Document:

Dividend Capital Floating Rate Office Portfolio Loan Agreement

 Exhibit 10.1 

Wells Fargo Loan No. 33-0909758 

LOAN AGREEMENT 

by and between 

THE ENTITIES SET FORTH ON SCHEDULE 1, 

collectively, as Borrower 

and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Lender 

Dated as of: June 25, 2010 

Dividend Capital Floating Rate Office Portfolio 

Document Prepared By: 
 Cadwalader,
Wickersham & Taft LLP 
 227 West Trade Street 

Charlotte, North Carolina 28202 

Attention: James P. Carroll, Esq. 

 TABLE OF CONTENTS 

 

							
	 	 	 	    	 	  	Page
	ARTICLE 1. DEFINITIONS	  	1
				
		 	1.1	    	DEFINED TERMS	  	1
		
	ARTICLE 2. LOAN; LOAN DOCUMENTS; SECURITY	  	1
				
		 	2.1	    	LOAN; EXTENSION OF LOAN TERM	  	1
		 	2.2	    	INTEREST; PAYMENTS	  	2
		 	2.3	    	LATE CHARGE; DEFAULT RATE	  	5
		 	2.4	    	MAXIMUM RATE PERMITTED BY LAW	  	6
		 	2.5	    	LOAN DOCUMENTS	  	6
		 	2.6	    	SECURITY	  	6
		 	2.7	    	INTENTIONALLY OMITTED	  	6
		 	2.8	    	INTEREST RATE PROTECTION AGREEMENT	  	6
		
	ARTICLE 3. BORROWER’S LIABILITY	  	9
				
		 	3.1	    	BORROWER’S LIABILITY	  	9
		
	ARTICLE 4. IMPOUNDS	  	11
				
		 	4.1	    	TAX IMPOUND	  	11
		 	4.2	    	INSURANCE IMPOUND	  	11
		 	4.3	    	ADDITIONAL IMPOUNDS	  	11
		 	4.4	    	CASH MANAGEMENT AGREEMENT	  	11
		 	4.5	    	GENERAL	  	12
		 	4.6	    	GRANT OF SECURITY INTEREST; APPLICATION OF FUNDS	  	12
		
	ARTICLE 5. REPRESENTATIONS AND WARRANTIES	  	13
				
		 	5.1	    	REPRESENTATIONS AND WARRANTIES	  	13
		 	5.2	    	REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING SPE STATUS	  	16
		
	ARTICLE 6. HAZARDOUS MATERIALS	  	24
				
		 	6.1	    	HAZARDOUS MATERIALS INDEMNITY AGREEMENT	  	24
		
	ARTICLE 7. COVENANTS OF BORROWER	  	24
				
		 	7.1	    	COSTS AND EXPENSES	  	24
		 	7.2	    	ERISA COMPLIANCE	  	25
		 	7.3	    	MANAGEMENT OF PROPERTY; BROKERAGE AGREEMENTS; OTHER AGREEMENTS	  	25
		 	7.4	    	COVENANTS - LEASES; MAJOR LEASES	  	25
		 	7.5	    	ASSIGNMENT OF INDEMNIFICATION	  	28
		 	7.6	    	RIGHT OF SUBORDINATION	  	28
		 	7.7	    	FURTHER ASSURANCES	  	28
		 	7.8	    	ASSIGNMENT	  	28
		 	7.9	    	EXISTENCE	  	28
		 	7.10	    	COMPLIANCE WITH LAWS, ETC	  	28
		 	7.11	    	LITIGATION	  	28
		 	7.12	    	MERGER, CONSOLIDATION, TRANSFER OF ASSETS	  	29
		 	7.13	    	ACCOUNTING RECORDS	  	29

  

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		 	7.14	    	PAYMENT OF TAXES AND CLAIMS	  	29
		 	7.15	    	MAINTENANCE OF PROPERTY	  	29
		 	7.16	    	QUALIFICATION, NAME; EXISTENCE	  	29
		 	7.17	    	ALTERATIONS	  	29
		 	7.18	    	COMPLIANCE WITH PATRIOT ACT	  	30
		 	7.19	    	ACCESS TO PROPERTY	  	30
		 	7.20	    	NOTICE OF DEFAULT	  	30
		 	7.21	    	COOPERATE IN LEGAL PROCEEDINGS	  	30
		 	7.22	    	PERFORMANCE BY BORROWER	  	30
		 	7.23	    	ESTOPPEL CERTIFICATES	  	31
		 	7.24	    	ADVISOR	  	31
		 	7.25	    	NO JOINT ASSESSMENT	  	31
		 	7.26	    	REA COVENANTS	  	32
		
	ARTICLE 8. FINANCIAL COVENANTS	  	32
				
		 	8.1	    	STATEMENTS REQUIRED	  	32
		 	8.2	    	FORM; WARRANTY	  	33
		 	8.3	    	CHARGE FOR LATE DELIVERY	  	33
		 	8.4	    	MINIMUM NET WORTH AND LIQUIDITY	  	34
		
	ARTICLE 9. DEFAULTS AND REMEDIES	  	34
				
		 	9.1	    	DEFAULT	  	34
		 	9.2	    	ACCELERATION	  	35
		 	9.3	    	RIGHTS AND REMEDIES	  	35
		
	ARTICLE 10. PREPAYMENT	  	36
				
		 	10.1	    	PREPAYMENT	  	36
		 	10.2	    	WAIVER	  	36
		
	ARTICLE 11. PARTIAL RELEASE	  	36
				
		 	11.1	    	BORROWER RIGHT TO RELEASE INDIVIDUAL PROPERTIES	  	36
		 	11.2	    	CONDITIONS	  	37
		
	ARTICLE 12. INSURANCE	  	39
				
		 	12.1	    	REQUIRED INSURANCE	  	39
		 	12.2	    	ADDITIONAL INSURANCE	  	42
		 	12.3	    	POLICY REQUIREMENTS	  	42
		 	12.4	    	MAINTENANCE OF INSURANCE	  	43
		 	12.5	    	TERRORISM COVERAGE	  	43
		 	12.6	    	CERTAIN RIGHTS OF LENDER	  	43
		 	12.7	    	CASUALTY AND CONDEMNATION; RESTORATION PROCEEDS	  	44
		 	12.8	    	RESTORATION	  	45
		 	12.9	    	DISBURSEMENT	  	46
		
	ARTICLE 13. INDEMNITY	  	47
				
		 	13.1	    	INDEMNITY	  	47
		 	13.2	    	DUTY TO DEFEND, LEGAL FEES AND OTHER FEES AND EXPENSES	  	47
		 	13.3	    	MORTGAGE AND INTANGIBLE TAX INDEMNIFICATION	  	47
		 	13.4	    	ERISA INDEMNIFICATION	  	47
		 	13.5	    	SPECIAL SERVICING	  	48

  

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	ARTICLE 14. INTENTIONALLY OMITTED	  	48
		
	ARTICLE 15. DUE ON SALE/ENCUMBRANCE	  	48
				
		 	15.1	    	DUE ON SALE/ENCUMBRANCE	  	48
		 	15.2	    	MEZZANINE DEBT	  	50
		
	ARTICLE 16. LOAN SYNDICATION	  	51
				
		 	16.1	    	LOAN SYNDICATION AND DISCLOSURE OF INFORMATION	  	51
		 	16.2	    	APPOINTMENT AND AUTHORIZATION	  	53
		 	16.3	    	WELLS FARGO AS LENDER	  	54
		 	16.4	    	COLLATERAL MATTERS; PROTECTIVE ADVANCES	  	55
		 	16.5	    	POST-FORECLOSURE PLANS	  	55
		 	16.6	    	APPROVALS OF LENDERS	  	56
		 	16.7	    	NOTICE OF DEFAULTS	  	56
		 	16.8	    	ADMINISTRATIVE AGENT’S RELIANCE	  	57
		 	16.9	    	INDEMNIFICATION OF ADMINISTRATIVE AGENT	  	57
		 	16.10	    	LENDER CREDIT DECISION, ETC	  	58
		 	16.11	    	INTENTIONALLY OMITTED	  	58
		 	16.12	    	DEFAULTING LENDERS	  	59
		 	16.13	    	PARTICIPATIONS	  	59
		 	16.14	    	ASSIGNMENTS	  	60
		 	16.15	    	FEDERAL RESERVE BANK ASSIGNMENTS	  	60
		 	16.16	    	INFORMATION TO ASSIGNEE, ETC	  	60
		 	16.17	    	AMENDMENTS AND WAIVERS	  	60
		 	16.18	    	CONSENT TO AND ACKNOWLEDGEMENT OF ADMINISTRATIVE AGENT	  	62
		 	16.19	    	NO JOINT VENTURE OR PARTNERSHIP; NO THIRD PARTY BENEFICIARIES; NON-LIABILITY OF ADMINISTRATIVE AGENT AND LENDERS	  	62
		 	16.20	    	DELAY OUTSIDE LENDER’S CONTROL	  	64
		 	16.21	    	ACTIONS	  	64
		 	16.22	    	FORM OF DOCUMENTS	  	64
		 	16.23	    	ADMINISTRATIVE AGENT’S AND LENDER PARTY’S AGENTS	  	64
		 	16.24	    	NOTICES	  	64
		 	16.25	    	FUNDS TRANSFER DISBURSEMENTS	  	65
		 	16.26	    	INTENTIONALLY OMITTED	  	66
		 	16.27	    	INTENTIONALLY OMITTED	  	66
		 	16.28	    	COST OF ENFORCEMENT	  	66
		 	16.29	    	CONVERSION TO REGISTERED FORM	  	66
		 	16.30	    	ELECTRONIC DELIVERY OF CERTAIN INFORMATION	  	66
		 	16.31	    	POSSESSION OF DOCUMENTS	  	67
		 	16.32	    	MODIFICATION TO LOAN TERMS	  	67
		
	ARTICLE 17. MISCELLANEOUS PROVISIONS	  	69
				
		 	17.1	    	FORM OF DOCUMENTS	  	69
		 	17.2	    	NO THIRD PARTIES BENEFITED	  	69
		 	17.3	    	NOTICES	  	70
		 	17.4	    	ONGOING CREDIT AUTHORIZATION	  	70
		 	17.5	    	ATTORNEY-IN-FACT	  	70
		 	17.6	    	ACTIONS	  	70
		 	17.7	    	RIGHT OF CONTEST	  	70
		 	17.8	    	RELATIONSHIP OF PARTIES	  	70
		 	17.9	    	DELAY OUTSIDE LENDER’S CONTROL	  	70
		 	17.10	    	ATTORNEYS’ FEES AND EXPENSES; ENFORCEMENT	  	71
		 	17.11	    	IMMEDIATELY AVAILABLE FUNDS	  	71

  

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		 	17.12	    	INTENTIONALLY OMITTED	  	71
		 	17.13	    	LENDER’S AGENTS	  	71
		 	17.14	    	AUTHORIZATION TO FILE FINANCING STATEMENTS	  	71
		 	17.15	    	TAX SERVICE	  	71
		 	17.16	    	ADVERTISING	  	72
		 	17.17	    	COMMERCIAL LOAN	  	72
		 	17.18	    	DISBURSEMENT OF LOAN PROCEEDS; LIMITATION OF LIABILITY	  	72
		 	17.19	    	SEVERABILITY	  	72
		 	17.20	    	SET-OFF	  	72
		 	17.21	    	HEADINGS	  	73
		 	17.22	    	SUCCESSORS AND ASSIGNS; JOINT AND SEVERAL LIABILITY	  	73
		 	17.23	    	GOVERNING LAW; JURISDICTION	  	73
		 	17.24	    	WAIVER OF RIGHT TO TRIAL BY JURY	  	75
		 	17.25	    	INTEGRATION; INTERPRETATION	  	75
		 	17.26	    	COUNTERPARTS	  	75
		 	17.27	    	AMENDMENTS	  	75
		 	17.28	    	CONSENTS AND APPROVALS; CONSTRUCTION	  	75
		 	17.29	    	BRING DOWN OF REPRESENTATIONS; SURVIVAL OF WARRANTIES; CUMULATIVE	  	75
		 	17.30	    	INTENTIONALLY OMITTED	  	75
		 	17.31	    	INTENTIONALLY OMITTED	  	76
		 	17.32	    	INTENTIONALLY OMITTED	  	76
		 	17.33	    	EXHIBITS; SCHEDULES	  	76
		 	17.34	    	CONFLICT	  	76
		 	17.35	    	SECURITIZATION INDEMNIFICATION; LOAN SALES AND LOAN PARTICIPATIONS; DISCLOSURE OF INFORMATION	  	76
		 	17.36	    	BORROWER WAIVERS	  	80
		 	17.37	    	REMEDIES OF BORROWER	  	80
		 	17.38	    	MULTIPLE BORROWERS	  	81

 EXHIBITS AND SCHEDULES 

 

					
	Exhibit A	 	–	  	Definitions
	Exhibit B	 	–	  	Property/Legal Description/Address/Information
	Exhibit C	 	–	  	List of Loan Documents and Closing Documents
	Exhibit D	 	–	  	Litigation Disclosures
	Exhibit E	 	–	  	Additional Impounds
	Exhibit E.1	 	–	  	List of Work
	Exhibit E.2	 	–	  	Designated TI Impound Amount
	Exhibit F	 	–	  	Allocated Loan Amount for each Individual Property
	Exhibit G	 	–	  	Additional Insurance Provisions
	Exhibit H	 	–	  	Assignment and Assumption Agreement
	Exhibit I	 	–	  	Individual Loan Commitment/Pro Rata Share
	Exhibit J	 	–	  	Syndication Note
	Exhibit K	 	–	  	Transfer Authorizer Designation
	Schedule 1	 	–	  	Borrowers
	Schedule 5.1(j)(1)	 	–	  	Rent Payment Offsets / Defenses
	Schedule 5.1(j)(2)	 	–	  	Leases With Options
	Schedule 5.1(v)	 	–	  	Description of REA’s
	Schedule A-10	 	–	  	Property Managers/Tenant Managers
	Schedule A-11	 		  	Earn-Out Advance Requirements

  

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 LOAN AGREEMENT 

THIS LOAN AGREEMENT (this “Agreement”) is made and entered into June 25, 2010, by and between THE
ENTITIES SET FORTH ON SCHEDULE 1 (each, a “Borrower” and, collectively, “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, together with its successors and assigns (“Lender”).

 R E C I T A L S 

Borrower desires to borrow from Lender, and Lender agrees to loan to Borrower, the amounts described below pursuant to the terms and
conditions set forth herein. 
 NOW, THEREFORE, Borrower and Lender agree as follows: 

ARTICLE 1. DEFINITIONS 
  

	1.1	DEFINED TERMS. 

Unless otherwise defined in the text of this Agreement, the capitalized terms generally used in this Agreement shall have the meanings
defined or referenced in Exhibit A attached hereto and incorporated herein for all purposes. 
 ARTICLE 2. LOAN;
LOAN DOCUMENTS; SECURITY 
  

	2.1	LOAN; EXTENSION OF LOAN TERM. 

  

	 	(a)	Subject to the terms of this Agreement, Lender agrees to lend to Borrower, and Borrower agrees to borrow from Lender, the principal sum of FOUR HUNDRED FORTY-THREE
MILLION THIRTY THOUSAND and 00/100 DOLLARS ($443,030,000.00) which sum shall be evidenced by the Note. The Loan shall be secured by the security interests and liens granted pursuant to certain of the Security Documents as more particularly set forth
therein. Interest shall accrue, and be payable, in respect of the Loan as provided herein below. Subject to extension in accordance with Section 2.1(b) below, the Loan shall mature on the Maturity Date. 

 

	 	(b)	 Extension of Term. Borrower shall have three (3) successive options to extend the scheduled Maturity Date of the Loan to the one-year anniversary
of the Maturity Date as theretofore in effect (the period of each such extension, an “Extension Term”), provided that (i) Borrower shall deliver to Lender written notice of its election of such Extension Term at least thirty
(30) and not more than ninety (90) days prior to the then applicable Maturity Date; (ii) no Default shall have occurred and be continuing on either the date of such notice or the then applicable Maturity Date; (iii) Borrower
shall have entered into an Interest Rate Protection Agreement for the applicable Extension Term in form and substance reasonably acceptable to Lender (including, without limitation, the Strike Price) and otherwise in accordance with the terms of
Section 2.8 hereof and shall have collaterally assigned such Interest Rate Protection Agreement to Lender pursuant to the terms of a collateral assignment in form and substance substantially similar to the Collateral Assignment of
Interest Rate Protection Agreement signed at the closing of the Loan; (iv) for the exercise of the (A) second extension option, the Debt Yield shall not be less than 13.5% and (B) third extension option, the Debt Yield shall not be
less than 13.75%; (v) Borrower shall have delivered to Lender, together with its notice pursuant to clause (i) of this Section 2.1(b) and as of the commencement of the applicable Extension Term, an Officer’s Certificate,
in form and substance reasonably acceptable to Lender, certifying that, to Borrower’s knowledge, each of the representations and warranties of Borrower contained in the Loan Documents is true, complete and correct in all material respects as of
the date of such Officer’s Certificate to the extent such representation and warranties are not matters which by their nature can no longer be true and correct as a result of the passage of time; (vi) for the second and third extension
options only, Borrower shall have paid to Lender the Extension Fee; and (vii) Borrower shall have paid to Lender all reasonable out-of-pocket expenses (including, without limitation, reasonable legal fees and expenses) incurred by Lender in
connection with such extension. If Borrower fails to exercise 

  

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any extension option in accordance with the provisions of this Agreement, such extension option, and any subsequent extension option hereunder, will automatically cease and terminate.
Notwithstanding anything to the contrary set forth herein or in the other Loan Documents, unless the foregoing conditions have been met, Borrower has no right to an extension of the term of the Loan. 

 

	2.2	INTEREST; PAYMENTS. 

  

	 	(a)	Interest Accrual. Interest on the outstanding principal balance of the Note shall accrue from the Disbursement Date at the Note Rate calculated on an
Actual/360 Basis. 

  

	 	(b)	Determination of Note Rate. 

  

	 	(i)	The Note Rate with respect to the Loan shall be: (A) the LIBOR Rate with respect to the applicable Rate Period for a LIBOR Loan or (B) the Prime Rate plus the
Prime Rate Spread for a Prime Rate Loan if the Loan is converted to a Prime Rate Loan pursuant to the provisions hereof. 

  

	 	(ii)	Subject to the terms and conditions hereof, the Loan shall be a LIBOR Loan and Borrower shall pay interest on the outstanding principal amount of the Loan at the LIBOR
Rate for the applicable Rate Period. Any change in the rate of interest hereunder due to a change in the Note Rate shall become effective as of the opening of business on the first day on which such change in the Note Rate shall become effective.
Each determination by Lender of the Note Rate (which determination shall be made by Lender two (2) Business Days prior to the end of the then current Rate Period) shall be conclusive and binding upon Borrower for all purposes absent manifest
error. Notwithstanding anything herein to the contrary, in no event shall Borrower have the right to convert a LIBOR Loan to a Prime Rate Loan. 

  

	 	(iii)	In the event that Lender shall have determined that by reason of circumstances affecting the interbank eurodollar market, adequate and reasonable means do not exist for
ascertaining LIBOR, then Lender shall forthwith give notice by telephone of such determination, confirmed in writing, to Borrower at least one (1) day prior to the last day of the then current Rate Period. If such notice is given, the related
outstanding LIBOR Loan shall be converted, on the last day of the then current Rate Period, to a Prime Rate Loan. 

  

	 	(iv)	If, pursuant to the terms hereof, any portion of the Loan has been converted to a Prime Rate Loan and Lender shall determine that the event(s) or circumstance(s) which
resulted in such conversion shall no longer be applicable, Lender shall give notice by telephone of such determination, confirmed in writing, to Borrower at least one (1) day prior to the last day of the then current Rate Period. If such notice
is given, the related outstanding Prime Rate Loan shall be converted to a LIBOR Loan on the last day of the then current Rate Period. 

  

	 	(v)	 If any requirement of law, or any change therein or in the interpretation or application thereof, shall hereafter make it unlawful for Lender to make
or maintain a LIBOR Loan as contemplated hereunder, for so long as such requirement of law (or interpretation or application thereof) is effective (A) the obligation of Lender hereunder to make a LIBOR Loan or to convert a Prime Rate Loan to a
LIBOR Loan shall be canceled forthwith and (B) any outstanding LIBOR Loan shall be converted automatically to a Prime Rate Loan on the last day of the then current Rate Period or within such earlier period as required by law. Borrower hereby
agrees promptly to pay to Lender, upon 

  

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demand, any additional amounts necessary to compensate Lender for any reasonable out of pocket costs directly incurred by Lender in making any conversion in accordance with this Agreement,
including, without limitation, any interest or fees payable by Lender to lenders of funds obtained by it in order to make or maintain the LIBOR Loan hereunder. 

 

	 	(c)	 Payments. Monthly payments, each in the P&I Payment Amount, shall commence on the First P&I Due Date and continue on each Due
Date thereafter. In addition, if the Disbursement Date is not the first
(1st) day of a calendar month, an interest-only
payment pursuant to subsection (a) above shall be due on the Disbursement Date for interest due from and including the Disbursement Date to the last day of the month ending prior to the First Due Date. On the Maturity Date, all unpaid
principal and accrued but unpaid interest shall be due and payable in full. All interest shall be paid in arrears. Except as otherwise specifically provided in this Agreement or the other Loan Documents, all payments and deposits due under the Note
or the other Loan Documents shall be made to Lender not later than 2:00 p.m., California time, on the day on which such payment or deposit is due. Any funds received by Lender after such time shall, for all purposes, be deemed to have been received
on the next succeeding Business Day. 

  

	 	(d)	Acknowledgments. Interest calculated on an Actual/360 Basis exceeds interest calculated on a 30/360 Basis and, therefore: (a) a greater portion of
each monthly installment of principal and interest will be applied to interest using the Actual/360 Basis than would be the case if interest accrued on a 30/360 Basis; and (b) the unpaid principal balance of the Note on the Maturity Date will
be greater using the Actual/360 Basis than would be the case if interest accrued on a 30/360 Basis. 

  

	 	(e)	Application of Payments. All payments paid by Borrower to Lender in connection with the obligations of Borrower under this Agreement and under the other
Loan Documents shall be applied in the order of priority as set forth in the Cash Management Agreement. The P&I Payment Amount shall be applied (a) first, to accrued but unpaid interest on the Note; and (b) second, to the unpaid
principal balance of the Note. Borrower irrevocably waives the right to direct the application of any payments at any time received by Lender from or on behalf of Borrower, and during the continuance of a Default, Borrower agrees that Lender shall
have the continuing exclusive right to apply any payments to the then due and owing obligations of Borrower in such order of priority as Lender may deem advisable. 

 

	 	(f)	Foreign Taxes. 

  

	 	(i)	 Taxes. All payments made by Borrower hereunder shall be made free and clear of, and without reduction for or on account of, income, stamp or
other taxes, levies, imposts, duties, charges, fees, deductions, reserves or withholdings imposed, levied, collected, withheld or assessed by any governmental authority, which are imposed, enacted or become effective after the date hereof (such
non-excluded taxes being referred to collectively as “Foreign Taxes”), excluding income and franchise taxes imposed by the jurisdiction under the laws of which Lender is organized or any political subdivision or taxing authority thereof or
therein or imposed by the jurisdiction of Lender’s applicable lending office where Lender is resident or engaged in business or any political subdivision or taxing authority thereof or therein or in the jurisdiction of whichever entity Lender
syndicates the Loan to in accordance with the terms and conditions of this Agreement. If any Foreign Taxes are required to be withheld from any amounts payable to Lender hereunder and under all other loans held by Lender that are similarly affected,
the amounts so payable to Lender shall be increased to the extent necessary to yield to Lender (after payment of all Foreign Taxes), interest or any such other amounts payable hereunder at the rate or in the amounts specified hereunder. Whenever any
Foreign Tax is payable pursuant to applicable law by Borrower, as promptly as possible thereafter, Borrower 

  

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shall send to Lender an original official receipt, if available, or certified copy thereof showing payment of such Foreign Tax. Borrower hereby indemnifies Lender for any incremental taxes,
interest or penalties that may become payable by Lender which may result from any failure by Borrower to pay any such Foreign Tax when due to the appropriate taxing authority or any failure by Borrower to remit to Lender the required receipts or
other required documentary evidence. 

  

	 	(ii)	Tax Forms. Prior to the date that any Lender organized under the laws of a jurisdiction outside the United States of America becomes a party hereto, such Lender
shall deliver to Borrower such certificates, documents or other evidence, as required by the Code or Treasury Regulations issued pursuant thereto (including Internal Revenue Service Forms W-8ECI and W-8BEN, as applicable, or appropriate successor
forms), properly completed, currently effective and duly executed by such Lender establishing that payments to it hereunder and under the Note are (i) not subject to United States Federal backup withholding tax and (ii) not subject to
United States Federal withholding tax under the Code. Each such Lender shall (x) deliver further copies of such forms or other appropriate certifications on or before the date that any such forms expire or become obsolete and after the
occurrence of any event requiring a change in the most recent form delivered to the Borrower and (y) obtain such extensions of the time for filing, and renew such forms and certifications thereof, as may be reasonably requested by Borrower.
Borrower shall not be required to pay any amount pursuant to clause (i) above to any Lender that is organized under the laws of a jurisdiction outside of the United States of America if such Lender fails to comply with the requirements of this
clause (ii). Borrower will not be required to pay any additional amounts in respect of United States federal income tax pursuant to clause (i) above to Lender if the obligation to pay such additional amounts would not have arisen but for a
failure by such Lender to comply with its obligations under this clause (ii). 

  

	 	(g)	Additional Costs. In the event that any change in any requirement of law or in the interpretation or application thereof, or compliance by Lender with any
request or directive (whether or not having the force of law) hereafter issued from any central bank or other governmental authority: 

  

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

 

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

 

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

 then, in any such case,
Borrower shall promptly pay to Lender, upon demand, any additional amounts necessary to compensate Lender, for such additional cost or reduced amount receivable which Lender deems to be material as reasonably determined by Lender, provided that,
such demand by Lender shall apply to all loans similarly affected by such change. If Lender becomes 
  

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entitled to claim any additional amounts pursuant to this subsection, Lender shall provide Borrower with not less than ninety (90) days notice specifying in reasonable detail the event by
reason of which it is has become so entitled and the additional amount required to fully compensate Lender for such additional cost or reduced amount together with a certificate as to any additional costs or amounts payable pursuant to the foregoing
sentence submitted by Lender to Borrower (which certificate shall be conclusive in the absence of manifest error). This provision shall survive payment of the Note and the satisfaction of all other obligations of Borrower under this Agreement and
the Loan Documents. 
  

	 	(h)	Breakage Costs. Borrower agrees to indemnify Lender and to hold Lender harmless from any loss or expense which Lender directly sustains or incurs as a
consequence of (A) any default by Borrower in payment of the principal of or interest on a LIBOR Loan, including, without limitation, any such loss or expense arising from interest or fees payable by Lender to lenders of funds obtained by it in
order to maintain a LIBOR Loan hereunder, (B) any prepayment (whether voluntary or mandatory) of the LIBOR Loan on a day that is not the last day of a Rate Period, including, without limitation, such loss or expense arising from interest or
fees payable by Lender to lenders of funds obtained by it in order to maintain the LIBOR Loan hereunder, and (C) the conversion (for any reason whatsoever, whether voluntary or involuntary) of the Loan from a LIBOR Loan to a Prime Rate Loan
with respect to any portion of the outstanding principal amount of the Loan then bearing interest at the LIBOR Rate on a date other than the last day of a Rate Period, including, without limitation, such loss or expenses arising from interest or
fees payable by Lender to lenders of funds obtained by it in order to maintain a LIBOR Loan hereunder (the amounts referred to in clauses (A), (B) and (C) are herein referred to collectively as the “Breakage Costs”); provided,
however, Borrower shall not indemnify Lender from any loss or expense arising from Lender’s willful misconduct or gross negligence. This provision shall survive payment of the Note in full and the satisfaction of all other obligations of
Borrower under this Agreement and the other Loan Documents. Notwithstanding the foregoing or anything herein to the contrary, provided Borrower makes any prepayment (whether voluntary or mandatory) of the LIBOR Rate Loan on the last day of a Rate
Period, or if such date is not the last day of a Rate Period but such prepayment includes the payment of Short Interest, then no Breakage Costs shall be due and payable in connection with such prepayment. 

 

	 	(i)	Interest Rate Protection Breakage Costs. Borrower shall pay to Lender any losses, costs (including, without limitation, cost of funding), and expenses
that Lender directly incurs as a result of any default in performance of the obligations of Borrower pursuant to the Interest Rate Protection Agreement or any termination of the Interest Rate Protection Agreement, if any (the “Interest Rate
Protection Breakage Costs”). The Interest Rate Protection Breakage Costs shall be due and payable by Borrower pursuant to the terms of the Interest Rate Protection Agreement and shall be secured on a pari-passu basis with the Debt by the lien
of the Mortgage. 

  

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

  

	2.3	LATE CHARGE; DEFAULT RATE. 

  

	 	(a)	Late Charge. If all or any portion of any payment (including, without limitation, any payment of any interest, the P&I Payment Amount, Impounds or
other deposit(s)) required hereunder (other than the payment due on the Maturity Date) is not paid or deposited on or before the day on which the payment is due, Borrower shall pay a late or collection charge, as liquidated damages, equal to four
percent (4%) of the amount of such unpaid payment (herein called “Late Charge”). If all or any portion of the payment due on the Maturity Date is paid after the Maturity Date and on a date which is not the first (1st) day
of a calendar month, Borrower shall pay a late or collection charge, as liquidated damages, equal to the interest which would have accrued on such amount during the period commencing on the date payment of such amount is actually made and ending on
the last day of the calendar month in which payment of such amount is actually made. Borrower acknowledges that Lender will incur additional expenses as a result of any late payments or deposits hereunder, which expenses would be impracticable to
quantify, and that Borrower’s payments under this Section 2.3 are a reasonable estimate of such expenses. 

  

 5 

	 	(b)	Default Rate. Commencing upon a Default and continuing until such Default shall have been cured by Borrower, all sums owing on the Loan shall bear
interest at the Default Rate. 

  

	2.4	MAXIMUM RATE PERMITTED BY LAW. 

Neither this Agreement, the Note nor any of the other Loan Documents shall be construed to require the payment or permit the collection of
any interest or any late payment charge in excess of the maximum rate permitted by law. If any such excess interest or late payment charge is provided for under this Agreement, the Note or any of the other Loan Documents or if this Agreement, the
Note or any of the other Loan Documents shall be adjudicated to provide for such excess, Borrower shall not be obligated to pay such excess notwithstanding any other provision of the Loan Documents. If Lender shall collect amounts which are deemed
to constitute interest and which would increase the effective interest rate to a rate in excess of the maximum rate permitted by applicable law, all such amounts deemed to constitute interest in excess of the maximum legal rate shall, upon such
determination, at the option of Lender, be returned to Borrower or credited against the outstanding principal balance of the Loan. 
  

	2.5	LOAN DOCUMENTS. 

Borrower shall deliver to Lender concurrently with this Agreement each of the Loan Documents, properly executed and in recordable form, as
applicable. 
  

	2.6	SECURITY. The Loan and all obligations of Borrower arising hereunder and under the other Loan Documents shall be secured by (i) the Mortgage creating a
senior priority lien on the Property and the Collateral, (ii) the other Loan Documents and any security interests and liens created thereby, and (iii) the Impounds established pursuant to this Agreement. Notwithstanding the foregoing or
anything contained in this Agreement or the other Loan Documents to the contrary, it is expressly understood and acknowledged by the parties hereto that neither the Guaranty nor the Hazardous Materials Indemnity Agreement shall constitute security
for the Loan. 

  

	2.7	INTENTIONALLY OMITTED. 

  

	2.8	INTEREST RATE PROTECTION AGREEMENT. 

  

	 	(a)	 Prior to or contemporaneously with the Disbursement Date, Borrower shall enter into an Interest Rate Protection Agreement with a LIBOR strike price
equal to the Strike Price. The Interest Rate Protection Agreement (i) shall be in form and substance reasonably acceptable to Lender, (ii) subject to subsection (c) below, may be with Wells Fargo Bank, N.A. (or an affiliate thereof)
or another counterparty acceptable to Lender (the “Counterparty”), (iii) shall be for a period equal to the term of the Loan (not inclusive of any then currently not exercised extension options, if any), and (iv) shall
have an initial notional amount equal to $336,030,000.00, provided, however, if the Northrop VA Property is not released from the encumbrance of the Loan within sixty (60) calendar days of the date hereof, then Borrower shall be
required to purchase another, or amend the existing, Interest Rate Protection Agreement so that it shall have, in total, interest-rate protection in a notional amount equal to $443,030,000.00 (the “Supplemental Interest Rate Protection
Agreement Requirement”). Borrower shall direct the Counterparty to deposit directly into the Restricted Account any amounts due Borrower under such Interest Rate Protection Agreement so long as any portion of the Debt remains outstanding,
provided that the Debt shall be deemed to remain outstanding if the Property is transferred by judicial or non-judicial foreclosure or deed-in-lieu thereof. Additionally, Borrower shall collaterally assign to Lender all of its right, title and
interest to receive any and all payments (other than as set forth in (i) and (ii) below) under the Interest Rate Protection Agreement pursuant to a collateral assignment of interest rate protection agreement in form and substance
reasonably similar to the Interest Rate Protection Agreement signed on the date hereof, and shall deliver to Lender an executed counterpart of such Interest Rate Protection Agreement (which shall, by its terms, authorize the assignment to Lender

  

 6 

	 	 
and require that payments be deposited directly into the Restricted Account). To the extent that the then currently effective Interest Rate Protection Agreement provides interest-rate-protection
coverage that is in excess of the amounts then currently due and outstanding under the Loan, Borrower may either: 

  

	 	(i)	sell to a third party or assign to an Affiliate that amount of the interest-rate-protection coverage in excess of the amounts then currently due and outstanding under
the Loan, provided (A) that prior to any such sale the Borrower delivers to Lender an Officer’s Certificate certifying that (1) the sale of such remaining interest-rate-protection coverage complies with the terms and conditions of
this Agreement, (2) does not effect Lender’s security interest in the then currently effective Interest Rate Protection Agreement (except for that interest in the Interest Rate Protection Agreement that is being conveyed pursuant to this
subsection), and (3) the remaining interest-rate-protection coverage in favor of Lender under the amended Interest Rate Protection Agreement covers the then currently outstanding principal balance of the Loan, (B) that prior to any such
sale Borrower delivers to Lender, for review and comment, all documentation regarding the revisions to the Interest Rate Protection Agreement, which revisions must be reasonably acceptable to Lender, and (C) Borrower shall pay to Lender all
reasonable out-of-pocket third party costs and expenses paid or incurred by Lender in connection with any such sale. 

  

	 	(ii)	terminate that portion of the Interest Rate Cap Agreement that provides interest-rate-protection coverage in excess of the Loan’s then currently outstanding
principal balance, provided (A) that prior to any such termination the Borrower delivers to Lender an Officer’s Certificate certifying that (1) the termination of such excess interest-rate-protection coverage complies with the terms
and conditions of this Agreement, (2) does not effect Lender’s security interest in the then currently effective Interest Rate Protection Agreement (except for that interest in the Interest Rate Protection Agreement that is being
terminated pursuant to this subsection), and (3) the remaining interest-rate-protection coverage in favor of Lender under the amended Interest Rate Protection Agreement covers the then currently outstanding principal balance of the Loan,
(B) that prior to any such termination Borrower delivers to Lender, for review and comment, all documentation regarding the revisions to the Interest Rate Protection Agreement, which revisions must be reasonably acceptable to Lender, and
(C) Borrower shall pay to Lender all reasonable out-of-pocket third party costs and expenses paid or incurred by Lender in connection with any such termination. 

 

	 	(iii)	Borrower shall comply with all of its obligations under the terms and provisions of the Interest Rate Protection Agreement. Borrower shall take all actions reasonably
requested by Lender to enforce Lender’s rights under the Interest Rate Protection Agreement in the event of a default by the Counterparty and shall not waive, amend or otherwise modify any of its rights thereunder. 

 

	 	(b)	 If at any time (i) Wells Fargo Bank, N.A. or any of its affiliates is not “Lender” under the Loan, or (ii) Wells Fargo Bank, N.A.
or any of its affiliates is not the Counterparty, then in the event there is any downgrade, withdrawal or qualification of the long-term unsecured debt rating of the Counterparty below an “A” by S&P or below an “A2” by
Moody’s, Borrower within ten (10) Business Days following receipt of written notice from Lender of such downgrade, withdrawal or qualification must either: (A) arrange for the Counterparty to provide a guaranty from an entity with a
long term, unsecured and unsubordinated debt rating of at least “A” by S&P or “A2” by Moody’s in form and substance reasonably acceptable to Lender and the Rating Agencies or (B) replace the Interest Rate Protection
Agreement with a new Interest Rate Protection Agreement with an Acceptable Counterparty (a “Replacement Interest Rate Protection Agreement”). 

 

 7 

	 	 
Notwithstanding the foregoing, in the event the Counterparty is Wells Fargo Bank, N.A. or any of its affiliates and neither Wells Fargo Bank, N.A. nor any of its affiliates is the Lender, such
Replacement Interest Rate Protection Agreement is only required to be delivered in the event there is any downgrade, withdrawal or qualification of the long-term unsecured debt rating of the Counterparty below an “A” by S&P and below
an “A2” by Moody’s. In furtherance of the foregoing, if Wells Fargo Bank, N.A. and/or any of its affiliates are both Lender and Counterparty, then no Replacement Interest Rate Protection Agreement shall be required.

  

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

  

	 	(d)	If required by Lender in connection with any Interest Rate Protection Agreement where Wells Fargo Bank, N.A. or any affiliate thereof is not the Counterparty
thereunder, Borrower shall obtain and deliver to Lender an opinion from counsel (which counsel may be in house counsel for the Counterparty) for the Counterparty (upon which Lender and its successors and assigns may rely) which shall provide, in
relevant part, that: 

  

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

  

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

  

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

  

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

 

 8 

 ARTICLE 3. BORROWER’S LIABILITY 

 

	3.1	BORROWER’S LIABILITY. 

  

	 	(a)	Limitation. Except as otherwise provided in this Article 3, Lender’s recovery against Borrower under this Agreement and the other Loan
Documents shall be limited solely to the Property and the Collateral. 

  

	 	(b)	Exceptions; Limited Liability. Nothing contained in this Article 3 or elsewhere in this Agreement or the other Loan Documents, however, shall limit
in any way the personal liability of Borrower owed to Lender for any Losses (defined below) incurred by Lender with respect to any of the following matters: (i) fraud or intentional or willful material misrepresentation by Borrower or
Guarantor, or any Affiliate of Borrower or Guarantor under the control of Borrower or Guarantor, respectively; (ii) commission of a criminal act by Borrower, Guarantor, or any Affiliate of Borrower or Guarantor under the control of Borrower or
Guarantor, respectively, which results in a forfeiture of the Property; (iii) material intentional physical waste of the Property or the Collateral; (iv) failure to pay property or other taxes, assessments assessed against the Property or
charges which could become Liens on the Property (other than (x) amounts paid to Lender for taxes, assessments or charges pursuant to Impounds and where Lender elects (during the continuance of a Default or otherwise) not to apply such funds
toward payment of the taxes, assessments or charges owed or (y) taxes, assessments or charges owed that are contested strictly in accordance with the terms of the Loan Documents) to the extent that the revenue from the Property is sufficient to
pay such amount; (v) failure to maintain insurance as required by this Agreement to the extent that the revenue from the Property is sufficient to pay the Insurance Premiums relating thereto; (vi) failure to deliver any insurance or
condemnation proceeds or awards or any security deposits received by Borrower to Lender or to otherwise apply such sums as required under the terms of the Loan Documents or any other instrument now or hereafter securing the Loan; (vii) failure
to apply any rents, royalties, accounts, revenues, income, issues and profits which are collected or received by Borrower during the period of any Default or after acceleration of the indebtedness and other sums owing under the Loan Documents to the
payment of either (A) such indebtedness or other sums due Lender or (B) the normal and necessary operating expenses of the Property; (viii) any breach by Borrower of any covenant in this Agreement or in the Mortgage regarding
Hazardous Materials or in any indemnity or other agreement regarding Hazardous Materials executed by Borrower in favor of Lender in connection with the Loan (including, without limitation, the Hazardous Materials Indemnity Agreement), or any
representation or warranty of Borrower regarding Hazardous Materials contained therein proving to have been untrue in any material respect when made; (ix) any transfer taxes (or similar fees or taxes) incurred in connection with a transfer of
the Property resulting from a foreclosure of the Mortgage or a deed-in-lieu of foreclosure of the Property; (x) Borrower’s failure to comply with the provisions of Sections 5.2 (to the extent such failure to comply in itself, or in
the aggregate with other violations of Section 5.2 results in the substantive consolidation of Borrower) or Section 17.35 of this Agreement; (xi) Borrower’s or Guarantor’s failure to satisfy the Indemnification
Obligations (as defined in the Lockbox Agreement) pursuant to the terms of the Lockbox Agreement; (xii) Borrower’s failure to deliver the Letter of Credit Assignment in accordance with the terms of Section 7.4(g) of this
Agreement; (xiii) in connection with the assertion by Northrop Grumman Systems Corporation or its Affiliates of any rights or claims in connection with any right of first offer or right of first negotiation in the Northrop VA Lease with respect
to the negotiations leading to, or the acquisition and financing of, the Northrop VA Property or the partnership interests of the owner of the Northrop VA Property by Borrower and/or any of its Affiliates arising in connection with the Purchase and
Sale Agreements (such Losses in connection with the foregoing to include, but not be limited to, reasonable attorney’s fees and litigation expenses); or (xiv) a material misrepresentation with respect to the representations in
Section 5.3 hereof. The term “Losses” as used herein shall mean any and all claims, suits, liabilities (including, without limitation, strict liabilities and any impairment of Lender’s security for the Loan),
actions, proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, charges, fees, judgments, awards, amounts paid in settlement of whatever kind or nature (including, but not limited to, reasonable legal fees and other
costs of defense). 

  

 9 

	 	(c)	Exceptions; Full Recourse. Notwithstanding the foregoing, or anything to the contrary contained in this Agreement or the other Loan Documents, the
limitation on recourse set forth in Article 3.1(a) and (b) above shall be null and void and completely inapplicable, and Borrower shall be fully and personally liable for the payment and performance of all obligations set forth in this
Agreement and the other Loan Documents, including, with respect to (I) and (II) below, the payment of all principal, interest and other amounts under the Note, (I)(A) in the event the Property or the Collateral shall become an asset in
(x) a voluntary bankruptcy or insolvency proceeding or other voluntary Material Action, or (y) an involuntary bankruptcy or insolvency proceeding or other involuntary Material Action, which, in either case, is consented to or colluded by
Borrower, Guarantor, or an Affiliate of Borrower, or Guarantor controlled by Borrower or Guarantor, respectively, or filed by Borrower or Guarantor or an Affiliate of Borrower or Guarantor controlled by Borrower or Guarantor, respectively, and which
is not dismissed within ninety (90) days of filing; or (B) in the event of a Default resulting from a Prohibited Property Transfer or a Prohibited Equity Transfer (excluding, however, any default under, or violation of, the terms of
Section 7.4 of this Agreement) and (II) each of Borrower and Guarantor shall have full recourse liability for a portion of the Secured Obligations hereunder in an amount equal to (x) for so long as the Northrop VA Property is
subject to the encumbrance of this Loan and the term of the Northrop VA Lease has not been extended, as reasonably acceptable to Lender, beyond its current term, 15% of the then currently outstanding principal balance of the Loan or (y) for so
long as the Northrop VA Property is either (i) no longer subject to the encumbrance of this Loan or (ii) subject to a lease the term for which has been, on terms reasonably acceptable to lender, extended beyond its current term, 10% of the
then currently outstanding principal balance of the Loan (collectively, “Borrower’s Debt Liability”) until (a) the Loan to Value Ratio (based upon those Property appraisals delivered to Lender in connection with the
origination of the Loan) is less than fifty percent (50.0%) (the “LTV Decrease”) and (b) the LTV Decrease is the direct result of the release of one or more Properties pursuant to the terms and conditions set forth in
Article 11 of this Agreement (provided that any Property Release that is permitted pursuant to Section 11.2(b) to cure a Default of the Loan shall not apply to this Section 3.1(c)). Notwithstanding anything to the
contrary set forth herein, for so long as the Northrop VA Property remains subject to the encumbrance of this Loan and the term of the Northrop VA Lease has not been extended, as reasonably acceptable to Lender, beyond its current term, the
Borrower’s Debt Liability shall remain in full force and effect during the term of the Loan and no LTV Decrease shall terminate Borrower’s Debt Liability. The Borrower’s Debt Liability shall not be deemed reduced by application of any
of the following: (w) payments made during the continuation of a Default or an event or condition which, with the passage of time or giving of notice, or both, would constitute a Default, (x) proceeds from any foreclosure sale or
liquidation of the Property, (y) the fair market value of the Property in the event that Lender takes title to the Property by foreclosure, deed-in-lieu of foreclosure or otherwise, or (z) condemnation awards or insurance proceeds. In
addition, in the event that the Borrower fails to satisfy the Supplemental Interest Rate Protection Agreement Requirement set forth in Section 2.8 hereof, then Borrower and Guarantor shall be fully liable to Lender for any and all
third-party costs incurred by Lender to purchase an Interest Rate Protection Agreement that satisfies the Supplemental Interest Rate Protection Agreement Requirement. 

