the order of Lender, as the same may from time to time be extended, amended, restated, supplemented or otherwise modified. 
 “Notice” means a notice, request, consent, demand or other communication given in accordance with the provisions of Section 8.6 of this Agreement. 

“Obligations” means all present and future debts, obligations and liabilities of Borrower to Lender arising pursuant to,
or on account of, the provisions of this Agreement, the Note or any of the other Loan Documents to which Borrower is a party, including the obligations: (a) to pay all principal, interest, late charges, prepayment premiums (if any) and other
amounts due at any time under the Note; (b) to pay all Expenses, indemnification payments, fees and other 

  
 Schedule
1 
 Page 3 of 5 








 
amounts due at any time under the Mortgage or any of the other Loan Documents to which Borrower is a party, together with interest thereon as provided in the Mortgage or such Loan Document;
(c) to pay and perform all obligations of Borrower (or its Affiliate) under any Swap Contract; and (d) to perform, observe and comply with all of the terms, covenants and conditions, expressed or implied, which Borrower is required to
perform, observe or comply with pursuant to the terms of this Agreement, the Mortgage or any of the other Loan Documents to which Borrower is a party. Notwithstanding any language contained in the Loan Documents, the Obligations of Borrower to pay
and perform under the Environmental Agreement are unsecured. 
 “Person” means an individual, a corporation, a
partnership, a joint venture, a limited liability company, a trust, an unincorporated association, any Governmental Authority or any other entity. 
 “Property” means, individually and collectively, the real and personal property conveyed and encumbered by the RIF V – Glendale Mortgage, the RIF V – Alcorn
Mortgage and the RIF V – 3360 Mortgage. 
 “Rents” means all of the rents, royalties, issues, profits,
revenues, earnings, income and other benefits of the Property or any part thereof, or arising from the use or enjoyment of the Property or any part thereof, including all such amounts paid under or arising from any of the Leases and all fees,
charges, accounts or other payments for the use or occupancy of rooms or other public facilities within the Property or any part thereof. 
 “RIF V – 3360” means RIF V – 3360 San Fernando, LLC, a California limited liability company. 
 “RIF V – 3360 Mortgage” means the Deed of Trust, Assignment, Security Agreement and Fixture Filing of even date herewith given by RIF V – 3360 to Lender to secure the
Obligations, except for Obligations arising out of the Environmental Agreement, as the same may from time to time be extended, amended, restated, supplemented or otherwise modified. 

“RIF V – 3360 Property” means the real and personal property conveyed and encumbered by the RIF V – 3360
Mortgage. 
 “RIF V – Alcorn” means RIF V – GGC Alcorn, LLC, a California limited liability company.

 “RIF V – Alcorn Mortgage” means the Deed of Trust, Assignment, Security Agreement and Fixture Filing of
even date herewith given by RIF V – Alcorn to Lender to secure the Obligations, except for Obligations arising out of the Environmental Agreement, as the same may from time to time be extended, amended, restated, supplemented or otherwise
modified. 
 “RIF V – Alcorn Property” means the real and personal property conveyed and encumbered by the
means the real and personal property conveyed and encumbered by the RIF V – Alcorn Mortgage. 
 “RIF V –
Glendale” means RIF V – Glendale Commerce Center, LLC, a California limited liability company. 
 “RIF V
– Glendale Mortgage” means the Deed of Trust, Assignment, Security Agreement and Fixture Filing of even date herewith given by RIF V – Glendale to Lender to secure the Obligations, except for Obligations arising out of the
Environmental Agreement, as the same may from time to time be extended, amended, restated, supplemented or otherwise modified. 

“RIF V – Glendale Property” means the real and personal property conveyed and encumbered by the RIF V –
Glendale Mortgage. 
 “RIF V – SPE Owner” means Borrower’s sole owner, f V – SPE Owner, LLC, a
Delaware limited liability company. 

  
 Schedule
1 
 Page 4 of 5 








 “State” means the State of California. 