 

	 	(d)	No Waiver, Release or Impairment. Nothing contained in this Article 3 shall be deemed to waive, release, affect or impair the indebtedness
evidenced by the Loan Documents or the obligations of Borrower under the Loan Documents, or the liens and security interests created by the Loan Documents, or Lender’s rights to enforce its rights and remedies under the Loan Documents and under
any guaranty or indemnity provided herein, in the Loan Documents or in connection with the Loan, or otherwise provided in equity or under applicable law, including, without limitation, the right to pursue any remedy for injunctive or other equitable
relief, or any suit or action in connection with the preservation, enforcement or foreclosure of the liens, mortgages, assignments and security interests which are now or at any time hereafter security for the payment and performance of all
obligations under this Agreement or in the other Loan Documents. 

  

 10 

	 	(e)	Prevail and Control. The provisions of this Article 3 shall prevail and control over any contrary provisions elsewhere in this Agreement or the
other Loan Documents. 

 ARTICLE 4. IMPOUNDS 

 

	4.1	TAX IMPOUND. 

Borrower shall deposit with Lender the following amounts (collectively, “Tax Impound”): $0.00 on the Disbursement Date,
and on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Lender in its reasonable discretion to be sufficient to pay the real estate taxes and assessments payable by Borrower with respect
to the Property (collectively, “Taxes”) at least thirty (30) days prior to each date on which Taxes become delinquent (“Delinquency Date”). The initial estimated monthly amount to be deposited by Borrower for
Taxes on each Due Date is $0. If Lender reasonably determines at any time that the Tax Impound will not be sufficient to pay any Taxes at least thirty (30) days prior to the Delinquency Date, Lender shall notify Borrower of such determination
in writing and Borrower shall deposit with Lender the amount of such deficiency not more than ten (10) days after Borrower’s receipt of such notice; provided, however, if Borrower receives notice of any such deficiency less than thirty
(30) days prior to the Delinquency Date, Borrower shall deposit the amount of such deficiency with Lender not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the Business Day
immediately preceding the Delinquency Date. So long as no Default exists, Lender shall apply the Tax Impound to the payment of the Taxes. Deposits into the Tax Impound shall be waived, provided no Default is continuing, provided Borrower delivers,
or causes to be delivered to Lender, evidence of the timely payment of such Taxes. 
  

	4.2	INSURANCE IMPOUND. 

Borrower shall deposit with Lender the following amounts (collectively, “Insurance Impound”): $0 on the Disbursement
Date, and on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Lender in its reasonable discretion to be sufficient to pay the premiums for insurance required to be maintained by Borrower
hereunder (“Insurance Premiums”) at least thirty (30) days prior to the date on which the current such insurance policies expire (“Insurance Expiration Date”). The initial estimated monthly amount to be
deposited by Borrower for Insurance Premiums on each Due Date is $0. If Lender reasonably determines at any time that the Insurance Impound will not be sufficient to pay the Insurance Premiums at least thirty (30) days prior to the Insurance
Expiration Date, Lender shall notify Borrower of such determination in writing and Borrower shall deposit with Lender the amount of such deficiency not more than ten (10) days after Borrower’s receipt of such notice; provided, however, if
Borrower receives notice of any such deficiency less than thirty (30) days prior to the Insurance Expiration Date, Borrower shall deposit the amount of such deficiency with Lender not more than three (3) Business Days after Borrower’s
receipt of such notice, but in no event later than the day immediately preceding the Insurance Expiration Date. So long as no Default exists, Lender shall apply the Insurance Impound to the payment of the Insurance Premiums. Deposits into the
Insurance Impound shall be waived provided no Default is continuing and provided Borrower delivers, or causes to be delivered to Lender, evidence of the timely payment of such Insurance Premiums. 

 

	4.3	ADDITIONAL IMPOUNDS. 

Borrower shall deposit with Lender any additional Impounds in the manner prescribed in Exhibit E attached hereto. 

 

	4.4	CASH MANAGEMENT AGREEMENT. 

  

	 	(a)	Borrower shall enter into the Lockbox Agreement which shall govern the collection of Gross Income and transfer of Gross Income into an account established under the
Cash Management Agreement. 

  

 11 

	 	(b)	Borrower shall enter into the Cash Management Agreement which shall govern the holding and disbursement of Gross Income during the term of the Loan.

  

	 	(c)	In the event of a Cash Trap Event Period (as defined in the Cash Management Agreement), all Excess Cash Flow (as defined in the Cash Management Agreement) shall be
deposited into the Excess Cash Flow Reserve Account (as defined in the Cash Management Agreement), as more particularly set forth in Section 2.5(b) of the Cash Management Agreement. 

 

	4.5	GENERAL. 

 All
deposits required to be made by Borrower under this Article 4, including, without limitation, the additional impounds set forth on Exhibit E attached hereto, if any, are herein collectively called “Impounds.” For so
long as any of the Impounds required under this Section 4 are in effect and if Lender reasonably determines that an Impound was not estimated properly and a deficiency exists, Lender shall notify Borrower of such deficiency in writing
and Borrower shall deposit or cause the applicable tenant to deposit with Lender the amount of such deficiency not more than ten (10) days after Borrower’s receipt of such notice. Lender shall have the right, upon prior advance written
notice and subject to the tenant’s rights under its Lease, to enter upon the Property at all reasonable times, including without limitation, prior to any disbursement of Impounds, to inspect any work in process and/or completed for which
Impounds are now or hereafter required, but Lender shall not be obligated to supervise or inspect any such work or to inform Borrower or any third party regarding any aspect of any such work. Borrower shall pay to Lender all reasonable out-of-pocket
third party costs and expenses paid or incurred by Lender from time to time in connection with any request of Borrower for a disbursement of funds from the Impounds (other than the Tax Impound and the Insurance Impound). Borrower authorizes Lender
to disburse directly to Lender, from the Impounds or from funds to be disbursed to Borrower from the Impounds, such sums as may be necessary, at any time and from time to time, to pay all such reasonable third-party costs and expenses. 

 

	4.6	GRANT OF SECURITY INTEREST; APPLICATION OF FUNDS. 

As security for payment of the Loan and the performance by Borrower of all other terms, conditions and provisions of the Loan Documents,
Borrower hereby pledges and assigns to Lender, and grants to Lender a security interest in, all Borrower’s right, title and interest in and to all Impounds. Borrower shall not, without obtaining the prior written consent of Lender, further
pledge, assign or grant any security interest in any Impound (or account in which such Impounds are held), or permit any lien to attach thereto, or any levy to be made thereon, or any UCC Financing Statements to be filed thereon, except those naming
Lender as the secured party, to be filed with respect thereto. This Agreement is, among other things, intended by the parties to be a security agreement for purposes of the UCC. Upon the occurrence and during the continuance of a Default, Lender may
apply all or any part of the Impounds against the amounts outstanding under the Loan in any order and in any manner as Lender shall elect in Lender’s discretion without seeking the appointment of a receiver and without adversely affecting the
rights of Lender to foreclose the liens and security interests securing the Loan or exercise its other rights under the Loan Documents. The Impounds shall not constitute trust funds and may be commingled with other monies held by Lender. All
interest which accrues on the foregoing Impounds except for the Tax Impound and the Insurance Impound (for which no interest shall be paid) shall be at a rate established by Lender or its servicing agent, which may or may not be the highest rate
then available, shall accrue for the benefit of Borrower and shall be taxable to Borrower and shall be added to and disbursed in the same manner and under the same conditions as the principal sum on which said interest accrued. Upon repayment in
full of Borrower’s obligations under the Loan Documents, all remaining Impounds, if any, shall be promptly disbursed to Borrower. 
  

 12 

 ARTICLE 5. REPRESENTATIONS AND WARRANTIES 

 

	5.1	REPRESENTATIONS AND WARRANTIES. 

As a material inducement to Lender’s entry into this Agreement, each Borrower, as to itself, represents and warrants to Lender as of
the Effective Date: 
  

	 	(a)	Legal Status. Each of Borrower and, if its managing Person such as a general partner, manager, managing member, or similar Person (each, a
“Managing Entity”) is an entity formed or organized under the laws of any Governmental Authority, each such Managing Entity, is duly formed or organized and existing and in good standing under the laws of the state in which such
entity is formed or organized. Borrower and, if applicable, its Managing Entity, is currently qualified or licensed (as applicable) and shall remain qualified or licensed to do business in each jurisdiction in which the nature of its business
requires it to be so qualified or licensed under applicable law (including, as to Borrower and, if required by the law of such jurisdiction, its Managing Entity, the jurisdiction in which the Property is located). 

 

	 	(b)	Authorization and Validity. The execution and delivery of the Loan Documents to which Borrower is a party have been duly authorized by Borrower and the
Loan Documents constitute valid and binding obligations of Borrower or the party which executed the same, enforceable in accordance with their respective terms, except as such enforcement may be limited by bankruptcy, insolvency, moratorium or other
laws affecting the enforcement of creditors’ rights, or by the application of rules of equity. 

  

	 	(c)	Violations. The execution, delivery and performance by Borrower of each of the Loan Documents do not violate any provision of any law or regulation
applicable to the Borrower and/or the Property, or result in any breach or default under any contract, obligation, indenture or other instrument to which Borrower is a party or by which Borrower is bound. 

 

	 	(d)	Litigation. There are no pending or to Borrower’s knowledge threatened (in writing) actions, claims, investigations, suits or proceedings before any
Governmental Authority, court or administrative agency which would have a Material Adverse Effect other than as described on Exhibit D attached hereto. 

  

	 	(e)	Financial Statements. The financial statements of Borrower and of Guarantor previously delivered by Borrower to Lender: (i) are materially complete
and correct; (ii) present fairly the financial condition of such party; and (iii) have been prepared in accordance with the same accounting standard used by Borrower to prepare the financial statements delivered to and approved by Lender
in connection with the making of the Loan, or other accounting standards approved by Lender. Since the date of such financial statements, there has been no material adverse change in such financial condition, nor have any assets or properties
reflected on such financial statements been sold, transferred, assigned, mortgaged, pledged or encumbered which would have a Material Adverse Effect, except as previously disclosed in writing by Borrower or Guarantor to Lender.

  

	 	(f)	Reports. To the best of Borrower’s knowledge, all reports, documents, instruments and written information delivered by Borrower or Guarantor to
Lender in connection with the Loan, as of the date delivered: (i) are correct in all material respects and sufficiently complete to give Lender accurate knowledge of their subject matter thereof; and (ii) do not contain any material
misrepresentation of a material fact or omission of a material fact which omission makes the provided information misleading in any material respect. 

  

	 	(g)	Income Taxes. There are no pending assessments or adjustments of Borrower’s income tax payable with respect to any year. 

 

	 	(h)	Subordination. There is no agreement or instrument to which Borrower is a party or by which Borrower is bound that would require the subordination in
right of payment of any of Borrower’s obligations under the Note to an obligation owed to another party. 

  

	 	(i)	 ERISA Matters. Borrower is not an employee benefit plan as defined in Section 3.(3) of the Employee Retirement Income Security Act
of 1974, as amended (“ERISA”), which is subject to Title I of ERISA, nor a plan as defined in Section 4975(e)(1) of the Code (each of the foregoing hereinafter referred to individually and collectively as a
“Plan”). Borrower’s assets do not constitute “plan assets” of any plan within the meaning of Department of Labor Regulation 

 

 13 

	 	 
Section 2510.3-101. Borrower will not transfer or convey the Property to a Plan or to a person or entity whose assets constitute such “plan assets,” and Borrower will not be
reconstituted as a Plan or as an entity whose assets constitute “plan assets.” No Lease is a Plan or an entity whose assets constitute such “plan assets,” and Borrower will not enter into any Lease with a Plan or an entity whose
assets constitute such “plan assets.” With respect to the Loan, Borrower is acting on Borrower’s own behalf and not on account of or for the benefit of any Plan. 

 

	 	(j)	Leases; Rent Roll. Except as disclosed in the rent roll relating to the Property (the “Rent Roll”) and the aging report and tenant
estoppels relating to the Property, each delivered to and approved by Lender in connection with the closing of the Loan, (a) Borrower is the sole owner of the entire lessor’s interest in the Leases; (b) the Leases are valid and
enforceable and in full force and effect; (c) all of the Leases are arms-length agreements with bona fide, independent third parties; (d) to Borrower’s knowledge, no party under any Lease is in default; (e) to Borrower’s
knowledge, all Payments due have been paid in full and no tenant is in arrears in its payment of any Payments, with the exception of Semifab Inc. (“Semifab”) as tenant of that certain property located at 5853 / 5863 Rue Ferrari in
San Jose, California; (f) none of the Payments reserved in the Leases have been assigned or otherwise pledged or hypothecated by Borrower; (g) to Borrower’s knowledge, none of the Payments have been collected for more than one
(1) month in advance (except a security deposit shall not be deemed rent collected in advance); (h) the premises demised under the Leases have been completed and the tenants under the Leases have accepted the same and have taken possession
of the same on a rent-paying basis; (i) to Borrower’s knowledge, there exist no offsets or defenses to the payment of any portion of the Payments and Borrower has no monetary obligation to any tenant under any Lease except as set forth on
Schedule 5.1(j)(1) attached hereto; (j) Borrower has received no notice from any tenant challenging the validity or enforceability of any Lease; (k) there are no agreements with the tenants under the Leases other than expressly set
forth in each Lease; (l) the Leases are valid and enforceable against Borrower and the tenants set forth therein; (m) other than with respect to those Leases set forth on Schedule 5.1(j)(2) attached hereto, no Lease contains an
option to purchase, right of first refusal to purchase, right of first refusal to lease additional space at the Property, or any other similar provision; (n) no person or entity has any possessory interest in, or right to occupy, the Property
except under and pursuant to a Lease; (o) to Borrower’s knowledge, no tenants have exercised any right to “go dark” that they may have under their Leases, with the exception of that certain Goodyear Property located at 201 King
Mill Court in McDonough, Georgia; (p) all security deposits relating to the Leases reflected on the certified rent roll delivered to Lender have been collected by Borrower; (q) other than as identified on Exhibit E-2 attached
hereto, no brokerage commissions or finders fees are due and payable regarding any Lease, with the exception of The Goodyear Tire & Rubber Company and Semifab; (r) each tenant is in actual, physical occupancy of the premises demised
under its Lease and is paying full rent under its Lease; and (s) no tenant under any Major Lease is, to Borrower’s knowledge, a debtor in any state or federal bankruptcy or insolvency proceeding. 

 

	 	(k)	Compliance with Laws; Permits. To the Borrower’s knowledge, the Property complies in all material respects with all applicable federal, state and
local laws, rules and regulations. Either Borrower or the tenant under the applicable Lease, as applicable, holds all permits, franchises, licenses and other authorizations necessary to enable the Property to be operated in compliance with
applicable law. 

  

	 	(l)	 Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. Borrower, SPE Party, Guarantor, Manager (if Manager is
an Affiliate of Borrower), and to Borrower’s knowledge, after having made reasonable inquiry each Person owning a direct or indirect interest in (other than in any entity or company whose shares or securities are listed on a national securities
exchange) Borrower, SPE Party, Guarantor and Manager (if Manager is an Affiliate of Borrower): (i) is not currently identified on the list of specially designated nationals and blocked persons subject to financial sanctions that is maintained
by the U.S. Treasury Department, Office of Foreign Assets Control (currently is accessible through the internet website at www.treas.gov/ofac/t11sdn.pdf) or any other similar list maintained by the U.S. Treasury Department, Office of Foreign Assets
Control pursuant to any legal requirements (or if such list 

  

 14 

	 	 
does not exist, the similar list then being maintained by the United States), including trade embargo, economic sanctions, or other prohibitions imposed by Executive Order of the President of the
United States; (ii) is not a Person subject to any trade restriction, trade embargo, economic sanction, or other prohibition under federal law, including the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The
Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any executive orders or regulations promulgated thereunder; and (iii) is not in violation of Executive Order No. 13224 on Terrorist Financing, effective September 24,
2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism and the Uniting and Strengthening America by Providing Appropriate Tools Required in Intercept and Obstruct
Terrorism Act of 2001 (Public Law 107-56) ((i), (ii) and (iii), collectively, the “Patriot Act”), with the result that (A) the investment in Borrower, SPE Party, Guarantor or Manager (if Manager is an Affiliate of
Borrower), as applicable (whether directly or indirectly), is prohibited by law, or (B) the Loan is in violation of law. 

  

	 	(m)	Conduct of Business. Borrower possesses all permits, franchises and licenses and all rights to all trademarks, trade names, patents and fictitious names,
if any, necessary to enable Borrower to conduct the business(es) in which Borrower is now engaged in compliance with applicable law. 

  

	 	(n)	Solvency. None of the transactions contemplated by the Loan will be or have been made with an actual intent to hinder, delay or defraud any present or
future creditors of Borrower, and Borrower, on the Effective Date, will have received fair and reasonably equivalent value in good faith for the grant of the liens or security interests effected by the Loan Documents. On the Effective Date, Borrower
will be solvent and will not be rendered insolvent by the transactions contemplated by the Loan Documents. Borrower is able to pay its debts as they become due. 

 

	 	(o)	Not a Foreign Person. Borrower is not a “foreign person” within the meaning of § 1445(f)(3) of the Internal Revenue Code of 1986, as
amended from time to time or any successor statute. 

  

	 	(p)	Permitted Encumbrances. None of the Permitted Encumbrances, individually or in the aggregate, materially interferes with the reasonably intended benefits
of the security intended to be provided by this Agreement, the Mortgage, the Note and the other Loan Documents, materially and adversely affects the value or marketability of the Property, impairs the use or the operation of the Property or impairs
Borrower’s ability to pay its obligations in a timely manner. 

  

	 	(q)	Intentionally omitted. 

  

	 	(r)	Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin stock”
within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes
prohibited by legal requirements affecting Borrower or the Property or any part thereof or by the terms and conditions of this Agreement, the Mortgage, the Note or the other Loan Documents. 

 

	 	(s)	Investment Company Act. Borrower is not (a) an “investment company” or a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or an “affiliate” of either a “holding
company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or (c) subject to any other federal or state law or regulation which purports to restrict or regulate its
ability to borrow money. 

  

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

  

 15 

	 	(u)	Intentionally omitted. 

  

	 	(v)	REA Representations. Except as set forth on third party estoppels obtained on or prior to the date hereof, (a) each REA is in full force and effect,
(b) neither Borrower nor any other party to any REA is in default of a material obligation thereunder, (c) there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default of a material
obligation thereunder and (d) except as set forth on Schedule 5.1(v) attached hereto, no REA has been modified, amended or supplemented. 

  

	 	(w)	Guarantor Representations. Borrower hereby represents and warrants that, as of the Effective Date and (except for the representations set forth in
Sections 5.1(d) and (g) hereof) continuing thereafter for the term of the Loan, the representations and warranties set forth in subsections 5.1(a) through (g), (l), (n) and (o) above are true and correct with respect to
Guarantor, as the same are applicable to such party. Wherever the term “Borrower” is used in each of the foregoing subsections it shall be deemed to be “Guarantor”. 

Borrower agrees that, unless expressly provided otherwise, all of the representations and warranties of Borrower set forth in this
Section 5.1 and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any portion of the Debt remains owing to Lender. All representations, warranties, covenants and agreements made in this Agreement
and in the other Loan Documents shall be deemed to have been relied upon by Lender on the date hereof notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. 

 

	5.2	REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING SPE STATUS. 

Borrower hereby represents, warrants and covenants to Lender, with regard to Borrower, as follows: 

 

	 	(a)	Limited Purpose. The sole purpose to be conducted or promoted by Borrower since its organization is to engage in the following activities:

  

	 	(i)	to acquire, own, hold, lease, operate, manage, maintain, develop and improve, the Property; 

 

	 	(ii)	to enter into and perform its obligations under the Loan Documents; 

  

	 	(iii)	to sell, transfer, service, convey, exchange, 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)	to engage in any lawful act or activity and to exercise any powers permitted to limited partnerships or limited liability companies, as applicable, formed under the
laws of the State of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above mentioned purposes. 

 

	 	(b)	Limitations on Debt, Actions. Notwithstanding anything to the contrary in the Loan Documents or in any other document governing the formation, management
or operation of Borrower, Borrower shall not, while the Loan is outstanding: 

  

	 	(i)	guarantee any obligation of any Person, including any Affiliate, or become obligated for the debts of any other Person or hold out its credit as being available to pay
the obligations of any other Person, except as contemplated by the Loan Documents with respect to other Borrowers; 

  

	 	(ii)	engage, directly or indirectly, in any business other than as required or permitted to be performed under this Section 5.2; 

 

 16 

	 	(iii)	incur, create or assume any indebtedness or liabilities other than, with respect to Borrower only, (A) the Loan, (B) obligations for which Lender is
collecting an Impound, and (C) unsecured trade payables incurred in the ordinary course of its business that are related to the ownership and operation of the Property not to exceed two percent (2%) of the outstanding balance of the Loan,
and which is not evidenced by a note and which must be paid within sixty (60) days and which are otherwise expressly permitted under the Loan Documents; 

 

	 	(iv)	make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any Person, except that Borrower may invest in those
investments permitted under the Loan Documents; 

  

	 	(v)	to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, sale or other transfer of any of its assets outside the ordinary
course of Borrower’s business; 

  

	 	(vi)	buy or hold evidence of indebtedness issued by any other Person (other than cash or investment-grade securities); 

 

	 	(vii)	form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other) or own any equity interest in any other entity other than,
with respect to SPE Party, its ownership interest in Borrower; 

  

	 	(viii)	own any asset or property other than the Property and incidental personal or intangible property necessary for the ownership or operation of the Property or, with
respect to SPE Party, its ownership interest in Borrower; or 

  

	 	(ix)	take any Material Action without the unanimous written consent of all partners or members of Borrower or SPE Party, as applicable, including any Independent Managers of
Holdco. 

  

	 	(c)	Separateness Covenants. In order to maintain its status as a separate entity and to avoid any confusion or potential consolidation with any Affiliate,
Borrower represents and warrants that in the conduct of its operations since the Closing Date it has and will continue to observe the following covenants (collectively, the “Separateness Provisions”): 

 

	 	(i)	maintain books and records and bank accounts separate from those of any other Person; 

 

	 	(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; 

 

	 	(v)	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; 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, except as contemplated by the Loan Documents;

  

 17 

	 	(vi)	prepare and file its own tax returns separate from those of any Person to the extent required by applicable law, and pay any taxes required to be paid by applicable
law; 

  

	 	(vii)	allocate and charge fairly and reasonably any common employee or overhead shared with Affiliates; 

 

	 	(viii)	not enter into any transaction with any Affiliate, other than that certain agreement with TRT NOIP GT Lease Holdco LLC, a Delaware limited liability company, with
respect to rent payments, except on an arm’s-length basis on terms which are intrinsically fair and substantially similar to those that would be available for unaffiliated third parties, and pursuant to written, enforceable agreements;

  

	 	(ix)	conduct business in its own name, and, to the extent Borrower uses stationery, invoices or checks, use separate stationery, invoices and checks bearing its own name;

  

	 	(x)	not commingle its assets or funds with those of any other Person, except as contemplated by the Loan Documents with respect to other Borrowers;

  

	 	(xi)	not assume, guarantee or pay the debts or obligations of any other Person, except as contemplated by the Loan Documents with respect to other Borrowers;

  

	 	(xii)	correct any known misunderstanding as to its separate identity; 

  

	 	(xiii)	not permit any Affiliate to guarantee or pay its obligations (other than as set forth in the Loan Documents with respect to (x) other Borrowers and (y) the
Guaranty and the Hazardous Materials Indemnity Agreement); 

  

	 	(xiv)	not make loans or advances to any other Person; 

  

	 	(xv)	pay its liabilities and expenses out of and to the extent of its own funds; 

 

	 	(xvi)	intentionally omitted; 

  

	 	(xvii)	maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; provided, however, that the foregoing shall only apply to the
extent that there is positive net cash flow at the Property after the payment of all operating expenses and debt service, and shall not require any equity owner to make additional capital contributions to Borrower; and 

 

	 	(xviii)	cause the 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. 

 Failure of Borrower to comply with any of the covenants
contained in Sections 5.2(a), (b) or (c) above or any other covenants contained in this Agreement shall not affect the status of Borrower as a separate legal entity. 

 

 18 

	 	(d)	SPE Covenants in Borrower Organizational Documents. Borrower covenants and agrees to incorporate the provisions contained in this Section 5.2
into Borrower’s and SPE Party’s organizational documents and Borrower and SPE Party agree not to amend, modify or otherwise change its organizational documents with respect to the provisions of this Section 5.2 without the
prior written consent of the Lender and the confirmation from the Rating Agencies that such amendment, modification or change will not result in a downgrading or qualification of the respective rating. 

 

	 	(e)	SPE Party. If Borrower is a limited partnership, each general partner of Borrower shall be a limited liability company, whose sole asset is its interest
in Borrower, with provisions in its organizational documents limiting its purpose, authority and activities to those set forth in clauses (a) - (c) above (“GP SPE Party”), modified to allow such SPE Party to act solely
as a general partner of Borrower and to engage in no other business or activity. Such SPE Party shall at all times (A) continue to own no less than a 0.5% direct equity ownership interest in Borrower, (B) comply with each of the applicable
covenants, terms and provisions set forth in clauses (a) - (c) above and this clause (e), and (C) will cause Borrower to comply with the provisions of this Section 5.2. 

 

	 	(f)	Intermediate Holdco. Each Intermediate Holdco shall be a limited liability company, whose sole asset is its direct or indirect interest in Borrower or GP
SPE Party, with provisions in its organizational documents limiting its purpose, authority and activities to those set forth in clauses (a) - (c) above, modified to allow such Intermediate Holdco to act solely as a direct or indirect equity
owner of Borrower or GP SPE Party and to engage in no other business or activity. Such Intermediate Holdco shall at all times (A) continue to own no less than 100% direct or indirect equity ownership interest in any Borrower or GP SPE Party
that is a limited liability company and 99% direct interest as a limited partner in any Borrower that is a limited partnership, (B) comply with each of the applicable covenants, terms and provisions set forth in clauses
(a)-(c) above, and (C) will cause its subsidiaries to comply with the provisions of this Section 5.2. 

  

	 	(g)	Holdco. Holdco shall be a limited liability company, whose sole asset is its direct or indirect interest in Borrower, SPE Party and Intermediate Holdco,
with provisions in its organizational documents limiting its purpose, authority and activities to those set forth in clauses (a) - (c) above, modified to allow such Holdco to act solely as a direct or indirect equity owner of Borrower, GP SPE
Party and Intermediate Holdco and to engage in no other business or activity. Such Holdco shall at all times (A) continue to own no less than 100% direct or indirect equity ownership interest in each Borrower, GP SPE Party and Intermediate
Holdco, (B) comply with each of the applicable covenants, terms and provisions set forth in clauses (a)-(c) above, and (C) will cause its subsidiaries to comply with the provisions of this Section 5.2.

  

	 	(h)	 Additional Requirements Applicable to each Borrower that is a Limited Liability Company, GP SPE Party and Intermediate Holdco. The
limited liability company agreement (the “Non-Holdco LLC Agreement”) of each Borrower that is a limited liability company, GP SPE Party and Intermediate Holdco (the “Non-Holdco”) shall provide that (i) upon the
occurrence of any event that causes the last remaining member of Non-Holdco (“Non-Holdco Member”) to cease to be the member of Non-Holdco (other than (A) upon an assignment by Non-Holdco Member of all of its limited
liability company interest in Non-Holdco and the admission of the transferee in accordance with the Loan Documents and the Non-Holdco LLC Agreement or (B) the resignation of Non-Holdco Member and the admission of an additional member of
Non-Holdco in accordance with the terms of the Loan Documents and the Non-Holdco LLC Agreement), a springing member, which shall be a Delaware corporation, shall, without any action of any other Person and simultaneously with the Non-Holdco Member
ceasing to be the member of Non-Holdco automatically be admitted to Non-Holdco as a member with a zero percent (0%) economic interest (“Corporate Special Member”) and shall continue Non-Holdco without dissolution and
(ii) Corporate Special Member may not resign from Non-Holdco or transfer its rights as Corporate Special Member unless (A) a successor special member has been admitted to Non-Holdco as a Corporate Special Member in accordance with
requirements of Delaware law. The Non-Holdco 

  

 19 

	 	 
LLC Agreement shall further provide that (i) Corporate Special Member shall automatically cease to be a member of Non-Holdco upon the admission to Non-Holdco of the first substitute member,
(ii) Corporate Special Member shall be a member of Non-Holdco that has no interest in the profits, losses and capital of Non-Holdco and has no right to receive any distributions of the assets of Non-Holdco, (iii) pursuant to
Section 18-301 of the Act, Corporate Special Member shall not be required to make any capital contributions to Non-Holdco and shall not receive a limited liability company interest in Non-Holdco, (iv) Corporate Special Member, in its
capacity as Corporate Special Member, may not bind Non-Holdco and (v) except as required by any mandatory provision of the Act, Corporate Special Member shall have no right to vote on, approve or otherwise consent to any action by, or matter
relating to, Non-Holdco including, without limitation, the merger, consolidation or conversion of Non-Holdco. In order to implement the admission to Non-Holdco of Corporate Special Member, Corporate Special Member shall execute a counterpart to the
Non-Holdco LLC Agreement. Prior to its admission to Non-Holdco as Corporate Special Member, Corporate Special Member shall not be a member of Non-Holdco. 

 

	 	(i)	Non-Consolidation Opinion. Borrower shall provide a bankruptcy non-consolidation opinion (“Non-Consolidation Opinion”) with respect to
Borrower, its equity owners, Guarantor and such other parties as Lender may reasonably require, prepared by counsel and in form and substance as approved by Lender. All of the facts stated and all of the assumptions made in the Non-Consolidation
Opinion, including, but not limited to, in any exhibits attached thereto, are true and correct in all respects. Borrower has complied with and will comply and will cause the compliance with all of the assumptions made with respect to Borrower in the
Non-Consolidation Opinion. 

  

	 	(j)	Independent Manager. As long as any obligation under the Loan is outstanding, Holdco at all times shall have at least two (2) Independent Managers
(defined below). The organizational documents of Borrower, GP SPE Party, Intermediate Holdco and Holdco shall provide that (I) the board of managers or other governing body of Borrower, GP SPE Party, Intermediate Holdco or Holdco, as
applicable, and the constituent members of Borrower and/or SPE Party, Intermediate Holdco or Holdco (the “Constituent Members”) shall not take any Material Action, unless at the time of such action there shall be at least two
(2) Independent Managers engaged by Holdco as provided by the terms hereof and the organizational documents of Holdco; (II) any resignation, removal or replacement of any Independent Managers shall not be effective without two (2) Business
Days’ prior written notice to Lender and the Rating Agencies accompanied by evidence that the replacement Independent Managers satisfies the applicable terms and conditions hereof and of the applicable organizational documents; (III) to the
fullest extent permitted by applicable law, including Section 18-1101(c) of the Act, and notwithstanding any duty otherwise existing at law or in equity, the Independent Managers shall consider only the interests of the Constituent Members and
Borrower, any GP SPE Party, Intermediate Holdco and Holdco, depending on which company is subject to the Material Action (including such entities’ respective creditors) in acting or otherwise voting on the Material Action (which such fiduciary
duties to the Constituent Members, in each case, shall be deemed to apply solely to the extent of their respective economic interests in Borrower, GP SPE Party, Intermediate Holdco or Holdco (as applicable) exclusive of (x) all other interests
(including, without limitation, all other interests of the Constituent Members), (y) the interests of other Affiliates of the Constituent Members, Borrower, GP SPE Party, Intermediate Holdco and Holdco and (z) the interests of any group of
Affiliates of which the Constituent Members, Borrower, GP SPE Party, Intermediate Holdco and Holdco is a part)); (IV) other than as provided in subsection (III) above, the Independent Managers shall not have any fiduciary duties to any Constituent
Members, any managers of Borrower, GP SPE Party, Intermediate Holdco or Holdco or any other Person; (V) the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing under applicable law; and (VI) to the
fullest extent permitted by applicable law, including Section 18-1101(e) of the Act, an Independent Manager shall not be liable to Borrower, GP SPE Party, Intermediate Holdco, Holdco, or any Constituent Member or any other Person for breach of
contract or breach of duties (including fiduciary duties), unless the Independent Manager acted in bad faith or engaged in willful misconduct. 

  

 20 

 For purposes of this paragraph, a “special purpose entity” is an entity whose
organizational documents contain restrictions on its activities and impose requirements intended to preserve such entity’s separateness that are substantially similar to the provisions of this Section 5.2. 

 

	 	(k)	Additional Requirements Applicable to Holdco. The limited liability company agreement of Holdco (the “LLC Agreement”) shall provide that
(i) upon the occurrence of any event that causes the last remaining member of Holdco (“Member”) to cease to be the member of Holdco (other than (A) upon an assignment by Member of all of its limited liability company
interest in Holdco and the admission of the transferee in accordance with the Loan Documents and the LLC Agreement or (B) the resignation of Member and the admission of an additional member of Holdco in accordance with the terms of the Loan
Documents and the LLC Agreement), any Person acting as Independent Manager of Holdco shall, without any action of any other Person and simultaneously with the Member ceasing to be the member of Holdco automatically be admitted to Holdco as a member
with a zero percent (0%) economic interest (“Special Member”) and shall continue Holdco without dissolution and (ii) Special Member may not resign from Holdco or transfer its rights as Special Member unless (A) a successor
Special Member has been admitted to Holdco as a Special Member in accordance with requirements of Delaware law and (B) after giving effect to such resignation or transfer, there remains at least two (2) Independent Managers of Holdco. The
LLC Agreement shall further provide that (i) Special Member shall automatically cease to be a member of Holdco upon the admission to Holdco of the first substitute member, (ii) Special Member shall be a member of Holdco that has no
interest in the profits, losses and capital of Holdco and has no right to receive any distributions of the assets of Holdco, (iii) pursuant to Section 18-301 of the Act, Special Member shall not be required to make any capital
contributions to Holdco and shall not receive a limited liability company interest in Holdco, (iv) Special Member, in its capacity as Special Member, may not bind Holdco and (v) except as required by any mandatory provision of the Act,
Special Member in its capacity as a Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, Holdco including, without limitation, the merger, consolidation or conversion of Borrower or
SPE Party; provided, however, such prohibition shall not limit the obligations of Special Member, in its capacity as Independent Manager, to vote on such matters required by the Loan Documents or the LLC Agreement. In order to implement the
admission to Holdco of Special Member, Special Member shall execute a counterpart to the LLC Agreement. Prior to its admission to Holdco as Special Member, Special Member shall not be a member of Holdco, but Special Member may serve as an
Independent Manager of Holdco. 

  

	 	(l)	 Additional Requirements Applicable to Limited Liability Companies. The limited liability company agreement of any limited liability
company that is required hereby to comply with this Section 5.2 shall further provide, that upon the occurrence of any event that causes the Member or Non-Holdco Member to cease to be a member of such limited liability company to the fullest
extent permitted by law, the personal representative of member shall, within ninety (90) days after the occurrence of the event that terminated the continued membership of Member or Non-Holdco Member in such limited liability company agree in
writing (i) to continue such limited liability company and (ii) to an admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of such limited liability company effective as of the
occurrence of the event that terminated the continued membership of Member or Non-Holdco Member in such limited liability company. Any action initiated by or brought against Member, Non-Holdco Member, Corporate Special Member or Special Member under
any Creditors Rights Laws shall not cause Member, Non-Holdco Member, Corporate Special Member or Special Member to cease to be a member of such limited liability company and upon the occurrence of such an event, the business of such limited
liability company shall continue without dissolution. The limited liability company agreement of such limited liability company shall provide that each of Member, Non-Holdco Member, Corporate Special Member and Special Member waives any right it
might have to agree in writing to dissolve such limited liability company upon the occurrence of any action initiated by or brought against Member, Non-Holdco Member, Corporate Special Member or Special Member under any Creditors Rights Laws, or the
occurrence of an event that causes Member, Non-Holdco Member, Corporate Special Member or Special Member 

  

 21 

	 	 
to cease to be a member of such limited liability company. For purposes of this subsection 5.2(h), “Creditors Rights Laws” shall mean any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to its debts or debtors.

  

	 	(m)	Compliance Certificates. Not later than ninety (90) days after and as of the end of each fiscal year and at any other time upon request from Lender,
Borrower shall provide an Officer’s Certificate certifying as to Borrower’s continued compliance with the terms of this Section 5.2 and the terms of the Cash Management Agreement. Additionally, Borrower shall provide Lender
with such other evidence of Borrower’s compliance with this Section 5.2 and the terms of the Cash Management Agreement as Lender may reasonably request from time to time. 

 

	 	(n)	Past Separateness. Northrop VA Borrower hereby represents that, from the date of its formation on April 10, 2003, through the Closing Date, that it:

  

	 	(i)	has not entered into any contract or agreement with any of its Affiliates, constituents, or owners, or any guarantors of any of its obligations or any Affiliate of any
of the foregoing (individually, a “Related Party” and collectively, the “Related Parties”), except upon terms and conditions that are commercially reasonable and substantially similar to those available in an
arm’s-length transaction with an unrelated party; 

  

	 	(ii)	has paid all of its debts and liabilities from its assets; 

  

	 	(iii)	has done or caused to be done all things necessary to observe all organizational formalities applicable to it and to preserve its existence; 

 

	 	(iv)	has maintained all of its books, records, financial statements and bank accounts separate from those of any other Person, except in accordance with principals of
consolidation in conformity with generally accepted accounting principals; 

  

	 	(v)	has not had its assets listed as assets on the financial statement of any other Person; 

 

	 	(vi)	has filed its own tax returns (except to the extent that it has been a tax-disregarded entity not required to file tax returns under applicable law) and, if it is a
corporation, has not filed a consolidated federal income tax return with any other Person; 

  

	 	(vii)	has been, and at all times has held itself out to the public as, a legal entity separate and distinct from any other Person (including any Affiliate or other Related
Party); 

  

	 	(viii)	has corrected any known misunderstanding regarding its status as a separate entity; 

 

	 	(ix)	has conducted all of its business and held all of its assets in its own name; 

 

	 	(x)	has not identified itself or any of its affiliates as a division or part of the other; 

 

	 	(xi)	has maintained and utilized separate stationery, invoices and checks bearing its own name, to the extent necessary to correct any known misunderstanding regarding its
status as a separate entity; 

  

	 	(xii)	has not commingled its assets with those of any other Person and has held all of its assets in its own name; 

 

	 	(xiii)	 has not guaranteed or become obligated for the debts of any other Person, except with respect to that certain First Guaranty and Suretyship Agreement
dated as of April 28, 2008 and that certain Second Guaranty and Suretyship Agreement dated as of April 28, 

 

 22 

	 	 
2008, in each case guaranteeing obligations of iStar CTL Finance LLC, a Delaware limited liability company (the “Subsidiary”) under that certain Loan Agreement dated as of
April 28, 2008, between the Subsidiary, as borrower, and General Electric Capital Corporation, as lender (the “GE Loan Agreement”), which guarantees are no longer outstanding, or as of the date hereof will not be, outstanding;

  

	 	(xiv)	has not held itself out as being responsible for the debts or obligations of any other Person; 

 

	 	(xv)	has allocated fairly and reasonably any overhead expenses that have been shared with an Affiliate, including paying for office space and services performed by any
employee of an Affiliate or Related Party; 

  

	 	(xvi)	has not pledged its assets to secure the obligations of any other Person, except with respect to guaranteeing obligations of the Subsidiary under the GE Loan Agreement,
which guarantees are no longer, or as of the date hereof will not be, outstanding, and no such pledge remains, or as of the date hereof will be, outstanding; 

 

	 	(xvii)	has maintained adequate capital in light of its contemplated business operations; 

 

	 	(xviii)	has maintained a sufficient number of employees, if any, in light of its contemplated business operations and has paid the salaries of its own employees, if any, from
its own funds; 

  

	 	(xix)	has not owned any subsidiary or any equity interest in any other entity, except for [its limited liability company interests in the Subsidiary;

  

	 	(xx)	has not incurred any indebtedness except indebtedness incurred pursuant to, or permitted under, the GE Loan Agreement that is no longer, or as of the date hereof, will
not be, outstanding; 

  

	 	(xxi)	has not had any of its obligations guaranteed by an affiliate, except for guarantees that have been either released or discharged or guarantees incurred pursuant to, or
permitted under, the GE Loan Agreement that is no longer, or as of the date here, will not be, outstanding; and 

  

	 	(xxii)	none of the tenants holding leasehold interests with respect to the Property are affiliated with the Northrop VA Borrower. 

 

	5.3	REPRESENTATIONS; RECYCLED ENTITIES. 

Northrop VA Borrower hereby represents that it: 
  

	 	(a)	is and always has been duly formed, validly existing, and in good standing in the state of its formation and in all other jurisdictions where it is qualified to do
business; 

  

	 	(b)	has no judgments or liens of any nature against it except for tax liens not yet due and liens created or imposed pursuant to or permitted under the GE Loan Agreement;

  

	 	(c)	is in compliance in all material respects with all laws, regulations, and orders applicable to it and, except as otherwise disclosed in this Agreement, has received all
permits necessary for it to operate; 

  

	 	(d)	is not involved in any dispute with any taxing authority; 

  

	 	(e)	has paid all taxes which it owes; 

  

 23 

	 	(f)	other than its limited liability company interest in the Subsidiary, has never owned any real property other than the property that is the subject of the current
transaction and personal property necessary or incidental to its ownership or operation of the applicable Individual Property and has never engaged in any business other than the ownership and operation of the applicable Individual Property;

  

	 	(g)	is not now, nor has ever been, party to any lawsuit, arbitration, summons, or legal proceeding that is still pending or that resulted in a judgment against it that has
not been paid in full, reversed or otherwise fully resolved, which in either case would reasonably be expected to have a Material Adverse Effect; 

  

	 	(h)	has provided Lender with financial statements relating to the Northrop VA Borrower that are required under this Agreement; and 

 

	 	(i)	has no material contingent or actual obligations not related to the Property except indebtedness incurred pursuant to, or permitted under, the GE Loan Agreement.

 ARTICLE 6. HAZARDOUS MATERIALS 

 

	6.1	HAZARDOUS MATERIALS INDEMNITY AGREEMENT. 

Simultaneously herewith, Borrower and Guarantor have executed and delivered to Lender the Hazardous Materials Indemnity Agreement, which
Hazardous Materials Indemnity Agreement is not secured by the Mortgage. 
 ARTICLE 7. COVENANTS OF BORROWER 

  

	7.1	COSTS AND EXPENSES. 

Borrower shall, within ten (10) Business Days of demand, pay Lender all reasonable, out-of-pocket third party costs and expenses
incurred by Lender in connection with: (a) the preparation of this Agreement and all other Loan Documents contemplated hereby; (b) any modifications and amendments, if any, of this Agreement or any of the other Loan Documents; (c) the
processing of any Borrower requests made hereunder and under any of the other Loan Documents; (d) the enforcement or satisfaction by Lender of any of Borrower’s obligations under this Agreement and the other Loan Documents; or
(e) otherwise protecting Lender’s interests under this Agreement and any other Loan Document, including, without limitation, in connection with any “work-out” of the Loan or any bankruptcy, insolvency, receivership,
reorganization, rehabilitation, liquidation or other similar proceeding in respect of any Obligor or an assignment by any Obligor for the benefit of its creditors. For all purposes of this Agreement, Lender’s reasonable costs and expenses as
described above (collectively, “Costs and Expenses”) shall also include, without limitation, as allocable to the Loan, all appraisal fees, cost engineering and inspection fees, reasonable third party legal fees and expenses, third
party accounting fees, fees for the disbursement of any Impounds as set forth in Section 4.5 hereof, environmental and other consultant fees, auditor fees, and the cost to Lender of any title insurance premiums and title company charges
(including for down dates, abstracts, tax certificates, title insurance endorsements required by Lender, and UCC financing statements, tax lien and litigation searches), surveys, recording, reconveyance and notary fees, any transfer and mortgage
taxes, any rating agency fees and expenses for the initial securitization of the Loan, and any loan servicing and special servicing fees and expenses (including, without limitation, any “work-out” and/or liquidation fees), any interest
payable to any servicer, any special servicer or any trustee pursuant to a trust and servicing agreement in respect of advances made by any of the foregoing; all compensation payable to any special servicer in connection with servicing the Loan when
it is a specially serviced loan or its administration of any of the Property foreclosed upon; and, except for the regular monthly fee payable to the servicer, any other cost, fee or expense of the trust fund administering the Loan
(including, but not limited to, reimbursements to the trustee thereof, the servicer, any special servicer, any certificate administrator thereunder and related Persons of each of the foregoing and indemnification to Persons entitled thereto
pursuant to any trust and servicing agreement governing the Loan, taxes related to the Loan or the Property payable from the assets of the applicable trust fund, tax related expenses (other than the

  

 24 

 
recurring expenses of filing or furnishing annual or other tax or information returns, reports or schedules, which will be paid by any certificate administrator) and the cost of various
opinions of counsel required to be obtained in connection with servicing the Loan and administration of the trust fund). Borrower recognizes and agrees that formal written appraisals of the Property by a licensed independent appraiser
may be required by Lender’s internal procedures and/or federal regulatory reporting requirements on an annual and/or specialized basis and that Lender may, at its option, require inspection of the Property by an independent supervising
architect and/or cost engineering specialist at least semiannually. If any of the services described above are provided by an employee of Lender, Lender’s costs and expenses for such services shall be calculated in accordance with Lender’s
standard charge for such services. Notwithstanding the foregoing, Borrower shall not be required to pay for more than one appraisal (or for the aforementioned architect and cost engineering specialist more than once) during the term of the Loan
unless a Default occurs and is continuing or as otherwise required by law. In addition, if Borrower is undertaking a Restoration or is performing Work that requires the obtaining of a building permit, then Borrower shall pay the reasonable
out-of-pocket costs of architect’s, engineers and other consultants retained by Lender to review the performance of such Restoration or Work. Notwithstanding anything in this Agreement or any other Loan Document to the contrary, whenever any
term or provision in any Loan Document provides that Borrower (or Guarantor) shall pay Lender’s costs or expenses, such term or provision shall be deemed to mean that Borrower (or Guarantor) shall be responsible to pay only those third party
out of pocket costs and expenses actually incurred by Lender. 
  

	7.2	ERISA COMPLIANCE. 

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

  

	7.3	MANAGEMENT OF PROPERTY; BROKERAGE AGREEMENTS; OTHER AGREEMENTS. 

 

	 	(a)	The Property shall at all times be managed by a Qualified Manager pursuant to a management agreement reasonably approved by Lender and subordinated and assigned to
Lender (unless a Property is being managed by a tenant other than pursuant to a separate management agreement). Without the prior written consent of Lender, Borrower shall not enter into any other third party property management contracts. Each such
contract shall be expressly subordinated to the Loan on terms and conditions reasonably acceptable to Lender. Borrower shall engage leasing brokers listing contracts only on market terms, and all such contracts shall be expressly subordinated to the
Loan and shall be entered into using a form that has been reasonably approved by Lender in writing. 

  

	 	(b)	Borrower shall not enter into or amend, modify or terminate any Material Contract without the prior written consent of Lender, which consent shall not be unreasonably
withheld, conditioned or delayed. 

  

	 	(c)	In the event of the transfer of the management of the Property to an Affiliated Manager, such transfer shall be conditioned upon delivery to Lender of a new
Non-Consolidation Opinion addressing such transfer. 

  

	7.4	COVENANTS - LEASES; MAJOR LEASES. 

  

	 	(a)	Leases. Borrower shall, at Borrower’s sole cost and expense: 

 

	 	(i)	perform in all material respects all obligations of the landlord under the Leases and use reasonable efforts to enforce performance by the tenants of all obligations of
the tenants under the Leases; 

  

 25 

	 	(ii)	use reasonable efforts to keep the Property leased at all times to tenants Borrower reasonably and in good faith believes are creditworthy, at rents not less than the
fair market rental value (including, but not limited to, free or discounted rents to the extent the market so requires); 

  

	 	(iii)	promptly deliver to Lender upon execution, a copy of each Lease and all amendments thereto and waivers thereof; and 

 

	 	(iv)	subject to the rights and obligations set forth under the respective Leases, shall assign to Lender as additional collateral for the Loan any and all security deposits
and letters of credit delivered by any tenant to Borrower, including, without limitation, the letter of credit (and any replacement or substitution thereof) delivered to Borrower pursuant to the Goodyear Lease. 

Unless consented to in writing by Lender or otherwise permitted under any other provision of the Loan Documents (or unless provided under
any existing Leases), Borrower shall not: 
  

	 	(i)	grant any tenant under any Lease any option, right of first refusal or other right to purchase all or any portion of the Property under any circumstances (provided,
however, if the right to purchase is for an amount in excess of the Release Price of the Property, Lender’s consent right to any of the foregoing shall not be unreasonably withheld); 

 

	 	(ii)	grant any tenant under any Lease any right to prepay rent more than one (1) month in advance; 

 

	 	(iii)	except upon Lender’s request, execute any assignment of landlord’s interest in any Lease; 

 

	 	(iv)	collect rent or other sums due under any Lease in advance, other than to collect rent one (1) month in advance of the time when it becomes due; or

  

	 	(v)	enter into any Lease which (aa) is not on fair market terms (which terms may include free or discounted rent and tenant allowances to the extent the market so
requires); (bb) does not contain a provision requiring the tenant to execute and deliver to the landlord an estoppel certificate in form and substance reasonably satisfactory to the landlord promptly upon the landlord’s request; or (cc) does
not contain subordination, non-disturbance and attornment provisions (including the requirement to provide notice and cure to landlord’s lender in the event of a landlord default) reasonably satisfactory to Lender. 

 

	 	(b)	Major Leases. In addition to the requirements of subsection (a) above, with respect to any Major Lease (as defined below), unless consented to
in writing by Lender (which consent shall not be unreasonably withheld) or otherwise permitted under any other provision of the Loan Documents, Borrower shall not: 

 

	 	(i)	enter into any Major Lease; 

  

	 	(ii)	terminate (unless the tenant is in monetary default thereunder), modify or amend a Major Lease (including the term thereof); or 

 

	 	(iii)	release or discharge the tenant or any guarantor under any Major Lease from any material obligation thereunder. 

The term “Major Lease,” as used herein, shall mean any Lease, which is, at any time, a Lease of more than twenty-five
percent (25%) of the total rentable area of any Individual Property, as reasonably determined by Lender. Borrower’s obligations with respect to Major Leases shall be governed by the provisions of this Section 7.4. 

 

	 	(c)	 Lease Payment Event. Borrower shall deposit with Lender any sums received by Borrower in consideration of any termination, modification
or amendment, or settlement (other than a 

  

 26 

	 	 
settlement for the payment of past due rent) of any Lease or any release or discharge of any tenant under any Lease from any obligation thereunder (a “Lease Payment Event”) and
any such sums received by Borrower shall be held in trust by Borrower for the benefit of Lender. Any such sums shall be promptly paid to Lender for deposit by Lender into the General TI Impound or an impound created specifically for the re-tenanting
of such space. Provided no Default is continuing, any such amounts so deposited shall be returned to Borrower upon the re-leasing of such terminated space and from time to time upon incurrence of associated Leasing Costs.

  

	 	(d)	Material Default. Borrower shall, at Borrower’s sole cost and expense, give Lender prompt written notice of any default by landlord or tenant under
any Major Lease of which Borrower has knowledge and which has a Material Adverse Effect. 

  

	 	(e)	Lender Consent Required. Any Lease that does not satisfy the requirements of this Section 7.4 shall, subject to subsection
(f) below, require the prior written consent of Lender, such consent not to be unreasonably withheld. Notwithstanding the foregoing, any Major Lease shall, subject to subsection (f) below, require the prior written consent of
Lender. Any Lease that is not a Major Lease which satisfies the requirements of Section 7.4(a) shall not require Lender’s written consent. 

 

	 	(f)	Request for Approval; Failure to Deny Request. Lender’s failure to deny any written request by Borrower for Lender’s consent required under this
Section 7.4 or to request additional information in response to such request within ten (10) Business Days after Lender’s receipt of such request (and all lease documents and information reasonably related thereto,
“Lease Documents”) shall be deemed to constitute Lender’s consent to such request and Lease Documents; provided that said written request to Lender conspicuously state in 12 point or larger bold type “PURSUANT TO
SECTION 7.4(f) OF THE LOAN AGREEMENT, BORROWER’S REQUEST FOR APPROVAL OF THE LEASE SHALL BE DEEMED APPROVED IF LENDER DOES NOT DECLINE APPROVAL IN WRITING OR REQUEST ADDITIONAL INFORMATION REASONABLY RELATED THERETO IN WRITING WITHIN TEN
(10) BUSINESS DAYS OF THIS LETTER, THE ENCLOSED LEASE AND RELATED INFORMATION AS DESCRIBED HEREIN.” In the event that Lender requests additional information to complete its review within the initial ten (10) Business Day period after
Borrower’s written request for approval, Lender’s failure to deny such request by Borrower within five (5) Business Days after receipt of all of the information Lender has requested to complete its review shall be deemed to constitute
Lender’s consent to such request; provided that all of the information requested by Lender is delivered and such information conspicuously states in 12 point or larger bold type “PURSUANT TO SECTION 7.4(f) OF THE LOAN AGREEMENT,
BORROWER’S REQUEST FOR APPROVAL OF THE LEASE SHALL BE DEEMED APPROVED IF LENDER DOES NOT DECLINE APPROVAL IN WRITING OR REQUEST ADDITIONAL INFORMATION REASONABLY RELATED THERETO IN WRITING WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT OF THIS
ADDITIONAL INFORMATION AS DESCRIBED HEREIN.” 

  

	 	(g)	 Security Deposits. As additional security for the Loan, Borrower has assigned to Lender all of Borrower’s right, title and interest
in and to any security deposits or letters of credit delivered to Borrower by tenants at the Property as security for such tenants’ obligations under their respective Leases. Lender shall draw on any such letters of credit upon delivery to
Lender of an Officer’s Certificate from Borrower specifying what conditions exist under the applicable Lease entitling the Borrower to draw on such letter of credit. Any letters of credit assigned to Lender and held by Lender pursuant to the
terms hereof shall be held in accordance with the terms of the applicable Lease and all applicable laws. Lender shall return to Borrower any letters of credit held by Lender hereunder upon the expiration of the Lease applicable to such letter of
credit (or sooner, if required by the terms of such Lease) or upon payment in full of the Loan, or upon the release of the applicable Property pursuant to the terms hereof (and Lender shall execute and deliver any and all assignment documents
required or requested by the issuing bank in order to assign any such letters of credit to Borrower or any other entity requested by Borrower). Within ten (10) days of the date hereof, Borrower shall deliver to Lender executed documentation, in
form and substance 

  

 27 

	 	 
reasonably acceptable to Lender, from the respective issuers of the letters of credit evidencing the assignment of such letters of credit from Borrower to Lender (such obligation, collectively,
the “Letter of Credit Assignment”). 

  

	7.5	ASSIGNMENT OF INDEMNIFICATION. 

On the date hereof, Northrop VA Borrower and TROP collaterally assigned to Lender all of their respective right, title and interest in and
to that certain Indemnity and Direction Agreement dated June 25, 2010 from iStar Financial Inc. to Northrop VA Borrower, TROP, TRT and TRT Acquisitions. 
  

	7.6	RIGHT OF SUBORDINATION. 

Lender may at any time and from time to time by specific written instrument intended for such purpose, unilaterally subordinate the lien
of the Mortgage to any Lease, without joinder or consent of, or notice to, Borrower, any tenant or any other Person. No subordination referred to in this Section 7.6 shall constitute a subordination to any lien or other encumbrance,
whenever arising, or improve the right of any junior lienholder. Nothing herein shall be construed as subordinating the Mortgage to any Lease. 
  

	7.7	FURTHER ASSURANCES. 

Upon Lender’s reasonable request and at Borrower’s sole cost and expense, Borrower shall execute, acknowledge and deliver any
other instruments and perform and/or consent to any other acts necessary, desirable or proper, as reasonably determined by Lender, to carry out the purposes of this Agreement and the other Loan Documents or to perfect and preserve any security
interests or liens created by the Loan Documents; provided, however, that no such instruments shall (1) increase any of the obligations, or reduce any of the rights, of Borrower or Guarantor under the Loan Documents, (2) increase any costs
or expenses payable by Borrower or Guarantor under the Loan Documents or (3) reduce any of the obligations, or increase any of the rights, of Lender under the Loan Documents. The foregoing covenant includes, without limitation, Borrower’s
consent to the revision of any Loan Document in order to correct any scrivener, clerical or similar errors or to modify any term, condition or provision thereof in order to satisfy the provisions of this Section 7.7. 

 

	7.8	ASSIGNMENT. 

Without the prior written consent of Lender, Borrower shall not (except as otherwise permitted under Articles 14 and 15 hereof) assign
Borrower’s interest under any of the Loan Documents, or in any monies due or to become due thereunder, and any assignment without such consent shall be void. 
  

	7.9	EXISTENCE. 

Borrower shall at all times maintain its current legal existence and preserve and keep in full force and effect its legal rights and
authority. 
  

	7.10	COMPLIANCE WITH LAWS, ETC. 

Borrower shall (a) comply in all material respects with all applicable laws, and all restrictive covenants of record affecting
Borrower or the Property, performance, prospects, assets or operations of Borrower, and (b) seek to obtain as needed all permits necessary for its operations and maintain such in good standing. 

 

	7.11	LITIGATION. 

Borrower shall promptly notify Lender in writing of any litigation pending or threatened in writing against Borrower (which is not covered
by insurance) claiming damages in excess of Two Hundred and Fifty Thousand and No/100 Dollars ($250,000.00) and of all pending or threatened (in writing) litigation against Borrower if the aggregate damage claims against Borrower exceed One Million
and No/100 Dollars ($1,000,000.00). 
  

 28 

	7.12	MERGER, CONSOLIDATION, TRANSFER OF ASSETS. 

Without limiting Borrower’s obligations under Section 5.2, Article 14 and Article 15 of this Agreement,
Borrower shall not: (a) merge or consolidate with any other entity; (b) make any substantial change in the nature of Borrower’s business or structure; (c) acquire all or substantially all of the assets of any other entity; or
(d) sell, lease, assign, Transfer or otherwise dispose of a material part of Borrower’s assets, except in the ordinary course of Borrower’s business or as otherwise permitted hereunder (including under Section 7.4 and
Article 15 hereof). 
  

	7.13	ACCOUNTING RECORDS. 

Borrower shall maintain adequate books and records in accordance with the same accounting standard used by Borrower to prepare the
financial statements delivered to and approved by Lender in connection with the making of the Loan or other accounting standards reasonably approved by Lender. Borrower shall permit any representative of Lender, at any reasonable time and from time
to time during business hours, upon reasonable advance written notice (but not more frequently than one time per calendar year unless a Default shall be continuing), to inspect, audit and examine such books and records and make copies of same.

  

	7.14	PAYMENT OF TAXES AND CLAIMS. 

Borrower shall pay (or cause to be paid) (a) all taxes, assessments and other governmental charges imposed upon it or on any of its
properties or assets or in respect of any of its franchises, business, income or property before any penalty or interest accrues thereon (unless Lender is paying the same pursuant to the terms hereof or unless Borrower is contesting any such taxes,
assessments or other governmental charges in good faith pursuant to Section 17.7 herein) and (b) except to the extent being contested in good faith by appropriate proceedings and for which appropriate reserves (which may be funds
then held as Impounds, as determined in Lender’s reasonable discretion) have been established, all claims (including, without limitation, claims for labor, services, materials and supplies) for sums, which have become due and payable and which
by law have or may become a lien or encumbrance, other than a judgment lien, upon any of Borrower’s properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto. 

 

	7.15	MAINTENANCE OF PROPERTY. 

Borrower shall maintain (or cause to be maintained) in good repair, working order and condition in all material respects, excepting
ordinary wear and tear, the Property and will make or cause to be made all appropriate repairs, renewals and replacements thereof. 
  

	7.16	QUALIFICATION, NAME; EXISTENCE. 

Borrower shall qualify and remain qualified to do business in the jurisdiction in which the Property is located or in which the nature of
its business requires it to be so qualified. Borrower will transact business solely in its own name. Borrower will not change its name, address or state of organization without giving prior written notice thereof to Lender. Borrower shall at all
times maintain its current legal existence and preserve and keep in full force and effect its legal rights and authority. 
  

	7.17	ALTERATIONS. 

Lender’s prior approval (which approval shall not be unreasonably withheld or delayed) shall be required in connection with any
alterations to any Improvements (a) that would be reasonably expected to have a Material Adverse Effect, (b) the cost of which in the aggregate with all ongoing alterations is reasonably anticipated to exceed the Alteration Threshold or
(c) that are structural in nature, except in each case for alterations or tenant improvements being made expressly pursuant to existing Leases entered into pursuant to Section 7.4 or existing as of the date hereof (and as such are
deemed approved by Lender). If the total unpaid amounts incurred and to be incurred with respect to any alterations to the Improvements under subsection (b) above shall at any time exceed the Alteration Threshold (other than Improvements for
which 
  

 29 

 
Borrower has deposited Impounds as required hereunder), Borrower shall, if required in writing by Lender, promptly deliver to Lender as security for the payment of such amounts and as additional
security for Borrower’s obligations under the Loan Documents any of the following: (i) cash, (ii) U.S. Obligations, (iii) other securities acceptable to Lender, or (iv) a completion bond acceptable to Lender. Such security
shall be in an amount equal to the excess of the total unpaid amounts incurred and to be incurred with respect to such alterations to the Improvements over the Alteration Threshold. In addition to Borrower’s obligation to post security if the
alteration exceeds the Alteration Threshold, Borrower shall deliver to Lender title coverage reasonably acceptable to Lender to insure Lender for any mechanic’s liens filed in connection with such alteration to the extent such title coverage is
available at a reasonable cost in the jurisdiction in which the Property is located. Any such security or excess funds shall be disbursed to Borrower to pay or reimburse Borrower for completed work related to such alterations, provided Borrower
complies with the requirements for disbursements for work as set forth in Section 4.4.4(d) of Exhibit E (such work being performed in connection with such alterations being deemed “Work” in Section 4.4.4(d) of Exhibit
E only for the purposes of disbursements pursuant to this Section 7.17). All such security or excess funds remaining after completion of the alteration shall be promptly returned to Borrower. 

 

	7.18	COMPLIANCE WITH PATRIOT ACT. 

Borrower covenants and agrees that in the event Borrower receives any notice that Borrower, SPE Party, Guarantor, any property manager (if
such property manager is an Affiliate of Borrower) (or any of their respective beneficial owners, affiliates or participants) or any Person that has an interest in the Property (including, without limitation, any tenant at the Property) become
listed on any list promulgated under the Patriot Act or is indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, Borrower shall immediately notify Lender. At Lender’s option,
it shall be a Default hereunder if Borrower, SPE Party or Guarantor becomes listed on any list promulgated under the Patriot Act or is indicted, arraigned or custodially detained on charges involving money laundering or predicate crimes to money
laundering. 
  

	7.19	ACCESS TO PROPERTY. 

Borrower shall permit agents, representatives and employees of Lender to inspect the Property or any part thereof at reasonable hours upon
reasonable advance written notice subject to the tenant’s rights under the applicable Lease. 
  

	7.20	NOTICE OF DEFAULT. 

Borrower shall promptly advise Lender of any Material Adverse Effect or of the occurrence of any Default of which Borrower has knowledge.

  

	7.21	COOPERATE IN LEGAL PROCEEDINGS. 

Borrower shall cooperate fully with Lender with respect to any proceedings before any court, board or other Governmental Authority which
may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any of the Note, the Mortgage or the other Loan Documents and, in connection therewith, permit Lender, at its election, to participate in any such
proceedings. 
  

	7.22	PERFORMANCE BY BORROWER. 

Borrower shall (a) in a timely manner observe, perform and fulfill each and every covenant, term and provision to be observed and
performed by Borrower under this Agreement, the Mortgage, the Note and the other Loan Documents and (b) in a timely manner observe, perform and fulfill, in all material respects, its material obligations under any other agreement or instrument
affecting or pertaining to the Property and any amendments, modifications of changes thereto. 
  

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	7.23	ESTOPPEL CERTIFICATES. 

  

	 	(a)	Borrower Estoppel. After request by Lender, Borrower shall, within twenty (20) days of such request (but in any event, unless a Default is
continuing, not more frequently than twice per calendar year), furnish Lender or any proposed assignee with a statement, duly acknowledged and certified, setting forth (i) the original principal amount of the Note, (ii) the unpaid
principal amount of the Note, (iii) the rate of interest of the Note, (iv) the terms of payment and maturity date of the Note, (v) the date installments of interest and/or principal were last paid, (vi) that, except as provided
in such statement, no Default exists, (vii) that this Agreement, the Note, the Mortgage and the other Loan Documents are valid, legal and binding obligations and have not been modified or if modified, giving particulars of such modification,
(viii) to Borrower’s knowledge, whether any offsets or defenses exist against the obligations secured hereby and, if any are alleged to exist, a detailed description thereof, (ix) that all Leases are in full force and effect and have
not been modified (or if modified, setting forth all modifications), (x) the date to which the Payments thereunder have been paid pursuant to the Leases, (xi) whether or not, to the best knowledge of Borrower, any of the lessees under the
Leases are in default in any material respect under the Leases, and, if any of the lessees are in default, in any material respect setting forth the specific nature of all such defaults, (xii) the amount of security deposits held by Borrower
under each Lease and that such amounts are consistent with the amounts required under each Lease, and (xiii) as to any other matters reasonably requested by Lender and reasonably related to the Leases, the obligations created and evidenced
hereby and by the Mortgage or the Property. 

  

	 	(b)	Borrower shall use commercially reasonable efforts to deliver to Lender, promptly upon request, (but in any event not more frequently than one time per calendar year),
duly executed estoppel certificates from any one or more tenants as required by Lender attesting to such facts regarding the Lease as Lender may require, including, but not limited to, attestations that each Lease covered thereby is in full force
and effect with no defaults thereunder on the part of any party, that no rent under such Leases have been paid more than one (1) month in advance, except as security, and that the tenant claims no defense or offset against the full and timely
performance of its obligations under the Lease. 

  

	 	(c)	In connection with a Secondary Market Transaction in connection with the Loan (or any portion thereof or interest therein), at Lender’s request, Borrower shall
provide an estoppel certificate to any investor or any prospective investor in such form, substance and details as Lender, such investor or prospective investor may reasonably require. 

 

	 	(d)	Borrower shall use commercially reasonable efforts to deliver to Lender, upon request, estoppel certificates from each party under any REA in form and substance
reasonably acceptable to Lender. 

  

	 	(e)	On an annual basis, Lender shall promptly provide information reasonably requested by Borrower to assist with Borrower’s annual auditing, provided such information
is not confidential and is readily available. Any such information shall be provided without representation or warranty and Borrower shall pay any reasonable third party costs of Lender associated therewith. 

 

	7.24	ADVISOR. 

 TROP
shall at all times be operated by an experienced professional advisory firm (or have internal management similar to what an advisory firm provides) regularly engaged in the operation and advisement of real estate investment trusts similar in
experience and expertise to TRT. 
  

	7.25	NO JOINT ASSESSMENT. 

Borrower shall not consent to or initiate the joint assessment of the Property with (a) any other real property constituting a tax
lot separate from the Property, or (b) any portion of the Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or
levied or charged to the Property. 
  

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	7.26	REA COVENANTS. 

Borrower agrees that, without the prior consent of Lender, Borrower will not enter into any new REA or execute modifications to any
existing REA if such new REA or such modifications will have a Material Adverse Effect. Borrower shall enforce, shall comply with, and shall use commercially reasonable efforts to cause each of the parties to each REA to comply with all of the terms
and conditions contained in such REA. 
  

	7.27	DEFERRED MAINTENANCE. 

Within one hundred eighty (180) days of the date hereof, Borrower shall complete the repairs and replacements as described on
Exhibit E-1 attached hereto (the “Deferred Maintenance”). Notwithstanding the foregoing, for those items set forth on Exhibit E-1 and identified as “Tenant Responsibility”, Borrower shall not be required to
complete the Deferred Maintenance itself, but shall be required to enforce the terms of the applicable Lease to cause the tenant under such Lease to perform such repairs as and when required pursuant to the terms of the applicable Lease. 

 

	7.28	LOAN TO COST. 

 At
all times while the Mezzanine Loan or any New Mezzanine Loan shall be in existence, the loan-to-cost ratio (calculated as the quotient of (i) the sum of (A) the outstanding principal balance of the Loan and (B) the outstanding
principal balance of the Mezzanine Loan or the New Mezzanine Loan, as applicable, and (ii) the purchase price of all Properties) shall not exceed seventy-five percent (75%). 

ARTICLE 8. FINANCIAL COVENANTS 
  

	8.1	STATEMENTS REQUIRED. 

During the term of the Loan and while any portion of the Debt remains outstanding, unless Lender otherwise consents in writing or, if
prior to a Securitization or during the continuance of a Default, requests on a more frequent basis, Borrower shall provide to Lender the following: 
  

	 	(a)	Annual Financial Statement. Within sixty (60) days of Lender’s written request therefor (but in no event earlier than sixty (60) days after
the end of each fiscal year), an unaudited financial statement, signed and certified as true and correct by an authorized officer of Borrower showing all revenues and expenses and a balance sheet showing all assets and liabilities of Borrower
relating to the Property for such fiscal year, provided, Borrower shall have a period of thirty (30) days from the delivery of such statements to provide any material adjustments to such statements. In addition, for so long at the Loan’s
outstanding-principal balance exceeds $65,000,000, not later than one hundred twenty (120) days after and as of the end of each fiscal year, Borrower shall deliver to Lender an audited operating statement and balance sheet audited by a
“Big Four” accounting firm or any other independent accounting firm reasonably satisfactory to Lender, showing all revenues and expenses relating to the Property for such fiscal year; 

 

	 	(b)	Monthly and Quarterly Operating Statements. Not later than ten (10) days after request by Lender during the period prior to any sale of the Loan, and
thereafter not later than sixty (60) days after and as of the end of each calendar quarter, an unaudited operating statement, signed and certified as true and correct by an authorized officer of Borrower, showing all revenues and expenses
during the most recent month (for which such statements are available) or quarter and year-to-date; 

  

	 	(c)	Intentionally Omitted. 

  

 32 

	 	(d)	Annual Budget. Within ninety (90) days after the end of each fiscal year, an Annual Budget including a Capital Expenditures budget signed and dated
by Borrower, and certified by Borrower to be a true, complete and correct copy of the Annual Budget adopted by Borrower for the applicable year; which, upon the occurrence and during the continuance of a Cash Trap Event Period shall be approved by
Lender, which approval shall not be unreasonably withheld (such approved Annual Budget, an “Approved Annual Budget”). Until such new proposed budget is approved (if applicable), the prior existing Approved Annual Budget shall be
used for the next calendar year, adjusted for customary increases of three percent (3%) per item. 

  

	 	(e)	Rent Roll. Not later than sixty (60) days after and as of the end of each calendar quarter (and together with the delivery of the quarterly
statements set forth in 8.1(b)), a Rent Roll signed and dated by Borrower, provided, Borrower shall have a period of thirty (30) days from the delivery of such Rent Roll to provide any material adjustments to such Rent Roll;

  

	 	(f)	Compliance Certificates. The Compliance Certificate described in Section 5.2(i) hereof; 

 

	 	(g)	Debt Yield. No later than sixty (60) days after the end of each quarter (and together with the delivery of the quarterly statements set forth in
8.1(b)), Borrower shall deliver to Lender an Officer’s Certificate setting forth Borrower’s calculation of the Debt Yield for the Loan, provided, Borrower shall have a period of thirty (30) days from the delivery of such statement to
provide any material adjustments to such statement; and 

  

	 	(h)	Other Information. From time to time prior to a Securitization (or syndication of the Loan) or during the continuance of a Default, upon Lender’s
delivery to Borrower of at least ten (10) days’ prior written notice, such other information with regard to Borrower, principals of Borrower, any Guarantor or the Property, as Lender may reasonably request in writing.

  

	8.2	FORM; WARRANTY. 

Borrower agrees that all financial statements to be delivered to Lender pursuant to this Article 8 shall: (a) be complete and
correct in all material respects; (b) present fairly the financial condition of the party; (c) disclose all liabilities that are required to be reflected or reserved against; and (d) be prepared in accordance with the same accounting
standard used by Borrower to prepare the financial statements delivered to and approved by Lender in connection with the making of the Loan or other accounting standards reasonably acceptable to Lender. By its execution of this Agreement, Borrower
shall be deemed to warrant and represent that, as of the date of delivery of any such financial statement, there has been no change in financial condition which would have a Material Adverse Effect, nor have any assets or properties been sold,
transferred, assigned, mortgaged, pledged or encumbered since the date of such financial statement which would have a Material Adverse Effect, except as disclosed by Borrower in a writing delivered to Lender. Borrower agrees that all rent rolls and
other information to be delivered to Lender pursuant to this Article 8 shall not contain any misrepresentation or omission of a material fact. 
  

	8.3	CHARGE FOR LATE DELIVERY. 

If any financial statement, leasing schedule or other items required to be delivered to Lender pursuant to this Article 8 is not
timely delivered, following written notice from Lender to Borrower, and such failure continues after ten (10) days of such written notice from Lender, Borrower shall promptly pay to Lender, as a late charge, the sum of One Thousand and No/100
Dollars ($1,000) per item. In addition, Borrower shall promptly pay to Lender an additional late charge of Five Hundred and No/100 Dollars ($500.00) per item for each full month during which such item remains undelivered following written notice
from Lender. Borrower acknowledges that Lender will incur additional expenses as a result of any such late deliveries, which expenses would be impracticable to quantify, and that Borrower’s payments under this Article 8 are a reasonable
estimate of such expenses. Borrower acknowledges further that payment by Borrower of this late charge does not in any manner affect or otherwise impair or waive any rights and remedies Lender may have hereunder, under the Loan Documents or under
applicable law for any Default. 
  

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	8.4	MINIMUM NET WORTH AND LIQUIDITY. 

For so long as any obligation under this Agreement or any of the other Loan Documents is outstanding (subject to subsection
(y) below), the Guarantor shall maintain (a) a Tangible Net Worth in excess of $750,000,000 and (b) a minimum Liquidity, as reasonably determined by Lender, in excess of $10,000,000 (the “Minimum Net Worth Test”); provided,
however, (x) in the event that during the period this Section 8.4 is effective the Guarantor fails to satisfy the Minimum Net Worth Test, the Borrower may cure such default by delivering to Lender either (i) one or more
replacement or additional guarantors that are reasonably acceptable to Lender and which in the aggregate satisfy the Minimum Net Worth Test or (ii) deliver to Lender additional collateral, including a letter of credit, for the Borrower’s
Debt Liability in such amount and of such type as is reasonably acceptable to Lender and (y) the terms and conditions of this Section 8.4 shall have no further force or effect if the Borrower’s Recourse Liability is terminated
because of a LTV Decrease pursuant to Section 3.1 of this Agreement. 
 ARTICLE 9. DEFAULTS AND REMEDIES 

  

	9.1	DEFAULT. 

 For all
purposes hereof, “Default” shall mean either an “Optional Default” (as defined below) or an “Automatic Default” (as defined below). 

 

	 	(a)	Optional Default. An “Optional Default” shall occur, at Lender’s option (exercised in its sole and absolute discretion), upon the
occurrence of any of the following events: 

  

	 	(i)	Monetary. Borrower shall fail to (a) pay when due the P& I Payment Amount or sums which are payable on the Maturity Date, or (b) pay when
due any other sums payable under the Note, this Agreement or any of the other Loan Documents and such failure continues after ten (10) days’ written notice of such failure from Lender to Borrower. 

 

	 	(ii)	Failure to Perform. Borrower shall fail to observe, perform or discharge any of Borrower’s obligations, covenants, conditions or agreements, other
than Borrower’s payment obligations, under the Note, this Agreement or any of the other Loan Documents, and such failure shall remain uncured for forty-five (45) days after written notice thereof shall have been given to Borrower by
Lender; provided, however, if any failure under this Section 9.1(a)(ii) shall be of such a nature that it cannot be cured or remedied within such forty-five (45) days, Borrower shall be entitled to a reasonable period of time to
cure or remedy such failure (not to exceed one hundred twenty (120) days following the giving of such notice (subject to further extension by Lender, in Lender’s reasonable discretion)), provided Borrower commences the cure or remedy
thereof within the forty-five (45) day period following the giving of notice and, thereafter, proceeds with diligence to complete such cure or remedy. 

 

	 	(iii)	Representations and Warranties. Any representation, warranty, certificate or other written statement (financial or otherwise) made or furnished by or, in
the case of any financial statements of Borrower, on behalf of Borrower or Guarantor, to Lender under or in connection with any of the Loan Documents shall be false, incorrect, incomplete or misleading in any material respect when made or furnished.

  

	 	(iv)	Intentionally Omitted. 

  

	 	(v)	Bankruptcy of Partners, Managing Member, and Guarantors. The occurrence of an event specified in subsections (b)(i) or (ii) herein as to any general
partner or managing member of Borrower (other than any SPE Party) or Guarantor. 

  

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	 	(vi)	Interest Rate Protection Agreement. Borrower shall fail to observe, perform or discharge any of Borrower’s obligations, covenants, conditions or
agreements under the Interest Rate Protection Agreement and otherwise comply with the covenants set forth in Section 2.2(i) and Section 2.8 hereof and such failure shall remain uncured for ten (10) days after written
notice thereof shall have been given to Borrower by Lender. 

  

	 	(b)	Automatic Default. An “Automatic Default” shall occur automatically upon the occurrence of any of the following events:

  

	 	(i)	Voluntary Bankruptcy, Insolvency, Dissolution. (aa) Borrower’s or SPE Party’s filing a petition for relief under the Bankruptcy Code, or under
any other present or future state or federal law regarding bankruptcy, reorganization or other relief to debtors (collectively, “Debtor Relief Law”); or (bb) Borrower’s or SPE Party’s filing any pleading in any involuntary
proceeding under the Bankruptcy Code or other Debtor Relief Law which admits the petition’s material allegations regarding Borrower’s or SPE Party’s insolvency; or (cc) Borrower’s or SPE Party’s making a general assignment
for the benefit of creditors; or (dd) Borrower’s or SPE Party’s applying for, or the appointment of, a receiver, trustee, custodian or liquidator of Borrower, SPE Party or any of their property; or (ee) the filing by Borrower or SPE Party
of a petition seeking the liquidation or dissolution of Borrower or SPE Party or the commencement of any other procedure to liquidate or dissolve Borrower or SPE Party. 

 

	 	(ii)	Involuntary Bankruptcy. Borrower’s or SPE Party’s failure to effect a full dismissal of any involuntary petition under the Bankruptcy Code or
other Debtor Relief Law that is filed against Borrower or SPE Party, prior to the earlier of the entry of any order granting relief sought in the involuntary petition or ninety (90) days after the date of filing of the petition.

  

	 	(iii)	REIT Status. If at any time during the term of the Loan TRT ceases to be a real estate investment trust under the Code. 

 

	9.2	ACCELERATION. 

Upon the occurrence of an Optional Default, Lender may, at its option (exercised in its sole and absolute discretion), declare all
principal, interest and other sums owing to Lender under the Note and the other Loan Documents (including, without limitation, all unpaid or unreimbursed Costs and Expenses) immediately due and payable. Upon the occurrence of an Automatic Default,
all principal, interest and other sums owing to Lender under the Note and the other Loan Documents (including, without limitation, all unpaid or unreimbursed Costs and Expenses) shall automatically become immediately due and payable. 

 

	9.3	RIGHTS AND REMEDIES. 

In addition to the other rights and remedies above and otherwise in this Agreement, at any time after a Default, Lender shall have all of
the rights and remedies as set forth in the Mortgage, the other Loan Documents, under applicable law and in equity. All rights and remedies of Lender under this Agreement and the other Loan Documents are cumulative and are in addition to all rights
and remedies provided by applicable law and in equity. Lender may enforce any such remedies or rights either successively or concurrently. 
  

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 ARTICLE 10. PREPAYMENT 

 

	10.1	PREPAYMENT. 

  

	 	(a)	Voluntary Prepayment. The voluntary prepayment of the Loan is permitted in full or in part at any time and from time to time. Any partial principal
prepayment shall be applied to the Loan in accordance with the terms of this Agreement. As a condition to any voluntary prepayment, Borrower shall give Lender written notice (a “Prepayment Notice”) of its intent to prepay, which
notice must be given at least twenty (20) and not more than ninety (90) days prior to the Business Day upon which prepayment is to be made and must specify the Business Day on which such prepayment is to be made, which Prepayment Notice
may be revoked by Borrower on or prior to the prepayment date set forth in the Prepayment Notice and, upon the written request of Lender following the Borrower’s revocation of any such Prepayment Notice, the Borrower shall pay to Lender any and
all of the Lender’s reasonably incurred third-party costs and expenses associated with the revoked Prepayment Notice. If any such notice is given, the outstanding Debt (or such portion of the Debt as is set forth by Borrower in the Prepayment
Notice) shall be due and payable on the date specified therein together with (i) if the Loan is prepaid on any day other than the last day of any Rate Period, an amount equal to the interest which would otherwise have accrued on the amount
prepaid (had such prepayment not occurred) during the period from and including the prepayment date to and including the last day of the Rate Period in which the prepayment occurred (“Short Interest”), (ii) any Breakage Costs
(provided the same are not duplicative of any Short Interest paid in connection with such prepayment), (iii) any Interest Rate Protection Breakage Costs, and (iv) any and all other amounts then due and payable under the Note, this
Agreement and the other Loan Documents. Borrower hereby agrees that in the event Borrower delivers a Prepayment Notice and fails to prepay the Loan in accordance with the Prepayment Notice and the terms of this Section 10.1 (a
“Prepayment Failure”), Borrower shall indemnify Lender from and against, and shall be responsible for, all Breakage Costs and other reasonable third-party costs incurred by Lender with respect to any such Prepayment Failure.

  

	 	(b)	Exclusion. Notwithstanding the foregoing or anything herein to the contrary, Borrower shall not be required to pay any prepayment fee in connection with
any prepayment resulting from Lender’s application of any insurance proceeds or condemnation awards or scheduled P&I Payment Amount to the outstanding principal balance of the Loan; provided, however, that Borrower shall be
required to pay any Breakage Costs (provided the same are not duplicative of any Short Interest paid in connection with such prepayment) and any Short Interest. 

 

	10.2	WAIVER. 

 Borrower
agrees that if the Loan is prepaid, Borrower shall pay any Interest Rate Protection Breakage Costs, Breakage Costs (provided the same are not duplicative of any Short Interest paid in connection with such prepayment), and Short Interest as set forth
above. Borrower hereby acknowledges that: (a) the agreement to pay any Interest Rate Protection Breakage Costs, the Breakage Costs, and Short Interest as set forth above for the right to prepay the Loan was separately negotiated with Lender;
(b) the economic value of the various elements of this agreement was discussed; and (c) the consideration given by Borrower for the Loan was adjusted to reflect the specific agreement negotiated between Borrower and Lender and contained
herein. 
 ARTICLE 11. PARTIAL RELEASE 

 

	11.1	BORROWER RIGHT TO RELEASE INDIVIDUAL PROPERTIES. 

At any time (and from time to time) during the term of the Loan, Borrower may elect to release all (but not part of) any Individual
Property, in accordance with the provisions of this Article 11, at Borrower’s sole cost and expense provided that, notwithstanding the conditions set forth below, Borrower shall be required to release the Northrop VA Property if a Fixed
Rate Loan Earn-Out Advance occurs (each such release, a “Property Release”). 
  

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	11.2	CONDITIONS. 

Borrower shall only have the right to cause a Property Release if all of the following conditions have been satisfied: 

 

	 	(a)	Notice. Borrower shall give at least thirty (30) days written notice to Lender (which notice period shall, with respect to the release under this
Article 11 of the Northrop VA Property, be ten (10) days prior-written notice if said property is being added to the Fixed-Rate Loan) specifying Borrower’s intended Release Date and the Individual Property or Properties affected.
Simultaneously with the delivery of such notice, Borrower shall deposit with Lender (except in connection with the release under this Article 11 of the Northrop VA Property if said property is being added to the Fixed-Rate Loan, in which case
the Borrower shall reimburse Lender’s reasonable and actual third-party expenses in connection with the Property Release at the time of the Property Release, for which expenses Borrower shall be solely responsible whether or not the Property
Release shall be completed) an amount reasonably estimated by Lender to be sufficient to reimburse Lender’s anticipated reasonable and actual out of pocket expenses in connection with the Property Release, for which Borrower shall be solely
responsible whether or not the Property Release shall be completed. If any such notice shall have been given by Borrower, then Borrower shall be permitted to revoke such notice in writing prior to the Release Date, provided Borrower pays all of
Lender’s reasonable third party expenses incurred in connection with the proposed Property Release. Upon completion of the Property Release or revocation by Borrower as specified above, Lender shall return any surplus deposit to Borrower.

  

	 	(b)	No Default. No Default shall exist either on the date of receipt of Borrower’s notice under Section 11.2(a) above or on the Release Date;
provided, however, Borrower shall be permitted to conduct a Property Release, subject to all of the other conditions for a Property Release herein, while a Default exists if the release of the Property subject to the Property Release
will cure such Default. 

  

	 	(c)	Payments. Borrower shall pay in full, on or before the Release Date (i) all unpaid interest accruing under the Loan to and including the Release
Date, (ii) all other sums due under the Loan and the other Loan Documents on or before the Release Date, (iii) all reasonable and actual out of pocket escrow, closing, recording, legal, Rating Agency and other third party fees, costs and
expenses paid or actually incurred by Lender and its agents in connection with the Property Release, the release of the lien of the Mortgage on the Property or the Individual Property, as the case may be, the review of the proposed
property-release-related documentation, (iv) an administrative fee to Lender of $35,000 (which administrative fee shall not apply to the release under this Article 11 of the Northrop VA Property, if said property is being added to the
Fixed-Rate Loan), and (v) any revenue, documentary stamp, intangible or other taxes, charges or fees due in connection with the Property Release, excluding income taxes. Lender shall cooperate with Borrower to effect a Property Release upon
notice by Borrower of its decision to effectuate the same. 

  

	 	(d)	Deliveries. Borrower shall, at Borrower’s sole cost and expense, deliver the following items to Lender on or before the Release Date:

  

	 	(i)	A certificate of Borrower certifying that all of the requirements of this Article 11 have been satisfied; 

 

	 	(ii)	If the Loan is held by a REMIC, written evidence from the Rating Agencies that the Property Release will not result in a downgrading, withdrawal or qualification of the
respective ratings in effect immediately prior to the Property Release for any securities representing interests in such REMIC which are then outstanding (such written-evidence requirement shall not apply to the release under this Article 11
of the Northrop VA Property if said property is being added to the Fixed-Rate Loan); and 

  

 37 

	 	(iii)	Such other certificates, opinions, documents or instruments as are customary in commercial mortgage property release transactions to effect the Property Release.

  

	 	(e)	Property Release Conditions. For a Property Release, the following additional conditions for a release of an Individual Property shall also have been
satisfied: 

  

	 	(i)	Borrower shall deliver, or caused to be deliver, to Lender the applicable Release Price, provided, however, for the Northrop VA Property, if it is
released from the encumbrance of this Loan (A)(1) within six (6) months of the date hereof, the Northrop VA Property’s release price shall be at 100% of its Allocated Loan Amount (which amount, if the Northrop VA Property is transferred to
the Fixed Rate Loan in connection with a Fixed Rate Loan Earn-Out Advance, shall be paid by funds distributed pursuant to the Fixed Rate Loan Earn-Out Advance), (2) thereafter during the original term of this Loan and during the first Extension
Term, the Northrop VA Property’s release price shall be at 100% of its Allocated Loan Amount as adjusted so that the Debt Yield immediately after such release of the Northrop VA Property is at least 12.7%, (3) during the second Extension
Term, the Northrop VA Property’s release price shall be at 100% of its Allocated Loan Amount as adjusted so that the Debt Yield immediately after such release of the Northrop VA Property is at least 13.5%, and (4) during the third
Extension Term, the Northrop VA Property’s release price shall be at 100% of its Allocated Loan Amount as adjusted so that the Debt Yield immediately after such release of the Northrop VA Property is at least 13.75% and (B) to be
encumbered by the Fixed Rate Loan then the Release Price shall be directly funded by proceeds from the Fixed Rate Loan. 

  

	 	(ii)	If the Loan has been securitized, (A) the Property Release shall not cause any of the Rating Agencies to withdraw, qualify or downgrade the then-applicable rating
on any security issued in connection with such securitization and, if required by Lender, Lender shall have received written confirmation of this from the applicable Rating Agencies; and (B) the Property Release shall not (1) constitute a
“significant modification” of the Loan within the meaning of Treasury Regulation Section 1.860G-2(b) or (2) cause the Loan to fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the
Code, and, if required by Lender, Lender shall have received an opinion of counsel to this effect, in form and content and issued by counsel satisfactory to Lender; 

 

	 	(iii)	Immediately following the Property Release, if the Individual Property subject to the Property Release (the “Released Property”) was covered by a title
policy which covered any other Property not released, Borrower shall have delivered any title endorsements or updated title reports as Lender may reasonably require with respect to any of the Properties not being released; and

  

	 	(iv)	All conditions, if any, for release of the Property Release under the Mezzanine Loan Agreement, if any, shall have been satisfied or will be satisfied simultaneously
therewith. 

  

	 	(f)	Release of Lien. Upon satisfaction of all conditions specified in this Article 11, the Released Property shall be released from the lien of the
Mortgage and the other Loan Documents. Lender shall, at Borrower’s expense, prepare, execute and deliver any instruments reasonably necessary to release the lien of the Mortgage and other Loan Documents from the Released Property.