“Survey” means a map or plat of survey of the Land which conforms with Lender’s survey requirements set forth in
the Closing Checklist. 
 “Swap Contract” means any agreement, whether or not in writing, relating to any Swap
Transaction, including, unless the context otherwise clearly requires, any form of master agreement (the “Master Agreement”) published by the International Swaps and Derivatives Association, Inc., or any other master agreement,
entered into prior to the date hereof or any time after the date hereof, between Swap Counterparty and Borrower (or its Affiliate), together with any related schedule and confirmation, as amended, supplemented, superseded or replaced from time to
time. 
 “Swap Counterparty” means Lender or an Affiliate of Lender, in its capacity as counterparty under any
Swap Contract. 
 “Swap Transaction” means any transaction that is a rate swap, basis swap, forward rate
transaction, commodity swap, commodity option, equity or equity index swap or option, bond option, note or bill option, interest rate option, forward foreign exchange transaction, cap transaction, collar transaction, floor transaction, currency swap
transaction, cross-currency rate swap transaction, swap option, currency option, credit swap or default transaction, T-lock, or any other similar transaction (including any option to enter into the foregoing) or any combination of the foregoing,
entered into prior to the date hereof or anytime after the date hereof between Swap Counterparty and Borrower (or its Affiliate) so long as a writing, such as a Swap Contract, evidences the parties’ intent that such obligations shall be secured
by the Mortgage in connection with the Loan. 
 “Taxes” means all taxes and assessments whether general or
special, ordinary or extraordinary, or foreseen or unforeseen, which at any time may be assessed, levied, confirmed or imposed by any Governmental Authority or any communities facilities or other private district on Borrower or on any of its
properties or assets or any part thereof or in respect of any of its franchises, businesses, income or profits. 

“Termination Fee Deposit” shall have the meaning set forth in Section 4.17. 

  
 Schedule
1 
 Page 5 of 5 








 Schedule 2 
 Intentionally Omitted 

  
 Schedule
2 
 Page 1 of 1 








 Schedule 3 
 Intentionally Omitted 

  
 Schedule
3 
 Page 1 of 1 








 Schedule 4 
 Leasing and Tenant Matters 
  

	1.	Representations and Warranties of Borrower Regarding Leases. 

 Borrower represents and warrants that Borrower has delivered to Lender Borrower’s standard form of tenant lease and a true and correct copy of all Leases and any guaranty(ies) thereof, affecting any
part of the Improvements, together with an accurate and complete rent roll for the Property, and no such Lease or guaranty contains any option or right of first refusal to purchase all or any portion of the Property or any present or future interest
therein. 
  

	2.	Covenants of Borrower Regarding Leases and Rents. 

 Borrower covenants that Borrower (a) will observe and perform all of the obligations imposed upon the landlord in the Leases and will not do or permit to be done anything to impair the security
thereof; (b) will use its best efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases and will appear in and defend, at
Borrower’s sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases; (c) will not collect any of the Rents in advance of the time when the same become due under the terms of the Leases;
(d) will not discount any future accruing Rents; (e) without the prior written consent of Lender, will not execute any assignment of the Leases or the Rents; (f) will not modify the rent, the term, the demised premises or the common
area maintenance charges under any of the Leases, or add or modify any option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein, or surrender, cancel or terminate any Lease, without
the prior written consent of Lender; and (g) will execute and deliver, at the request of Lender, all such assignments of the Leases and Rents in favor of Lender as Lender may from time to time require. 

 

	3.	Leasing Guidelines. 


Borrower shall not enter into any lease of tenant space in the Improvements unless approved by Lender prior to execution. Borrower’s
standard form of tenant lease, and any revisions thereto, must have the prior written approval of Lender. Lender shall be “deemed” to have approved any Lease, except a lease of Unit 101 in the building having an address of 3334 San
Fernando Road or a lease of Unit 100 in the building having an address of 3550 San Fernando Road, that: (a) is on the standard form lease approved by Lender with no material deviations except as approved by Lender; (b) is entered into in
the ordinary course of business with a bona fide unrelated third party tenant, and Borrower, acting in good faith and exercising due diligence, has determined that the tenant is financially capable of performing its obligations under the Lease;
(c) is received by Lender, together with any guaranty(ies) and financial information received by Borrower regarding the tenant and any guarantor(s), within fifteen (15) days after execution; (d) reflects an arm’s length
transaction; (e) contains no option or right of first refusal to purchase all or any portion of the Property or any present or future interest therein; (f) requires the tenant to execute and deliver to Lender an estoppel certificate in
form and substance acceptable to Lender within thirty (30) days after notice from Lender; and (g) in the case of those premises identified on Exhibit A to this Schedule 4, provides for an effective rental rate no less than
applicable rate specified on said Exhibit A. Borrower shall provide to Lender a correct and complete copy of each Lease, including any exhibits, and any guaranty(ies) thereof, prior to execution unless the Lease meets the foregoing
requirements for “deemed” approval by Lender. Borrower shall pay all reasonable costs incurred by Lender in reviewing and approving Leases and any guaranties thereof, and also in negotiating subordination agreements and subordination,
nondisturbance and attornment agreements with tenants, including reasonable attorneys’ fees and costs. 

  
 Schedule
4 
 Page 1 of 2 









	4.	Delivery of Leasing Information and Documents. 

 From time to time upon Lender’s request, Borrower shall promptly deliver to Lender (a) complete executed originals of each Lease, including any exhibits thereto and any guaranty(ies) thereof,
(b) a complete rent roll of the Property in such detail as Lender may require, together with such operating statements and leasing schedules and reports as Lender may require, (c) any and all financial statements of the tenants, subtenants
and any lease guarantors to the extent available to Borrower, (d) such other information regarding tenants and prospective tenants and other leasing information as Lender may request, and (e) such estoppel certificates, subordination
agreements and/or subordination, nondisturbance and attornment agreements executed by such tenants, subtenants and guarantors, if any, in such forms as Lender may require. 

  
 Schedule
4 
 Page 2 of 2 








 Exhibit A to Schedule 4 

Minimum Rental Rates 
  

							
	 Building Address
	 	Unit No.	 	Square Footage	 	Minimum Effective
Rent
	 3334 San Fernando
	 	102	 	15,547	 	$  6.83
	 3360 San Fernando
	 	N/A	 	17,000	 	$14.04
	 3368-3370 San Fernando
	 	107	 	10,500	 	$  8.57
	 3368-3370 San Fernando
	 	109/110	 	13,500	 	$  8.57
	 3368-3370 San Fernando
	 	202/203	 	5,160	 	$11.34
	 3368-3370 San Fernando
	 	204	 	11,184	 	$11.34
	 3378-3380 San Fernando
	 	78101	 	24,000	 	$  7.88
	 3378-3380 San Fernando
	 	80101	 	18,326	 	$  9.07
	 3410 San Fernando
	 	2	 	40,500	 	$  7.24
	 3410 San Fernando
	 	3	 	18,000	 	$  6.83
	 3410 San Fernando
	 	4	 	12,400	 	$  6.83
	 3410 San Fernando
	 	5	 	9,600	 	$  8.16
	 3424 San Fernando
	 	1	 	18,000	 	$  6.83
	 3424 San Fernando
	 	2	 	31,500	 	$  7.24
	 3424 San Fernando
	 	3	 	23,374	 	$  7.24
	 3424 San Fernando
	 	4	 	29,926	 	$  7.24
	 3550 Tyburn
	 	101	 	26,814	 	$  8.64