  

	 	(g)	Transfer of Reserves. With respect to the release under this Article 11 of the Northrop VA Property to the Fixed-Rate Loan, any and all funds held
in Impounds that are associated with the Northrop VA Property shall be transferred by Lender to the lender for the Fixed Rate Loan and held in accordance with the loan documents governing said Fixed Rate Loan. 

 

 38 

 ARTICLE 12. INSURANCE 

 

	12.1	REQUIRED INSURANCE. 

Throughout the term of the Loan, Borrower shall maintain the following types of insurance in the form and content as set forth in this
Article 12. 
  

	 	(a)	Casualty Insurance. Borrower, at its sole cost and expense, will keep the Property and the Collateral insured during the entire term of the Loan, for the
mutual benefit of Borrower and Lender, against fire and such other hazards that would be covered by an insurance policy issued on a Special Form Cause of Loss - “All Risk” basis (the “Casualty Policy”). The Casualty
Policy shall: 

  

	 	(i)	include coverage for, and specifically state that coverage is provided for: Windstorm Coverage (as defined in Section 12.1(b)(iii), hail, Terrorism Coverage
(as defined in Section 12.5 below) and, mold; 

  

	 	(ii)	provide coverage in an amount not less than full replacement value, without deduction for depreciation or co-insurance; 

 

	 	(iii)	have a deductible no greater than Twenty-Five Thousand and No/100 Dollars ($25,000.00) per occurrence, with the exception of a deductible no greater than
(i) One-Hundred Thousand and No/100 Dollars ($100,000.00) for any flood location within the 100-500 year flood plan or (ii) Fifty Thousand and No/100 Dollars ($50,000.00) per occurrence specific to Special Flood Hazard NFIP coverage for
buildings located in Special Flood Hazard zones (other than a deductible of no greater than five percent (5%) of the replacement cost of the Property and the Collateral for Windstorm Coverage, Special Excess of NFIP Flood Hazard Coverage for
buildings located in Special Flood Hazard Zones and earthquake insurance) and no more than five percent (5%) of underwritten net cash flow as determined by Lender in accordance with its internal underwriting procedures, and contain a
replacement cost endorsement; 

  

	 	(iv)	contain a lender’s loss payable endorsement containing provisions equivalent to those provisions contained in Form 438BFU and naming Lender as the mortgagee
(unless otherwise agreed by Lender in its sole discretion). If the lender’s loss payable endorsement is not provided on Form 438BFU or ISO Form CP1218, the applicable form number shall be referenced on the proposed endorsement and such
endorsement must be acceptable to Lender; 

  

	 	(v)	be evidenced by an Accord 27 (Form Date: March, 1993), an Accord 28 (2003/10) or equivalent form, or such other form acceptable to Lender in its sole discretion in
favor of Lender, as mortgagee and loss payee, and such evidence shall be provided to Lender. Borrower shall also provide Lender with a complete copy of the Casualty Policy promptly upon issuance but no later than sixty (60) days from the
closing of the Loan; 

  

	 	(vi)	contain a so called “Agreed Amount” endorsement or a “No Co-Insurance” clause unless otherwise agreed by Lender in its sole and
absolute discretion; 

  

	 	(vii)	Building Ordinance or Law Coverage sufficient to compensate for the cost of demolition, increased costs of construction and loss to any undamaged portion of the
improvements at the Property if the current use of the Property or the 

  

 39 

	 	 
improvements thereon are “nonconforming” or “legal nonconforming” or become “nonconforming” or “legal nonconforming” pursuant to the applicable zoning
regulations and if full rebuildability and continued full use following a casualty is otherwise not permitted under such zoning regulations; and 

  

	 	(viii)	except as provided in subsection(a)(vi) above, not contain any co-insurance clauses or provisions that would reduce the coverage available under the Casualty
Policy. 

  

	 	(b)	Other Property Insurance Coverage. Borrower must also provide the following additional forms of insurance coverage, whether as additional coverage under
the Casualty Policy or by purchasing one or more additional policies, which additional coverage or policies shall comply with all of the requirements contained herein applicable to the Casualty Policy unless otherwise provided below:

  

	 	(i)	Rental loss and/or business interruption insurance for a period of (i) twelve (12) months for all properties other than the Northrop VA and Sybase Properties
or (ii) eighteen (18) months for the Northrop VA and Sybase Properties, in an amount sufficient such that the insurer would not deem Borrower a co-insurer under the policy, (A) with loss payable to Lender; (B) which provides that
after the physical loss to the Property and Collateral occurs, the loss of rents or income, as applicable, will be insured until such rents or income, as applicable, either return to the same level that existed prior to the loss, or the expiration
of (i) twelve (12) months for all properties other than the Northrop VA and Sybase Properties or (ii) eighteen (18) months for the Northrop VA and Sybase Properties, whichever first occurs, and notwithstanding that the policy may
expire prior to the end of such period; and (C) if required by Lender from time to time, which contains an extended period of indemnity endorsement which provides that after the physical loss to such Property and Collateral has been repaired,
the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of twelve (12) months from the date that the Property and Collateral are repaired or replaced and
operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. The amount of such rental loss and/or business interruption insurance, as applicable, shall be determined prior to the
date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of the gross income from the Property for the succeeding period of coverage required above. All proceeds payable to Lender pursuant to this subsection
shall be held by Lender and shall be applied to the obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its
obligations to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in the Note, this Agreement and the other Loan Documents, except to the extent such amounts are actually paid out of the proceeds of
such rental loss and/or business interruption insurance, as applicable. Any rental loss and/or business interruption insurance proceeds shall be held by Lender and disbursed in accordance with Section 12 of this Agreement;

  

	 	(ii)	Comprehensive boiler and machinery coverage, without exclusion for explosion, covering all boilers or other pressure vessels, machinery and equipment located at the
Property, in an amount not less than the full replacement value thereof and of the building or buildings housing the same and for “loss of income;” 

  

 40 

	 	(iii)	Pursuant to Section 12.1(a)(i), coverage for windstorm (“Windstorm Coverage”), which Windstorm Coverage shall comply with each of the
applicable requirements for insurance policies set forth in this Section 12 (including, without limitation, those relating to deductibles); provided, that, Lender, at Lender’s option, may require Borrower to obtain or cause to be
obtained the Windstorm Coverage with higher deductibles than set forth above; 

  

	 	(iv)	At all times during which structural construction, repairs or alterations are being made with respect to the improvements on the Property, and only if the Property and
liability coverage forms do not otherwise apply, (A) owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the below mentioned Liability Policy; and (B) the insurance
provided for in subsection (a) above written in a so called Builder’s Risk Completed Value form, including coverage for 100% of the total construction costs (1) on a non reporting basis, (2) against “all risks”
insured against pursuant to subsection (a) above, and (3) including permission to occupy the Property; and 

  

	 	(v)	Earthquake insurance in any area of increased risk (20% PML or higher). Lender may change its requirements for Earthquake Insurance from time to time based on
(i) review of a current probable maximum loss seismic study, to be prepared at Borrower’s expense (up to once every two years), forecasting the expected damage from any event anticipated to reoccur once in 475 years, on a 50%-certain
statistical basis; (ii) actual and potential losses at any other locations the same earthquake insurance covers and sharing the policy’s occurrence and annual aggregate limits of available coverage; and (iii) the amount of lost
business or rental income to be expected during Restoration of the Property. 

  

	 	(c)	Liability Insurance. Borrower, at its sole cost and expense and during the entire term of the Loan, shall maintain: 

 

	 	(i)	a Commercial General Liability Coverage Policy on the so-called “occurrence” form (“Liability Policy”) that includes coverage for contractual
damages, property damage, personal and bodily injuries (including death resulting therefrom) and provide for a per occurrence minimum limit of liability of not less than $1,000,000 and a general aggregate minimum limit of liability of not less than
$2,000,000 without any deductible or self-insured retention unless otherwise agreed by Lender in its sole and absolute discretion (to continue at not less than the aforesaid limits until reasonably required to be changed by Lender pursuant to
Section 12.2 hereof), and such other liability insurance as is reasonably requested by Lender. The Liability Policy shall cover at least the following hazards: (1) premises and operations; (2) products and completed operations;
(3) independent contractors; and (4) contractual liability coverage with regard to occurrences for property damage, bodily injury, personal injury and death for so-called “insured” contracts as defined in the Liability Policy.
Further, the policy shall include coverage for, and shall specifically state that coverage for, Terrorism Coverage and mold are not excluded. Borrower shall provide a Certificate of Liability Insurance that states the coverage limits per occurrence
and indicates the full name of Borrower as a named insured, rather than as an additional insured; and 

  

	 	(ii)	umbrella liability insurance in an amount not less than $50,000,000 per occurrence on terms consistent with the commercial general liability insurance policy required
under subsection (i) above. 

  

 41 

	 	(d)	Blanket Insurance. Unless otherwise agreed to by Lender in its sole and absolute discretion, blanket policies shall be permitted only if (i) coverage
will not be affected by any loss on other properties covered by the policies, (ii) the policy specifically allocates to each Property the amount of coverage from time to time required hereunder or shall otherwise provide the same protection as
would a separate policy, and (iii) such policy is approved in advance in writing by Lender, and Lender’s interest is included therein as provided in this Agreement, (iv) such policy is otherwise issued in accordance with the terms of
Section 12 of this Agreement, and (v) any changes or amendments made hereafter to such policy (including any endorsements and riders) are subject to the approval of Lender or its servicing agent. At all times, approval of any
blanket policy remains subject to review and approval by Lender based on the schedule of locations and values. 

  

	12.2	ADDITIONAL INSURANCE. 

In addition to the foregoing, Borrower shall at all times obtain and maintain (or cause to be obtained and maintained) such additional
insurance policies and coverage (i) as may be required pursuant to any and all agreements, declarations, covenants, and/or other arrangements to which Borrower is party or to which Borrower or the Property is subject, including, without
limitation, any declarations of covenants, conditions and restrictions or similar covenants and/or restrictions affecting the Property, franchise agreements, licenses, leases, codes or ordinances, (ii) as set forth on Exhibit G attached
hereto, and (iii) such other insurance as may from time to time be reasonably required by Lender in order to protect its interests and/or to satisfy then current market conditions and requirements. 

 

	12.3	POLICY REQUIREMENTS. 

The Casualty Policy, the Liability Policy and each other insurance policy required hereunder (each, a “Policy” and,
collectively, the “Policies”) shall: 
  

	 	(a)	provide that (i) Lender shall receive thirty (30) days’ notice of any modification, cancellation or expiration of the Policy, (ii) Lender shall
receive ten (10) days’ notice of any nonpayment, and (iii) any such modification, cancellation or expiration without such notice shall not be effective against Lender; 

 

	 	(b)	unless otherwise agreed by Lender in its sole discretion and except for flood and earthquake insurance coverage, be issued by an insurer having a minimum rating of
“A” or better from S&P, and, in the event of a ratings downgrade from S&P, Borrower shall be required to replace said insurer(s) with a carrier satisfying the claims paying ability ratings required by this subsection (b);

  

	 	(c)	each insurer shall be admitted or authorized to do business in the state where the Property is located or shall otherwise be acceptable to Lender in its sole and
absolute discretion; 

  

	 	(d)	be evidenced by a certificate or other documents in form and substance acceptable to Lender, and shall be delivered to Lender on or before the date hereof;

  

	 	(e)	specifically state on the evidence thereof provided to Lender in accordance with this Article 12, any exclusion or condition which is a deviation from standard
insurance language or forms; 

  

	 	(f)	shall contain clauses or endorsements to the effect that the Policies shall not be materially changed (other than to increase the coverage provided thereby) or canceled
without at least thirty (30) days’ prior written notice to Lender and any other party named therein as an additional insured; 

  

	 	(g)	shall contain an endorsement providing that no policy shall be impaired or invalidated by virtue of any act, failure to act, negligence of or violation of declarations,
warranties or conditions contained in such policy by Borrower, Lender or any other named insured, additional insured or loss payee, except for the willful misconduct of Lender knowingly in violation of the conditions of such policy; and

  

 42 

	 	(h)	shall contain clauses or endorsements to the effect that no act or negligence of Borrower, or anyone acting for Borrower, or of any tenant or other occupant, or failure
to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned.

  

	12.4	MAINTENANCE OF INSURANCE. 

Borrower shall: 
  

	 	(a)	maintain, or cause to be maintained, all required insurance throughout the term of the Loan and while any obligations of Borrower to Lender under any of the Loan
Documents remain outstanding, at Borrower’s expense, with companies, and in form and substance satisfactory to Lender. Insurance coverage as required hereunder which is provided by a tenant at the Property pursuant to a Lease shall be
acceptable coverage hereunder provided Lender has reasonably approved such coverage and all of the requirements for such insurance coverage in this Article 12 are satisfied, including, but not limited to, Section 12.6(b);

  

	 	(b)	as a condition to Lender entering into the Loan Documents and making the Loan, and as and when in the future requested by Lender, forward a paid receipt to Lender with
respect to all insurance coverage required under this Agreement, and such receipt shall indicate the policy period, the property location and the annual premium delineated with respect to each type of coverage provided by such policy. Lender, by
reason of accepting, rejecting, approving or obtaining insurance, shall not incur any liability for: (A) the existence, nonexistence, form or legal sufficiency of any insurance, (B) the solvency of any insurer or (C) the payment of
claims; 

  

	 	(c)	give Lender written notice of the cancellation of any Policies within five (5) days of receipt of any such notice of cancellation from the insurer; and

  

	 	(d)	deliver to Lender, not less than thirty (30) days prior to the expiration dates of the Policies (or certificates of insurance) theretofore furnished to Lender,
renewal Policies (or certificates of insurance) accompanied by evidence satisfactory to Lender of payment of the premiums due thereunder. 

  

	12.5	TERRORISM COVERAGE. 

Borrower shall at all times obtain and maintain (or cause to be obtained and maintained) coverage for Acts of Terror (the
“Terrorism Coverage”), which such Terrorism Coverage shall comply with each of the applicable requirements for the Policies set forth above (including, without limitation, those relating to deductibles, except as otherwise agreed to
by Lender in its sole and absolute discretion). As used herein, the term “Terrorism Coverage” shall mean coverage for Acts of Terror. As used above, “Acts of Terror” shall mean acts of terror or similar acts of
sabotage; provided, that, for so long as the Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (as the same may be further modified, amended, or extended, collectively,
“TRIPRA”), remains in full force and effect, the provisions of TRIPRA shall determine what is deemed to be included within this definition of “Acts of Terror”. Notwithstanding the foregoing, in no event shall
Borrower be required to pay annual premiums in excess of the TC Cap (defined below) in order to obtain the Terrorism Coverage (but Borrower shall be obligated to purchase such portion of the Terrorism Coverage as is obtainable by payment of annual
premiums equal to the TC Cap). As used above, “TC Cap” shall mean a premium in amount to provide coverage equal to the outstanding principal balance of the Loan. 

 

	12.6	CERTAIN RIGHTS OF LENDER. 

  

	 	(a)	 If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender shall have the
right, with written notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including obtaining such insurance coverage as Lender in its reasonable discretion deems appropriate. All premiums

  

 43 

	 	 
incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the
Mortgage and shall bear interest at the Default Rate; 

  

	 	(b)	Borrower shall assign the Policies or proofs of insurance to Lender, in such manner and form that Lender and its successors and assigns shall at all times have and hold
the same as security for the payment of the Loan. Lender shall be named as “Mortgagee” and “Loss Payee” on all Property Policies and as “Additional Insured” on any Liability Policy. If Borrower elects to obtain any
insurance which is not required under this Agreement, all related insurance policies shall be endorsed in compliance with this Section 12.6(b), and such additional insurance shall not be canceled without prior notice to Lender. From time
to time upon Lender’s request, Borrower shall identify to Lender all insurance maintained by Borrower with respect to the Property. The proceeds of Policies coming into the possession of Lender shall not be deemed trust funds, and Lender shall
be entitled to apply such proceeds as provided in Article 12 of this Agreement; and 

  

	 	(c)	Borrower shall give immediate written notice of any loss to the insurance carrier and to Lender. Borrower hereby irrevocably authorizes and empowers Lender, as attorney
in fact for Borrower coupled with an interest, to notify any of Borrower’s insurance carriers to add Lender as a loss payee, mortgagee insured or additional insured, as the case may be, to any policy maintained by Borrower (regardless of
whether such policy is required under this Agreement), to make proof of loss, to adjust and compromise any claim under insurance policies, to appear in and prosecute any action arising from such Policies, to collect and receive insurance proceeds,
and to deduct therefrom Lender’s reasonable expenses incurred in the collection of such proceeds. Nothing contained in this Section 12.6(c), however, shall require Lender to incur any expense or take any action hereunder.

  

	12.7	CASUALTY AND CONDEMNATION; RESTORATION PROCEEDS. 

  

	 	(a)	 Any and all awards, compensation, reimbursement, damages, proceeds, settlements, and other payments or relief paid or to be paid, together with all
rights and causes of action relating to or arising from, (i) any insurance policy maintained by, on behalf of, or by any tenant of the Property for the benefit of, Borrower following any damage, destruction, casualty or loss to all or any
portion of the Property (a “Casualty”, and such proceeds, “Insurance Proceeds”) or (ii) any temporary or permanent taking or voluntary conveyance of all or part of the Property, or any interest therein or right
accruing thereto or use thereof, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental Authority whether or not the same shall have actually been commenced (a “Taking”, and
such proceeds, “Condemnation Proceeds”, and together with Insurance Proceeds, collectively, “Restoration Proceeds”) are hereby assigned to Lender as additional collateral security hereunder subject to the Lien of
the Mortgage, to be applied in accordance with this Article 12. Borrower shall promptly notify Lender of any Casualty or Taking, but in no event later than ten (10) days thereafter. Subject to the terms and provisions of the Leases,
Lender shall be entitled to receive and collect all Restoration Proceeds, and Borrower shall instruct and cause the issuer of each policy of insurance described herein and any applicable Governmental Authority to deliver to Lender all Restoration
Proceeds. Borrower shall execute such further assignments of the Restoration Proceeds as Lender may from time to time reasonably require. Notwithstanding the foregoing, if the Restoration Proceeds, less the amount of Lender’s reasonable costs
and expenses (including attorneys’ fees and costs) incurred in collecting the same (the “Net Restoration Proceeds”), are $2,000,000 or less (the “Restoration Proceeds Threshold”), provided no Default then
exists, Lender shall disburse such Net Restoration Proceeds directly to Borrower and Borrower must use such Net Restoration Proceeds to restore and/or repair the Property. All Insurance Proceeds received by Borrower or Lender in respect of business
interruption coverage, and all Condemnation Proceeds received with respect to a temporary Taking available to Borrower, shall be deposited in a segregated escrow account with Lender or its servicer, as applicable, and Lender shall estimate the
number of months required for Borrower to restore the damage caused such Casualty or replace cash flow interrupted by such temporary Taking, as applicable, and shall to the extent of available proceeds (and subject

  

 44 

	 	 
to any other applicable requirements herein) divide the aggregate proceeds by such number of months, and, provided no Default then exists, shall disburse a monthly installment thereof to the
Restricted Account each such month to be held and disbursed in accordance with the terms of the Cash Management Agreement. Subject to Lender’s rights under Section 12.8, provided no Default has occurred and is continuing and the
Restoration has been completed in accordance with this Agreement, any Net Restoration Proceeds available to Borrower for Restoration, to the extent not used by Borrower in connection with, or to the extent they exceed the cost of such Restoration
and any reasonable costs incurred by Lender, shall be paid to Borrower. 

  

	 	(b)	Lender shall be entitled at its option to participate in any compromise, adjustment or settlement in connection with (i) any insurance policy claims relating to
any Casualty, and (ii) any Taking in an amount in controversy, in either case, in excess of the Restoration Proceeds Threshold, and Borrower shall within ten (10) Business Days after request therefor reimburse Lender for all reasonable
out-of-pocket expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection with such participation. Borrower shall not make any compromise, adjustment or settlement in connection with any such claim in
excess of the Restoration Proceeds Threshold or if a Default then exists without the prior written approval of Lender, which approval shall not be unreasonably withheld. Borrower shall not make any compromise, adjustment or settlement in connection
with any claim unless same is commercially reasonable. 

  

	 	(c)	If and to the extent Restoration Proceeds are not required to be made available to Borrower to be used for the Restoration of the Property affected by the Casualty or
Taking, as applicable, pursuant to this Agreement, Lender shall be entitled, without Borrower’s consent but subject to the rights of the tenant under any Lease, to apply such Restoration Proceeds or the balance thereof, at Lender’s option
either (i) to the full or partial payment or prepayment of the Loan, or (ii) to the Restoration of all or any part of the Property affected by the Casualty or Taking, as applicable. In the event that a Casualty or Taking exceeds the
thresholds set forth in Section 12.8(d) hereof and Lender has elected to apply the Restoration Proceeds thereof to the outstanding principal balance of the Loan, Borrower shall be permitted to release the affected Property from the Lien of the
Mortgage. 

  

	12.8	RESTORATION. 

Borrower shall restore and repair (or shall cause the restoration and repair of) the Property or any part thereof now or hereafter damaged
or destroyed by any Casualty or affected by any Taking; provided, however, that if the Casualty is not insured against or insurable, Borrower shall so restore and repair even though no Insurance Proceeds are received. Notwithstanding anything to the
contrary set forth in Section 12.7, Lender agrees that Lender shall make the Net Restoration Proceeds (other than business interruption insurance proceeds, which shall be held and disbursed as provided in Section 12.7)
available to Borrower for Borrower’s restoration and repair of the Property affected by the Casualty or Taking (a “Restoration”), as applicable, on the following terms and subject to Borrower’s satisfaction of the
following conditions; provided, that Lender shall have the right to waive any of the following conditions in its sole and absolute discretion: 
  

	 	(a)	At the time of such Casualty or Taking, as applicable, and at all times thereafter there shall exist no Default; 

 

	 	(b)	The Property affected by the Casualty or Taking, as applicable, shall be capable of being restored (including replacements) to substantially the same condition,
utility, quality and character, as existed immediately prior to such Casualty or Taking, as applicable, in all material respects with a fair market value and projected cash flow of the Property equal to or greater than prior to such Casualty or
Taking, as applicable; 

  

	 	(c)	Borrower shall demonstrate to Lender’s reasonable satisfaction Borrower’s ability to make the scheduled payments due under the Loan coming due during such
repair or restoration period (after taking into account proceeds from business interruption insurance carried by Borrower); 

  

 45 

	 	(d)	(i) in the event of a Casualty, less than thirty percent (30%) of each of (1) the fair market value of the Property and (2) the rentable area of the
Property has been damaged, destroyed or rendered unusable as a result of a Casualty or (ii) in the event of a Taking, less than fifteen percent (15%) of each of (1) the fair market value of the Property and (2) the rentable area
of the Property is taken, no material portion of the Improvements is located on such land and such Taking does not materially impair the existing access to the Property. In this clause (d), the fair market value shall be reasonably determined by
Lender, provided, however, if Borrower reasonably objects to Lender’s determination of fair market value, the fair market value shall be determined by an appraisal reasonably acceptable to Borrower and Lender; 

 

	 	(e)	Borrower shall have provided to Lender all of the following, and collaterally assigned the same to Lender pursuant to assignment documents reasonably acceptable to
Lender: (i) an architect’s contract with an architect reasonably acceptable to Lender and complete plans and specifications for the Restoration of the Property lost or damaged to the condition, utility and value required by
Section 12.8(b); (ii) fixed-price or guaranteed maximum cost construction contracts with contractors reasonably acceptable to Lender for completion of the Restoration work in accordance with the aforementioned plans and
specifications; (iii) such additional funds (if any) as are necessary from time to time, in Lender’s reasonable opinion, to complete the Restoration (which funds shall be held by Lender as additional collateral securing the Loan and shall
be disbursed, if at all, pursuant to this Article 12); and (iv) copies of all permits and licenses necessary to complete the Restoration in accordance with the plans and specifications and all applicable laws. 

 

	 	(f)	Borrower shall use commercially reasonable efforts to commence such work within one hundred eighty (180) days after such Casualty or Taking, as applicable, and
shall diligently pursue such work to completion; 

  

	 	(g)	Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (A) the date six (6) months prior to the Maturity Date,
(B) such time as may be required under applicable laws in order to repair and restore the Property to the condition as required hereunder, (C) the expiration of the business interruption insurance coverage referred to in
Section 12.1(b)(ii), and (D) earliest date required pursuant to the terms of any applicable Major Lease; and 

  

	 	(h)	the Property and the use thereof after the Restoration will be in compliance with all applicable laws in all material respects. 

 

	12.9	DISBURSEMENT. 

  

	 	(a)	Each disbursement by Lender of such Restoration Proceeds shall be funded subject to conditions and in accordance with disbursement procedures which a commercial
construction lender would typically establish in the exercise of sound banking practices, including, without limitation, requiring lien waivers, performance and insurance bonds, and any other documents, instruments or items which may be customarily
required by lenders. 

  

	 	(b)	In no event shall Lender be obligated to make disbursements of Restoration Proceeds in excess of an amount equal to the costs actually incurred from time to time for
work in place as part of the Restoration, as determined by Lender, less, as to each contractor, subcontractor or materialman engaged in a Restoration, an amount equal to the greater of (i) ten percent (10%) of the costs actually incurred
for work in place as part of such Restoration, as reasonably determined by Lender, and (ii) the amount actually withheld by Borrower (the “Casualty Retainage”). The Casualty Retainage shall not be released until Lender
reasonably determines that the Restoration has been completed in accordance with the provisions of this Agreement and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate Governmental
Authorities, and Lender receives evidence satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage. 

 

 46 

 ARTICLE 13. INDEMNITY 

 

	13.1	INDEMNITY. 

BORROWER HEREBY AGREES TO DEFEND, INDEMNIFY AND HOLD HARMLESS LENDER, ITS DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, ATTORNEYS, AND
SUCCESSORS AND ASSIGNS (EACH, AN “INDEMNITEE”) FROM AND AGAINST ANY AND ALL ACTUAL LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS AND REASONABLE LEGAL OR OTHER EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE
ATTORNEYS’ FEES AND EXPENSES) WHICH LENDER OR SUCH OTHER INDEMNITEE MAY INCUR AS A DIRECT OR INDIRECT CONSEQUENCE OF: (A) THE PURPOSE TO WHICH BORROWER APPLIES THE LOAN PROCEEDS; (B) THE FAILURE OF BORROWER TO PERFORM ANY OBLIGATIONS
AS AND WHEN REQUIRED BY THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; (C) ANY FAILURE AT ANY TIME OF ANY OF BORROWER’S REPRESENTATIONS, COVENANTS OR WARRANTIES TO BE TRUE AND CORRECT; OR (D) ANY ACT OR OMISSION BY BORROWER,
CONSTITUENT PARTNER OR MEMBER OF BORROWER, ANY CONTRACTOR, SUBCONTRACTOR OR MATERIALS SUPPLIER, ENGINEER, ARCHITECT OR OTHER PERSON OR ENTITY WITH RESPECT TO ANY OF THE PROPERTY; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE
AVAILABLE TO THE EXTENT THAT SUCH LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS, OR LEGAL OR OTHER EXPENSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE
GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE. BORROWER SHALL PROMPTLY PAY TO LENDER UPON DEMAND (WHICH DEMAND SHALL BE GIVEN PROMPTLY PROVIDED FAILURE TO PROMPTLY DELIVER SUCH DEMAND SHALL NOT ADVERSELY AFFECT LENDER’S RIGHTS
HEREUNDER) ANY AMOUNTS OWING UNDER THIS INDEMNITY, TOGETHER WITH INTEREST FROM THE DATE THE INDEBTEDNESS ARISES UNTIL PAID AT THE RATE OF INTEREST APPLICABLE TO THE PRINCIPAL BALANCE OF THE NOTE. BORROWER’S DUTY AND OBLIGATIONS TO DEFEND,
INDEMNIFY AND HOLD HARMLESS INDEMNITEES SHALL SURVIVE CANCELLATION OF THE NOTE AND THE RELEASE, RECONVEYANCE OR PARTIAL RECONVEYANCE OF ANY SECURITY FOR THE LOAN. 
  

	13.2	DUTY TO DEFEND, LEGAL FEES AND OTHER FEES AND EXPENSES. 

Upon written request by any Indemnitee, Borrower shall defend such Indemnitee (if requested by any Indemnitee, in the name of the
Indemnitee) by attorneys and other professionals approved by the Indemnitee. Notwithstanding the foregoing, any Indemnitee may, in their sole discretion, engage their own attorneys and other professionals to defend or assist them, and, at the option
of Indemnitee, their attorneys shall control the resolution of any claim or proceeding (other than a settlement thereof, which will require the prior written consent of Borrower). Upon demand, Borrower shall pay or, in the sole discretion of the
Indemnitee, reimburse, the Indemnitee for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith. 

 

	13.3	MORTGAGE AND INTANGIBLE TAX INDEMNIFICATION. 

Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless each Indemnitee from and against any
and all Losses imposed upon or incurred by or asserted against any Indemnitee and directly or indirectly arising out of or in any way relating to any tax on the making and/or recording of the Mortgage, the Note or any of the other Loan Documents.

  

	13.4	ERISA INDEMNIFICATION. 

Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless the Indemnitee from and against any
and all Losses (including, without limitation, reasonable attorneys’ fees 
  

 47 

 
and costs incurred in the investigation, defense, and settlement of Losses incurred in correcting any prohibited transaction or in the sale of a prohibited loan, and in obtaining any individual
prohibited transaction exemption under ERISA that may be required, in Lender’s sole discretion) that Indemnitee may incur, directly or indirectly, as a result of a default under Sections 5.1(i) and 7.2 of this Agreement.

  

	13.5	SPECIAL SERVICING. 

Borrower shall pay all reasonable special servicing fees relating the transfer of the Loan to special servicing at any time during the
term of the Loan and for so long as the Loan is in special servicing. The obligations of Borrower set forth in this Section 13.5 are limited to the Borrower and Guarantor shall have no liability to Lender hereunder. 

ARTICLE 14. INTENTIONALLY OMITTED 

ARTICLE 15. DUE ON SALE/ENCUMBRANCE 
  

	15.1	DUE ON SALE/ENCUMBRANCE. 

  

	 	(a)	Definitions. The following terms shall have the meanings indicated: 

“Restricted Party” shall mean each of (i) Borrower, (ii) any SPE Party, (iii) any Intermediate Holdco,
(iv) any Holdco, (v) Guarantor, and (vi) any shareholder, partner, member or non-member manager, or any direct legal or beneficial owner of Borrower, SPE Party, Intermediate Holdco, Holdco or Guarantor. 

“Transfer” shall mean any sale, installment sale, exchange, mortgage, pledge, hypothecation, assignment, encumbrance or
other transfer, conveyance or disposition, whether voluntarily, involuntarily or by operation of law or otherwise (but excluding Leases). 
  

	 	(b)	Property Transfers. 

  

	 	(i)	Prohibited Property Transfers. Except as otherwise permitted in this Agreement, Borrower shall not cause or permit any Transfer of all or any part of or
any direct or indirect legal or beneficial interest in the Property or the Collateral (collectively, a “Prohibited Property Transfer”), including, without limitation, (A) a Lease of all or a material part of the Property for
any purpose other than actual occupancy by a space tenant; and (B) the Transfer of all or any part of Borrower’s right, title and interest in and to any Leases or Payments. 

 

	 	(ii)	Permitted Property Transfers. Notwithstanding the foregoing, none of the following Transfers shall be deemed to be a Prohibited Property Transfer:
(A) a Transfer which is expressly permitted under this Agreement; (B) a Lease which is permitted under the terms of the Loan Documents; and (C) the sale of inventory in the ordinary course of business. 

 

	 	(c)	Equity Transfers. 

  

	 	(i)	 Prohibited Equity Transfers. Except as may be permitted under this Agreement, Borrower shall not cause or permit any Transfer of any
direct or indirect legal or beneficial interest in a Restricted Party (collectively, a “Prohibited Equity Transfer”), including without limitation, (A) if a Restricted Party is a corporation, any merger, consolidation or other
Transfer of such corporation’s stock or the creation or issuance of new stock in one or a series of transactions; (B) if a Restricted Party is a limited partnership, limited liability partnership, general partnership or joint venture, any
merger or consolidation or the change, removal, resignation or addition of a general partner or the Transfer 

 

 48 

	 	 
of the partnership interest of any general or limited partner or any profits or proceeds relating to such partnership interests or the creation or issuance of new limited partnership interests;
(C) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non-member manager (or if no managing member, any member) or any profits or proceeds
relating to such membership interest, or the Transfer of a non-managing membership interest or the creation or issuance of new non-managing membership interests; or (D) if a Restricted Party is a trust, any merger, consolidation or other
Transfer of any legal or beneficial interest in such Restricted Party or the creation or issuance of new legal or beneficial interests. 

  

	 	(ii)	Permitted Equity Transfers. Notwithstanding the foregoing or any other provision hereunder to the contrary, the following equity or property transfers
shall be permitted and shall not be deemed Prohibited Equity Transfers (and each shall be permitted hereunder without the consent of Lender or the payment of any assumption fee), provided, (x) any of the applicable conditions set forth in this
Section 15.1(c)(ii) are complied with by Borrower, (y) Borrower pays all of Lender’s reasonable out of pocket costs and expenses in connection therewith and (z) in the event the transfer of any direct or indirect equity
ownership in any Restricted Party that results in any Person and its Affiliates owning in excess of forty-nine percent (49%) of the direct or indirect equity ownership interests in Borrower or in any SPE Party, such transfers, if otherwise
permitted hereunder, shall also be conditioned upon delivery to Lender of a new Non-Consolidation Opinion addressing such transfer: 

(A) a sale, transfer or assignment (each, a “Transfer”) by holders of direct or indirect interests in
Borrower (each an “Interest Holder”) as of the Disbursement Date (including, without limitation, those interests held, directly or indirectly, by Dividend Capital Total Realty Trust Inc. (“TRT”) or Dividend Capital
Total Realty Operating Partnership LP (“TROP”)) to another person or entity who is not an Interest Holder, provided, however, that (i) after taking into account any prior Transfers pursuant to this sentence, whether to the
proposed transferee or otherwise, no such Transfer (or series of Transfers) shall result in a change of Control (as hereinafter defined) of Borrower or the day to day operations of the Property, (ii) Borrower shall give Lender notice of such
Transfer together with copies of all instruments effecting such Transfer reasonably requested by Lender, not less than thirty (30) days after the date of such Transfer; and (iii) no Default shall have occurred and is continuing;

 (B) any Transfer, sale, assignment or issuance, from time to time, of (i) any securities in TRT, or
(ii) any operating partnership units in TROP, provided, however, that TRT and TROP shall continue to (x) Control (as defined in clause (ii) in the definition of Control) directly or indirectly, the Borrower and the day to day
operations of the Property on the date of such Transfer and (y) own, directly or indirectly, at least 25% of all equity interests in Borrower; 

(C)(i) any Transfer, sale, assignment, or issuance from time to time, of the shares of stock or assets in TRT or TROP,
(ii) any Transfer by operation of law resulting from the merger, consolidation, or non-bankruptcy reorganization, of TRT or TROP, (iii) the listing of the securities in TRT or TROP on a national securities exchange, (iv) the
conversion of TRT or TROP, or any subsidiary thereof, into an “open end fund”, or (v) the transfer of any Property from Borrower to an affiliate of Borrower that is owned and controlled in substantially the same manner as Borrower is
owned and controlled on the Disbursement Date and with the equivalent or better financial condition than that of Borrower (“Affiliate Transferee”) provided that (x) the organizational documents of the Affiliate Transferee are
substantially similar to the organizational documents of Borrower and (y) the Affiliate Transferee executes assumption documentation reasonably required by Lender (it being understood and agreed that no assumption fee shall be payable in
connection with any such assumption); provided, however, that, to the extent that any Transfer under 
  

 49 

 
subsections (i) or (ii) above, results in a change in Control of TRT or TROP, as applicable, then Borrower must satisfy each of the applicable conditions relating to an assumption of
the Loan by a new transferee pursuant to the applicable section within the Loan Agreement; 
 (D) subject to
clause (C) above, a sale, issuance or Transfer of shares or other securities of TRT or any of its affiliates, which are listed on any national securities exchange; 

(E)(1) the closing of the Mezzanine Loan and the execution and delivery of all of the Mezzanine Loan Documents and the
performance of all of the obligations thereunder by Mezzanine Borrower and any other parties thereto and (2) foreclosure (or deed in lieu of foreclosure) by Mezzanine Lender of any direct or indirect membership interests of Borrower under any
pledge agreement under the Mezzanine Loan, including under the Mezzanine Pledge Agreement; and 
 (F) any
transfer of the direct or indirect interests of any Borrower by (or to) TRS NOIP Real Estate Holdco LLC to (or from) TRT NOIP Floating Rate CA LP Holdco LLC or to (or from) TRT NOIP Floating Real Estate Holdco LLC or (in any such case) any Affiliate
thereof. 
  

	15.2	MEZZANINE DEBT. 

Notwithstanding anything to contrary contained in this Agreement, certain owners of Borrower shall be permitted to obtain mezzanine
financing (the “New Mezzanine Loan”) upon the repayment in full of the Mezzanine Loan, which New Mezzanine Loan shall be secured by the membership or partnership interests in Borrower or the direct or indirect owners of Borrower,
subject to the following conditions and requirements: 
  

	 	(a)	the New Mezzanine Loan shall be junior and subordinate to the Loan and subject to the terms of a New Mezzanine Intercreditor (defined below); 

 

	 	(b)	Lender’s review and approval in its reasonable discretion of all of the terms and conditions of the New Mezzanine Loan, including the interest rate and loan amount
(unless such interest rate and loan amount are less than the interest rate and the loan amount of the Mezzanine Loan), and the documents evidencing the New Mezzanine Loan; 

 

	 	(c)	the New Mezzanine Loan shall only be payable out of any excess cash flow from the Property (i.e., after all debt service and other payments, reserve payments and
escrows due under the Loan and all operating expenses have been paid) or from equity contributions, and as otherwise permitted under the New Mezzanine Intercreditor; 

 

	 	(d)	the Debt Yield, including for the purposes of this calculation the New Mezzanine Loan is not less than (i) 11.5% or (ii) in the event the Fixed Rate Loan
Earn-Out Advance shall have occurred, 11.5%; 

  

	 	(e)	the lender under the New Mezzanine Loan (the “New Mezzanine Lender”) shall be a Qualified Transferee and shall at all times during the term of the Loan
be the sole owner and holder of the New Mezzanine Loan and shall not assign or pledge all or any portion thereof to any other third party other than a Qualified Transferee; 

 

	 	(f)	the New Mezzanine Lender shall enter into an intercreditor agreement with Lender in form and substance satisfactory to the Rating Agencies and reasonably satisfactory
to Lender (the “New Mezzanine Intercreditor”); 

  

	 	(g)	the New Mezzanine Loan shall be nonrecourse to Borrower as to principal and interest required to be paid under the New Mezzanine Loan and shall not be secured by a lien
against the Property; 

  

 50 

	 	(h)	Borrower shall reimburse Lender for all of Lender’s reasonable attorney’s fees and actual out-of-pocket expenses incurred by Lender in reviewing the New
Mezzanine Loan documents and negotiating and documenting the New Mezzanine Intercreditor; and 

  

	 	(i)	Borrower, at Borrower’s sole cost and expense and with Lender’s assistance, shall deliver a confirmation from the Rating Agencies that such New Mezzanine Loan
will not result in a downgrading, withdrawal or qualification of the respective ratings in effect immediately prior to the sale or exchange for any securities issued in connection with the securitization of the Loan which are then outstanding.

 The final capital structure of the New Mezzanine Loan is subject in all respects to Lender’s reasonable
approval and the Rating Agencies’ approval, including, without limitation, the organizational structure of Borrower. 

ARTICLE 16. LOAN SYNDICATION 
  

	16.1	LOAN SYNDICATION AND DISCLOSURE OF INFORMATION. 

Lender shall have the right, in its sole discretion, to (i) syndicate, sell and/or otherwise transfer the Loan or any portion thereof
or interest therein in whole or in part and (ii) syndicate, sell and/or otherwise transfer participation interests in the Loan or any portion thereof or interest therein. Subject to Section 16.14 hereof, any of the foregoing
syndications and/or transfers may be made (a) upon written notice from Lender to Borrower, to any Qualified Transferee or other acceptable financial institutions (it being understood that (x) any partial assignment, sale, transfer or
participation shall be in an amount at least equal to $20,000,000 and (y) so long as there is no existing default by Borrower, of any terms of provisions of the Loan Documents, the Borrower’s prior-written consent shall be required for any
such syndication or transfer of an interest in the Loan to an entity that is not a Qualified Transferee) or (b) provided that there is a then currently existing Default, to any bank, entity or person in Lender’s sole discretion
(collectively, a “Syndication Investor”) in such manner as may be determined by Lender in its sole discretion and Borrower shall have no consent or other rights with respect thereto; provided, however, that Wells Fargo
must hold no less than a $50,000,000 interest in the Loan at all times, as such amount may be reduced on a pro rata basis in connection with the Borrower’s prepayment of the Loan. The transaction(s) referred to in clauses (i) and
(ii) above shall hereinafter be referred to collectively as “Syndication Transactions”. The terms and provisions of this Article 16 are applicable in connection with a syndication of the Loan and after the Loan has been
syndicated. 
 Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, in the event that the Loan
is syndicated pursuant to this Section 16.1, the Administrative Agent shall have, on behalf of the Lender, all of the rights, powers, and authority that the Lender has under the terms and conditions of this Agreement and the other Loan
Documents. Borrower hereby agrees (a) to reasonably cooperate with the Administrative Agent in exercising the rights, duties, and obligations set forth in this Agreement and in the other Loan Documents; (b) that all accounts, letters of
credit, insurance endorsements, Security Documents, and any other instrument, account, or document originated or issued pursuant to the terms and conditions of this Agreement and/or the other Loan Documents shall be in favor of the Administrative
Agent, on behalf of the Lender and its successors and assigns; (c) that the Administrative Agent, on behalf of the Lender, has the right to exercise any and all of the rights, duties, obligations, waivers, and other powers that are otherwise
exercisable by, or in favor of, Lender; and (d) all monies and or other deliverables from Borrower or its Affiliates to Lender shall be delivered to the Administrative Agent on behalf of Lender and its successors and assigns. 

 

	 	(a)	This Agreement and all other Loan Documents shall be binding upon and shall be enforceable by Borrower, Lender and their respective successors and assigns, except that
Borrower shall have no right (other than as set forth in this Agreement) to assign any of its rights or delegate any of its obligations under the Loan or any Loan Documents without the prior written consent of Administrative Agent (in its sole and
absolute discretion). 

  

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	 	(b)	In connection with a syndication of the Loan and if the Loan is syndicated ninety (90) days or later subsequent to the Effective Date of this Agreement, then
Borrower shall (at no cost or expense to Borrower) assist each Lender Party in satisfying the following: 

  

	 	(i)	within fifteen (15) days of a Lender Party’s request, provide updated financial and other customary and reasonable information with respect to the Property,
the business operated at the Property, Borrower, Guarantor and Manager to the extent in the possession of Borrower or can easily be compiled by Borrower (“Updated Syndication Information”), together, if customary, with appropriate
verification of the Updated Syndication Information through letters of auditors; 

  

	 	(ii)	provide (A) direct contact between senior management and advisors of Borrower, Guarantor, and proposed Syndication Investors, (B) reasonable assistance in the
preparation of information memoranda and other marketing materials to be used in connection with Syndication Transactions, and (C) the hosting, with Administrative Agent, of one or more meetings of prospective Syndication Investors;

  

	 	(iii)	deliver to Administrative Agent an estoppel certificate for the benefit of Lender Parties and any other party designated by Administrative Agent verifying the status
and terms of the Loan, in form and content reasonably satisfactory to each Lender Party; and 

  

	 	(iv)	execute such amendments to the Loan Documents and Borrower’s or any SPE Party’s organizational documents (and other customary loan documentation as
Administrative Agent may reasonably require in connection therewith) as may be reasonably requested by any Lender Party or potential Investor or as to otherwise effect any Syndication Transaction; provided, however, that Borrower shall
not be required to modify or amend any Loan Document if such modification or amendment would (1) increase any of the obligations, or reduce any of the rights, of Borrower or Guarantor under the Loan Documents, (2) increase any costs or
expenses payable by Borrower or Guarantor under the Loan Documents, or (3) reduce any of the obligations, or increase any of the rights, of Lender under the Loan Documents. 