  
 Exhibit
A to Schedule 4 
 Page 1 of 1 








 Schedule 5 
 Intentionally Omitted 

  
 Schedule
5 
 Page 1 of 1 








 Schedule 6 
 Intentionally Omitted 

  
 Schedule
6 
 Page 1 of 1 








 Schedule 7 
 Swap Contracts 
 1. Swap Documentation. Within the timeframes
required by Lender and Swap Counterparty, Borrower shall deliver to Swap Counterparty the following documents and other items, executed and acknowledged as appropriate, all in form and substance satisfactory to Lender and Swap Counterparty:
(a) Master Agreement in the form published by the International Swaps and Derivatives Association, Inc. and related schedule in the form agreed upon between Borrower (or its Affiliate) and Swap Counterparty; (b) a confirmation under the
foregoing, if applicable; (c) the Guaranty; (d) if Borrower (or its Affiliate) is anything other than a natural person, evidence of due authorization to enter into transactions under the foregoing Swap Contract with Swap Counterparty,
together with evidence of due authorization and execution of any Swap Contract; and such other title endorsements, documents, instruments and agreements as Lender and Swap Counterparty may require to evidence satisfaction of the conditions set forth
in this Section, including a swap endorsement to Lender’s title insurance policies in form and substance satisfactory to Lender. 
 2. Conveyance and Security Interest. To secure Borrower’s Obligations, Borrower hereby transfers, assigns and transfers to Lender, and grants to Lender a security interest in, all of
Borrower’s right, title and interest, but not its obligations, duties or liabilities for any breach, in, under and to the Swap Contract, any and all amounts received by Borrower in connection therewith or to which Borrower is entitled
thereunder, and all proceeds of the foregoing. All amounts payable to Borrower under the Swap Contract shall be paid to Lender and shall be applied to pay interest or other amounts under the Loan. 

3. Cross-Default. It shall be an Event of Default under this Agreement if any Event of Default occurs as defined under any Swap
Contract as to which Borrower (or its Affiliate) is the Defaulting Party, or if any Termination Event occurs under any Swap Contract as to which Borrower (or its Affiliate) is an Affected Party. As used in this Section, the terms “Defaulting
Party,” “Termination Event” and “Affected Party” have the meanings ascribed to them in the Swap Contract. 
 4. Remedies; Cure Rights. In addition to any and all other remedies to which Lender and Swap Counterparty are entitled at Law or in equity, Swap Counterparty shall have the right, to the extent so
provided in any Swap Contract or any Master Agreement relating thereto, (a) to declare an event of default, termination event or other similar event thereunder and to designate an Early Termination Date as defined under the Master Agreement,
and (b) to determine net termination amounts in accordance with the Swap Contract and to setoff amounts between Swap Contracts. Lender shall have the right at any time (but shall have no obligation) to take in its name or in the name of
Borrower (or its Affiliate) such action as Lender may at any time determine to be necessary or advisable to cure any default under any Swap Contract or to protect the rights of Borrower (or its Affiliate) or Swap Counterparty thereunder; provided,
however, that before the occurrence of an Event of Default under this Agreement, Lender shall give prior written notice to Borrower before taking any such action. For this purpose, Borrower hereby constitutes Lender its true and lawful
attorney-in-fact with full power of substitution, which power of attorney is coupled with an interest and irrevocable, to exercise, at the election of Lender, any and all rights and remedies of Borrower (or its Affiliate) under the Swap Contract,
including making any payments thereunder and consummating any transactions contemplated thereby, and to take any action that Lender may deem proper in order to collect, assert or enforce any claim, right or title, in and to the Swap Contract hereby
assigned and conveyed, and generally to take any and all such action in relation thereto as Lender shall deem advisable. Lender shall not incur any liability if any action so taken by Lender or on its behalf shall prove to be inadequate or invalid.
Borrower expressly understands and agrees that Lender is not hereby assuming any duties or obligations of Borrower (or its Affiliate) to make payments to Swap Counterparty under any Swap Contract or under any other Loan Document. Such payment duties
and obligations remain the responsibility of Borrower (or its Affiliate) notwithstanding any language in this Agreement. 

  
 Schedule
7 
 Page 1 of 2 









	5.	Automatic Deduction and Credit. 

 (a) At all times when any Swap Contract is in effect, Borrower shall maintain the Checking Account in good standing with Lender. Borrower hereby grants to Lender and Swap Counterparty a security interest
in the Checking Account, and any other accounts and deposit accounts from which Borrower may from time to time authorize Lender to debit payments due on the Loan and the Swap Contracts. Borrower is granting this security interest to Lender and Swap
Counterparty for the purpose of securing the Obligations. 
 (b) At all times when any Swap Contract is in effect, all monthly
payments owed by Borrower under the Note will be automatically deducted on their due dates from the Checking Account. Lender is hereby authorized to apply the amounts so debited to Borrower’s obligations under the Loan. Notwithstanding the
foregoing, Lender will not automatically deduct the principal payment at maturity from the Checking Account. 
 (c) At all times
when any Swap Contract is in effect, all payments owed by Borrower (or its Affiliate) under any Swap Contract will be automatically deducted on their due dates from the Checking Account. The preceding sentence includes Borrower’s authorization
for Lender to debit from the Checking Account any monetary obligation owed by Borrower (or its Affiliate) to Swap Counterparty following any Early Termination Date, as defined under the Master Agreement. Swap Counterparty is hereby authorized to
apply the amounts so debited to the obligations of Borrower (or its Affiliate) under the applicable Swap Contract. 
 (d) Lender
will debit the Checking Account on the dates the foregoing payments become due; provided, however, that if a due date does not fall on a Banking Day, Lender will debit the Checking Account on the first Banking Day following such due date.

 (e) Borrower shall maintain sufficient funds on the dates when Lender enters debits authorized by this Agreement. If there
are insufficient funds in the Checking Account on any date when Lender enters any debit authorized by this Agreement, without limiting Lender’s other remedies in such an event, the debit will be reversed in whole or in part, in Lender’s
sole and absolute discretion, and such amount not debited shall be deemed to be unpaid and shall be immediately due and payable in accordance with the terms of the Note and/or the Swap Contract, as applicable. 

(f) So long as there is no Event of Default existing under this Agreement or any Swap Contract, Lender will automatically credit the
Checking Account for payments owed by Swap Counterparty under the Swap Contract. Lender will credit the Checking Account on the dates the foregoing payments become due; provided, however, that if a due date does not fall on a Banking Day, Lender
will credit the Checking Account on the first Banking Day following such due date. 