 

	 	(c)	 In connection with any Syndication Transaction, at the election of Lender (which such election may be made in its sole discretion), (i) Lender may
assign and/or transfer and deliver all or any portion of its rights and/or interests in, to and/or under the Loan and in and to the Property (such rights and/or interests, collectively, the “Transferred Syndication Rights”) and the
assignee Syndication Investor thereof shall thereupon become vested with all such Transferred Rights, (ii) any liabilities and/or obligations of Lender to any other party with respect to such Transferred Rights shall also be transferred and
vest in the Syndication Investor holding such Transferred Rights, (iii) any transferor of such Transferred Rights (which transfer shall be evidenced by an Assignment and Assumption) shall automatically be relieved and released of any
liabilities and/or obligations related thereto upon such transfer and Borrower hereby releases any such transferor with respect to the same, (iv) the liabilities and obligations under the Loan and Loan Documents of the Lender Parties shall be
several and not joint, (v) the Lender Parties shall only be responsible to Borrower for their respective proportionate shares of the liabilities and obligations under the Loan and no Lender Party shall be responsible for the obligations or
liabilities of any other Lender Party under the Loan or Loan Documents, (vi) Lender shall designate itself to act as an administrative agent for such of the Lender Parties under such terms and conditions as Lender may designate (which such
terms and conditions may include, without limitation, (A) such rights, duties, authorities and obligations of the Lender Parties under the Loan and Loan Documents that may be delegated to Administrative Agent, (B) the limitations of
Administrative Agent’s liability to Borrower and the Lender Parties and (C) the terms and conditions under which Administrative Agent may act on behalf of the Lender Parties), and/or (vii) Administrative Agent and the Lender

  

 52 

	 	 
Parties may enter into such intercreditor arrangements, cross-indemnities, waivers and other agreements among Administrative Agent and the Lender Parties with respect to the Loan, the Loan
Documents and each Syndication Transaction as Agent and the Lender Parties may determine in their discretion (subject to the limitations contained in Section 16.1(c)(v)). 

 

	 	(d)	With respect to the Lender Parties and Administrative Agent, Borrower hereby acknowledges and agrees that: (i) Lender, Administrative Agent and each Syndication
Investor and their respective affiliates may accept deposits from, lend money to, act as trustee under indentures of, and generally engage in any kind of business with, Borrower, Guarantor or any affiliate of Borrower or Guarantor and any Person who
may do business with or own securities of Borrower or Guarantor or any affiliate of Borrower or Guarantor, all as if they were not serving in such capacities hereunder and without any duty to account therefor to each other and (ii) subject to
limitations imposed by Lender, all references to “Lender” contained herein and in the other Loan Documents (including, without limitation, in the indemnity, waiver and expense provisions contained herein and in the other Loan
Documents) shall be deemed to include each of Administrative Agent and the Lender Parties. 

  

	 	(e)	At the option of Lender, the Loan may be serviced by a servicer/trustee selected by Lender (the “Syndication Servicer”) and Lender may delegate
all or any portion of its responsibilities under this Agreement and the other Loan Documents to such servicer/trustee pursuant to a servicing agreement between Lender and such Syndication Servicer. 

 

	 	(f)	At the request of Lender, Borrower shall appoint, as its agent, a registrar and transfer agent (the “Syndication Registrar”) reasonably acceptable to
Lender which shall maintain, subject to such reasonable regulations as it shall provide, such books and records as are necessary for the registration and transfer of the Syndication Note in a manner that shall cause the Syndication Note to be
considered to be in registered form for purposes of Section 163(f) of the IRS Code. The option to convert the Syndication Note into registered form once exercised may not be revoked. Any agreement setting out the rights and obligation of the
Syndication Registrar shall be subject to the reasonable approval of Lender. Borrower may revoke the appointment of any particular person as Syndication Registrar, effective upon the effectiveness of the appointment of a replacement Syndication
Registrar. The Syndication Registrar shall not be entitled to any fee from Borrower or Lender or any other lender in respect of transfers of the Syndication Note and other Loan Documents. 

Lender may disseminate to any Lender Party (and to any investment banking firms, accounting firms, law firms and other third party advisory firms and
investors involved with the Loan and the Loan Documents or the applicable Syndication Transaction) all documents and financial and other information then possessed by or known to Lender with respect to: (a) the Property and its operation; and
(b) any party connected with the Loan (including, without limitation, Borrower, any partner or member of Borrower, any constituent partner or member of Borrower, any Guarantor and any non-borrower trustor); provided, however, that
prior to any such information being distributed to any Lender Party (and to any investment banking firms, accounting firms, law firms and other third party advisory firms and investors involved with the Loan and the Loan Documents or the applicable
Syndication Transaction) such recipient shall agree in writing to keep all such information confidential other than as may be required by Applicable Laws or court order. 

 

	16.2	APPOINTMENT AND AUTHORIZATION. 

Lender hereby irrevocably appoints and authorizes Wells Fargo as the Administrative Agent, which Administrative Agent is authorized to
take such action as contractual representative on such Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof,
together with such powers as are reasonably incidental thereto. Not in limitation of the foregoing, Lender authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Lender hereby agrees that,
except as otherwise set forth herein, any action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of

  

 53 

 
the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon each Lender Party. Nothing herein shall be
construed to deem the Administrative Agent a trustee or fiduciary for any Lender Party or to impose on the Administrative Agent duties or obligations other than those expressly provided for herein. Without limiting the generality of the foregoing,
the use of the terms “Administrative Agent”, “Agent”, “agent” and similar terms in the Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. The
Administrative Agent shall deliver to each Lender, promptly upon receipt thereof by Administrative Agent, copies of each of the financial statements, certificates, notices and other documents delivered to Administrative Agent pursuant to the terms
hereof that the Borrower is not otherwise required to deliver directly to the Lender. The Administrative Agent will furnish to any Lender Party, upon the request of such Lender Party, a copy (or, where appropriate, an original) of any document,
instrument, agreement, certificate or notice furnished to the Administrative Agent by the Borrower or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document not already delivered to such Lender pursuant to the
terms of this Agreement or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement of the Loan Documents or collection of the Debt, the Administrative Agent shall
not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Requisite Lenders (or all of the
Lender Parties if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon each of the Lender Parties and all holders of any of the Debt; provided, however, that, notwithstanding
anything in this Agreement to the contrary, the Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan Document or
Applicable Law. Not in limitation of the foregoing, the Administrative Agent may exercise or may refrain from exercising any right or remedy it or the Lender may have under any Loan Document upon the occurrence of a Default unless the Requisite
Lenders (which must include the Administrative Agent) have directed the Administrative Agent otherwise and unless and until Administrative Agent shall have received directions from Requisite Lenders (which must include the Administrative Agent),
Administrative Agent may take such action, or refrain from taking such action, with respect to any Default as Administrative Agent shall determine in its sole discretion. Furthermore, and without limiting the foregoing, no Lender Party shall have
any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite
Lenders pursuant to the terms hereof, or where applicable, all the Lender Parties. 
  

	16.3	WELLS FARGO AS LENDER. 

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

 54 

	16.4	COLLATERAL MATTERS; PROTECTIVE ADVANCES. 

  

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

 

	 	(b)	The Lender Parties hereby authorize the Administrative Agent, at its option and in its discretion, to release any lien granted to or held by the Agent upon the Property
(i) upon indefeasible payment and satisfaction in full of the Debt; (ii) as expressly permitted by, but only in accordance with, the terms of the applicable Loan Document; and (iii) if approved, authorized or ratified in writing by
the Requisite Lenders (or such greater number of Lender Parties as this Agreement or any other Loan Document may expressly provide). Upon request by the Administrative Agent at any time, the Lender Parties will confirm in writing the Administrative
Agent’s authority to release the Property pursuant to this Section 16.4. 

  

	 	(c)	Upon any sale of the Property which is expressly permitted pursuant to the terms of this Agreement, and upon at least five (5) Business Days’ prior written
request by the Borrower, the Administrative Agent shall (and is hereby irrevocably authorized by the Lender Parties to) execute such documents as may be necessary to evidence the release of the liens granted to the Administrative Agent for the
benefit of the Lender herein or pursuant hereto upon the Property that was sold or transferred; provided, however, that the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative
Agent’s opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such liens without recourse or warranty. In the event of any sale or transfer of the Property, or
any foreclosure with respect to the Property, the Administrative Agent shall be authorized to deduct all of the expenses reasonably incurred by the Administrative Agent from the proceeds of any such sale, transfer or foreclosure.

  

	 	(d)	The Administrative Agent shall have no obligation whatsoever to the Lender Parties or to any other Person to assure that the Property exists or is owned by the Borrower
or is cared for, protected or insured or that the liens granted to the Administrative Agent herein or pursuant hereto have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular
priority, or to exercise or to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or available to the Administrative Agent in this Section 16.4
or in any of the Loan Documents, it being understood and agreed that in respect of the Property, or any act, omission or event related thereto, the Administrative Agent may act in any manner it may deem appropriate, in its sole discretion, and that
the Administrative Agent shall have no duty or liability whatsoever to the Lender Parties, except to the extent resulting from its gross negligence or willful misconduct. 

 

	 	(e)	The Administrative Agent may make, and shall be reimbursed by the Lender Parties (in accordance with their Pro Rata Shares) to the extent not reimbursed by the Borrower
for, Protective Advances with respect to the Property up to the sum of (i) amounts expended to pay Taxes imposed upon the Property; (ii) amounts expended to pay Insurance Premiums related to the Property; and (iii) $500,000.
Protective Advances in excess of said sum for the Property shall require the consent of the Requisite Lenders. The Borrower agrees to pay on demand all Protective Advances, including, without limitation, those Protective Advances described in this
Section 16.4. 

  

	16.5	POST-FORECLOSURE PLANS. 

If all or any portion of the Property is acquired by the Administrative Agent as a result of a foreclosure or the acceptance of a deed or
assignment in lieu of foreclosure, or is retained in satisfaction of all or any part of the Debt, the title to the Property, or any portion thereof, shall be held in the name of the Administrative Agent or a nominee or subsidiary of the
Administrative Agent, as agent, for the ratable benefit of all Lender Parties. The Administrative Agent shall prepare a recommended course of action for the Property (a “Post-

 

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Foreclosure Plan”), which shall be subject to the approval of the Requisite Lenders (which must include the approval of the Administrative Agent). In accordance with the approved
Post-Foreclosure Plan, the Administrative Agent shall manage, operate, repair, administer, complete, construct, restore or otherwise deal with the Property acquired, and shall administer all transactions relating thereto, including, without
limitation, employing a property manager, leasing agent and other agents, contractors and employees, including agents for the sale of the Property, and the collecting of rents and other sums from the Property and paying the expenses of such
Property. Actions taken by the Administrative Agent with respect to the Property, which are not specifically provided for in the approved Post-Foreclosure Plan or reasonably incidental thereto, shall require the written consent of the Requisite
Lenders (which must include the consent the Administrative Agent) by way of supplement to such Post-Foreclosure Plan. Upon demand therefor from time to time, each Lender Party will contribute its Pro Rata Share of all reasonable costs and expenses
incurred by the Administrative Agent pursuant to the approved Post-Foreclosure Plan in connection with the construction, operation, management, maintenance, leasing and sale of the Property. In addition, the Administrative Agent shall render or
cause to be rendered to each Lender Party, on a monthly basis, an income and expense statement for the Property, and each Lender Party shall promptly (but no later than five (5) Business Days from receipt of such statement) contribute its Pro
Rata Share of any operating loss for the Property, and such other expenses and operating reserves as the Administrative Agent shall deem reasonably necessary pursuant to and in accordance with the approved Post-Foreclosure Plan. To the extent there
is net operating income from the Property, the Administrative Agent shall, in accordance with the approved Post-Foreclosure Plan, determine the amount and timing of distributions to the Lender Parties. All such distributions shall be made to the
Lender Parties in accordance with their respective Pro Rata Shares. The Lender Parties acknowledge and agree that if title to the Property is obtained by the Administrative Agent or its nominee, the Property will not be held as a permanent
investment but will be liquidated as soon as practicable. The Administrative Agent shall undertake to sell the Property at such price and upon such terms and conditions as the Requisite Lenders reasonably shall determine (which must include the
consent of the Administrative Agent) to be most advantageous to the Lender Parties. Any purchase money mortgage or deed of trust taken in connection with the disposition of the Property in accordance with the immediately preceding sentence shall
name the Administrative Agent, as agent for the Lender Parties, as the beneficiary or mortgagee. In such case, the Administrative Agent and the Lender Parties shall enter into an agreement with respect to such purchase money mortgage or deed of
trust defining the rights of the Lender Parties in the same Pro Rata Shares as provided hereunder, which agreement shall be in all material respects similar to this Article 16 insofar as the same is appropriate or applicable. 

 

	16.6	APPROVALS OF LENDERS. 

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

	16.7	NOTICE OF DEFAULTS. 

The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent
has received notice from a Lender Party or the Borrower referring to this 
  

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Agreement, describing with reasonable specificity such Default, and stating that such notice is a “notice of default.” If any Lender Party (excluding any Lender Party which is also
serving as the Administrative Agent) becomes aware of any Default, it shall promptly send to the Administrative Agent such a “notice of default”. Further, if the Administrative Agent receives such a “notice of default,” the
Administrative Agent shall give prompt notice thereof to the Lender Parties. 
  

	16.8	ADMINISTRATIVE AGENT’S RELIANCE. 

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

	16.9	INDEMNIFICATION OF ADMINISTRATIVE AGENT. 

Regardless of whether the transactions contemplated by this Agreement and the other Loan Documents are consummated, each Lender Party
agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) pro rata in accordance with such Lender Party’s respective Pro Rata Share, from and against
any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Administrative
Agent (in its capacity as Administrative Agent but not as a “Lender Party”) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action taken or omitted by the Administrative
Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender Party shall be liable for any portion of such Indemnifiable Amounts to the extent resulting from
the Administrative Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, however, that no action taken in accordance with the directions of
the Requisite Lenders (or all of the Lender Parties, if expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 16.9. Without limiting the generality of the
foregoing, each Lender Party agrees to reimburse the Administrative Agent (to the extent not reimbursed by the Borrower 

 

 57 

 
and without limiting the obligation of the Borrower to do so) promptly upon demand for its Pro Rata Share of any out-of-pocket expenses (including the reasonable fees and expenses of the counsel
to the Administrative Agent) incurred by the Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings, or otherwise) of, or legal advice with
respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect the Debt, any “lender liability” suit or
claim brought against the Administrative Agent and/or the Lender Parties, and any claim or suit brought against the Administrative Agent and/or the Lender Parties arising under any Environmental Laws. Such out-of-pocket expenses (including counsel
fees) shall be advanced by the Lender Parties on the request of the Administrative Agent notwithstanding any claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the
Administrative Agent that the Administrative Agent will reimburse the Lender Parties if it is actually and finally determined by a court of competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in
this Section 16.9 shall survive the payment of the Loan and all other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Administrative Agent for any
Indemnifiable Amount following payment by any Lender Party to the Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section 16.9, the Agent shall share such reimbursement on a ratable basis with each Lender
Party making any such payment. 
  

	16.10	LENDER CREDIT DECISION, ETC. 

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

	16.13	INTENTIONALLY OMITTED. 

  

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	16.12	DEFAULTING LENDERS. 

If for any reason any Lender (a “Defaulting Lender”) shall fail or refuse to perform any of its obligations under this
Agreement or any other Loan Document to which it is a party within the time period specified for performance of such obligation or, if no time period is specified, if such failure or refusal continues for a period of two (2) Business Days after
notice from the Administrative Agent, then, in addition to the rights and remedies that may be available to the Administrative Agent or the Borrower under this Agreement or Applicable Law, such Defaulting Lender’s right to participate in the
administration of the Loan, this Agreement and the other Loan Documents, including without limitation, any right to vote in respect of, to consent to or to direct any action or inaction of the Administrative Agent or to be taken into account in the
calculation of Requisite Lenders or unanimous Lender Party consent, as applicable, shall be suspended during the pendency of such failure or refusal. If for any reason a Lender Party fails to make timely payment to the Administrative Agent of any
amount required to be paid to the Administrative Agent hereunder (without giving effect to any notice or cure periods), in addition to other rights and remedies which the Administrative Agent or the Borrower may have under the immediately preceding
provisions or otherwise, the Administrative Agent shall be entitled (i) to collect interest from such Defaulting Lender on such delinquent payment for the period from the date on which the payment was due until the date on which the payment is
made at the Federal Funds Rate, (ii) to withhold or setoff and to apply in satisfaction of the defaulted payment and any related interest, any amounts otherwise payable to such Defaulting Lender under this Agreement or any other Loan Document
and (iii) to bring an action or suit against such Defaulting Lender in a court of competent jurisdiction to recover the defaulted amount and any related interest. Any amounts received by the Administrative Agent in respect of a Defaulting
Lender’s Individual Loan Commitment shall not be paid to such Defaulting Lender and shall be held by the Administrative Agent and paid to such Defaulting Lender upon the Defaulting Lender’s curing of its default. Furthermore, a Defaulting
Lender shall indemnify and hold harmless Borrower, Administrative Agent and each of the other Lenders from any claim, loss, or costs incurred by Borrower, Administrative Agent and/or the other Lender Parties as a result of a Defaulting Lender’s
failure to comply with the requirements of this Agreement, including, without limitation, any and all additional losses, damages, costs and expenses (including, without limitation, attorneys’ fees) incurred by Borrower, Administrative Agent and
any Lender Party as a result of and/or in connection with (i) any enforcement action brought by Administrative Agent against a Defaulting Lender and (ii) any action brought against Administrative Agent and/or Lender Parties. The
indemnification provided above shall survive any termination of this Agreement. 
  

	16.13	PARTICIPATIONS. 

Subject to the terms and conditions of Section 16.1 of this Agreement, (a) any Lender Party may at any time grant to an
Affiliate of such Lender Party or one or more banks or other financial institutions that constitute Qualified Transferees (each a “Syndication Participant”) participating interests in the portion of the Debt owing to such Lender
Party. Except as otherwise expressly stated herein, no Syndication Participant shall have any rights or benefits under this Agreement or any other Loan Document. In the event of any such grant by a Lender Party of a participating interest to a
Syndication Participant, such Lender Party shall remain responsible for the performance of its obligations hereunder, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender Party in connection with
such Lender Party’s rights and obligations under this Agreement. Any agreement pursuant to which any Lender Party may grant such a participating interest shall provide that such Lender Party shall retain the sole right and responsibility to
enforce the obligations of the Borrower hereunder including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Agreement; provided, however, such Lender Party may agree with the
Syndication Participant that it will not, without the consent of the Syndication Participant, agree to (i) increase such Lender Party’s Individual Loan Commitment, (ii) extend the date fixed for the payment of principal on the Loan or
portions thereof owing to such Lender Party, or (iii) reduce the rate at which interest is payable thereon. An assignment or other transfer which is not permitted by Section 16.14 below shall be given effect for purposes of this
Agreement only to the extent of a participating interest granted in accordance with this Section 16.13. Subject to paragraph (b) of this Section 16.13, the Borrower agrees that each Syndication Participant shall be
entitled to the benefits of Subsections 2.2(b)(v), (f)(i), (g), (h) to the same extent as if it were a Lender Party hereunder and had acquired its interest by assignment pursuant to Section 16.14. To the
extent permitted by law, each Syndication Participant also shall be entitled to the benefits of Section 17.20 as though it were a Lender Party. 
  

 59 

	 	(b)	A Participant shall not be entitled to receive any greater payment under Subsections 2.2(b)(v), (f)(i), (g), (h) than the applicable
Lender Party would have been entitled to receive with respect to the participation sold to such Participant. A Participant that would be a Foreign Lender if it were a Lender Party shall not be entitled to the benefits of Section 2.(f)(i) unless
the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.2(f)(i) and (ii) as though it were a Lender Party.

  

	16.14	ASSIGNMENTS. 

 Any
Lender Party may with the prior written consent of the Administrative Agent at any time assign to one or more Qualified Transferees (each an “Assignee”) all or a portion of its rights and obligations under this Agreement and the
Syndication Notes; provided, however, (i) any partial assignment shall be in an amount at least equal to $20,000,000 (provided, however, that Wells Fargo must hold no less than a $50,000,000 interest in the Loan at all times, as
such amount may be reduced on a pro rata basis in connection with the Borrower’s prepayment of the Loan) and (ii) each such assignment shall be effected by means of an Assignment and Assumption. Upon execution and delivery of such
instrument and payment by such Assignee to such transferor Lender Party of an amount equal to the purchase price agreed between such transferor Lender Party and such Assignee, such Assignee shall be deemed to be a Lender Party to this Agreement and
shall have all the rights and obligations of a Lender Party with an Individual Loan Commitment as set forth in such Assignment and Assumption Agreement, and upon the full execution of such Assignment and Assumption the transferor Lender Party shall
be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this Section 16.14 and if requested by the
transferee Lender Party and/or the transferor Lender Party, the transferor Lender Party, the Administrative Agent and the Borrower shall make appropriate arrangements so new substitute Syndication Notes are issued to the Assignee and such transferor
Lender Party by Borrower, as appropriate. In connection with any such assignment, the transferor Lender Party shall pay to the Administrative Agent an administrative fee for processing such assignment in the amount of $4,500.00 for the account of
Administrative Agent. Notwithstanding anything herein to the contrary, no Lender Party may assign or participate any interest in any Loan held by it hereunder to the Borrower or to any Affiliate of the Borrower. 

 

	16.15	FEDERAL RESERVE BANK ASSIGNMENTS. 

In addition to the assignments and participations permitted under the foregoing Sections of this Article 16, and without the need
to comply with any of the formal or procedural requirements of the foregoing Sections of this Article 16, any Lender Party may at any time and from time to time, pledge and assign all or any portion of its rights under all or any of the Loan
Documents to a Federal Reserve Bank; provided that no such pledge of assignment shall release such assigning Lender Party from its obligations thereunder. 
  

	16.16	INFORMATION TO ASSIGNEE, ETC. 

A Lender Party may furnish any information concerning the Borrower or any affiliate thereof in the possession of such Lender Party from
time to time to Assignees and Syndication Participants (including prospective Assignees and prospective Syndication Participants); provided, however, that prior to any such information being distributed by any Lender Party (and to any
investment banking firms, accounting firms, law firms and other third party advisory firms and investors involved with the Loan and the Loan Documents or the applicable Syndication Transaction) such recipient shall agree in writing to keep all such
information confidential other than as may be required by Applicable Laws or court order. 
  

	16.17	AMENDMENTS AND WAIVERS. 

  

	 	(a)	 Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this Agreement or
in any Loan Document to be given by the Lender Parties may be given, (ii) any term of this Agreement or of any other Loan Document (other than 

 

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any fee letter solely between the Borrower and the Administrative Agent) may be amended in any material respect, (iii) the performance or observance by the Borrower or any other party to the
Loan Documents of any terms of this Agreement or such other Loan Document (other than any fee letter, if any, solely between the Borrower and the Agent) may be waived, (iv) the acceleration of the maturity of the Loan may be rescinded and
(v) the continuance of any Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders (or the Administrative Agent at the
written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written consent of each Borrower and Affiliate thereof which is party to the Loan Documents. Notwithstanding the previous sentence,
Administrative Agent, shall be authorized on behalf of all the Lender Parties, without the necessity of any notice to, or further consent from, any Lender Party, to waive (i) the imposition of the late charges provided in
Section 2.3(a) hereof, up to a maximum of three (3) times per calendar year and (ii) the requirement that the outstanding principal balance of the Loan and any overdue interest shall accrue interest at the Default Rate upon the
occurrence and during the continuance of a Default, pursuant to Section 2.3(b) hereof. 

  

	 	(b)	Unanimous Consent. Notwithstanding the foregoing or anything herein or in the other Loan Documents to the contrary, in addition to those matters herein and in
the other Loan Documents that expressly require the unanimous consent of all of the Lender Parties, no amendment, waiver or consent (except with respect to any fee letter solely between the Borrower and Agent regarding fees owed only to the
Administrative Agent) shall, unless in writing, and signed by all of the Lender Parties (or the Administrative Agent, at the written direction of the Lender Parties), but excluding any Defaulting Lender, do any of the following:

  

	 	(i)	increase the Individual Loan Commitments of the Lenders (excluding any increase as a result of an assignment of any Individual Loan Commitments permitted under
Section 16.14 hereof) or subject the Lender Parties to any additional obligations; 

  

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

 

	 	(iii)	reduce the amount of any Fees, if any, payable to the Lender Parties hereunder; 

 

	 	(iv)	postpone any date fixed for any payment of principal and/or interest on the Loan or for the payment of any Fees or any other payments due and payable by Borrower
hereunder or under the other Loan Documents; 

  

	 	(v)	change the Pro Rata Shares (excluding any change as a result of an assignment of any Individual Loan Commitment permitted under Section 16.14 hereof);

  

	 	(vi)	waive any requirement to deliver or maintain an Interest Rate Protection Agreement; 

 

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

  

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

  

	 	(ix)	permit any Prohibited Property Transfer or permit any assignment by Borrower pursuant to Section 15.1(b)(i) hereof. 

 

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	 	(x)	release any Guarantor from its obligations under the Guaranty unless expressly permitted pursuant to the terms hereof or under the other Loan Documents;

  

	 	(xi)	waive a Default under Section 9.1 hereof; 

  

	 	(xii)	amend or otherwise waive the requirements of Section 9.3(b) hereof; or 

 

	 	(xiii)	release or dispose of the Property or any portion thereof unless released in accordance with the express terms hereof. 

Wherever any approval, consent or direction herein or in any other Loan Document is required by “each Lender Party” or
“Lender Parties” it shall mean that such approval, consent or direction must be agreed to by the unanimous consent of all of the Lenders. 
  

	 	(c)	Intentionally Omitted. 

  

	 	(d)	Notwithstanding the foregoing or anything herein or in the Loan Documents to the contrary, to the extent that this Agreement or the other Loan Documents condition a
consent or approval upon Requisite Lenders’ or unanimous Lender Parties’ consent (or require Borrower to deliver notices, reports, financial statements, or any other deliveries hereunder to Lender), it is agreed to hereunder that Borrower
shall make all requests of such consent and approval of Administrative Agent (notwithstanding that Requisite Lenders’ or unanimous Lender Parties’ consent is required) (and deliver any such notices, reports, financial statements and other
deliveries to Administrative Agent only) and all communication with the Lender Parties with respect to such matter which Borrower has made a request shall be to and from the Administrative Agent. It is expressly understood that Borrower shall not be
obligated to communicate or interface directly with any Lender Party or Lender Parties concerning any consents, approvals, modifications or amendments or waivers hereunder. Borrower shall be entitled to rely on any written consent, approval, notice
or any other statement received by or from the Administrative Agent. 

  

	16.18	CONSENT TO AND ACKNOWLEDGEMENT OF ADMINISTRATIVE AGENT. 

Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, in the event that the Loan is syndicated pursuant
to Section 16.1 of this Agreement, the Administrative Agent shall have, on behalf of the Lender, all of the rights, powers, and authority that the Lender has under the terms and conditions of this Agreement and the other Loan Documents.
Borrower hereby agrees (a) reasonably to cooperate with the Administrative Agent in exercising the rights, duties, and obligations set forth in this Agreement and in the other Loan Documents; (b) that all accounts, letters of credit,
insurance endorsements, Security Documents, and any other instrument, account, or document originated or issued pursuant to the terms and conditions of this Agreement and/or the other Loan Documents shall be in favor of the Administrative Agent, on
behalf of the Lender and its successors and assigns; (c) that the Administrative Agent, on behalf of the Lender, has the right to exercise any and all of the rights, duties, obligations, waivers, and other powers that are in otherwise
exercisable by, or in favor of, the Lender; and (d) all monies and or other deliverables from Borrower or its Affiliates to the Lender shall be delivered to the Administrative Agent on behalf of the Lender and its successors and assigns.

  

	16.19	NO JOINT VENTURE OR PARTNERSHIP; NO THIRD PARTY BENEFICIARIES; NON-LIABILITY OF ADMINISTRATIVE AGENT AND LENDERS. 

 

	 	(a)	Borrower, Administrative Agent and Lender Party intend that the relationships created under this Agreement, the Security Documents, the Syndication Note and the other
Loan Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Borrower, Administrative Agent and/or Lender Parties nor to
grant Administrative Agent or any Lender Party any interest in the Property other than that of mortgagee, beneficiary or lender. 

  

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	 	(b)	This Agreement, the Security Documents, the Syndication Note and the other Loan Documents are solely for the benefit of Administrative Agent, Lender Parties and
Borrower and nothing contained in this Agreement, the Security Documents, the Syndication Note or the other Loan Documents shall be deemed to confer upon anyone other than Administrative Agent, Lender Parties and Borrower any right to insist upon or
to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender Parties to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender Parties and
no other Person (other than Administrative Agent) shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender Parties will refuse to make, or participate in, the Loan in the
absence of strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions (other than Administrative Agent), any or all of which may be freely waived in whole or in part
by Lender Parties if, in Lender Parties’ sole discretion, Lender Parties deems it advisable or desirable to do so. 

  

	 	(c)	The general partners, members, principals and (if Borrower is a trust) beneficial owners of Borrower are experienced in the ownership and operation of properties
similar to the Property, and Borrower and Lender Parties are relying solely upon such expertise and business plan in connection with the ownership and operation of the Property. Borrower is not relying on Administrative Agent’s or Lender
Parties’ expertise, business acumen or advice in connection with the Property. 

  

	 	(d)	Notwithstanding anything to the contrary contained herein, neither Lender Parties nor Administrative Agent are undertaking the performance of (i) any obligations
under the Leases; or (ii) any obligations with respect to such agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses and other documents. 

 

	 	(e)	By accepting or approving anything required to be observed, performed or fulfilled or to be given to Administrative Agent and/or Lender Parties pursuant to this
Agreement, the Security Documents, the Syndication Note or the other Loan Documents, including, without limitation, any officer’s certificate, balance sheet, statement of profit and loss or other financial statement, survey, appraisal, or
insurance policy, neither Administrative Agent nor Lender Parties shall be deemed to have warranted, consented to, or affirmed the sufficiency, the legality or effectiveness of same, and such acceptance or approval thereof shall not constitute any
warranty or affirmation with respect thereto by Administrative Agent or any Lender Party. 

  

	 	(f)	Borrower recognizes and acknowledges that in accepting this Agreement, the Syndication Note, the Security Documents and the other Loan Documents, Administrative Agent
and Lender Parties are expressly and primarily relying on the truth and accuracy of the representations and warranties set forth in Article 5 of this Agreement without any obligation to investigate the Property and notwithstanding any
investigation of the Property by Administrative Agent or any Lender Party; that such reliance existed on the part of Administrative Agent and Lender Parties prior to the date hereof, that the warranties and representations are a material inducement
to Lender Parties in making the Loan; and that Lender Parties would not be willing to make the Loan and accept the this Agreement, the Syndication Note, the Security Documents and the other Loan Documents in the absence of the warranties and
representations as set forth in Article 5 of this Agreement. 

 Neither Administrative Agent nor any Lender
shall have any fiduciary responsibilities to Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing
by Administrative Agent or any Lender to any Lender, Borrower, or any Affiliate of Borrower. Neither Administrative Agent nor any Lender undertakes any responsibility to Borrower to review or inform Borrower of any matter in connection with any
phase of Borrower’s business or operations. 
  

 63 

	16.20	DELAY OUTSIDE LENDER’S CONTROL. 

Neither Administrative Agent nor any Lender Party shall be liable in any way to Borrower or any third party for Administrative
Agent’s or such Lender Party’s failure to perform or delay in performing under this Agreement and the other Loan Documents (and Administrative Agent or any Lender Party may suspend or terminate all or any portion of Administrative
Agent’s or such Lender Party’s obligations under this Agreement and any other Loan Documents) if such failure to perform or delay in performing results directly or indirectly from, or is based upon, the action, inaction, or purported
action, of any governmental or local authority, or because of war, rebellion, insurrection, strike, lock-out, boycott or blockade (whether presently in effect, announced or in the sole judgment of Administrative Agent or such Lender Party deemed
probable), or from any Act of God or other cause or event beyond Administrative Agent’s or such Lender Party’s control. 
  

	16.21	ACTIONS. 

 Borrower
agrees that Administrative Agent or any Lender Party, in exercising the rights, duties or liabilities of Administrative Agent, Lender Party or Borrower under this Agreement and the other Loan Documents, may commence, appear in or defend any action
or proceeding purporting to affect the Property, the Improvements, this Agreement and/or the other Loan Documents and Borrower shall promptly reimburse Administrative Agent or such Lender Party upon demand for all such third-party expenses so
incurred or paid by Administrative Agent or such Lender Party, including, without limitation, reasonable attorneys’ fees and expenses and court costs. 
  

	16.22	FORM OF DOCUMENTS. 

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

 

	16.23	ADMINISTRATIVE AGENT’S AND LENDER PARTY’S AGENTS. 

Administrative Agent and/or any Lender Party may designate an agent or independent contractor to exercise any of such Person’s rights
under this Agreement or any of the other Loan Documents. Any reference to Administrative Agent or any Lender Party herein or in any of the other Loan Documents shall include Administrative Agent’s and such Lender Party’s agents, employees
or independent contractors. 
  

	16.24	NOTICES. 

 All
notices or other written communications hereunder shall be deemed to have been properly given (a) upon delivery, if delivered in person or by facsimile transmission with receipt acknowledged by the recipient thereof and confirmed by telephone
by sender, (b) one (1) Business Day after having been deposited for overnight delivery with any reputable overnight courier service, or (c) three (3) Business Days after having been deposited in any post office or mail depository
regularly maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 
  

			
	If to Borrower:	  	 c/o Dividend Capital Total Realty Operating Partnership LP

518 17th Street, Suite 1700
 Denver, Colorado
80202
 Attention: Guy Arnold, President

		
	With a copy to:	  	 c/o Dividend Capital Total Realty Operating Partnership LP

518 17th Street, Suite 1700
 Denver, Colorado
80202
 Attention: Joshua J. Widoff, Senior Vice President and General Counsel

 

 64 

			
	With a copy to:	    	 Greenberg Traurig, LLP
 200
Park Avenue
 New York, New York 10166

Attention: Robert J. Ivanhoe, Esq.

		
	If to Administrative Agent:	    	 Wells Fargo, National Association

Wells Fargo Center
 1901 Harrison Street, 2nd
Floor
 MAC A0227-020
 Oakland,
California 94612
 Attention: Commercial Mortgage Servicing

Facsimile No.: 866-359-5352

		
	With a copy to:	    	 Cadwalader, Wickersham & Taft LLP

227 West Trade Street, Suite 2400
 Charlotte, NC
28202
 Attention: James P. Carroll, Esq.

Facsimile No.: 704-348-5200

		
	If to any other Lender Party:	    	To such Lender Party’s address or telecopy number as set forth on the signature page hereof or in the applicable Assignment and Assumption Agreement, or to such other
address as such Lender Party may specify to Administrative Agent and Borrower from time to time.

 or addressed as
such party may from time to time designate by written notice to the other parties. Either party by notice to the other may designate additional or different addresses for subsequent notices or communications. 

 

	16.25	FUNDS TRANSFER DISBURSEMENTS. 

  

	 	(a)	Generally. The Borrower hereby authorizes Administrative Agent to disburse the proceeds of the Loan made by Lenders and any Impounds being disbursed to Borrower
pursuant to Article 4 hereof as requested by an authorized representative of Borrower to any of the accounts designated in the Transfer Authorizer Designation Form. Borrower agrees to be bound by any transfer request: (i) authorized or
transmitted by Borrower or (ii) made in Borrower’s name and accepted by the Administrative Agent in good faith and in compliance with these transfer instructions, even if not properly authorized by Borrower. Borrower further agrees and
acknowledges that Administrative Agent may rely solely on any bank routing number or identifying bank account number or name provided by Borrower to effect a wire or funds transfer even if the information provided by Borrower identifies a different
bank or account holder than named by Borrower. Administrative Agent is not obligated or required in any way to take any actions to detect errors in information provided by Borrower. If Administrative Agent takes any actions in an attempt to detect
errors in the transmission or content of transfer or requests or takes any actions in an attempt to detect unauthorized funds transfer requests, Borrower agrees that no matter how many times Administrative Agent takes these actions Administrative
Agent will not in any situation be liable for failing to take or correctly perform these actions in the future and such actions shall not become any part of the transfer disbursement procedures authorized under this provision, the Loan Documents, or
any agreement between Administrative Agent and Borrower. Borrower agrees to notify Administrative Agent of any errors in the transfer of any funds or of any unauthorized or improperly authorized transfer requests within fourteen (14) days after
Administrative Agent’s confirmation to Borrower of such transfer. 

  

	 	(b)	 Funds Transfer. Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each transfer will
be made. Administrative Agent may delay or 

  

 65 

	 	 
refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization; (ii) require use of a bank unacceptable to Administrative Agent or any
Lender Party or prohibited by any Governmental Authority; (iii) cause Administrative Agent or any Lender Party to violate any Federal Reserve or other regulatory risk control program or guideline, or (iv) otherwise cause Administrative
Agent or any Lender Party to violate any Applicable Law or regulation. 

  

	 	(c)	Limitation of Liability. Neither the Administrative Agent nor any Lender Party shall be liable to Borrower or any other parties for (i) errors, acts or
failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which Borrower’s transfers may be made or information received or transmitted, and no such entity shall be deemed an agent of
Administrative Agent or any Lender Party, (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government, labor disputes, failures in communications networks, legal
constraints or other events beyond Administrative Agent’s or any Lender Party’s control, or (iii) any special, consequential, indirect or punitive damages, whether or not (x) any claim for these damages is based on tort or
contract or (y) Administrative Agent, such Lender Party or the Borrower knew or should have known the likelihood of these damages in any situation. Neither Administrative Agent nor any Lender Party makes any representations or warranties other
than those expressly set forth herein. 

  

	16.26	INTENTIONALLY OMITTED. 

  

	16.27	INTENTIONALLY OMITTED. COST OF ENFORCEMENT. 

In the event (a) that a Security Document is foreclosed in whole or in part, (b) of the bankruptcy, insolvency, rehabilitation
or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment by Borrower or any of its constituent Persons for the benefit of its creditors, or (c) any Lender Party and/or Administrative Agent exercises
any of their other remedies under this Agreement, the Security Documents, the Syndication Note and the other Loan Documents, Borrower shall be chargeable with and agrees to pay all third-party costs of collection and defense, including
attorneys’ fees and costs, incurred by Administrative Agent, any Lender Party and Borrower in connection therewith and in connection with any appellate proceeding or post judgment action involved therein, together with all required service or
use taxes. Any amounts payable to Administrative Agent and any Lender Party pursuant to this Section 16.28 shall become immediately due and payable upon demand and shall bear interest at the Interest Rate from the date of such demand
until the date such amounts have been paid. 
  

	16.29	CONVERSION TO REGISTERED FORM. 

At the request of Administrative Agent on behalf of any Lender Party, Borrower shall appoint, as its agent, a registrar and transfer agent
(the “Registrar”) reasonably acceptable to Administrative Agent which shall maintain, subject to such reasonable regulations as it shall provide, such books and records as are necessary for the registration and transfer of the
applicable Syndication Note in a manner that shall cause the applicable Syndication Note to be considered to be in registered form for purposes of Section 163(f) of the IRS Code. The option to convert the applicable Syndication Note into
registered form once exercised may not be revoked. Any agreement setting out the rights and obligation of the Registrar shall be subject to the reasonable approval of Administrative Agent, for the benefit of such Lender Party. Borrower may revoke
the appointment of any particular person as Registrar, effective upon the effectiveness of the appointment of a replacement Registrar. The Registrar shall not be entitled to any fee from Borrower or Lender Party or any other lender in respect of
transfers of the applicable Syndication Note and any other Loan Documents. 
  

	16.30	ELECTRONIC DELIVERY OF CERTAIN INFORMATION. 

If requested by Administrative Agent, documents required to be delivered by Borrower pursuant to the Loan Documents shall be delivered, in
addition to the method set forth in Section 16.24 above, by electronic communication and delivery, including the Internet, e-mail or intranet websites to which Administrative Agent and each Lender Party have access (including a
commercial, third-party website such 
  

 66 

 
as www.Edgar.com <http://www.Edgar.com> or a website sponsored or hosted by Administrative Agent), provided that no Lender Party has notified Administrative Agent that it cannot or does not
want to receive electronic communications. Administrative Agent may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or
communications. Documents or notices delivered electronically by Borrower may be posted by Administrative Agent on a commercial website and Administrative Agent shall notify each Lender Party of said posting and shall provide a link thereto.
Notwithstanding anything contained herein, in every instance Borrower shall be required to provide paper copies of any Officer’s Certificate to Administrative Agent and shall deliver paper copies of all documents to Administrative Agent until a
written request to cease delivering paper copies is given by Administrative Agent (on behalf of Lender Parties). Except for the Officer’s Certificate, Administrative Agent shall have no obligation to maintain paper copies of the documents
delivered electronically and, in any event, shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender Party shall be solely responsible for requesting delivery to it of paper copies and
maintaining its paper or electronic documents. 
  

	16.31	POSSESSION OF DOCUMENTS. 

Each Lender Party shall maintain possession of its own Syndication Note. Administrative Agent shall hold all other Loan Documents and
related documents in its possession and maintain separate records and accounts with respect to the Loan, reflecting the interests of Lenders in the Loan, and shall permit Lenders (other than any Defaulting Lender) and their representatives access at
all reasonable times during normal business hours to inspect such Loan Documents, related documents, records and accounts. 
  

	16.32	MODIFICATION TO LOAN TERMS. 

In the event that the Lender elects to syndicate the Loan in accordance with Section 16.01 of this Agreement, then the following
terms and provisions shall be in full force and effect: 
  

	 	(a)	The following subsection is hereby added as Section 2.2(f)(iii) of this Agreement: 

“Neither Administrative Agent nor any Lender Party shall be entitled to claim compensation pursuant to this Subsection 2.2(f)
for any Foreign Taxes, increased cost or reduction in amounts received or receivable hereunder, or any reduced rate of return, which was incurred or which accrued more than ninety (90) days before the date Administrative Agent (for itself
and/or on behalf of any Lender Party) notified Borrower of the change in law or other circumstance on which such claim of compensation is based and delivered to Borrower a written statement setting forth in reasonable detail the basis for
calculating the additional amounts owed to Administrative Agent and/or such Lender Party, as applicable, under this subsection, which statement shall be conclusive and binding upon all parties hereto absent manifest error.” 

 

	 	(b)	The following section is hereby added as Section 2.9 of this Agreement and shall be entitled “PRO RATA TREATMENT”:

 “Except to the extent otherwise provided herein: (a) the borrowing from Lender Parties under
Section 2.1 shall be paid for the account of Lender Parties and/or Administrative Agent, as applicable, (b) each payment or prepayment of principal of the Loan by the Borrower shall be made for the account of the Lender Parties pro
rata in accordance with the respective unpaid principal amounts of the Individual Loan Commitments held by them, and (c) each payment of interest on the Loan by Borrower shall be made for the account of Lender Parties pro rata in accordance
with the amounts of interest on their Individual Loan Commitments then due and payable to the respective Lender Parties.” 
  

	 	(c)	The following section is hereby added as Section 2.10 of this Agreement and shall be entitled “SEVERAL OBLIGATIONS”:

 “No Lender Party shall be responsible for the failure of any other Lender Party to perform any obligation
to be made or performed by such other Lender Party hereunder, and the failure of any Lender Party to perform any obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender Party to make or to perform any
obligation to be made or performed by such other Lender Party. The liability of each Lender Party hereunder shall be several and not joint.” 
  

 67 

	 	(d)	The following section is hereby added as Section 2.11 of this Agreement and shall be entitled “SHARING OF PAYMENTS, ETC.”:

 “If a Lender Party shall obtain payment of any principal of its Syndication Note or of interest thereon
through the exercise of any right of setoff, banker’s lien, counterclaim, or by any other means (including direct payment), and such payment results in such Lender Party receiving a greater payment than it would have been entitled to had such
payment been paid directly to Administrative Agent for disbursement to Lender Parties, then such Lender Party shall promptly purchase for cash from the other Lender Parties participations in the Loan in such amounts, and make such other adjustments
from time to time as shall be equitable, to the end that all Lender Parties shall share ratably the benefit of such payment. To such end Lender Parties shall make appropriate adjustments among themselves (by the resale of participations sold or
otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender Party so purchasing a participation (or direct interest) in the Individual Loan Commitments owed to such other Lender Parties may exercise all
rights of set-off, banker’s lien, counterclaim or similar rights with the respect to such participation as fully as if such Lender Party were a direct holder of the Loan in the amount of such participation. Nothing contained herein shall
require any Lender Party to exercise any such right or shall affect the right of any Lender Party to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower.”