  
 Schedule
7 
 Page 2 of 2 








 Schedule 8 
 Financial Covenants 
 Debt Service Coverage Ratio. Borrower shall maintain a
Debt Service Coverage Ratio as of any Determination Date of at least 1.10 to 1.00. This ratio will be tested as of each Determination Date. The Debt Service Coverage Ratio may be satisfied by a voluntary paydown of the Loan by Borrower, subject to
the satisfaction of any conditions to prepayment, including the payment of any prepayment fee or premium, together with a mutually agreed-upon reduction in the committed amount of the Loan. 
 If, as of the Initial Determination Date or any Determination Date thereafter, the Actual Debt Service Coverage Ratio is less than 1:10 to 1:00 but equal to or greater than 1:05 to 1.00, Borrower shall,
within fifteen (15) days after the end of each month thereafter until the next Determination Date on which the Actual Debt Service Coverage Ratio is 1.10 to 1.00 or greater for two consecutive calendar quarters, deposit all cash flow from the
Property in an interest-bearing account (the “Sweep Account”) maintained with Lender in Borrower’s name but under Lender’s sole dominion and control (and which shall be an “Account”, as such term is defined in
the Mortgage). The Sweep Account and all funds on deposit therein shall be additional collateral for the Loan. Any funds on deposit in the Sweep Account on the date which is ninety (90) days before the then current Maturity Date (as defined in
the Note) shall be applied against the then-outstanding Obligations in such order and against such of the Obligations as Lender shall determine in its sole discretion. If, as of any Determination Date after Borrower’s obligation to so deposit
cash flow with Lender in the Sweep Account ceases, the Debt Service Coverage Ratio once again becomes less than 1:10 to 1:00 but 1:05 to 1.00 or greater, Borrower’s obligation to so deposit cash flow with Lender in the Sweep Account shall
resume until the next Determination Date on which the Actual Debt Service Coverage Ratio is 1.10 to 1.00 or greater for two consecutive calendar quarters. Any cash flow so paid to Lender shall be held by Lender and, provided that no Event of Default
then exists, released by Lender to Borrower promptly following the next Determination Date on which the Debt Service Coverage Ratio equals or exceeds 1.10 to 1.00 for two consecutive calendar quarters. Borrower covenants and agrees to execute a
pledge and security agreement with respect to such account in form and substance acceptable to Lender. 
 If, as of any Determination Date, the
Actual Debt Service Coverage Ratio is less than 1:05 to 1:00 Borrower shall, within thirty (30) days after written demand from Lender, pay to Lender, for application against the outstanding principal balance of the Loan, such amount as is
required to achieve an Actual Debt Service Coverage Ratio of 1.10 to 1.00 and shall satisfy any conditions to prepayment provided for in the Loan Documents, and there shall be a reduction in the committed amount of the Loan by the amount of such
principal payment. 
 “Actual Operating Revenue” means, with respect to any Calculation Period, all income, computed on an
annualized basis in accordance with generally accepted accounting principles, collected from the ownership and operation of the Property from whatever source (other than any source affiliated with Borrower or any Guarantor), including Rents, utility
charges, escalations, service fees or charges, license fees, parking fees, and other required pass-throughs, but excluding sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental
Authority, refunds from tenants, uncollectible accounts, sales of furniture, fixtures and equipment, interest income, Condemnation Awards, Insurance Proceeds (other than business interruption or other loss of income insurance), unforfeited security
deposits, utility and other similar deposits, income from tenants not paying rent, income from tenants in bankruptcy, and non-recurring or extraordinary income, including lease termination payments. Actual Operating Revenue shall be net of rent
concessions and credits. Actual Operating Revenue shall be subject to appropriate adjustments in Lender’s reasonable discretion. Notwithstanding the foregoing, Lender may include as a part of Actual Operating Revenue, in its sole discretion,
rents for newly executed Leases pursuant to which the obligation of the tenant thereunder to pay rent will commence within six (6) months after the Calculation Date. 

  
 Schedule
8 
 Page 1 of 3 








 “Assumed Interest Rate” means the annual yield payable on the last day of the applicable
Calculation Period on ten (10) year United States Treasury obligations in amounts approximating the Net Commitment Amount at the inception of the Calculation Period plus two hundred fifty (250) basis points per annum; provided, however,
that the Assumed Interest Rate shall be not less than six and one-quarter percent (6.25%) per annum. 
 “Calculation
Period” means the six (6) month period ending on the day preceding any Determination Date. 
 “Debt Service”
means the payments of principal and interest that would have been payable under a hypothetical loan during the Calculation Period, assuming (i) an initial loan balance equal to the Net Commitment Amount at the inception of the Calculation
Period, (ii) an interest rate equal to the Assumed Interest Rate, and (iii) amortization of the aggregate principal indebtedness over a thirty (30) year amortization period. 
 “Debt Service Coverage Ratio” means, as of any Determination Date, for the applicable Calculation Period the ratio, as determined by Lender, of Net Operating Income to Debt Service.