  

	 	(e)	The following subsection is hereby added as Section 9.3(b) of this Agreement (and the first subsection of Section 9.3 shall be designated (a)):

  

	 	“(b)	If a Default exists and maturity of the Debt has been accelerated, all payments received by Administrative Agent under any of the Loan Documents, in respect of any
principal of or interest on the Debt or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the following order and priority: 

 

	 	(i)	First, to Administrative Agent in an amount equal to any Protective Advances that have not been reimbursed to Administrative Agent, any accrued and unpaid amounts due
to Administrative Agent from Borrower pursuant to the terms hereof and the other Loan Documents, including, but not limited to, those costs and expenses due from Borrower pursuant to Sections 16.28 and 16.29 hereof;

  

	 	(ii)	Second, to Lender Parties (other than any Defaulting Lender) in respect of Fees and expenses due from Borrower pursuant to the terms hereof and the other Loan
Documents; 

  

	 	(iii)	Third, to Lender Parties (other than any Defaulting Lender) for payments of interest (including, but not limited to, any interest accrued at the Default Rate) on each
Individual Loan Commitment, to be applied for the ratable benefit of the Lender Parties; 

  

	 	(iv)	Fourth, to Lender Parties (other than any Defaulting Lender) for payments of principal on each Individual Loan Commitment, to be applied for the ratable benefit of the
Lender Parties; 

  

	 	(v)	Fifth, to Lender Parties (other than any Defaulting Lender) for amounts due to Lenders pursuant to Article 13 hereof; 

 

	 	(vi)	Sixth, to Lender Parties (other than any Defaulting Lender) for payment of all other amounts due hereunder or under any of the other Loan Documents, if any, to be
applied for the ratable benefit of the Lender Parties, in such order as Lender Parties may determine in their sole discretion; 

  

 68 

	 	(vii)	Seventh, to any Defaulting Lender for payment of any and all amounts due to such Defaulting Lender hereunder or under any of the other Loan Documents, including,
without limitation, any principal and interest due and payable to such Defaulting Lender; and 

  

	 	(viii)	Eighth, any amount remaining after application as provided above shall deposited into the Restricted Account and distributed pursuant to the terms and conditions of the
Cash Management Agreement.” 

  

	 	(f)	Section 13.1 of this Agreement is hereby deleted in its entirety and the following is substituted therefor and shall be entitled “GENERAL
INDEMNITY”: 

 “BORROWER HEREBY AGREES TO DEFEND, INDEMNIFY AND HOLD HARMLESS EACH OF
ADMINISTRATIVE AGENT, LENDER PARTIES, AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, ATTORNEYS, AND SUCCESSORS AND ASSIGNS (EACH, AN “INDEMNITEE”) FROM AND AGAINST ANY AND ALL ACTUAL LOSSES, DAMAGES, LIABILITIES,
CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS AND REASONABLE LEGAL OR OTHER EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES AND EXPENSES) WHICH ADMINISTRATIVE AGENT, LENDER PARTIES, OR SUCH OTHER INDEMNITEE MAY INCUR AS A DIRECT
OR INDIRECT CONSEQUENCE OF: (A) THE PURPOSE TO WHICH BORROWER APPLIES THE LOAN PROCEEDS; (B) THE FAILURE OF BORROWER TO PERFORM ANY OBLIGATIONS AS AND WHEN REQUIRED BY THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; (C) ANY FAILURE
AT ANY TIME OF ANY OF BORROWER’S REPRESENTATIONS, COVENANTS OR WARRANTIES TO BE TRUE AND CORRECT; OR (D) ANY ACT OR OMISSION BY BORROWER, CONSTITUENT PARTNER OR MEMBER OF BORROWER, ANY CONTRACTOR, SUBCONTRACTOR OR MATERIALS SUPPLIER,
ENGINEER, ARCHITECT OR OTHER PERSON OR ENTITY WITH RESPECT TO ANY OF THE PROPERTY; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT
COSTS, OR LEGAL OR OTHER EXPENSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE. BORROWER SHALL PROMPTLY PAY TO LENDER UPON
DEMAND ANY AMOUNTS OWING UNDER THIS INDEMNITY, TOGETHER WITH INTEREST FROM THE DATE THE INDEBTEDNESS ARISES UNTIL PAID AT THE RATE OF INTEREST APPLICABLE TO THE PRINCIPAL BALANCE OF THE NOTE. BORROWER’S DUTY AND OBLIGATIONS TO DEFEND, INDEMNIFY
AND HOLD HARMLESS INDEMNITEES SHALL SURVIVE CANCELLATION OF THE NOTE AND THE RELEASE, RECONVEYANCE OR PARTIAL RECONVEYANCE OF ANY SECURITY FOR THE LOAN.” 

ARTICLE 17. MISCELLANEOUS PROVISIONS 
  

	17.1	FORM OF DOCUMENTS. 

The form and substance of all documents, instruments, and forms of evidence to be delivered to Lender under the terms of this Agreement
and any of the other Loan Documents shall (unless expressly set forth to the contrary) be subject to Lender’s approval as more particularly set forth hereunder and under the other Loan Documents and shall not be modified, superseded or
terminated in any respect without Lender’s prior written approval. 
  

	17.2	NO THIRD PARTIES BENEFITED. 

No Person other than Lender and Borrower (and Guarantor with respect to the Guaranty) and their respective permitted successors and
assigns shall have any right of action under any of the Loan Documents. 
  

 69 

	17.3	NOTICES. 

 All
notices, demands, or other communications under this Agreement and the other Loan Documents shall be in writing and shall be delivered to the appropriate party at the address set forth on the signature page of this Agreement (subject to change from
time to time by written notice to all other parties to this Agreement). All notices, demands or other communications shall be considered as properly given if delivered personally or sent by certified mail, return receipt requested, or by overnight
express mail or by overnight commercial courier service, charges prepaid. Notices so sent shall be effective upon receipt; provided, however, that non-receipt of any communication as the result of any change of address of which the sending party was
not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. 
  

	17.4	ONGOING CREDIT AUTHORIZATION. 

Borrower grants authorization to Lender to perform credit investigation on Borrower, Guarantor and other Affiliates of Borrower from time
to time over the term of the Loan at Lender’s expense. 
  

	17.5	ATTORNEY-IN-FACT. 

Borrower hereby irrevocably appoints and authorizes Lender, as Borrower’s attorney-in-fact, after the occurrence and during the
continuance of a Default, which agency is coupled with an interest, to execute and/or record at any time hereafter and during the term of the Loan in Lender’s or Borrower’s name any notices, instruments or documents that Lender reasonably
deems necessary to protect or otherwise perfect Lender’s interest under any of the Loan Documents. 
  

	17.6	ACTIONS. 

 Borrower
agrees that Lender, in exercising the rights, duties or liabilities of Lender or Borrower under the Loan Documents, may (upon prior consultation with Borrower) commence, appear in or defend any action or proceeding which is reasonably likely to have
a Material Adverse Effect on the Property or the Loan Documents, and Borrower shall reimburse Lender upon demand for all such reasonable expenses so incurred or paid by Lender, including, without limitation, reasonable attorneys’ fees and
expenses and court costs; provided that Section 17.10 shall apply with respect to disputes between Lender and Borrower. 
  

	17.7	RIGHT OF CONTEST. 

Borrower may contest in good faith any claim, demand, levy or assessment by any Person other than Lender which would constitute a Default
if: (a) Borrower pursues the contest diligently, in a manner which Lender determines (in its reasonable discretion) is not prejudicial to Lender, and does not impair in any material respect the rights of Lender under any of the Loan Documents;
and (b) Borrower deposits with Lender any funds or other forms of assurance (which may include funds then held as Impounds, as determined in Lender’s reasonable discretion) which Lender in good faith determines from time to time
appropriate to protect Lender from the consequences of the contest being unsuccessful. Borrower’s compliance with this Section shall operate to prevent such claim, demand, levy or assessment from becoming a Default. 

 

	17.8	RELATIONSHIP OF PARTIES. 

The relationship of Borrower and Lender under the Loan Documents is, and shall at all times remain, solely that of borrower and lender,
and Lender neither undertakes nor assumes any responsibility or duty to Borrower or to any third party with respect to the Property, except as expressly provided in this Agreement and the other Loan Documents. 

 

	17.9	DELAY OUTSIDE LENDER’S CONTROL. 

Lender shall not be liable in any way to Borrower or any third party for Lender’s failure to perform or delay in performing under the
Loan Documents (and Lender may suspend or terminate all or any portion of Lender’s obligations under the Loan Documents) if such failure to perform or delay in performing results 

 

 70 

 
directly or indirectly from, or is based upon, the action, inaction, or purported action, of any governmental or local authority, or because of war, rebellion, insurrection, strike, lockout,
boycott or blockade (whether presently in effect, announced or in the sole judgment of Lender deemed probable), or from any act of God or other cause or event beyond Lender’s control, provided that Lender provides prompt written notice of any
such aforementioned event to Borrower. The limitation on Lender’s liability under this Section 17.9 shall be effective only during the continuance of any such aforementioned event. 

 

	17.10	ATTORNEYS’ FEES AND EXPENSES; ENFORCEMENT. 

If any attorney is engaged by Lender to enforce or defend, against Borrower, any SPE Party, Guarantor or any of their Affiliates, agents
or representatives, any provision of this Agreement and/or any of the other Loan Documents, or as a consequence of any Default under the Loan Documents, with or without the filing of any legal action or proceeding, and including, without limitation,
any reasonable fees and expenses incurred in connection with any “work-out” of the Loan or bankruptcy proceeding of Borrower, then Borrower shall pay to Lender, upon demand, the amount of all reasonable costs and expenses incurred by
Lender in connection therewith (including reasonable attorneys’ fees and any then reasonable and customary loan servicing and/or special servicing fees applicable to the Loan (including, without limitation any reasonable “work-out”
and/or liquidation fees)), together with interest thereon from the date of such demand until paid at the Default Rate; provided that, if any action is commenced in connection with any of the foregoing, the party who is determined to be the
prevailing party in such action shall be entitled to be paid, and the non-prevailing party shall pay to the prevailing party, all reasonable attorneys’ fees and interest thereon as noted above as fixed by the court. As used herein the term
“prevailing party” shall mean the party which obtains the principal relief it has sought, whether by compromise settlement or judgment. If the party which commenced or instituted the action, suit or proceeding shall dismiss or discontinue
it without the concurrence of the other party, such other party shall be deemed the prevailing party. 
  

	17.11	IMMEDIATELY AVAILABLE FUNDS. 

Unless otherwise expressly provided for in this Agreement, all amounts payable by Borrower to Lender shall be payable only in United
States currency in immediately available funds. 
  

	17.12	INTENTIONALLY OMITTED. 

  

	17.13	LENDER’S AGENTS. 

Lender may designate an agent or independent contractor to exercise any of Lender’s rights under this Agreement and any of the other
Loan Documents. Any reference to Lender in any of the Loan Documents shall include Lender’s agents, employees or independent contractors. Borrower shall pay the actual, reasonable costs of such agent or independent contractor either directly to
such Person or to Lender in reimbursement of such costs, as applicable. 
  

	17.14	AUTHORIZATION TO FILE FINANCING STATEMENTS. 

Borrower hereby authorizes Lender to file at any time on or after the date hereof, appropriate uniform commercial code financing
statements in such jurisdictions and offices as Lender deems necessary or appropriate in connection with the anticipated perfection of a security interest in any and all personal property part of the Collateral as same relate to the Property. If for
any reason the Loan is not consummated or upon Borrower’s payment in full of the Loan, Lender will cause the termination of such financing statements upon Lender’s receipt of written request from Borrower. 

 

	17.15	TAX SERVICE. 

Lender is authorized to secure a tax service contract with a third party vendor which shall provide tax information on the Property
satisfactory to Lender. Borrower shall pay any reasonable fees associated with procuring such tax service contract in connection with the closing of the Loan, but not in connection with any subsequent tax service contracts obtained by Lender.

  

 71 

	17.16	ADVERTISING. 

 In
connection with the Loan, Borrower hereby agrees that Lender and its affiliated entities may publicly identify details of the Loan in their respective advertising and public communications of all kinds, including, but not limited to, press releases,
direct mail, newspapers, magazines, journals, e-mail or Internet advertising or communications. Such details may include the name of the Property, address of the Property, the Loan amount, the date of the closing and a description of the
size/location of the Property. Subject to the prior approval of Lender (except in the case of disclosures required under applicable laws or regulations), Lender hereby agrees that Borrower and its affiliated entities may publicly identify details of
the Loan in their respective advertising and public communications of all kinds, including, but not limited to, press releases, direct mail, newspapers, magazines, journals, e-mail or Internet advertising or communications. Such details disclosed by
Borrower may include only the name of the Property, address of the Property, the Loan amount (but not the Note Rate), the date of the closing and a description of the size/location of the Property. 

 

	17.17	COMMERCIAL LOAN. 

Borrower warrants that the Loan evidenced by this Agreement, the Note and the other Loan Documents is being made solely to acquire or
carry on a business or commercial enterprise, and/or Borrower is a business or commercial organization. Borrower further warrants that all of the proceeds of this Agreement, the Note and the other Loan Documents shall be used for commercial purposes
and stipulates that the Loan evidenced by this Agreement, the Note and the other Loan Documents shall be construed for all purposes as a commercial loan, and is made for other than personal, family or household purposes. 

 

	17.18	DISBURSEMENT OF LOAN PROCEEDS; LIMITATION OF LIABILITY. 

Borrower authorizes Lender to disburse the proceeds of the Loan, after deducting any and all fees owed by Borrower to Lender in connection
with the Loan, to the Title Company. With respect to such disbursement, Borrower understands and agrees that Lender does not accept responsibility for errors, acts or omissions of others, including, without limitation, the escrow company, other
banks, communications carriers or clearinghouses through which the transfer of Loan proceeds may be made or through which Lender receives or transmits information, and no such entity shall be deemed Lender’s agent. As a consequence, Lender
shall not be liable to Borrower for any actual (whether direct or indirect), consequential or punitive damages which may arise with respect to the disbursement of Loan proceeds (other than as a result of the gross negligence or willful misconduct of
Lender), whether or not (a) any claim for such damages is based on tort or contract, or (b) either Lender or Borrower knew or should have known of the likelihood of such damages in any situation. 

 

	17.19	SEVERABILITY. 

 If
any provision or obligation under this Agreement and the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that provision shall be deemed severed from the Loan Documents and the
validity, legality and enforceability of the remaining provisions or obligations shall remain in full force as though the invalid, illegal, or unenforceable provision had never been a part of the Loan Documents, provided, however, that if the rate
of interest or any other amount payable under the Note or this Agreement or any other Loan Document, or the right of collectability therefor, are declared to be or become invalid, illegal or unenforceable, Lender’s obligations to make advances
under the Loan Documents shall not be enforceable by Borrower. 
  

	17.20	SET–OFF. 

 In
addition to any rights now or hereafter granted under the Loan Documents, Requirements of Law or otherwise, Borrower hereby grants to Lender and each Indemnitee to secure repayment of the Loan, a right of set off upon any and all of the following:
monies, securities, collateral or other property of each of Borrower and any proceeds from the foregoing, now or hereafter held or received by Lender, any Affiliate of Lender or any Indemnitee, for the account of Borrower, whether for safekeeping,
custody, pledge, transmission, collection or otherwise, and also upon any and all deposits (general, specified, special, time, 

 

 72 

 
demand, provisional or final) and credits, claims or Indebtedness of Borrower at any time existing, and any obligation owed by Lender or any Affiliate of Lender to Borrower and to set-off against
the Debt, any obligations, or Indebtedness owed by Borrower and any Indebtedness owed by Lender or any Affiliate of Lender to Borrower, in each case whether direct or indirect, absolute or contingent, matured or unmatured, whether or not arising
under this Agreement or the other Loan Documents and irrespective of the currency, place of payment or booking office of the amount or obligation and in each case at any time held or owing by Lender, any Affiliate of Lender or any Indemnified Person
to or for the credit of Borrower, without prejudice to Lender’s right to recover any deficiency. Each of Lender, each Affiliate of Lender and each Indemnified Person is hereby authorized upon any amount becoming due and payable by Borrower to
Lender or any Indemnified Person under this Agreement, the other Loan Documents, or otherwise or upon the occurrence and during the continuance of a Default, without notice to Borrower, any such notice being expressly waived by Borrower to the
extent permitted by any Requirements of Law, to set-off, appropriate, apply and enforce such right of set-off against any and all items hereinabove referred to against any amounts owing to Lender or any Indemnified Person by Borrower under this
Agreement or the other the Loan Documents, irrespective of whether Lender, any Affiliate of Lender or any Indemnified Person shall have made any demand under this Agreement or the other Loan Documents and regardless of any other collateral securing
such amounts, and in all cases without waiver or prejudice of Buyer’s rights to recover a deficiency. ANY AND ALL RIGHTS TO REQUIRE LENDER OR OTHER INDEMNIFIED PERSONS TO EXERCISE THEIR RIGHTS OR REMEDIES WITH RESPECT TO THE PROPERTY OR OTHER
INDEMNIFIED PERSONS UNDER THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS, PRIOR TO EXERCISING THE FOREGOING RIGHT OF SET-OFF, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED BY BORROWER. 

Lender or any Indemnified Person shall promptly notify the affected Borrower after any such set-off and application made by Lender or such
Indemnified Person, provided that the failure to give such notice shall not affect the validity of such set-off and application. If an amount or obligation is unascertained, Lender may in good faith estimate that obligation and set-off in respect of
the estimate, subject to the relevant Party accounting to the other Party when the amount or obligation is ascertained. Nothing in this Section 17.20 shall be effective to create a charge or other security interest. This
Section 17.20 shall be without prejudice and in addition to any right of set-off, combination of accounts, lien or other rights to which any Party is at any time otherwise entitled. 

 

	17.21	HEADINGS. 

 All
article, section or other headings appearing in this Agreement and any of the other Loan Documents are for convenience of reference only and shall be disregarded in construing this Agreement and any of the other Loan Documents. 

 

	17.22	SUCCESSORS AND ASSIGNS; JOINT AND SEVERAL LIABILITY. 

If Borrower consists of more than one Person, the obligations and liabilities of each such Person hereunder shall be joint and several.
Except as otherwise expressly provided under the terms and conditions of this Agreement, the terms, covenants, and conditions contained herein and in the other Loan Documents shall be binding upon and inure to the benefit of the heirs, successors
and assigns of the parties hereto and thereto. 
  

	17.23	GOVERNING LAW; JURISDICTION. 

  

	 	(a)	 THIS AGREEMENT AND THE LOAN, AS A WHOLE, WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LENDERS HAVE SUBSTANTIAL BUSINESS OPERATIONS IN THE STATE OF
NEW YORK AND THE LOAN DOCUMENTS WERE EXECUTED IN THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING
THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE 

 

 73 

	 	 
OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE
(WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT
HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE APPLICABLE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE
LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND
IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

  

	 	(b)	ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT LENDER’S OPTION
BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR
FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH OF LENDER AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT:

 National Registered Agents, Inc. 

160 Greentree Drive 

Suite 101 

Dover, Delaware 19904 

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT,
ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE
DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER,
(II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND
(III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 

 

 74 

	17.24	WAIVER OF RIGHT TO TRIAL BY JURY. 

TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THE LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE
PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THE LOAN DOCUMENTS (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE
WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF ANY RIGHT THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY. 

 

	17.25	INTEGRATION; INTERPRETATION. 

The Loan Documents contain or expressly incorporate by reference the entire agreement of the parties with respect to the matters
contemplated therein and supersede all prior negotiations or agreements, written or oral. The Loan Documents shall not be modified, except by written instrument executed by all parties. Any reference to the Loan Documents includes any amendments,
renewals or extensions now or hereafter approved by the parties hereto in writing. 
  

	17.26	COUNTERPARTS. 

 To
facilitate execution, this document may be executed in as many counterparts as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any
party, appear on each counterpart. All counterparts shall collectively constitute a single document. 
  

	17.27	AMENDMENTS. 

Notwithstanding any provision of any other Loan Document (including without limitation the Note), in no event can any Loan Document be
amended, extended, supplemented or otherwise modified, in whole or in part, except pursuant to a written agreement executed by Lender and any other party who has executed such Loan Document. 

 

	17.28	CONSENTS AND APPROVALS; CONSTRUCTION. 

Wherever Lender’s consent, approval, acceptance or satisfaction is required under any provision of this Agreement or any of the other
Loan Documents, such consent, approval, acceptance or satisfaction shall be in Lender’s sole discretion except as may be otherwise expressly and specifically provided herein. 

 

	17.29	BRING DOWN OF REPRESENTATIONS; SURVIVAL OF WARRANTIES; CUMULATIVE. 

Borrower hereby covenants and agrees to execute and deliver, at such time and from time to time, as required by Lender, such agreements,
documents, instruments, estoppels, consents or certificates as Lender may, from time to time, reasonably request, including certificates reaffirming the representations and covenants of Borrower hereunder as if made on the date of any such
reaffirmation. All representations and warranties contained in this Agreement and in any of the other Loan Documents shall survive the execution and delivery of this Agreement and shall be deemed to have been made again to Lender on the date of such
compliance certificate (subject to the terms of Section 5.1(w) hereof), and each additional borrowing or other credit accommodation hereunder and shall be conclusively presumed to have been relied on by

  

 75 

 
Lender regardless of any investigation made or information possessed by Lender. The representations and warranties set forth herein shall be cumulative and in addition to any other
representations or warranties which Borrower shall now or hereafter give, or cause to be given, to Lender. 
  

	17.30	INTENTIONALLY OMITTED. 

  

	17.31	INTENTIONALLY OMITTED. 

  

	17.32	INTENTIONALLY OMITTED. 

  

	17.33	EXHIBITS; SCHEDULES. 

All exhibits and schedules attached hereto and listed in the Table of Contents are fully incorporated herein by reference for all
purposes. 
  

	17.34	CONFLICT. 

 In the
event of any conflict between this Agreement and any of the other Loan Documents, the terms of this Agreement shall govern. 
  

	17.35	SECURITIZATION INDEMNIFICATION; LOAN SALES AND LOAN PARTICIPATIONS; DISCLOSURE OF INFORMATION 

 

	 	(a)	Borrower understands that information provided to Lender by Borrower and its agents, counsel and representatives may be included in disclosure documents in connection
with a securitization of the Loan (the “Securitization”), including, without limitation, an offering circular, a prospectus, prospectus supplement, private placement memorandum or other offering document (each, a “Disclosure
Document”) and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Securities and Exchange Act of 1934, as amended
(the “Exchange Act”), and may be made available to investors or prospective investors in the certificates, notes or other securities issued in connection with the Securitization, the Rating Agencies, and service providers relating
to the Securitization. 

  

	 	(b)	 Upon Lender’s request, Borrower shall provide in connection with each of (i) a preliminary and a final private placement memorandum or
(ii) a preliminary and final prospectus or prospectus supplement, as applicable, an agreement (A) certifying that Borrower has examined such specific sections of the Disclosure Documents specified in writing by Lender, as specifically
relating to Borrower, Borrower Affiliates, the Property, Manager, Guarantor and other aspects of the Loan (the “Specific Sections”), does not contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements made, in the light of the circumstances under which they were made, not misleading, (B) indemnifying Lender (and for purposes of this Section 17.35, Lender hereunder shall include its officers and
directors), and any Affiliates of Lender that have filed the registration statement relating to the Securitization (the “Registration Statement”), each of its directors, each of its officers who have signed the Registration
Statement and each Person that controls the Affiliate of Lender within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Lender Group”), and any other placement agent or
underwriter with respect to the Securitization, each of their respective directors and each Person who controls Lender or any other placement agent or underwriter within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act (collectively, the “Underwriter Group”) for any losses, claims, damages or liabilities (collectively, the “Liabilities”) to which Lender, the Lender Group or the Underwriter Group may become subject
insofar as the Liabilities arise out of or are based upon any untrue statement of any material fact contained in the Specified Sections or arise out of or are based upon the omission or alleged omission to state therein a material fact required to
be stated in such Specified Sections in order to make the statements in such sections, in light of the circumstances under which they were made, not misleading and (C) agreeing to reimburse Lender, the Lender Group and/or the Underwriter

  

 76 

	 	 
Group for any reasonable and actual out of pocket legal or other expenses reasonably incurred by Lender, the Lender Group and the Underwriter Group in connection with investigating or defending
the Liabilities; provided, however, that Borrower will be liable in any such case under clauses (B) or (C) above and under Section 17.35(c) below only to the extent that any such loss claim, damage or liability arises out of or
is based upon any such untrue statement or omission made in the Specified Sections in reliance upon and in conformity with information furnished to Lender by or on behalf of Borrower in connection with the preparation of the Disclosure Document or
in connection with the underwriting or closing of the Loan, including, without limitation, financial statements of Borrower, and operating statements and rent rolls with respect to the Property provided by Borrower. The indemnification provided for
in clauses (B) and (C) above shall be effective whether or not the indemnification agreement described above is provided. The aforesaid indemnity will be in addition to any liability which Borrower may otherwise have.

  

	 	(c)	In connection with Exchange Act Filings, Borrower shall (subject to the proviso in Section 17.35(b)(ii)(C)) (i) indemnify Lender, the Lender Group and
the Underwriter Group for Liabilities to which Lender, the Lender Group or the Underwriter Group may become subject insofar as the Liabilities arise out of or are based upon the omission or alleged omission to state in the Specified Sections of the
Disclosure Document a material fact required to be stated in the Specified Sections of the Disclosure Document in order to make the statements in the Specified Sections of the Disclosure Document, in light of the circumstances under which they were
made, not misleading and (ii) reimburse Lender, the Lender Group or the Underwriter Group for any reasonable and actual out of pocket legal or other expenses reasonably incurred by Lender, the Lender Group or the Underwriter Group in connection
with defending or investigating the Liabilities. 

  

	 	(d)	Promptly after receipt by an indemnified party under this Section 17.35 of notice of a claim and/or the commencement of any action relating to an
indemnified Liability, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 17.35, notify the indemnifying party in writing of the commencement thereof, but the
omission to so notify the indemnifying party will not relieve the indemnifying party from any liability which the indemnifying party may have to any indemnified party hereunder except to the extent that failure to notify causes prejudice to the
indemnifying party. In the event that any claim or action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled, jointly with any other indemnifying
party, to participate therein and, to the extent that it (or they) may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel
reasonably satisfactory to such indemnified party. After notice from the indemnifying party to such indemnified party under this Section 17.35, such indemnified party shall pay for any legal or other expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified
party shall have reasonably concluded that there are any legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have
the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party at the cost of the indemnifying party. The indemnifying party(ies) shall not be liable
for the expenses of more than one separate counsel unless an indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to another indemnified party.

  

	 	(e)	 In order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in Section 17.35(b) or
(c) hereof is for any reason held to be unenforceable as to an indemnified party in respect of any losses, claims, damages or liabilities (or action in respect thereof) referred to therein which would otherwise be indemnifiable under
Section 17.35(b) or (c) hereof, the indemnifying party shall contribute to the amount paid or 

 

 77 

	 	 
payable by the indemnified party as a result of such losses, claims, damages or liabilities (or action in respect thereof); provided, however, that no Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. In determining the amount of contribution to which the
respective parties are entitled, the following factors shall be considered: (i) Lenders’ and Borrower’s relative knowledge and access to information concerning the matter with respect to which the claim was asserted; (ii) the
opportunity to correct and prevent any statement or omission; and (iii) any other equitable considerations appropriate in the circumstances. Lender and Borrower hereby agree that it would not be equitable if the amount of such contribution were
determined by pro rata or per capita allocation. 

  

	 	(f)	The liabilities and obligations of both Borrower and Lender under this Section 17.35 shall survive the termination of this Agreement and the satisfaction
and discharge of the Debt. 

  

	 	(g)	If, at the time one or more Disclosure Documents are being prepared for a Securitization, Lender expects that Borrower alone or Borrower and one or more Affiliates of
Borrower collectively, or the Property alone or the Property and Related Properties collectively, will be a Significant Obligor for purposes of such Securitization, Borrower shall furnish (or cause to be furnished) to Lender upon request
(i) the selected financial data or, if applicable, net operating income, described in Item 1112(b)(1) of Regulation AB, if Lender expects that the principal amount of the Loan together with any Related Loans as of the cut-off date for such
Securitization may, or if the principal amount of the Loan together with any Related Loans as of the cut-off date for such Securitization and at any time during which the Loan (or portion of the Loan included in such Securitization) and any Related
Loans are included in a Securitization does, equal or exceed ten percent (10%) (but less than twenty percent (20%)) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable, in such
Securitization or (ii) the financial statements described in Item 1112(b)(2) of Regulation AB, if Lender expects that the principal amount of the Loan (or portion of the Loan included in such Securitization) together with any Related Loans
as of the cut-off date for such Securitization may, or if the principal amount of the Loan together with any Related Loans as of the cut-off date for such Securitization and at any time during which the Loan (or apportion of the Loan included in
such Securitization) and any Related Loans are included in a Securitization does, equal or exceed twenty percent (20%) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable, in the
Securitization. Such financial data or financial statements shall be furnished to Lender (A) within thirty (30) days after notice from Lender in connection with the preparation of Disclosure Documents for the Securitization, (B) not
later than sixty (60) days after the end of each fiscal quarter of Borrower and (C) not later than one hundred twenty (120) Business Days after the end of each fiscal year of Borrower; provided, however, that Borrower shall not be
obligated to furnish financial data or financial statements pursuant to clauses (B) or (C) of this sentence with respect to any period for which an Exchange Act Filing is not required. If reasonably requested by Lender, and to the extent
available to Borrower and not prohibited by any applicable lease, other agreement or order, Borrower shall furnish to Lender financial data and/or financial statements for any tenant of any of the Properties if, in connection with a Securitization,
Lender expects there to be, with respect to such tenant or group of affiliated tenants, a concentration within all of the mortgage loans included or expected to be included, as applicable, in the Securitization such that such tenant or group of
affiliated tenants would constitute a Significant Obligor. 

  

	 	(h)	 All financial data and financial statements provided by Borrower hereunder pursuant to Sections 17.35(g) and (h) hereof shall be prepared
in accordance with GAAP, and shall meet the requirements of Regulation AB and other applicable legal requirements. All annual financial statements referred to in Section 17.35(g) above shall be audited by independent accountants of
Borrower (which accountants shall be acceptable to Lender) in accordance with Regulation AB and all other applicable legal requirements, shall be accompanied by the manually executed report of the independent accountants thereon, which report shall
meet the requirements of Regulation AB and all applicable legal requirements, and shall be further accompanied by a manually 

 

 78 

	 	 
executed written consent of the independent accountants, in form and substance reasonably acceptable to Lender, to the inclusion of such financial statements in any Disclosure Document and any
Exchange Act Filing and to the use of the name of such independent accountants and the reference to such independent accountants as “experts” in any Disclosure Document and Exchange Act Filing, all of which shall be provided at the same
time as the related financial statements are required to be provided. All financial data and financial statements (audited or unaudited) provided by Borrower under Section 17.35(g) shall be accompanied by an Officer’s Certificate
stating that such financial statements meet the requirements set forth in the first sentence of this Section 17.35(h). 

  

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

  

	 	(j)	In the event Lender reasonably determines, in connection with a Securitization, that the financial data and financial statements and (if applicable) related
accountants’ reports and consents required in order to comply with Regulation AB or any amendment, modification or replacement of Regulation AB or with other legal requirements are other than as provided herein, then notwithstanding the
provisions of Section 17.35(g) and (h), Lender may request, and Borrower shall promptly provide, such other financial statements and (if applicable) related accountants’ reports and consents as Lender reasonably determines to be
necessary or appropriate for such compliance with applicable law. 

  

	 	(k)	 Borrower hereby acknowledges that Lender may in one or more transactions (a) sell or securitize the Loan or portions thereof in one or more
transactions through the issuance of securities, which securities may be rated by the Rating Agencies, (b) sell or otherwise transfer the Loan or any portion thereof one or more times (including selling or assigning its duties, rights or
obligations hereunder or under any Loan Document in whole, or in part, to a servicer and/or a trustee), (c) sell participation interests in the Loan one or more times (d) re-securitize the securities issued in connection with any
securitization, and/or (e) further divide the Loan into two or more separate notes, including senior and junior notes, or components (the transactions referred to in clauses (a) through (e) above, each a “Secondary Market
Transaction” and collectively “Secondary Market Transactions”). With respect to any Secondary Market Transaction described in clause (e) above, (i) such notes and note components may be assigned different principal amounts
and interest rates, so long as (x) at all times prior to a Default, the weighted average of the interest rates payable under the Loan and such component notes(s), equals the Interest Rate as of the closing of the Loan and (y) immediately
after the effective date of such modification, the aggregate amount of the outstanding principal balance under such component notes equals the outstanding principal balance of the Loan immediately prior to such modification, and (ii) Borrower,
at Lender’s cost and expense, agrees to execute and deliver to Lender such non-material amendments to the Loan Documents, title insurance endorsements, legal opinions and other customary loan documentation as Lender may reasonably require in
connection therewith, provided that no such amendments or documents shall (1) increase any of the obligations, or reduce any of the rights, of Borrower or Guarantor under the Loan Documents, (2) increase any costs or expenses payable by
Borrower or Guarantor under the Loan Documents or (3) reduce any of the obligations, or increase any of the rights, of Lender under the Loan Documents. Provided that all such recipients of any such documentation or information keep the same
confidential (except that, in the case of a public securitization, information may be disclosed to the extent required by federal securities laws), Lender may disseminate to any actual or potential purchasers, assignees or participants (and to any
investment banking firms, rating agencies, accounting firms, law firms and other third party advisory firms and investors involved with the Loan and the Loan Documents or the applicable sale, assignment, participation, securitization, or other
secondary market transaction) all documents and financial and other information then possessed by or known to Lender with respect to: (a) the Property and its operation; and (b) Borrower, any constituent partner or member of

  

 79 

	 	 
Borrower, any guarantor and any non-borrower trustor. Borrower shall (at Lender’s sole cost and expense), within fifteen (15) days after request by Lender; (a) deliver to Lender
such information and documents relating to Borrower, the Property and its operation and any party connected with the Loan as Lender or any Rating Agency may reasonably request; (b) deliver to Lender an estoppel certificate for the benefit of
Lender and any other party designated by Lender verifying the status and terms of the Loan, in form and content reasonably satisfactory to Lender; (c) enter into such amendments to the Loan Documents as may be requested in order to facilitate
any such sale, assignment, participation, securitization, or other secondary market transaction, provided that no such amendments or documents shall (1) increase any of the obligations, or reduce any of the rights, of Borrower or Guarantor
under the Loan Documents, (2) increase any costs or expenses payable by Borrower or Guarantor under the Loan Documents or (3) reduce any of the obligations, or increase any of the rights, of Lender under the Loan Documents; (d) enter
into such amendments to the organizational documents of Borrower as Lender or any Rating Agency may reasonably request to preserve or enhance Borrower’s special-purpose bankruptcy-remote status; and (e) provide opinions of counsel, which
may be relied on by Lender, the Rating Agencies and their respective counsel, agents and representatives, as to non-consolidation, matters of Delaware and federal bankruptcy law relating to Delaware limited liability companies and true sale or any
other opinion customary in Secondary Market Transactions or required by the Rating Agencies, including a 10b-5 opinion, with respect to the Loan, the Property, the Borrower and Guarantor, which counsel and opinions shall be reasonably satisfactory
in form and substance to Lender and the Rating Agencies. All of the foregoing shall be at no cost to Borrower provided no Default is continuing. Lender hereby agrees that any sale or participation (other than a Securitization) of all or any part of
the Loan shall be made only to a Qualified Transferee. 

  

	17.36	BORROWER WAIVERS. 

With respect to any waivers given by Borrower under this Agreement and other Loan Documents, Borrower acknowledges that: (a) the
obligations undertaken by Borrower under and pursuant to this Agreement and the Loan Documents are complex in nature, (b) Borrower’s waivers variously involve rights that may otherwise be available to Borrower or for its benefit,
(c) as part of Lender’s consideration for entering into this transaction, Lender has specifically bargained for Borrower’s waivers and the relinquishment by Borrower of those rights so waived, and (d) Borrower has had the
opportunity to seek and receive legal advice from skilled legal counsel in the area of financial transactions of the type reflected in this Agreement and the Loan Documents. Based on the foregoing facts, Borrower represents and confirms to Lender
that Borrower is fully informed regarding, and that Borrower does thoroughly understand the following: (i) the nature of its waivers and rights it has waived, (ii) the circumstances under which those rights may arise, (iii) the
benefits which those rights might otherwise confer upon Borrower, and (iv) the legal consequences to Borrower of waiving those rights. Borrower acknowledges that Borrower has entered into this Agreement and the other Loan Documents and both
undertaken Borrower’s obligations hereunder and thereunder and given its waivers with the intent that all such waivers shall be fully enforceable by Lender, and that Lender has been induced to enter into this transaction in material reliance
upon the presumed full enforceability thereof. 
  

	17.37	REMEDIES OF BORROWER. 

In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any
case where, by applicable law or under this Agreement, the Mortgage, the Note and the other Loan Documents, Lender or such agent, has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents shall be liable for
any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted
reasonably shall be determined by an action seeking declaratory judgment. Lender agrees that, in such event, it shall cooperate in expediting any action seeking injunctive relief or declaratory judgment. 

 

 80 

	17.38	MULTIPLE BORROWERS. 

The parties hereto acknowledge that the defined term “Borrower” (as well as the defined term defining each other
Collective Group) has been defined to collectively include each individual Borrower (and in the case of each Collective Group, defined to collectively include each member of the same). It is the intent of the parties hereto in determining whether
(a) a breach of a representation or a covenant has occurred, (b) there has occurred a Default, or (c) an event has occurred which would create recourse obligations under this Agreement, that any such breach, occurrence or event with
respect to any Borrower (or with respect to any single member of a Collective Group) shall be deemed to be such a breach, occurrence or event with respect to all Borrowers (and in the case of each Collective Group, each member of the same) and that
all Borrowers need not have been involved with such breach, occurrence or event in order for the same to be deemed such a breach, occurrence or event with respect to every Borrower (and likewise that each member of a Collective Group need not have
been involved with such breach, occurrence or event in order for the same to be deemed such a breach, occurrence or event with respect to such Collective Group). The term “Collective Group” as used in this Agreement shall refer to
each of the groups of entities represented in this Agreement by the following defined terms: Borrower and Guarantor. The obligations and liabilities of each Borrower shall be joint and several as more further set forth in a contribution agreement
entered into in connection with the Loan. 
 [The remainder of this page intentionally left blank] 

 

 81 

 THIS AGREEMENT IS EXECUTED by Lender and Borrower as of the date appearing on the first page hereof.

  

									
	LENDER:	 		    	
			
	 WELLS FARGO BANK,

NATIONAL ASSOCIATION
	 		    	 Lender’s Address:
  

			
		 		    	WELLS FARGO BANK, NATIONAL ASSOCIATION
	By:	 	 /s/ ROBERT ROSENBERG
	 		    	 Loan Administration

		 	Name:	 	 Robert Rosenberg
	 		    	Wells Fargo Center
		 	Title:	 	Managing Director	 		    	Commercial Mortgage Servicing
		 		 		 		    	 1901 Harrison Street,
2nd Floor

Mac A0227-020
 Oakland, California
94612
 Attention: Commercial Mortgage Servicing

Loan No.: 33-0909758
  

with a copy to counsel:
  

Cadwalader, Wickersham & Taft LLP
 227 West
Trade Street
 Charlotte, North Carolina 28202

Attention: James P. Carroll, Esq.

[Signatures continue on the following page] 

 THIS AGREEMENT IS EXECUTED by Lender and Borrower as of the date appearing on the first page hereof.

  

									
	BORROWER:	 		  	Borrower’s Address:
			
	 [BORROWER NAME]

a [STATE OF FORMATION] [ENTITY TYPE]
	 		  	c/o Dividend Capital Total Realty
	  
	 		  	Operating Partnership LP
	 a
	 	  
	 		  	518 17th Street, Suite 1700
		 		 		 		  	Denver, Colorado 80202
		 		 		 		  	Attention: Lainie Minnick
		 		 		 		  	Fax #: 303.869.4602
	 By:
	 	/s/ GREG MORAN	 		  	  
 with a copy to counsel: 

 
 Greenberg Traurig, LLP

200 Park Avenue
 New York, New York
10166
 Attention: Robert J. Ivanhoe, Esq.

		 	Name:	 	Greg Moran	 		  
		 	Title:	 	SVP	 		  
		 		 		 		  
		 		 		 		  

  

 Schedule A-10 - Page 1 

 SCHEDULE 1 

BORROWERS 
  

	1.	TRT NOIP Shadelands – Walnut Creek LP, a Delaware limited partnership (2625 Shadelands Drive, Walnut Creek, CA) 

 

	2.	TRT NOIP Cottonwood – Milpitas LP, a Delaware limited partnership (510 Cottonwood Drive, Milpitas, CA) 

 

	3.	TRT NOIP Rue Ferrari – San Jose LP, a Delaware limited partnership (5853/5863 Rue Ferrari Drive, San Jose, CA) 

 

	4.	TRT NOIP Dublin LP, a Delaware limited partnership (One and Three Sybase Drive, Dublin, CA) 

 

	5.	TRT NOIP Waterview – Dallas LP, a Delaware limited partnership (17201 Waterview Parkway, Dallas, TX) 

 

	6.	TRT NOIP North Fairway Drive – Vernon Hills LLC, a Delaware limited liability company (440 North Fairway Drive, Vernon Hills, IL) 

 

	7.	TRT NOIP South Havana – Englewood LLC, a Delaware limited liability company (6901 South Havana Street, Englewood, CO) 

 

	8.	TRT NOIP Inverness – Englewood LLC, a Delaware limited liability company (161 Inverness Drive West, Englewood, CO) 

 

	9.	TRT NOIP Crown Colony – Quincy LLC, a Delaware limited liability company (1100 Crown Colony Drive, Quincy, MA) 

 

	10.	TRT NOIP Charleston – Mountain View LP, a Delaware limited partnership (1545 Charleston Place, Mountain View, CA and 1565/1585 Charleston Place, Mountain View, CA)

  

	11.	TRT NOIP Apache Trail – Terrell LP, a Delaware limited partnership (301 Apache Trail, Terrell, TX) 

 

	12.	TRT NOIP Salem Church – York LLC, a Delaware limited liability company (300 South Salem Church Road, York, PA) 

 

	13.	TRT NOIP King Mill – McDonough LLC, a Delaware limited liability company (201 King Mill Court, McDonough, GA) 

 

	14.	TRT NOIP Business Center – Stockbridge LLC, a Delaware limited liability company (500 Business Center Drive, Stockbridge, GA) 

 

	15.	TRT NOIP Corporate Drive – DeKalb LLC, a Delaware limited liability company (3095 Corporate Drive, DeKalb, IL) 

 

	16.	TRT NOIP Creekside – Lockbourne LLC, a Delaware limited liability company (2750 Creekside Parkway, Lockbourne, OH) 

 

	17.	iStar NG LP, a Delaware limited partnership (7555 Colshire Drive, McLean, VA) 

 

 J-2 

 Wells Fargo Loan No. 33-0909758 

EXHIBIT K 

TRANSFER AUTHORIZER DESIGNATION 

(For Disbursement of Loan Proceeds and Reserve Funds by Funds Transfer) 

 ̈ NEW  ̈ REPLACE PREVIOUS DESIGNATION
 ̈ ADD  ̈ CHANGE  ̈ DELETE LINE NUMBER
             
 The following representatives of [NAME OF BORROWER]
(“Borrower”) are authorized to request the disbursement of the proceeds of the Loan on the Closing Date (as defined in the Loan Agreement (defined herein)) and any Reserve Funds (as defined in the Loan Agreement) in accordance with the
terms of the Loan Agreement and initiate such funds transfers for Loan Number                      assigned to that certain mortgage loan
evidenced by that certain Loan Agreement dated                  , 20     among Borrower, each of the financial institutions
initially a signatory thereto together with their permitted assignees (the “Lenders”), Wells Fargo Bank, National Association, as the administrative agent for the Lenders (the “Administrative Agent”) and the other
parties thereto (the “Loan Agreement”). The Administrative Agent is authorized to rely on this Transfer Authorizer Designation until it has received a new Transfer Authorizer Designation signed by Borrower, even in the event that
any or all of the foregoing information may have changed. 
  

					
	 	  	 Name
	  	 Title

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

 [Continued on next page] 
  

 K-1 

 Wells Fargo Loan No. 33-0909758 

1. 
  

	
	Beneficiary Bank and Account Holder Information

  

			
	 Transfer Funds to (Receiving Party Account Name):

	
	 Receiving Party Account Number:

		
	 Receiving Bank Name, City and State:
	  	 Receiving Bank Routing

(ABA) Number:

		
	 Maximum Transfer Amount:
	  	
	
	 Further Credit Information/Instructions:

2. 
  

			
	 Transfer Funds to (Receiving Party Account Name):

	
	 Receiving Party Account Number:

		
	 Receiving Bank Name, City and State:
	  	 Receiving Bank Routing

(ABA) Number:

		
	 Maximum Transfer Amount:
	  	
	
	 Further Credit Information/Instructions:

3. 
  

			
	 Transfer Funds to (Receiving Party Account Name):

	
	 Receiving Party Account Number:

		
	 Receiving Bank Name, City and State:
	  	 Receiving Bank Routing

(ABA) Number:

		
	 Maximum Transfer Amount:
	  	
	
	 Further Credit Information/Instructions:

[Signature provided on next page] 
  

 K-2 

 Date:
                    , 20     

“BORROWER” 
  

			
	[NAME OF BORROWER],
	a	 	  

					
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 K-3 

 SCHEDULE 1 

BORROWERS 
  

	1.	TRT NOIP Shadelands – Walnut Creek LP, a Delaware limited partnership (2625 Shadelands Drive, Walnut Creek, CA) 

 

	2.	TRT NOIP Cottonwood – Milpitas LP, a Delaware limited partnership (510 Cottonwood Drive, Milpitas, CA) 

 

	3.	TRT NOIP Rue Ferrari – San Jose LP, a Delaware limited partnership (5853/5863 Rue Ferrari Drive, San Jose, CA) 

 

	4.	TRT NOIP Dublin LP, a Delaware limited partnership (One and Three Sybase Drive, Dublin, CA) 

 

	5.	TRT NOIP Waterview – Dallas LP, a Delaware limited partnership (17201 Waterview Parkway, Dallas, TX) 

 

	6.	TRT NOIP North Fairway Drive – Vernon Hills LLC, a Delaware limited liability company (440 North Fairway Drive, Vernon Hills, IL) 

 

	7.	TRT NOIP South Havana – Englewood LLC, a Delaware limited liability company (6901 South Havana Street, Englewood, CO) 

 

	8.	TRT NOIP Inverness – Englewood LLC, a Delaware limited liability company (161 Inverness Drive West, Englewood, CO) 

 

	9.	TRT NOIP Crown Colony – Quincy LLC, a Delaware limited liability company (1100 Crown Colony Drive, Quincy, MA) 

 

	10.	TRT NOIP Charleston – Mountain View LP, a Delaware limited partnership (1545 Charleston Place, Mountain View, CA and 1565/1585 Charleston Place, Mountain View, CA)

  

	11.	TRT NOIP Apache Trail – Terrell LP, a Delaware limited partnership (301 Apache Trail, Terrell, TX) 

 

	12.	TRT NOIP Salem Church – York LLC, a Delaware limited liability company (300 South Salem Church Road, York, PA) 

 

	13.	TRT NOIP King Mill – McDonough LLC, a Delaware limited liability company (201 King Mill Court, McDonough, GA) 

 

	14.	TRT NOIP Business Center – Stockbridge LLC, a Delaware limited liability company (500 Business Center Drive, Stockbridge, GA) 

 

	15.	TRT NOIP Corporate Drive – DeKalb LLC, a Delaware limited liability company (3095 Corporate Drive, DeKalb, IL) 

 

	16.	TRT NOIP Creekside – Lockbourne LLC, a Delaware limited liability company (2750 Creekside Parkway, Lockbourne, OH) 

 

	17.	iStar NG LP, a Delaware limited partnership (7555 Colshire Drive, McLean, VA) 

 

 K-4 

 SCHEDULE 5.1(J)(1) 

RENT PAYMENT OFFSETS / DEFENSES 
  

							
	 	  	 Tenant
	  	 Issue
	  	 Monetary Obligation

	1.	  	Northrop Grumman & Company	  	Curtain wall repair to be completed by landlord	  	Reimbursement of tenant’s costs if tenant performs the work in accordance with its rights under the lease.

 SCHEDULE 5.1(J)(2) 

LEASES WITH OPTIONS 
  

					
	 	  	 Tenant
	  	 Lease

	1.	  	The Goodyear Tire and Rubber Co.	  	Office Lease dated December 21, 2001, between iStar GT, L.P., as landlord and The Goodyear Tire and Rubber Company, as tenant
	2.	  	Google Inc.	  	Office Lease dated November 10, 2004, between SFI I, LLC, as landlord and Google, Inc., as tenant
	3.	  	Baxter Healthcare Corp.	  	Office Lease dated March 5, 2007, between iStar CTL I L.P., as landlord and Baxter Healthcare Corporation, as tenant
	4.	  	DirecTV, Inc.	  	Office Lease dated June 2, 2006, between Trinet Realty Investors V, Inc., as landlord and DirecTV, Inc., as tenant
	5.	  	Sybase, Inc.	  	Office Lease dated January 28, 2000, between WDS Dublin, LLC, as landlord and Sybase, Inc., as tenant
	6.	  	Northrop Grumman & Company	  	Office Lease dated July 27, 1999, between West*Group Properties LLC, as landlord and PRC Inc., as tenant

 SCHEDULE 5.1(v) 

DESCRIPTION OF REA’s 

None. 

 SCHEDULE A-10 

PROPERTY MANAGERS/TENANT MANAGERS 

Property Managers 
  

					
	 	  	 Property Manager
	  	 Property

			
	1.	  	River Rock Real Estate Group	  	5853 & 5863 Rue Ferrari Drive, San Jose, California
			
	2.	  	CB Richard Ellis, Inc.	  	161 Inverness Drive West, Englewood, Colorado
			
	3.	  	Kennedy-Wilson Properties Ltd.	  	2625 Shadelands Drive, Walnut Creek, California

 Tenant
Managers 
  

					
	 	  	 Tenant Manager
	  	 Property

			
	1.	  	Abbott Medical Optics, Inc.	  	510 Cottonwood Drive, Milpitas, California
			
	2.	  	Sybase, Inc.	  	One and Three Sybase Drive, Dublin, California
			
	3.	  	Google, Inc.	  	1545/1565/1585 Charleston Place, Mountain View, California
			
	4.	  	The Goodyear Tire and Rubber Company	  	 (1) 301 Apache Trail, Terrell, Texas
  

(2) 300 S. Salem Church Rd., York, Pennsylvania
  

(3) 201 King Mill Court, McDonough, Georgia
  

(4) 500 Business Center Drive, Stockbridge, Georgia
  

(5) 3095 Corporate Drive, DeKalb, Illinois
  

(6) 2750 Creekside Parkway, Lockbourne, Ohio

			
	5.	  	ADS Alliance Data Systems, Inc.	  	17201 Waterview Parkway, Dallas, Texas
			
	6.	  	Baxter Healthcare Corp.	  	440 North Fairway Drive, Vernon Hills, Illinois
			
	7.	  	Travelport International, LLC	  	6901 S. Havana Street, Englewood, Colorado
			
	8.	  	Arbella Capital Corporation	  	1100 Crown Colony Drive, Quincy, Massachusetts
			
	9.	  	Northrop Grumman Information Technology, Inc.	  	7555 Colshire Drive, McLean, Virginia

  

 Schedule A-10 - Page 1 

 SCHEDULE A-11 

EARN-OUT ADVANCE REQUIREMENTS 

Attached 
  

 Schedule A-10 - Page 1Dividend Capital Fixed Rate Office Portfolio Loan Agreement

 Exhibit 10.2 

Loan No. 31-0909757 

LOAN AGREEMENT 

by and between 

THE ENTITIES SET FORTH ON SCHEDULE 1, 

collectively, as Borrower 

and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

and 

BANK OF AMERICA, N.A., 

collectively, as Lender 

Dated as of: June 25, 2010 

Dividend Capital Fixed Rate Office Portfolio 

Document Prepared By: 
 Cadwalader,
Wickersham & Taft LLP 
 227 West Trade Street 

Charlotte, North Carolina 28202 

Attention: James P. Carroll, Esq. 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 ARTICLE 1. DEFINITIONS
	  	1
			
	 1.1
	  	DEFINED TERMS	  	1
		
	 ARTICLE 2. LOAN; LOAN DOCUMENTS; SECURITY
	  	1
			
	 2.1
	  	LOAN	  	1
	 2.2
	  	INTEREST; PAYMENTS	  	3
	 2.3
	  	LATE CHARGE; DEFAULT RATE	  	3
	 2.4
	  	MAXIMUM RATE PERMITTED BY LAW	  	4
	 2.5
	  	LOAN DOCUMENTS	  	4
	 2.6
	  	SECURITY	  	4
		
	 ARTICLE 3. BORROWER’S LIABILITY
	  	4
			
	 3.1
	  	BORROWER’S LIABILITY	  	4
		
	 ARTICLE 4. IMPOUNDS
	  	6
			
	 4.1
	  	TAX IMPOUND	  	6
	 4.2
	  	INSURANCE IMPOUND	  	6
	 4.3
	  	ADDITIONAL IMPOUNDS	  	7
	 4.4
	  	CASH MANAGEMENT AGREEMENT	  	7
	 4.5
	  	GENERAL	  	7
	 4.6
	  	GRANT OF SECURITY INTEREST; APPLICATION OF FUNDS	  	7
		
	 ARTICLE 5. REPRESENTATIONS AND WARRANTIES
	  	8
			
	 5.1
	  	REPRESENTATIONS AND WARRANTIES	  	8
	 5.2
	  	REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING SPE STATUS	  	11
		
	 ARTICLE 6. HAZARDOUS MATERIALS
	  	19
			
	 6.1
	  	HAZARDOUS MATERIALS INDEMNITY AGREEMENT	  	19
		
	 ARTICLE 7. COVENANTS OF BORROWER
	  	19
			
	 7.1
	  	COSTS AND EXPENSES	  	19
	 7.2
	  	ERISA COMPLIANCE	  	20
	 7.3
	  	MANAGEMENT OF PROPERTY; BROKERAGE AGREEMENTS; OTHER AGREEMENTS	  	20
	 7.4
	  	COVENANTS - LEASES; MAJOR LEASES	  	21
	 7.5
	  	INTENTIONALLY DELETED	  	23
	 7.6
	  	RIGHT OF SUBORDINATION	  	23
	 7.7
	  	FURTHER ASSURANCES	  	23
	 7.8
	  	ASSIGNMENT	  	23
	 7.9
	  	EXISTENCE	  	23
	 7.10
	  	COMPLIANCE WITH LAWS, ETC	  	23
	 7.11
	  	LITIGATION	  	23
	 7.12
	  	MERGER, CONSOLIDATION, TRANSFER OF ASSETS	  	24
	 7.13
	  	ACCOUNTING RECORDS	  	24
	 7.14
	  	PAYMENT OF TAXES AND CLAIMS	  	24
	 7.15
	  	MAINTENANCE OF PROPERTY	  	24

  

 i 

					
	 7.16
	  	QUALIFICATION, NAME; EXISTENCE	  	24
	 7.17
	  	ALTERATIONS	  	24
	 7.18
	  	COMPLIANCE WITH PATRIOT ACT	  	25
	 7.19
	  	ACCESS TO PROPERTY	  	25
	 7.20
	  	NOTICE OF DEFAULT	  	25
	 7.21
	  	COOPERATE IN LEGAL PROCEEDINGS	  	25
	 7.22
	  	PERFORMANCE BY BORROWER	  	25
	 7.23
	  	ESTOPPEL CERTIFICATES	  	26
	 7.24
	  	INTENTIONALLY OMITTED	  	26
	 7.25
	  	NO JOINT ASSESSMENT	  	26
	 7.26
	  	REA COVENANTS	  	27
		
	 ARTICLE 8. FINANCIAL COVENANTS
	  	27
			
	 8.1
	  	STATEMENTS REQUIRED	  	27
	 8.2
	  	FORM; WARRANTY	  	28
	 8.3
	  	CHARGE FOR LATE DELIVERY	  	28
		
	 ARTICLE 9. DEFAULTS AND REMEDIES
	  	29
			
	 9.1
	  	DEFAULT	  	29
	 9.2
	  	ACCELERATION	  	30
	 9.3
	  	RIGHTS AND REMEDIES	  	30
		
	 ARTICLE 10. NO PREPAYMENT - DEFEASANCE ONLY
	  	30
		
	 ARTICLE 11. DEFEASANCE - FULL OR PARTIAL
	  	31
		
	 ARTICLE 12. INSURANCE
	  	35
			
	 12.1
	  	REQUIRED INSURANCE	  	35
	 12.2
	  	ADDITIONAL INSURANCE	  	38
	 12.3
	  	POLICY REQUIREMENTS	  	38
	 12.4
	  	MAINTENANCE OF INSURANCE	  	39
	 12.5
	  	TERRORISM COVERAGE	  	39
	 12.6
	  	CERTAIN RIGHTS OF LENDER	  	40
	 12.7
	  	CASUALTY AND CONDEMNATION; RESTORATION PROCEEDS	  	40
	 12.8
	  	RESTORATION	  	41
	 12.9
	  	DISBURSEMENT	  	42
		
	 ARTICLE 13. INDEMNITY
	  	43
			
	 13.1
	  	INDEMNITY	  	43
	 13.2
	  	DUTY TO DEFEND, LEGAL FEES AND OTHER FEES AND EXPENSES	  	43
	 13.3
	  	MORTGAGE AND INTANGIBLE TAX INDEMNIFICATION	  	43
	 13.4
	  	ERISA INDEMNIFICATION	  	44
	 13.5
	  	SPECIAL SERVICING	  	44
		
	 ARTICLE 14. TRANSFER AND SUBSTITUTION OF PROPERTY
	  	44
			
	 14.1
	  	TRANSFER OF PROPERTY; ASSUMPTION OF LOAN	  	44
	 14.2
	  	SUBSTITUTION	  	45
		
	 ARTICLE 15. DUE ON SALE/ENCUMBRANCE
	  	51
			
	 15.1
	  	DUE ON SALE/ENCUMBRANCE	  	51

  

 ii 

					
	 15.2
	  	REPLACEMENT MEZZANINE DEBT	  	53
		
	 ARTICLE 16. MISCELLANEOUS PROVISIONS
	  	54
			
	 16.1
	  	FORM OF DOCUMENTS	  	54
	 16.2
	  	NO THIRD PARTIES BENEFITED	  	54
	 16.3
	  	NOTICES	  	54
	 16.4
	  	ONGOING CREDIT AUTHORIZATION	  	54
	 16.5
	  	ATTORNEY-IN-FACT	  	54
	 16.6
	  	ACTIONS	  	54
	 16.7
	  	RIGHT OF CONTEST	  	55
	 16.8
	  	RELATIONSHIP OF PARTIES	  	55
	 16.9
	  	DELAY OUTSIDE LENDER’S CONTROL	  	55
	 16.10
	  	ATTORNEYS’ FEES AND EXPENSES; ENFORCEMENT	  	55
	 16.11
	  	IMMEDIATELY AVAILABLE FUNDS	  	56
	 16.12
	  	LOAN SALES AND LOAN PARTICIPATIONS; DISCLOSURE OF INFORMATION	  	56
	 16.13
	  	LENDER’S AGENTS	  	57
	 16.14
	  	AUTHORIZATION TO FILE FINANCING STATEMENTS	  	57
	 16.15
	  	TAX SERVICE	  	57
	 16.16
	  	ADVERTISING	  	57
	 16.17
	  	COMMERCIAL LOAN	  	57
	 16.18
	  	DISBURSEMENT OF LOAN PROCEEDS; LIMITATION OF LIABILITY	  	57
	 16.19
	  	SEVERABILITY	  	58
	 16.20
	  	INTENTIONALLY OMITTED	  	58
	 16.21
	  	HEADINGS	  	58
	 16.22
	  	SUCCESSORS AND ASSIGNS; JOINT AND SEVERAL LIABILITY	  	58
	 16.23
	  	GOVERNING LAW; JURISDICTION	  	58
	 16.24
	  	WAIVER OF RIGHT TO TRIAL BY JURY	  	59
	 16.25
	  	INTEGRATION; INTERPRETATION	  	60
	 16.26
	  	COUNTERPARTS	  	60
	 16.27
	  	AMENDMENTS	  	60
	 16.28
	  	CONSENTS AND APPROVALS; CONSTRUCTION	  	60
	 16.29
	  	BRING DOWN OF REPRESENTATIONS; SURVIVAL OF WARRANTIES; CUMULATIVE	  	60
	 16.30
	  	INTENTIONALLY OMITTED	  	61
	 16.31
	  	INTENTIONALLY OMITTED	  	61
	 16.32
	  	INTENTIONALLY OMITTED	  	61
	 16.33
	  	EXHIBITS; SCHEDULES	  	61
	 16.34
	  	CONFLICT	  	61
	 16.35
	  	SECURITIZATION INDEMNIFICATION	  	61
	 16.36
	  	BORROWER WAIVERS	  	64
	 16.37
	  	REMEDIES OF BORROWER	  	64
	 16.38
	  	MULTIPLE BORROWERS	  	64
	 16.39
	  	CO-LENDERS	  	65

 EXHIBITS AND SCHEDULES 

 

					
	Exhibit A	  	–	  	Definitions
	Exhibit B	  	–	  	Property/Legal Description/Address/Information
	Exhibit C	  	–	  	List of Loan Documents and Closing Documents
	Exhibit D	  	–	  	Litigation Disclosures
	Exhibit E	  	–	  	Additional Impounds
	Exhibit E.1	  	–	  	List of Work
	Exhibit E.2	  	–	  	Designated TI Impound Amount

  

 iii 

					
	Exhibit F	  	–	  	Allocated Loan Amount for each Individual Property
	Exhibit G	  	–	  	Additional Insurance Provisions
	Schedule 1	  	–	  	Borrowers
	Schedule 5.1(v)	  		  	Description of REA’s
	Schedule A-10	  	–	  	Property Managers/Tenant Managers

  

 iv 

 LOAN AGREEMENT 

THIS LOAN AGREEMENT (this “Agreement”) is made and entered into June 25, 2010, by and between THE
ENTITIES SET FORTH ON SCHEDULE 1 (each, a “Borrower” and, collectively, “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, together with its successors and assigns, and BANK OF AMERICA, N.A.,
together with its successors and assigns (each, a “Co-Lender” and collectively, “Lender”). 

R E C I T A L S 

Borrower desires to borrow from Lender, and Lender agrees to loan to Borrower, the amounts described below pursuant to the terms and
conditions set forth herein. 
 NOW, THEREFORE, Borrower and Lender agree as follows: 

ARTICLE 1. DEFINITIONS 
  

	1.1	DEFINED TERMS. 

Unless otherwise defined in the text of this Agreement, the capitalized terms generally used in this Agreement shall have the meanings
defined or referenced in Exhibit A attached hereto and incorporated herein for all purposes. 
 ARTICLE 2. LOAN;
LOAN DOCUMENTS; SECURITY 
  

	2.1	LOAN. 

  

	 	(a)	Subject to the terms of this Agreement, Lender agrees to lend to Borrower, and Borrower agrees to borrow from Lender, the maximum principal sum of TWO HUNDRED
NINETY-TWO MILLION AND 00/100THS DOLLARS ($292,000,000.00), which sum shall be composed of $185,000,0000.00 as the initial advance (“Initial Advance”) and $107,000,000.00 as the Earn-Out Advance (as defined below), which sums shall
be evidenced by the Note. The Loan shall be secured by the security interests and liens granted pursuant to certain of the Security Documents as more particularly set forth therein. Interest shall accrue, and be payable, in respect of the Loan as
provided herein below. 

  

	 	(b)	Lender shall disburse to the Borrower an amount equal to $107,000,000.00 (the “Earn-Out Advance”) of the Loan provided the Borrower satisfies the
following conditions to Lender’s reasonable satisfaction: 

  

	 	(i)	No Default exists on the date of disbursement of the Earn-Out Advance; 

  

	 	(ii)	Borrower delivers to Lender at least ten (10) days prior to the date of the Earn-Out Advance (the “Earn-Out Disbursement Date”) written notice
requesting the Earn-Out Advance, provided, however that the Earn-Out Disbursement Date is no later than sixty (60) days from the date hereof. If any such notice shall have been given by Borrower, Borrower shall be permitted to revoke such
notice in writing on or prior to the Earn-Out Disbursement Date, provided Borrower pays all of Lender’s reasonable third party expenses incurred in connection with the proposed Earn-Out Advance. Notwithstanding the foregoing, if the conditions
to the Earn-Out Advance set forth in this Section 2.1(b) are satisfied within the sixty (60) day period set forth above, Borrower shall be required to accept the Earn-Out Advance and the Northrop VA Property shall be included as a Property
and be encumbered by the liens created pursuant to the Loan Documents; 

  

	 	(iii)	 iStar NG LP, a Delaware limited partnership (“LP Owner”) or a Delaware limited liability company wholly owned, directly or indirectly,
by TRT NOIP Fixed Real Estate Holdco, a Delaware limited liability company, (either such entity, “Northrop VA Borrower”) shall join each of the Loan Documents as a borrower thereto and shall deliver

  

 1 

	 	 
to Lender a Deed of Trust and Absolute Assignment of Rents and Leases and Security Agreement (and Fixture Filing), an Absolute Assignment of Leases and Rents and financing statements, each in
form and substance as such documents delivered with respect to the other Properties as of the date hereof, encumbering the Northrop VA Property; 

  

	 	(iv)	Borrower shall enter into such amendments to the Loan Documents necessary to reflect the Earn-Out Advance, including, but not limited to, amendments to the Mortgages
relating to applicable recording and/or intangible taxes for the Properties located at 1600-1601 SW 80th Street, Plantation, Florida, 3201 Columbia Road, Richfield, Ohio, and 11493 Sunset Hills Road, Reston, Virginia; 

 

	 	(v)	Borrower shall deliver to Lender a letter executed by Northrop VA waiving its right of first offer to purchase the Northrop VA Property under its Lease in connection
with the purchase by Northrop VA Borrower of the Northrop VA Property (or purchase at the closing (1) by TRT NOIP Colshire - McLean GP LLC, a Delaware limited liability company, of the general partner interests of LP Owner held by iStar NG
GenPar Inc., a Delaware corporation and (2) by TRT NOIP Colshire - McLean LLC, a Delaware limited liability company, of the limited partner interests of LP Owner held by iStar NG Inc., a Delaware corporation), which such letter shall be in form
and substance satisfactory to Lender in its reasonable discretion; 

  

	 	(vi)	Northrop VA Borrower shall deliver to Lender (1) an officer’s certificate certifying that there have been no material changes to the Northrop VA Property
since the date of June 4, 2010, as set forth on that certain survey delivered to Lender prior to the date hereof and (2) title insurance, in form and substance delivered on the date hereof with regards to the other Properties, with respect
to the Northrop VA Property (A) insuring that no encumbrances affect the Northrop VA Property other than Permitted Encumbrances (and with respect to clause (b) of the definition of Permitted Encumbrances, no material changes to such
encumbrances other than as set forth in that certain pro-forma title policy delivered to Lender on or prior to the date hereof), (B) in the amount of the Earn-Out Advance disbursed to the Borrower, subject to adjustment (up to 125%) in the
event a tie-in endorsement is not obtained and (C) shall contain such endorsements as are reasonably required by Lender with respect to the other Properties previously encumbered by the Mortgages; 

 

	 	(vii)	Borrower shall deliver to Lender updated tie-in endorsements, me-too endorsements and such other revisions to the title insurance policies issued to Lender on the date
hereof with respect to the other Properties to reflect the Earn-Out Advance, to the extent any of the foregoing is available in the states where the Properties are located; 

 

	 	(viii)	Northrop VA Borrower shall deliver to Lender with respect to the Northrop VA Property and the Northrop VA Borrower updates to the local law enforceability opinion, the
New York enforceability opinion, the insolvency opinion and Delaware state law opinions, each delivered to Lender at closing, in form and substance reasonably acceptable to Lender; 

 

	 	(ix)	Borrower shall deliver such other certificates, amendments to organizational documents, and other documents as may be reasonably requested by Lender to reflect the
Earn-Out Advance; 

  

	 	(x)	 If the Earn-Out Disbursement Date occurs prior to the Due Date occurring in August, 2010, then Borrower shall pay to Lender on the Due Date occurring
in August, 2010, the P&I Payment Amount as set forth in clause (ii) of the definition thereof, less an amount equal to interest on the amount of the Earn-Out Advance calculated at the Note Rate for the number of days occurring in July,
2010, prior to the Earn-Out Disbursement Date. If 

  

 2 

	 	 
the Earn-Out Disbursement Date occurs on or after the Due Date occurring in August, 2010, then Borrower shall pay to Lender (A) on the Earn-Out Disbursement Date an amount equal to
$101,899.04 which represents the principal payment that would have been due on the Due Date occurring in August, 2010, with respect to the Earn-Out Advance, and (B) on the Due Date occurring in September, 2010, the P&I Payment Amount as set
forth in clause (ii) of the definition thereof, less an amount equal to interest on the amount of the Earn-Out Advance calculated at the Note Rate for the number of days occurring in August, 2010 prior to the Earn-Out Disbursement Date; and

  

	 	(xi)	Borrower pays all of Lender’s third-party costs (including reasonable attorney’s fees) with respect to the Earn-Out Advance. Lender shall reasonably cooperate
with Borrower in structuring the mortgages and the Earn-Out Advance transaction so as to minimize recordation and mortgage taxes, including such taxes in the Commonwealth of Virginia, and title insurance premiums. 

 

	2.2	INTEREST; PAYMENTS. 

  

	 	(a)	Interest Accrual. Interest on the outstanding principal balance of the Note shall accrue from the Disbursement Date at the Note Rate calculated on an
Actual/360 Basis. For the avoidance of doubt, interest will accrue only on the Initial Advance commencing on the date hereof until such time as the Earn-Out Advance is made. 

 

	 	(b)	 Payments. Monthly payments, each in the P&I Payment Amount, shall commence on the First P&I Due Date and continue on each Due
Date thereafter. In addition, if the Disbursement Date is not the first
(1st) day of a calendar month, an interest-only
payment pursuant to subsection (a) above shall be due on the Disbursement Date for interest due from and including the Disbursement Date to the last day of the month ending prior to the First Due Date. On the Maturity Date, all unpaid
principal and accrued but unpaid interest shall be due and payable in full. All interest shall be paid in arrears. Except as otherwise specifically provided in this Agreement or the other Loan Documents, all payments and deposits due under the Note
or the other Loan Documents shall be made to Lender not later than 2:00 p.m., California time, on the day on which such payment or deposit is due. Any funds received by Lender after such time shall, for all purposes, be deemed to have been received
on the next succeeding Business Day. 

  

	 	(c)	Acknowledgments. Borrower acknowledges that the P&I Payment Amount was determined using a 30/360 Basis despite the fact that interest on the Note
accrues on an Actual /360 Basis. Interest calculated on an Actual/360 Basis exceeds interest calculated on a 30/360 Basis and, therefore: (a) a greater portion of each monthly installment of principal and interest will be applied to interest
using the Actual/360 Basis than would be the case if interest accrued on a 30/360 Basis; and (b) the unpaid principal balance of the Note on the Maturity Date will be greater using the Actual/360 Basis than would be the case if interest accrued
on a 30/360 Basis. 

  

	 	(d)	Application of Payments. All payments paid by Borrower to Lender in connection with the obligations of Borrower under this Agreement and under the other
Loan Documents shall be applied in the order of priority as set forth in the Cash Management Agreement. The P&I Payment Amount shall be applied (a) first, to accrued but unpaid interest on the Note; and (b) second, to the unpaid
principal balance of the Note. Borrower irrevocably waives the right to direct the application of any payments at any time received by Lender from or on behalf of Borrower, and during the continuance of a Default, Borrower agrees that Lender shall
have the continuing exclusive right to apply any payments to the then due and owing obligations of Borrower in such order of priority as Lender may deem advisable. 

 

	2.3	LATE CHARGE; DEFAULT RATE. 

  

	 	(a)	 Late Charge. If all or any portion of any payment (including, without limitation, any payment of any interest, the P&I Payment
Amount, Impounds or other deposit(s)) required hereunder (other than the payment due on the Maturity Date) is not paid or deposited on or before the day on which 

 

 3 

	 	 
the payment is due, Borrower shall pay a late or collection charge, as liquidated damages, equal to four percent (4%) of the amount of such unpaid payment (herein called “Late
Charge”). If all or any portion of the payment due on the Maturity Date is paid after the Maturity Date and on a date which is not the first (1st) day of a calendar month, Borrower shall pay a late or collection charge, as liquidated
damages, equal to the interest which would have accrued on such amount during the period commencing on the date payment of such amount is actually made and ending on the last day of the calendar month in which payment of such amount is actually
made. Borrower acknowledges that Lender will incur additional expenses as a result of any late payments or deposits hereunder, which expenses would be impracticable to quantify, and that Borrower’s payments under this Section 2.3
are a reasonable estimate of such expenses. 

  

	 	(b)	Default Rate. Commencing upon a Default and continuing until such Default shall have been cured by Borrower, all sums owing on the Loan shall bear
interest at the Default Rate. 

  

	2.4	MAXIMUM RATE PERMITTED BY LAW. 

Neither this Agreement, the Note nor any of the other Loan Documents shall be construed to require the payment or permit the collection of
any interest or any late payment charge in excess of the maximum rate permitted by law. If any such excess interest or late payment charge is provided for under this Agreement, the Note or any of the other Loan Documents or if this Agreement, the
Note or any of the other Loan Documents shall be adjudicated to provide for such excess, Borrower shall not be obligated to pay such excess notwithstanding any other provision of the Loan Documents. If Lender shall collect amounts which are deemed
to constitute interest and which would increase the effective interest rate to a rate in excess of the maximum rate permitted by applicable law, all such amounts deemed to constitute interest in excess of the maximum legal rate shall, upon such
determination, at the option of Lender, be returned to Borrower or credited against the outstanding principal balance of the Loan. 
  

	2.5	LOAN DOCUMENTS. 

Borrower shall deliver to Lender concurrently with this Agreement each of the Loan Documents, properly executed and in recordable form, as
applicable. 
  

	2.6	SECURITY. 

 The
Loan and all obligations of Borrower arising hereunder and under the other Loan Documents shall be secured by (i) the Mortgage creating a senior priority lien on the Property and the Collateral, (ii) the other Loan Documents and any
security interests and liens created thereby, and (iii) the Impounds established pursuant to this Agreement. Notwithstanding the foregoing or anything contained in this Agreement or the other Loan Documents to the contrary, it is expressly
understood and acknowledged by the parties hereto that neither the Guaranty nor the Hazardous Materials Indemnity Agreement shall constitute security for the Loan. 

ARTICLE 3. BORROWER’S LIABILITY 
  

	3.1	BORROWER’S LIABILITY. 

  

	 	(a)	Limitation. Except as otherwise provided in this Article 3, Lender’s recovery against Borrower under this Agreement and the other Loan
Documents shall be limited solely to the Property and the Collateral. 

  

	 	(b)	 Exceptions; Limited Liability. Nothing contained in this Article 3 or elsewhere in this Agreement or the other Loan Documents,
however, shall limit in any way the personal liability of Borrower owed to Lender for any Losses (defined below) incurred by Lender with respect to any of the following matters: (i) fraud or intentional or willful material misrepresentation by
Borrower or Guarantor, or any Affiliate of Borrower or Guarantor under the control of Borrower or Guarantor, respectively; (ii) commission of a criminal act by Borrower, Guarantor, or any Affiliate of Borrower or Guarantor under the control of
Borrower or Guarantor, respectively, which results 

  

 4 

	 	 
in a forfeiture of the Property; (iii) material intentional physical waste of the Property or the Collateral; (iv) failure to pay property or other taxes, assessments assessed against
the Property or charges which could become Liens on the Property (other than (x) amounts paid to Lender for taxes, assessments or charges pursuant to Impounds and where Lender elects (during the continuance of a Default or otherwise) not to
apply such funds toward payment of the taxes, assessments or charges owed or (y) taxes, assessments or charges owed that are contested strictly in accordance with the terms of the Loan Documents) to the extent that the revenue from the Property
is sufficient to pay such amount; (v) failure to maintain insurance as required by this Agreement to the extent that the revenue from the Property is sufficient to pay the Insurance Premiums relating thereto; (vi) failure to deliver any
insurance or condemnation proceeds or awards or any security deposits received by Borrower to Lender or to otherwise apply such sums as required under the terms of the Loan Documents or any other instrument now or hereafter securing the Loan;
(vii) failure to apply any rents, royalties, accounts, revenues, income, issues and profits which are collected or received by Borrower during the period of any Default or after acceleration of the indebtedness and other sums owing under the
Loan Documents to the payment of either (A) such indebtedness or other sums due Lender or (B) the normal and necessary operating expenses of the Property; (viii) any breach by Borrower of any covenant in this Agreement or in the
Mortgage regarding Hazardous Materials or in any indemnity or other agreement regarding Hazardous Materials executed by Borrower in favor of Lender in connection with the Loan (including, without limitation, the Hazardous Materials Indemnity
Agreement), or any representation or warranty of Borrower regarding Hazardous Materials contained therein proving to have been untrue in any material respect when made; (ix) any transfer taxes (or similar fees or taxes) incurred in connection
with a transfer of the Property resulting from a foreclosure of the Mortgage or a deed-in-lieu of foreclosure of the Property; (x) Borrower’s failure to comply with the provisions of Sections 5.2 (to the extent such failure to
comply in itself, or in the aggregate with other violations of Section 5.2 results in the substantive consolidation of Borrower) or Section 16.35 of this Agreement; (xi) Borrower’s or Guarantor’s failure to satisfy
the Indemnification Obligations (as defined in the Lockbox Agreement) pursuant to the terms of the Lockbox Agreement; (xii) Borrower’s failure to deliver the Letter of Credit Assignment in accordance with the terms of
Section 7.4(g) of this Agreement or (xiii) a material misrepresentation with respect to the representations in Section 5.3 hereof. The term “Losses” as used herein shall mean any and all claims, suits,
liabilities (including, without limitation, strict liabilities and any impairment of Lender’s security for the Loan), actions, proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, charges, fees, judgments,
awards, amounts paid in settlement of whatever kind or nature (including, but not limited to, reasonable legal fees and other costs of defense). 

  

	 	(c)	Exceptions; Full Recourse. Notwithstanding the foregoing, or anything to the contrary contained in this Agreement or the other Loan Documents, the
limitation on recourse set forth in Article 3.1(a) and (b) above shall be null and void and completely inapplicable, and Borrower shall be fully and personally liable for the payment and performance of all obligations set forth in this
Agreement and the other Loan Documents, including the payment of all principal, interest and other amounts under the Note, (i) in the event the Property or the Collateral shall become an asset in (x) a voluntary bankruptcy or insolvency
proceeding or other voluntary Material Action, or (y) an involuntary bankruptcy or insolvency proceeding or other involuntary Material Action, which, in either case, is consented to or colluded by Borrower, Guarantor, or an Affiliate of
Borrower, or Guarantor controlled by Borrower or Guarantor, respectively, or filed by Borrower or Guarantor or an Affiliate of Borrower or Guarantor controlled by Borrower or Guarantor, respectively, and which is not dismissed within ninety
(90) days of filing; or (ii) in the event of a Default resulting from a Prohibited Property Transfer or a Prohibited Equity Transfer (excluding, however, any default under, or violation of, the terms of Section 7.4 of this
Agreement). 

  

	 	(d)	 No Waiver, Release or Impairment. Nothing contained in this Article 3 shall be deemed to waive, release, affect or impair the
indebtedness evidenced by the Loan Documents or the obligations of Borrower under the Loan Documents, or the liens and security interests created by the Loan Documents, or Lender’s rights to enforce its rights and remedies under the Loan

  

 5 

	 	 
Documents and under any guaranty or indemnity provided herein, in the Loan Documents or in connection with the Loan, or otherwise provided in equity or under applicable law, including, without
limitation, the right to pursue any remedy for injunctive or other equitable relief, or any suit or action in connection with the preservation, enforcement or foreclosure of the liens, mortgages, assignments and security interests which are now or
at any time hereafter security for the payment and performance of all obligations under this Agreement or in the other Loan Documents. 

  

	 	(e)	Prevail and Control. The provisions of this Article 3 shall prevail and control over any contrary provisions elsewhere in this Agreement or the
other Loan Documents. 

 ARTICLE 4. IMPOUNDS 

 

	4.1	TAX IMPOUND. 

Borrower shall deposit with Lender the following amounts (collectively, “Tax Impound”): $134,748.00 on the Disbursement
Date, and on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Lender in its reasonable discretion to be sufficient to pay the real estate taxes and assessments payable by Borrower with
respect to the Property (collectively, “Taxes”) at least thirty (30) days prior to each date on which Taxes become delinquent (“Delinquency Date”). The initial estimated monthly amount to be deposited by
Borrower for Taxes on each Due Date is $40,374.00. If Lender reasonably determines at any time that the Tax Impound will not be sufficient to pay any Taxes at least thirty (30) days prior to the Delinquency Date, Lender shall notify Borrower of
such determination in writing and Borrower shall deposit with Lender the amount of such deficiency not more than ten (10) days after Borrower’s receipt of such notice; provided, however, if Borrower receives notice of any such deficiency
less than thirty (30) days prior to the Delinquency Date, Borrower shall deposit the amount of such deficiency with Lender not more than three (3) Business Days after Borrower’s receipt of such notice, but in no event later than the
Business Day immediately preceding the Delinquency Date. So long as no Default exists, Lender shall apply the Tax Impound to the payment of the Taxes. Deposits into the Tax Impound shall be waived, provided no Default is continuing, with respect to
any Taxes which a tenant is required to pay directly to the taxing authority pursuant to the terms of its Lease, provided (i) Borrower delivers, or causes to be delivered to Lender, evidence of the timely payment of such Taxes, (ii) such
tenant has exercised all applicable renewal terms under its Lease within the time such renewals are required to be exercised and (iii) such tenant is not in material default of its obligations under its Lease beyond all applicable notice and
cure periods. 
  

	4.2	INSURANCE IMPOUND. 

Borrower shall deposit with Lender the following amounts (collectively, “Insurance Impound”): $0 on the Disbursement
Date, and on each Due Date thereafter commencing with the First P&I Due Date, an amount estimated from time to time by Lender in its reasonable discretion to be sufficient to pay the premiums for insurance required to be maintained by Borrower
hereunder (“Insurance Premiums”) at least thirty (30) days prior to the date on which the current such insurance policies expire (“Insurance Expiration Date”). The initial estimated monthly amount to be
deposited by Borrower for Insurance Premiums on each Due Date is $0. If Lender reasonably determines at any time that the Insurance Impound will not be sufficient to pay the Insurance Premiums at least thirty (30) days prior to the Insurance
Expiration Date, Lender shall notify Borrower of such determination in writing and Borrower shall deposit with Lender the amount of such deficiency not more than ten (10) days after Borrower’s receipt of such notice; provided, however, if
Borrower receives notice of any such deficiency less than thirty (30) days prior to the Insurance Expiration Date, Borrower shall deposit the amount of such deficiency with Lender not more than three (3) Business Days after Borrower’s
receipt of such notice, but in no event later than the day immediately preceding the Insurance Expiration Date. So long as no Default exists, Lender shall apply the Insurance Impound to the payment of the Insurance Premiums. Deposits into the
Insurance Impound shall be waived (i) for any Property covered by a blanket insurance policy which complies with the requirements of Article 12, and (ii) provided no Default is continuing, with respect to any Insurance Premiums
which a tenant is required to pay directly to the insurance provider pursuant to the terms of its Lease, provided (x) Borrower delivers, or 

 

 6 

 
causes to be delivered to Lender, evidence of the timely payment of such Insurance Premiums, (y) such tenant has exercised all applicable renewal terms under its Lease within the time such
renewals are required to be exercised and (z) such tenant is not in material default of its obligations under its Lease beyond all applicable notice and cure periods. 

 

	4.3	ADDITIONAL IMPOUNDS. 

Borrower shall deposit with Lender any additional Impounds in the manner prescribed in Exhibit E attached hereto. 

 

	4.4	CASH MANAGEMENT AGREEMENT. 

  

	 	(a)	Borrower shall enter into the Lockbox Agreement which shall govern the collection of Gross Income and transfer of Gross Income into an account established under the
Cash Management Agreement. 

  

	 	(b)	Borrower shall enter into the Cash Management Agreement which shall govern the holding and disbursement of Gross Income during the term of the Loan.

  

	 	(c)	In the event of a Cash Trap Event Period (as defined in the Cash Management Agreement), all Excess Cash Flow (as defined in the Cash Management Agreement) shall be
deposited into the Excess Cash Flow Reserve Account (as defined in the Cash Management Agreement), as more particularly set forth in Section 2.5(b) of the Cash Management Agreement. 

 

	4.5	GENERAL. 

 All
deposits required to be made by Borrower under this Article 4, including, without limitation, the additional impounds set forth on Exhibit E attached hereto, if any, are herein collectively called “Impounds.” For so
long as any of the Impounds required under this Section 4 are in effect and if Lender reasonably determines that an Impound was not estimated properly and a deficiency exists, Lender shall notify Borrower of such deficiency in writing
and Borrower shall deposit or cause the applicable tenant to deposit with Lender the amount of such deficiency not more than ten (10) days after Borrower’s receipt of such notice. Lender shall have the right, upon prior advance written
notice and subject to the tenant’s rights under its Lease, to enter upon the Property at all reasonable times, including without limitation, prior to any disbursement of Impounds, to inspect any work in process and/or completed for which
Impounds are now or hereafter required, but Lender shall not be obligated to supervise or inspect any such work or to inform Borrower or any third party regarding any aspect of any such work. Borrower shall pay to Lender all reasonable out-of-pocket
third party costs and expenses paid or incurred by Lender from time to time in connection with any request of Borrower for a disbursement of funds from the Impounds (other than the Tax Impound and the Insurance Impound). Borrower authorizes Lender
to disburse directly to Lender, from the Impounds or from funds to be disbursed to Borrower from the Impounds, such sums as may be necessary, at any time and from time to time, to pay all such reasonable third-party costs and expenses. 

 

	4.6	GRANT OF SECURITY INTEREST; APPLICATION OF FUNDS. 

As security for payment of the Loan and the performance by Borrower of all other terms, conditions and provisions of the Loan Documents,
Borrower hereby pledges and assigns to Lender, and grants to Lender a security interest in, all Borrower’s right, title and interest in and to all Impounds. Borrower shall not, without obtaining the prior written consent of Lender, further
pledge, assign or grant any security interest in any Impound (or account in which such Impounds are held), or permit any lien to attach thereto, or any levy to be made thereon, or any UCC Financing Statements to be filed thereon, except those naming
Lender as the secured party, to be filed with respect thereto. This Agreement is, among other things, intended by the parties to be a security agreement for purposes of the UCC. Upon the occurrence and during the continuance of a Default, Lender may
apply all or any part of the Impounds against the amounts outstanding under the Loan in any order and in any manner as Lender shall elect in Lender’s discretion without seeking the appointment of a receiver and without adversely affecting the
rights of Lender to foreclose the liens and security interests securing the Loan or exercise its other rights under the Loan 
  

 7 

 
Documents. The Impounds shall not constitute trust funds and may be commingled with other monies held by Lender. All interest which accrues on the foregoing Impounds except for the Tax Impound
and the Insurance Impound (for which no interest shall be paid) shall be at a rate established by Lender or its servicing agent, which may or may not be the highest rate then available, shall accrue for the benefit of Borrower and shall be taxable
to Borrower and shall be added to and disbursed in the same manner and under the same conditions as the principal sum on which said interest accrued. Upon repayment in full of Borrower’s obligations under the Loan Documents, all remaining
Impounds, if any, shall be promptly disbursed to Borrower. 
 ARTICLE 5. REPRESENTATIONS AND WARRANTIES

  

	5.1	REPRESENTATIONS AND WARRANTIES. 

As a material inducement to Lender’s entry into this Agreement, each Borrower, as to itself, represents and warrants to Lender as of the Effective
Date: 
  

	 	(a)	Legal Status. Each of Borrower and, if its managing Person such as a general partner, manager, managing member, or similar Person (each, a
“Managing Entity”) is an entity formed or organized under the laws of any Governmental Authority, each such Managing Entity, is duly formed or organized and existing and in good standing under the laws of the state in which such
entity is formed or organized. Borrower and, if applicable, its Managing Entity, is currently qualified or licensed (as applicable) and shall remain qualified or licensed to do business in each jurisdiction in which the nature of its business
requires it to be so qualified or licensed under applicable law (including, as to Borrower and, if required by the law of such jurisdiction, its Managing Entity, the jurisdiction in which the Property is located). 

 

	 	(b)	Authorization and Validity. The execution and delivery of the Loan Documents to which Borrower is a party have been duly authorized by Borrower and the
Loan Documents constitute valid and binding obligations of Borrower or the party which executed the same, enforceable in accordance with their respective terms, except as such enforcement may be limited by bankruptcy, insolvency, moratorium or other
laws affecting the enforcement of creditors’ rights, or by the application of rules of equity. 

  

	 	(c)	Violations. The execution, delivery and performance by Borrower of each of the Loan Documents do not violate any provision of any law or regulation
applicable to the Borrower and/or the Property, or result in any breach or default under any contract, obligation, indenture or other instrument to which Borrower is a party or by which Borrower is bound. 

 

	 	(d)	Litigation. There are no pending or to Borrower’s knowledge threatened (in writing) actions, claims, investigations, suits or proceedings before any
Governmental Authority, court or administrative agency which would have a Material Adverse Effect other than as described on Exhibit D attached hereto. 

  

	 	(e)	Financial Statements. The financial statements of Borrower and of Guarantor previously delivered by Borrower to Lender: (i) are materially complete
and correct; (ii) present fairly the financial condition of such party; and (iii) have been prepared in accordance with the same accounting standard used by Borrower to prepare the financial statements delivered to and approved by Lender
in connection with the making of the Loan, or other accounting standards approved by Lender. Since the date of such financial statements, there has been no material adverse change in such financial condition, nor have any assets or properties
reflected on such financial statements been sold, transferred, assigned, mortgaged, pledged or encumbered which would have a Material Adverse Effect, except as previously disclosed in writing by Borrower or Guarantor to Lender.

  

	 	(f)	 Reports. To the best of Borrower’s knowledge, all reports, documents, instruments and written information delivered by Borrower or
Guarantor to Lender in connection with the Loan, as of the date delivered: (i) are correct in all material respects and sufficiently complete to give Lender 

 

 8 

	 	 
accurate knowledge of their subject matter thereof; and (ii) do not contain any material misrepresentation of a material fact or omission of a material fact which omission makes the provided
information misleading in any material respect. 