 “Determination Date” means the first day of each calendar quarter of each year, beginning with the Initial Determination
Date. 
 “Initial Determination Date” means July 1, 2013. 
 “Net Commitment Amount” means, as of any date, the total obtained by adding the amount of the outstanding principal balance of the Loan to the amount of the available undisbursed Loan
proceeds. 
 “Net Operating Income” means, with respect to any Calculation Period, the amount obtained by subtracting Operating
Expenses from Actual Operating Revenue as such amount may be adjusted by Lender in its reasonable discretion based on Lender’s underwriting standards, including adjustments for vacancy allowance and other concessions. As used herein,
“vacancy allowance” means an allowance for reductions in potential income attributable to vacancies, tenant turnover, and nonpayment of rent. 
 “Operating Expenses” means, with respect to any Calculation Period, the total of all expenses actually paid or payable, computed on an annualized basis in accordance with generally
accepted accounting principles, of whatever kind relating to the ownership, operation, maintenance or management of the Property, including utilities, ordinary repairs and maintenance, insurance premiums, ground rents, if any, license fees, Taxes,
advertising expenses, payroll and related taxes, management fees equal to the greater of 4% of Actual Operating Revenue or the management fees actually paid under any management agreement, operational equipment or other lease payments as approved by
Lender, normalized capital expenditures equal to $0.15 per square foot of the buildings on the Property (excluding the building currently occupied by The Pep Boys Manny Moe & Jack of California) per year, but specifically excluding
depreciation and amortization, income taxes, debt service on the Loan, and any item of expense that would otherwise be covered by the provisions hereof but which is paid by any tenant under such tenant’s Lease or other agreement provided such
reimbursement by tenant is not included in the calculation of Actual Operating Revenue. Operating Expenses shall be subject to appropriate seasonal and other adjustments in Lender’s reasonable discretion. Any expense which in accordance with
accrual basis income tax accounting is depreciated or amortized over a period which exceeds one (1) year shall be treated as an expense, for the purposes of the foregoing calculations, ratably over the period of depreciation or amortization.

 Unencumbered Liquid Assets. Guarantor shall maintain Unencumbered Liquid Assets having an aggregate market value of not less
than Five Million Dollars ($5,000,000). This covenant will be calculated as of December 31 of each year. 

  
 Schedule
8 
 Page 2 of 5 








 “Unencumbered Liquid Assets” means the following assets (excluding assets of any retirement
plan) which (i) are not the subject of any lien, pledge, security interest, financing statement or other arrangement with any creditor to have its claim satisfied out of the asset (or proceeds thereof) prior to the general creditors of the
owner of the asset, (ii) are held solely in the name of Guarantor or any subsidiary of Guarantor which is directly or indirectly wholly owned by Guarantor (with no other Persons having ownership rights in such assets), (iii) may be
converted to cash within five (5) days, and (iv) are otherwise acceptable to Lender in its reasonable discretion: 
 (a) Cash or cash
equivalents held in the United States and denominated in United States dollars; 
 (b) United States Treasury or governmental agency obligations
which constitute full faith and credit of the United States of America; 
 (c) Commercial paper rated P-1 or A1 by Moody’s or S&P,
respectively; 
 (d) Medium and long-term securities rated investment grade by one of the rating agencies described in (c) above;

 (e) Eligible Stocks; and 
 (f)
Mutual funds quoted in The Wall Street Journal which invest primarily in the assets described in (a) – (e) above. 

“Eligible Stocks” includes any common or preferred stock which (i) is not control or restricted stock under Rule 144 of the General
Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended, or subject to any other regulatory or contractual restrictions on sales, (ii) is traded on a U.S. national stock exchange,
including NASDAQ, with a liquidity on such exchange for such stock acceptable to Lender and (iii) has, as of the close of trading on the applicable exchange (excluding after hours trading), a per share price of at least Fifteen Dollars ($15).

 Fair Market Net Worth. Guarantor shall maintain a Fair Market Net Worth of at least Seventy-Five Million Dollars ($75,000,000). This
covenant will be calculated as of December 31 of each year. 
 “Fair Market Net Worth” means the fair market value of
total assets of Guarantor (including leaseholds and leasehold improvements and reserves against assets but excluding goodwill, patents, trademarks, trade names, organization expense, unamortized debt discount and expense, capitalized or deferred
research and development costs, deferred marketing expenses, and other like intangibles, and monies due from affiliates, officers, directors, employees, shareholders, members or managers) less total liabilities, including but not limited to accrued
and deferred income taxes, but excluding the non-current portion of Subordinated Liabilities. 
 “Subordinated Liabilities”
means liabilities subordinated to Borrower’s obligations to Lender in a manner acceptable to Lender in its sole discretion. 

  
 Schedule
8 
 Page 3 of 5