  

	 	(g)	Income Taxes. There are no pending assessments or adjustments of Borrower’s income tax payable with respect to any year. 

 

	 	(h)	Subordination. There is no agreement or instrument to which Borrower is a party or by which Borrower is bound that would require the subordination in
right of payment of any of Borrower’s obligations under the Note to an obligation owed to another party. 

  

	 	(i)	ERISA Matters. Borrower is not an employee benefit plan as defined in Section 3.(3) of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), which is subject to Title I of ERISA, nor a plan as defined in Section 4975(e)(1) of the Code (each of the foregoing hereinafter referred to individually and collectively as a “Plan”).
Borrower’s assets do not constitute “plan assets” of any plan within the meaning of Department of Labor Regulation Section 2510.3-101. Borrower will not transfer or convey the Property to a Plan or to a person or entity whose
assets constitute such “plan assets,” and Borrower will not be reconstituted as a Plan or as an entity whose assets constitute “plan assets.” No Lease is a Plan or an entity whose assets constitute such “plan assets,”
and Borrower will not enter into any Lease with a Plan or an entity whose assets constitute such “plan assets.” With respect to the Loan, Borrower is acting on Borrower’s own behalf and not on account of or for the benefit of any
Plan. 

  

	 	(j)	Leases; Rent Roll. Except as disclosed in the rent roll relating to the Property (the “Rent Roll”) and the aging report and tenant
estoppels relating to the Property, each delivered to and approved by Lender in connection with the closing of the Loan, (a) Borrower is the sole owner of the entire lessor’s interest in the Leases; (b) the Leases are valid and
enforceable and in full force and effect; (c) all of the Leases are arms-length agreements with bona fide, independent third parties; (d) to Borrower’s knowledge, no party under any Lease is in default; (e) to Borrower’s
knowledge, all Payments due have been paid in full and no tenant is in arrears in its payment of any Payments; (f) none of the Payments reserved in the Leases have been assigned or otherwise pledged or hypothecated by Borrower; (g) to
Borrower’s knowledge, none of the Payments have been collected for more than one (1) month in advance (except a security deposit shall not be deemed rent collected in advance); (h) the premises demised under the Leases have been
completed and the tenants under the Leases have accepted the same and have taken possession of the same on a rent-paying basis; (i) to Borrower’s knowledge, there exist no offsets or defenses to the payment of any portion of the Payments
and Borrower has no monetary obligation to any tenant under any Lease; (j) Borrower has received no notice from any tenant challenging the validity or enforceability of any Lease; (k) there are no agreements with the tenants under the
Leases other than expressly set forth in each Lease; (l) the Leases are valid and enforceable against Borrower and the tenants set forth therein; (m) other than with respect to those Leases set forth on Schedule 5.1(j), attached
hereto, no Lease contains an option to purchase, right of first refusal to purchase, right of first refusal to lease additional space at the Property, or any other similar provision; (n) no person or entity has any possessory interest in, or
right to occupy, the Property except under and pursuant to a Lease; (o) to Borrower’s knowledge, no tenants have exercised any right to “go dark” that they may have under their Leases; (p) all security deposits relating to
the Leases reflected on the certified rent roll delivered to Lender have been collected by Borrower; (q) other than as identified on Exhibit E-2 attached hereto, no brokerage commissions or finders fees are due and payable regarding any
Lease; (r) each tenant is in actual, physical occupancy of the premises demised under its Lease and is paying full rent under its Lease; and (s) no tenant under any Major Lease is, to Borrower’s knowledge, a debtor in any state or
federal bankruptcy or insolvency proceeding. 

  

	 	(k)	Compliance with Laws; Permits. To the Borrower’s knowledge, the Property complies in all material respects with all applicable federal, state and
local laws, rules and regulations. Either Borrower or the tenant under the applicable Lease, as applicable, holds all permits, franchises, licenses and other authorizations necessary to enable the Property to be operated in compliance with
applicable law. 

  

 9 

	 	(l)	Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. Borrower, SPE Party, Guarantor, Manager (if Manager is an Affiliate of
Borrower), and to Borrower’s knowledge, after having made reasonable inquiry each Person owning a direct or indirect interest in (other than in any entity or company whose shares or securities are listed on a national securities exchange)
Borrower, SPE Party, Guarantor and Manager (if Manager is an Affiliate of Borrower): (i) is not currently identified on the list of specially designated nationals and blocked persons subject to financial sanctions that is maintained by the U.S.
Treasury Department, Office of Foreign Assets Control (currently is accessible through the internet website at www.treas.gov/ofac/t11sdn.pdf) or any other similar list maintained by the U.S. Treasury Department, Office of Foreign Assets Control
pursuant to any legal requirements (or if such list does not exist, the similar list then being maintained by the United States), including trade embargo, economic sanctions, or other prohibitions imposed by Executive Order of the President of the
United States; (ii) is not a Person subject to any trade restriction, trade embargo, economic sanction, or other prohibition under federal law, including the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The
Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any executive orders or regulations promulgated thereunder; and (iii) is not in violation of Executive Order No. 13224 on Terrorist Financing, effective September 24,
2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism and the Uniting and Strengthening America by Providing Appropriate Tools Required in Intercept and Obstruct
Terrorism Act of 2001 (Public Law 107-56) ((i), (ii) and (iii), collectively, the “Patriot Act”), with the result that (A) the investment in Borrower, SPE Party, Guarantor or Manager (if Manager is an Affiliate of
Borrower), as applicable (whether directly or indirectly), is prohibited by law, or (B) the Loan is in violation of law. 

  

	 	(m)	Conduct of Business. Borrower possesses all permits, franchises and licenses and all rights to all trademarks, trade names, patents and fictitious names,
if any, necessary to enable Borrower to conduct the business(es) in which Borrower is now engaged in compliance with applicable law. 

  

	 	(n)	Solvency. None of the transactions contemplated by the Loan will be or have been made with an actual intent to hinder, delay or defraud any present or
future creditors of Borrower, and Borrower, on the Effective Date, will have received fair and reasonably equivalent value in good faith for the grant of the liens or security interests effected by the Loan Documents. On the Effective Date, Borrower
will be solvent and will not be rendered insolvent by the transactions contemplated by the Loan Documents. Borrower is able to pay its debts as they become due. 

 

	 	(o)	Not a Foreign Person. Borrower is not a “foreign person” within the meaning of § 1445(f)(3) of the Internal Revenue Code of 1986, as
amended from time to time or any successor statute. 

  

	 	(p)	Permitted Encumbrances. None of the Permitted Encumbrances, individually or in the aggregate, materially interferes with the reasonably intended benefits
of the security intended to be provided by this Agreement, the Mortgage, the Note and the other Loan Documents, materially and adversely affects the value or marketability of the Property, impairs the use or the operation of the Property or impairs
Borrower’s ability to pay its obligations in a timely manner. 

  

	 	(q)	Intentionally omitted. 

  

	 	(r)	Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin stock”
within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes
prohibited by legal requirements affecting Borrower or the Property or any part thereof or by the terms and conditions of this Agreement, the Mortgage, the Note or the other Loan Documents. 

 

 10 

	 	(s)	Investment Company Act. Borrower is not (a) an “investment company” or a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or an “affiliate” of either a “holding
company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or (c) subject to any other federal or state law or regulation which purports to restrict or regulate its
ability to borrow money. 

  

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

  

	 	(u)	Intentionally omitted. 

  

	 	(v)	REA Representations. Except as disclosed on third party estoppels obtained on or prior to the date hereof, (a) each REA is in full force and effect,
(b) neither Borrower nor any other party to any REA is in default of a material obligation thereunder, (c) there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default of a material
obligation thereunder and (d) except as set forth on Schedule 5.1(v) attached hereto, no REA has been modified, amended or supplemented. 

  

	 	(w)	Guarantor Representations. Borrower hereby represents and warrants that, as of the Effective Date and (except for the representations set forth in
Sections 5.1(d) and (g) hereof) continuing thereafter for the term of the Loan, the representations and warranties set forth in subsections 5.1(a) through (g), (l), (n) and (o) above are true and correct with respect to
Guarantor, as the same are applicable to such party. Wherever the term “Borrower” is used in each of the foregoing subsections it shall be deemed to be “Guarantor”. 

Borrower agrees that, unless expressly provided otherwise, all of the representations and warranties of Borrower set forth in this
Section 5.1 and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any portion of the Debt remains owing to Lender. All representations, warranties, covenants and agreements made in this Agreement
and in the other Loan Documents shall be deemed to have been relied upon by Lender on the date hereof notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. 

 

	5.2	REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING SPE STATUS. 

Borrower hereby represents, warrants and covenants to Lender, with regard to Borrower, as follows: 

 

	 	(a)	Limited Purpose. The sole purpose to be conducted or promoted by Borrower since its organization is to engage in the following activities:

  

	 	(i)	to acquire, own, hold, lease, operate, manage, maintain, develop and improve, the Property; 

 

	 	(ii)	to enter into and perform its obligations under the Loan Documents; 

  

	 	(iii)	to sell, transfer, service, convey, exchange, 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)	to engage in any lawful act or activity and to exercise any powers permitted to limited partnerships or limited liability companies, as applicable, formed under the
laws of the State of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above mentioned purposes. 

 

 11 

	 	(b)	Limitations on Debt, Actions. Notwithstanding anything to the contrary in the Loan Documents or in any other document governing the formation, management
or operation of Borrower, Borrower shall not, while the Loan is outstanding: 

  

	 	(i)	guarantee any obligation of any Person, including any Affiliate, or become obligated for the debts of any other Person or hold out its credit as being available to pay
the obligations of any other Person, except as contemplated by the Loan Documents with respect to other Borrowers; 

  

	 	(ii)	engage, directly or indirectly, in any business other than as required or permitted to be performed under this Section 5.2; 

 

	 	(iii)	incur, create or assume any indebtedness or liabilities other than, with respect to Borrower only, (A) the Loan, (B) obligations for which Lender is
collecting an Impound, and (C) unsecured trade payables incurred in the ordinary course of its business that are related to the ownership and operation of the Property not to exceed two percent (2%) of the outstanding balance of the Loan,
and which is not evidenced by a note and which must be paid within sixty (60) days and which are otherwise expressly permitted under the Loan Documents; 

 

	 	(iv)	make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any Person, except that Borrower may invest in those
investments permitted under the Loan Documents; 

  

	 	(v)	to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, sale or other transfer of any of its assets outside the ordinary
course of Borrower’s business; 

  

	 	(vi)	buy or hold evidence of indebtedness issued by any other Person (other than cash or investment-grade securities); 

 

	 	(vii)	form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other) or own any equity interest in any other entity other than,
with respect to SPE Party, its ownership interest in Borrower; 

  

	 	(viii)	own any asset or property other than the Property and incidental personal or intangible property necessary for the ownership or operation of the Property or, with
respect to SPE Party, its ownership interest in Borrower; or 

  

	 	(ix)	take any Material Action without the unanimous written consent of all partners or members of Borrower or SPE Party, as applicable, including any Independent Managers of
Holdco. 

  

	 	(c)	Separateness Covenants. In order to maintain its status as a separate entity and to avoid any confusion or potential consolidation with any Affiliate,
Borrower represents and warrants that in the conduct of its operations since its organization it has and will continue to observe the following covenants (collectively, the “Separateness Provisions”): 

 

	 	(i)	maintain books and records and bank accounts separate from those of any other Person; 

 

	 	(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; 

 

 12 

	 	(v)	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; 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, except as contemplated by the Loan Documents;

  

	 	(vi)	prepare and file its own tax returns separate from those of any Person to the extent required by applicable law, and pay any taxes required to be paid by applicable
law; 

  

	 	(vii)	allocate and charge fairly and reasonably any common employee or overhead shared with Affiliates; 

 

	 	(viii)	not enter into any transaction with any Affiliate, other than that certain Agreement with TRT NOIP CEVA Lease Holdco LLC, with respect to rent payments, except on an
arm’s-length basis on terms which are intrinsically fair and substantially similar to those that would be available for unaffiliated third parties, and pursuant to written, enforceable agreements; 

 

	 	(ix)	conduct business in its own name, and, to the extent Borrower uses stationery, invoices or checks, use separate stationery, invoices and checks bearing its own name;

  

	 	(x)	not commingle its assets or funds with those of any other Person, except as contemplated by the Loan Documents with respect to other Borrowers;

  

	 	(xi)	not assume, guarantee or pay the debts or obligations of any other Person, except as contemplated by the Loan Documents with respect to other Borrowers;

  

	 	(xii)	correct any known misunderstanding as to its separate identity; 

  

	 	(xiii)	not permit any Affiliate to guarantee or pay its obligations (other than as set forth in the Loan Documents with respect to (x) other Borrowers and (y) the
Guaranty and the Hazardous Materials Indemnity Agreement); 

  

	 	(xiv)	not make loans or advances to any other Person; 

  

	 	(xv)	pay its liabilities and expenses out of and to the extent of its own funds; 

 

	 	(xvi)	intentionally omitted; 

  

	 	(xvii)	maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; provided, however, that the foregoing shall only apply to the
extent that there is positive net cash flow at the Property after the payment of all operating expenses and debt service, and shall not require any equity owner to make additional capital contributions to Borrower; and 

 

	 	(xviii)	cause the 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. 

 Failure of Borrower to comply with any of the covenants
contained in Sections 5.2(a), (b) or (c) above or any other covenants contained in this Agreement shall not affect the status of Borrower as a separate legal entity. 

 

 13 

	 	(d)	SPE Covenants in Borrower Organizational Documents. Borrower covenants and agrees to incorporate the provisions contained in this Section 5.2
into Borrower’s and SPE Party’s organizational documents and Borrower and SPE Party agree not to amend, modify or otherwise change its organizational documents with respect to the provisions of this Section 5.2 without the
prior written consent of the Lender and the confirmation from the Rating Agencies that such amendment, modification or change will not result in a downgrading or qualification of the respective rating. 

 

	 	(e)	SPE Party. If Borrower is a limited partnership, each general partner of Borrower shall be a limited liability company, whose sole asset is its interest
in Borrower, with provisions in its organizational documents limiting its purpose, authority and activities to those set forth in clauses (a) - (c) above (“GP SPE Party”), modified to allow such SPE Party to act solely
as a general partner of Borrower and to engage in no other business or activity. Such SPE Party shall at all times (A) continue to own no less than a 0.5% direct equity ownership interest in Borrower, (B) comply with each of the applicable
covenants, terms and provisions set forth in clauses (a) - (c) above and this clause (e), and (C) will cause Borrower to comply with the provisions of this Section 5.2. 

 

	 	(f)	Intermediate Holdco. Each Intermediate Holdco shall be a limited liability company, whose sole asset is its direct or indirect interest in Borrower or GP
SPE Party, with provisions in its organizational documents limiting its purpose, authority and activities to those set forth in clauses (a) - (c) above, modified to allow such Intermediate Holdco to act solely as a direct or indirect equity
owner of Borrower or GP SPE Party and to engage in no other business or activity. Such Intermediate Holdco shall at all times (A) continue to own no less than 100% direct or indirect equity ownership interest in any Borrower or GP SPE Party
that is a limited liability company and 99% direct interest as a limited partner in any Borrower that is a limited partnership, (B) comply with each of the applicable covenants, terms and provisions set forth in clauses (a) -
(c) above, and (C) will cause its subsidiaries to comply with the provisions of this Section 5.2. 

  

	 	(g)	Holdco. Holdco shall be a limited liability company, whose sole asset is its direct or indirect interest in Borrower, SPE Party and Intermediate Holdco,
with provisions in its organizational documents limiting its purpose, authority and activities to those set forth in clauses (a) - (c) above, modified to allow such Holdco to act solely as a direct or indirect equity owner of Borrower, GP SPE
Party and Intermediate Holdco and to engage in no other business or activity. Such Holdco shall at all times (A) continue to own no less than 100% direct or indirect equity ownership interest in each Borrower, GP SPE Party and Intermediate
Holdco, (B) comply with each of the applicable covenants, terms and provisions set forth in clauses (a) - (c) above, and (C) will cause its subsidiaries to comply with the provisions of this Section 5.2.

  

	 	(h)	 Additional Requirements Applicable to each Borrower that is a Limited Liability Company, GP SPE Party and Intermediate Holdco. The
limited liability company agreement (the “Non-Holdco LLC Agreement”) of each Borrower that is a limited liability company, GP SPE Party and Intermediate Holdco (the “Non-Holdco”) shall provide that (i) upon the
occurrence of any event that causes the last remaining member of Non-Holdco (“Non-Holdco Member”) to cease to be the member of Non-Holdco (other than (A) upon an assignment by Non-Holdco Member of all of its limited
liability company interest in Non-Holdco and the admission of the transferee in accordance with the Loan Documents and the Non-Holdco LLC Agreement or (B) the resignation of Non-Holdco Member and the admission of an additional member of
Non-Holdco in accordance with the terms of the Loan Documents and the Non-Holdco LLC Agreement), a springing member, which shall be a Delaware corporation, shall, without any action of any other Person and simultaneously with the Non-Holdco Member
ceasing to be the member of Non-Holdco automatically be admitted to Non-Holdco as a member with a zero percent (0%) economic interest (“Corporate Special Member”) and shall continue Non-Holdco without dissolution and
(ii) Corporate Special Member may not resign from Non-Holdco or transfer its rights as Corporate Special Member unless (A) a successor special member has been admitted to Non-Holdco as a Corporate Special Member in accordance with
requirements of Delaware law. The Non-Holdco 

  

 14 

	 	 
LLC Agreement shall further provide that (i) Corporate Special Member shall automatically cease to be a member of Non-Holdco upon the admission to Non-Holdco of the first substitute member,
(ii) Corporate Special Member shall be a member of Non-Holdco that has no interest in the profits, losses and capital of Non-Holdco and has no right to receive any distributions of the assets of Non-Holdco, (iii) pursuant to
Section 18-301 of the Act, Corporate Special Member shall not be required to make any capital contributions to Non-Holdco and shall not receive a limited liability company interest in Non-Holdco, (iv) Corporate Special Member, in its
capacity as Corporate Special Member, may not bind Non-Holdco and (v) except as required by any mandatory provision of the Act, Corporate Special Member shall have no right to vote on, approve or otherwise consent to any action by, or matter
relating to, Non-Holdco including, without limitation, the merger, consolidation or conversion of Non-Holdco. In order to implement the admission to Non-Holdco of Corporate Special Member, Corporate Special Member shall execute a counterpart to the
Non-Holdco LLC Agreement. Prior to its admission to Non-Holdco as Corporate Special Member, Corporate Special Member shall not be a member of Non-Holdco. 

 

	 	(i)	Non-Consolidation Opinion. Borrower shall provide a bankruptcy non-consolidation opinion (“Non-Consolidation Opinion”) with respect to
Borrower, its equity owners, Guarantor and such other parties as Lender may reasonably require, prepared by counsel and in form and substance as approved by Lender. All of the facts stated and all of the assumptions made in the Non-Consolidation
Opinion, including, but not limited to, in any exhibits attached thereto, are true and correct in all respects. Borrower has complied with and will comply and will cause the compliance with all of the assumptions made with respect to Borrower in the
Non-Consolidation Opinion. 

  

	 	(j)	Independent Manager. As long as any obligation under the Loan is outstanding, Holdco at all times shall have at least two (2) Independent Managers
(defined below). The organizational documents of Borrower, GP SPE Party, Intermediate Holdco and Holdco shall provide that (I) the board of managers or other governing body of Borrower, GP SPE Party, Intermediate Holdco or Holdco, as
applicable, and the constituent members of Borrower and/or SPE Party, Intermediate Holdco or Holdco (the “Constituent Members”) shall not take any Material Action, unless at the time of such action there shall be at least two
(2) Independent Managers engaged by Holdco as provided by the terms hereof and the organizational documents of Holdco; (II) any resignation, removal or replacement of any Independent Managers shall not be effective without two (2) Business
Days’ prior written notice to Lender and the Rating Agencies accompanied by evidence that the replacement Independent Managers satisfies the applicable terms and conditions hereof and of the applicable organizational documents; (III) to the
fullest extent permitted by applicable law, including Section 18-1101(c) of the Act, and notwithstanding any duty otherwise existing at law or in equity, the Independent Managers shall consider only the interests of the Constituent Members and
Borrower, any GP SPE Party, Intermediate Holdco and Holdco, depending on which company is subject to the Material Action (including such entities’ respective creditors) in acting or otherwise voting on the Material Action (which such fiduciary
duties to the Constituent Members, in each case, shall be deemed to apply solely to the extent of their respective economic interests in Borrower, GP SPE Party, Intermediate Holdco or Holdco (as applicable) exclusive of (x) all other interests
(including, without limitation, all other interests of the Constituent Members), (y) the interests of other Affiliates of the Constituent Members, Borrower, GP SPE Party, Intermediate Holdco and Holdco and (z) the interests of any group of
Affiliates of which the Constituent Members, Borrower, GP SPE Party, Intermediate Holdco and Holdco is a part)); (IV) other than as provided in subsection (III) above, the Independent Managers shall not have any fiduciary duties to any Constituent
Members, any managers of Borrower, GP SPE Party, Intermediate Holdco or Holdco or any other Person; (V) the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing under applicable law; and (VI) to the
fullest extent permitted by applicable law, including Section 18-1101(e) of the Act, an Independent Manager shall not be liable to Borrower, GP SPE Party, Intermediate Holdco, Holdco, or any Constituent Member or any other Person for breach of
contract or breach of duties (including fiduciary duties), unless the Independent Manager acted in bad faith or engaged in willful misconduct. 

  

 15 

 For purposes of this paragraph, a “special purpose entity” is an entity whose
organizational documents contain restrictions on its activities and impose requirements intended to preserve such entity’s separateness that are substantially similar to the provisions of this Section 5.2. 

 

	 	(k)	Additional Requirements Applicable to Holdco. The limited liability company agreement of Holdco (the “LLC Agreement”) shall provide that
(i) upon the occurrence of any event that causes the last remaining member of Holdco (“Member”) to cease to be the member of Holdco (other than (A) upon an assignment by Member of all of its limited liability company
interest in Holdco and the admission of the transferee in accordance with the Loan Documents and the LLC Agreement or (B) the resignation of Member and the admission of an additional member of Holdco in accordance with the terms of the Loan
Documents and the LLC Agreement), any Person acting as Independent Manager of Holdco shall, without any action of any other Person and simultaneously with the Member ceasing to be the member of Holdco automatically be admitted to Holdco as a member
with a zero percent (0%) economic interest (“Special Member”) and shall continue Holdco without dissolution and (ii) Special Member may not resign from Holdco or transfer its rights as Special Member unless (A) a successor
Special Member has been admitted to Holdco as a Special Member in accordance with requirements of Delaware law and (B) after giving effect to such resignation or transfer, there remains at least two (2) Independent Managers of Holdco. The
LLC Agreement shall further provide that (i) Special Member shall automatically cease to be a member of Holdco upon the admission to Holdco of the first substitute member, (ii) Special Member shall be a member of Holdco that has no
interest in the profits, losses and capital of Holdco and has no right to receive any distributions of the assets of Holdco, (iii) pursuant to Section 18-301 of the Act, Special Member shall not be required to make any capital
contributions to Holdco and shall not receive a limited liability company interest in Holdco, (iv) Special Member, in its capacity as Special Member, may not bind Holdco and (v) except as required by any mandatory provision of the Act,
Special Member in its capacity as a Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, Holdco including, without limitation, the merger, consolidation or conversion of Borrower or
SPE Party; provided, however, such prohibition shall not limit the obligations of Special Member, in its capacity as Independent Manager, to vote on such matters required by the Loan Documents or the LLC Agreement. In order to implement the
admission to Holdco of Special Member, Special Member shall execute a counterpart to the LLC Agreement. Prior to its admission to Holdco as Special Member, Special Member shall not be a member of Holdco, but Special Member may serve as an
Independent Manager of Holdco. 

  

	 	(l)	 Additional Requirements Applicable to Limited Liability Companies. The limited liability company agreement of any limited liability
company that is required hereby to comply with this Section 5.2 shall further provide, that upon the occurrence of any event that causes the Member or Non-Holdco Member to cease to be a member of such limited liability company to the fullest
extent permitted by law, the personal representative of member shall, within ninety (90) days after the occurrence of the event that terminated the continued membership of Member or Non-Holdco Member in such limited liability company agree in
writing (i) to continue such limited liability company and (ii) to an admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of such limited liability company effective as of the
occurrence of the event that terminated the continued membership of Member or Non-Holdco Member in such limited liability company. Any action initiated by or brought against Member, Non-Holdco Member, Corporate Special Member or Special Member under
any Creditors Rights Laws shall not cause Member, Non-Holdco Member, Corporate Special Member or Special Member to cease to be a member of such limited liability company and upon the occurrence of such an event, the business of such limited
liability company shall continue without dissolution. The limited liability company agreement of such limited liability company shall provide that each of Member, Non-Holdco Member, Corporate Special Member and Special Member waives any right it
might have to agree in writing to dissolve such limited liability company upon the occurrence of any action initiated by or brought against Member, Non-Holdco Member, Corporate Special Member or Special Member under any Creditors Rights Laws, or the
occurrence of an event that causes Member, Non-Holdco Member, Corporate Special Member or Special Member 

  

 16 

	 	 
to cease to be a member of such limited liability company. For purposes of this subsection 5.2(h), “Creditors Rights Laws” shall mean any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to its debts or debtors.

  

	 	(m)	Compliance Certificates. Not later than ninety (90) days after and as of the end of each fiscal year and at any other time upon request from Lender,
Borrower shall provide an Officer’s Certificate certifying as to Borrower’s continued compliance with the terms of this Section 5.2 and the terms of the Cash Management Agreement. Additionally, Borrower shall provide Lender
with such other evidence of Borrower’s compliance with this Section 5.2 and the terms of the Cash Management Agreement as Lender may reasonably request from time to time. 

 

	 	(n)	Past Separateness. Each of iStar CTL Sunset Hills - Reston LLC (the “Reston VA Borrower”) (and Northrop VA Borrower (in the event the
Earn-Out Advance shall have been made) hereby represents that, from the date of its respective formation on April 10, 2003 (in the case of Northrop VA Borrower), and on April 14, 2008 (in the case of Reston VA Borrower), through the date
hereof (in the case of Reston VA Borrower) and the Earn-Out Disbursement Date (with respect to Northrop VA Borrower): 

  

	 	(i)	has not entered into any contract or agreement with any of its Affiliates, constituents, or owners, or any guarantors of any of its obligations or any Affiliate of any
of the foregoing (individually, a “Related Party” and collectively, the “Related Parties”), except upon terms and conditions that are commercially reasonable and substantially similar to those available in an
arm’s-length transaction with an unrelated party; 

  

	 	(ii)	has paid all of its debts and liabilities from its assets; 

  

	 	(iii)	has done or caused to be done all things necessary to observe all organizational formalities applicable to it and to preserve its existence; 

 

	 	(iv)	has maintained all of its books, records, financial statements and bank accounts separate from those of any other Person, except in accordance with principals of
consolidation in conformity with generally accepted accounting principals; 

  

	 	(v)	has not had its assets listed as assets on the financial statement of any other Person; 

 

	 	(vi)	has filed its own tax returns (except to the extent that it has been a tax-disregarded entity not required to file tax returns under applicable law) and, if it is a
corporation, has not filed a consolidated federal income tax return with any other Person; 

  

	 	(vii)	has been, and at all times has held itself out to the public as, a legal entity separate and distinct from any other Person (including any Affiliate or other Related
Party); 

  

	 	(viii)	has corrected any known misunderstanding regarding its status as a separate entity; 

 

	 	(ix)	has conducted all of its business and held all of its assets in its own name; 

 

	 	(x)	has not identified itself or any of its affiliates as a division or part of the other; 

 

	 	(xi)	has maintained and utilized separate stationery, invoices and checks bearing its own name, to the extent necessary to correct any known misunderstanding regarding its
status as a separate entity; 

  

	 	(xii)	has not commingled its assets with those of any other Person and has held all of its assets in its own name; 

 

 17 

	 	(xiii)	has not guaranteed or become obligated for the debts of any other Person, except with respect to that certain First Guaranty and Suretyship Agreement dated as of
April 28, 2008 and that certain Second Guaranty and Suretyship Agreement dated as of April 28, 2008, in each case guaranteeing obligations of iStar CTL Finance LLC, a Delaware limited liability company (the “Subsidiary”)
under that certain Loan Agreement dated as of April 28, 2008, between the Subsidiary, as borrower, and General Electric Capital Corporation, as lender (the “GE Loan Agreement”), which guarantees are no longer outstanding, or as
of the date hereof will not be, outstanding; 

  

	 	(xiv)	has not held itself out as being responsible for the debts or obligations of any other Person; 

 

	 	(xv)	has allocated fairly and reasonably any overhead expenses that have been shared with an Affiliate, including paying for office space and services performed by any
employee of an Affiliate or Related Party; 

  

	 	(xvi)	has not pledged its assets to secure the obligations of any other Person, except with respect to guaranteeing obligations of the Subsidiary under the GE Loan Agreement,
which guarantees are no longer, or as of the date hereof will not be, outstanding, and no such pledge remains, or as of the date hereof will be, outstanding; 

 

	 	(xvii)	has maintained adequate capital in light of its contemplated business operations; 

 

	 	(xviii)	has maintained a sufficient number of employees, if any, in light of its contemplated business operations and has paid the salaries of its own employees, if any, from
its own funds; 

  

	 	(xix)	has not owned any subsidiary or any equity interest in any other entity, except for [its limited liability company interests in the Subsidiary;

  

	 	(xx)	has not incurred any indebtedness except indebtedness incurred pursuant to, or permitted under, the GE Loan Agreement that is no longer, or as of the date hereof, will
not be, outstanding; 

  

	 	(xxi)	has not had any of its obligations guaranteed by an affiliate, except for guarantees that have been either released or discharged or guarantees incurred pursuant to, or
permitted under, the GE Loan Agreement that is no longer, or as of the date here, will not be, outstanding; and 

  

	 	(xxii)	none of the tenants holding leasehold interests with respect to the Property are affiliated with either the Northrop VA Borrower or Reston VA Borrower.

  

	5.3	Representations; Recycled Entities. 

Reston VA Borrower (and Northrop VA Borrower in the event the Earn-Out Advance shall have been made) hereby represents that it:

  

	 	(a)	is and always has been duly formed, validly existing, and in good standing in the state of its formation and in all other jurisdictions where it is qualified to do
business; 

  

	 	(b)	has no judgments or liens of any nature against it except for tax liens not yet due and liens created or imposed pursuant to or permitted under the GE Loan Agreement;

  

	 	(c)	is in compliance in all material respects with all laws, regulations, and orders applicable to it and, except as otherwise disclosed in this Agreement, has received all
permits necessary for it to operate; 

  

 18 

	 	(d)	is not involved in any dispute with any taxing authority; 

  

	 	(e)	has paid all taxes which it owes; 

  

	 	(f)	other than its limited liability company interest in the Subsidiary, has never owned any real property other than the property that is the subject of the current
transaction and personal property necessary or incidental to its ownership or operation of the applicable Individual Property and has never engaged in any business other than the ownership and operation of the applicable Individual Property;

  

	 	(g)	is not now, nor has ever been, party to any lawsuit, arbitration, summons, or legal proceeding that is still pending or that resulted in a judgment against it that has
not been paid in full, reversed or otherwise fully resolved, which in either case would reasonably be expected to have a Material Adverse Effect; 

  

	 	(h)	has provided Lender with financial statements relating to the Reston VA Borrower and the Northrop VA Borrower that are required under this Agreement; and

  

	 	(i)	has no material contingent or actual obligations not related to the Property except indebtedness incurred pursuant to, or permitted under, the GE Loan Agreement.

 ARTICLE 6. HAZARDOUS MATERIALS 

 

	6.1	HAZARDOUS MATERIALS INDEMNITY AGREEMENT. 

Simultaneously herewith, Borrower and Guarantor have executed and delivered to Lender the Hazardous Materials Indemnity Agreement, which
Hazardous Materials Indemnity Agreement is not secured by the Mortgage. 
 ARTICLE 7. COVENANTS OF BORROWER 

  

	7.1	COSTS AND EXPENSES. 

Borrower shall, within ten (10) Business Days of demand, pay Lender all reasonable, out-of-pocket third party costs and expenses
incurred by Lender in connection with: (a) the preparation of this Agreement and all other Loan Documents contemplated hereby; (b) any modifications and amendments, if any, of this Agreement or any of the other Loan Documents; (c) the
processing of any Borrower requests made hereunder and under any of the other Loan Documents; (d) the enforcement or satisfaction by Lender of any of Borrower’s obligations under this Agreement and the other Loan Documents; or
(e) otherwise protecting Lender’s interests under this Agreement and any other Loan Document, including, without limitation, in connection with any “work-out” of the Loan or any bankruptcy, insolvency, receivership,
reorganization, rehabilitation, liquidation or other similar proceeding in respect of any Obligor or an assignment by any Obligor for the benefit of its creditors. For all purposes of this Agreement, Lender’s reasonable costs and expenses as
described above (collectively, “Costs and Expenses”) shall also include, without limitation, as allocable to the Loan, all appraisal fees, cost engineering and inspection fees, reasonable third party legal fees and expenses, third
party accounting fees, fees for the disbursement of any Impounds as set forth in Section 4.5 hereof, environmental and other consultant fees, auditor fees, and the cost to Lender of any title insurance premiums and title company charges
(including for down dates, abstracts, tax certificates, title insurance endorsements required by Lender, and UCC financing statements, tax lien and litigation searches), surveys, recording, reconveyance and notary fees, any transfer and mortgage
taxes, any rating agency fees and expenses for the initial securitization of the Loan, and any loan servicing and special servicing fees and expenses (including, without limitation, any “work-out” and/or liquidation fees), any interest
payable to any servicer, any special servicer or any trustee pursuant to a trust and servicing agreement in respect of advances made by any of the foregoing; all compensation payable to any special servicer in connection with servicing the Loan when
it is a specially serviced loan or its administration of any of the Property foreclosed upon; and, except for the regular monthly fee payable to the servicer, any other cost, fee or expense of the trust fund administering the Loan
(including, but not 
  

 19 

 
limited to, reimbursements to the trustee thereof, the servicer, any special servicer, any certificate administrator thereunder and related Persons of each of the foregoing and
indemnification to Persons entitled thereto pursuant to any trust and servicing agreement governing the Loan, taxes related to the Loan or the Property payable from the assets of the applicable trust fund, tax related expenses (other than the
recurring expenses of filing or furnishing annual or other tax or information returns, reports or schedules, which will be paid by any certificate administrator) and the cost of various opinions of counsel required to be obtained in
connection with servicing the Loan and administration of the trust fund). Borrower recognizes and agrees that formal written appraisals of the Property by a licensed independent appraiser may be required by Lender’s internal
procedures and/or federal regulatory reporting requirements on an annual and/or specialized basis and that Lender may, at its option, require inspection of the Property by an independent supervising architect and/or cost engineering specialist at
least semiannually. If any of the services described above are provided by an employee of Lender, Lender’s costs and expenses for such services shall be calculated in accordance with Lender’s standard charge for such services.
Notwithstanding the foregoing, Borrower shall not be required to pay for more than one appraisal (or for the aforementioned architect and cost engineering specialist more than once) during the term of the Loan unless a Default occurs and is
continuing or as otherwise required by law. In addition, if Borrower is undertaking a Restoration or is performing Work that requires the obtaining of a building permit, then Borrower shall pay the reasonable out-of-pocket costs of architect’s,
engineers and other consultants retained by Lender to review the performance of such Restoration or Work. Notwithstanding anything in this Agreement or any other Loan Document to the contrary, whenever any term or provision in any Loan Document
provides that Borrower (or Guarantor) shall pay Lender’s costs or expenses, such term or provision shall be deemed to mean that Borrower (or Guarantor) shall be responsible to pay only those third party out of pocket costs and expenses actually
incurred by Lender. 
  

	7.2	ERISA COMPLIANCE. 

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

  

	7.3	MANAGEMENT OF PROPERTY; BROKERAGE AGREEMENTS; OTHER AGREEMENTS. 

 

	 	(a)	The Property shall at all times be managed by a Qualified Manager pursuant to a management agreement reasonably approved by Lender and subordinated and assigned to
Lender (unless a Property is being managed by a tenant other than pursuant to a separate management agreement). Without the prior written consent of Lender, Borrower shall not enter into any other third party property management contracts. Each such
contract shall be expressly subordinated to the Loan on terms and conditions reasonably acceptable to Lender. Borrower shall engage leasing brokers listing contracts only on market terms, and all such contracts shall be expressly subordinated to the
Loan and shall be entered into using a form that has been reasonably approved by Lender in writing. 

  

	 	(b)	Borrower shall not enter into or amend, modify or terminate any Material Contract without the prior written consent of Lender, which consent shall not be unreasonably
withheld, conditioned or delayed. 

  

	 	(c)	In the event of the transfer of the management of the Property to an Affiliated Manager, such transfer shall be conditioned upon delivery to Lender of a new
Non-Consolidation Opinion addressing such transfer. 

  

 20 

	7.4	COVENANTS - LEASES; MAJOR LEASES. 

  

	 	(a)	Leases. Borrower shall, at Borrower’s sole cost and expense: 

 

	 	(i)	perform in all material respects all obligations of the landlord under the Leases and use reasonable efforts to enforce performance by the tenants of all obligations of
the tenants under the Leases; 

  

	 	(ii)	use reasonable efforts to keep the Property leased at all times to tenants Borrower reasonably and in good faith believes are creditworthy, at rents not less than the
fair market rental value (including, but not limited to, free or discounted rents to the extent the market so requires); and 

  

	 	(iii)	promptly deliver to Lender upon execution, a copy of each Lease and all amendments thereto and waivers thereof; and 

 

	 	(iv)	subject to the rights and obligations set forth under the respective Leases, shall assign to Lender as additional collateral for the Loan any and all security deposits
and letters of credit delivered by any tenant to Borrower. 

 Unless consented to in writing by Lender or otherwise
permitted under any other provision of the Loan Documents (or unless provided under any existing Leases), Borrower shall not: 
  

	 	(i)	grant any tenant under any Lease any option, right of first refusal or other right to purchase all or any portion of the Property under any circumstances (provided,
however, if the right to purchase is for an amount in excess of the Release Price of the Property, Lender’s consent right to any of the foregoing shall not be unreasonably withheld); 

 

	 	(ii)	grant any tenant under any Lease any right to prepay rent more than one (1) month in advance; 

 

	 	(iii)	except upon Lender’s request, execute any assignment of landlord’s interest in any Lease; 

 

	 	(iv)	collect rent or other sums due under any Lease in advance, other than to collect rent one (1) month in advance of the time when it becomes due; or

  

	 	(v)	enter into any Lease which (aa) is not on fair market terms (which terms may include free or discounted rent and tenant allowances to the extent the market so
requires); (bb) does not contain a provision requiring the tenant to execute and deliver to the landlord an estoppel certificate in form and substance reasonably satisfactory to the landlord promptly upon the landlord’s request; or (cc) does
not contain subordination, non-disturbance and attornment provisions (including the requirement to provide notice and cure to landlord’s lender in the event of a landlord default) reasonably satisfactory to Lender. 

 

	 	(b)	Major Leases. In addition to the requirements of subsection (a) above, with respect to any Major Lease (as defined below), unless consented to
in writing by Lender (which consent shall not be unreasonably withheld) or otherwise permitted under any other provision of the Loan Documents, Borrower shall not: 

 

	 	(i)	enter into any Major Lease; 

  

	 	(ii)	terminate (unless the tenant is in monetary default thereunder), modify or amend a Major Lease (including the term thereof); or 

 

	 	(iii)	release or discharge the tenant or any guarantor under any Major Lease from any material obligation thereunder. 

The term “Major Lease,” as used herein, shall mean any Lease, which is, at any time, a Lease of more than twenty-five
percent (25%) of the total rentable area of any Individual Property, as reasonably determined by Lender. Borrower’s obligations with respect to Major Leases shall be governed by the provisions of this Section 7.4. 

 

 21 

	 	(c)	Lease Payment Event. Borrower shall deposit with Lender any sums received by Borrower in consideration of any termination, modification or amendment, or
settlement (other than a settlement for the payment of past due rent) of any Lease or any release or discharge of any tenant under any Lease from any obligation thereunder (a “Lease Payment Event”) and any such sums received by
Borrower shall be held in trust by Borrower for the benefit of Lender. Any such sums shall be promptly paid to Lender for deposit by Lender into the General TI Impound or an impound created specifically for the re-tenanting of such space. Provided
no Default is continuing, any such amounts so deposited shall be returned to Borrower upon the re-leasing of such terminated space and from time to time upon incurrence of associated Leasing Costs. 

 

	 	(d)	Material Default. Borrower shall, at Borrower’s sole cost and expense, give Lender prompt written notice of any default by landlord or tenant under
any Major Lease of which Borrower has knowledge and which has a Material Adverse Effect. 

  

	 	(e)	Lender Consent Required. Any Lease that does not satisfy the requirements of this Section 7.4 shall, subject to subsection
(f) below, require the prior written consent of Lender, such consent not to be unreasonably withheld. Notwithstanding the foregoing, any Major Lease shall, subject to subsection (f) below, require the prior written consent of
Lender. Any Lease that is not a Major Lease which satisfies the requirements of Section 7.4(a) shall not require Lender’s written consent. 

 

	 	(f)	Request for Approval; Failure to Deny Request. Lender’s failure to deny any written request by Borrower for Lender’s consent required under this
Section 7.4 or to request additional information in response to such request within ten (10) Business Days after Lender’s receipt of such request (and all lease documents and information reasonably related thereto,
“Lease Documents”) shall be deemed to constitute Lender’s consent to such request and Lease Documents; provided that said written request to Lender conspicuously state in 12 point or larger bold type “PURSUANT TO
SECTION 7.4(f) OF THE LOAN AGREEMENT, BORROWER’S REQUEST FOR APPROVAL OF THE LEASE SHALL BE DEEMED APPROVED IF LENDER DOES NOT DECLINE APPROVAL IN WRITING OR REQUEST ADDITIONAL INFORMATION REASONABLY RELATED THERETO IN WRITING WITHIN TEN
(10) BUSINESS DAYS OF THIS LETTER, THE ENCLOSED LEASE AND RELATED INFORMATION AS DESCRIBED HEREIN.” In the event that Lender requests additional information to complete its review within the initial ten (10) Business Day period after
Borrower’s written request for approval, Lender’s failure to deny such request by Borrower within five (5) Business Days after receipt of all of the information Lender has requested to complete its review shall be deemed to constitute
Lender’s consent to such request; provided that all of the information requested by Lender is delivered and such information conspicuously states in 12 point or larger bold type “PURSUANT TO SECTION 7.4(f) OF THE LOAN AGREEMENT,
BORROWER’S REQUEST FOR APPROVAL OF THE LEASE SHALL BE DEEMED APPROVED IF LENDER DOES NOT DECLINE APPROVAL IN WRITING OR REQUEST ADDITIONAL INFORMATION REASONABLY RELATED THERETO IN WRITING WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT OF THIS
ADDITIONAL INFORMATION AS DESCRIBED HEREIN.” 

  

	 	(g)	 Security Deposits. As additional security for the Loan, Borrower has assigned to Lender all of Borrower’s right, title and interest
in and to any security deposits or letters of credit delivered to Borrower by tenants at the Property as security for such tenants’ obligations under their respective Leases. Lender shall draw on any such letters of credit upon delivery to
Lender of an Officer’s Certificate from Borrower specifying what conditions exist under the applicable Lease entitling the Borrower to draw on such letter of credit. Any letters of credit assigned to Lender and held by Lender pursuant to the
terms hereof shall be held in accordance with the terms of the applicable Lease and all applicable laws. Lender shall return to Borrower any letters of credit held by Lender hereunder upon the expiration of the Lease applicable to such letter of
credit (or sooner, if required by the terms of such Lease) or upon payment in full of the Loan, or upon the release of the 

 

 22 

	 	 
applicable Property pursuant to the terms hereof (and Lender shall execute and deliver any and all assignment documents required or requested by the issuing bank in order to assign any such
letters of credit to Borrower or any other entity requested by Borrower). Within ten (10) Business Days of the date hereof, Borrower shall deliver to Lender executed documentation, in form and substance reasonably acceptable to Lender, from the
respective issuers of the letters of credit evidencing the assignment of such letters of credit from Borrower to Lender (such obligation, collectively the “Letter of Credit Assignment”). 

 

	7.5	INTENTIONALLY DELETED. 

  

	7.6	RIGHT OF SUBORDINATION. 

Lender may at any time and from time to time by specific written instrument intended for such purpose, unilaterally subordinate the lien
of the Mortgage to any Lease, without joinder or consent of, or notice to, Borrower, any tenant or any other Person. No subordination referred to in this Section 7.6 shall constitute a subordination to any lien or other encumbrance,
whenever arising, or improve the right of any junior lienholder. Nothing herein shall be construed as subordinating the Mortgage to any Lease. 
  

	7.7	FURTHER ASSURANCES. 

Upon Lender’s reasonable request and at Borrower’s sole cost and expense, Borrower shall execute, acknowledge and deliver any
other instruments and perform and/or consent to any other acts necessary, desirable or proper, as reasonably determined by Lender, to carry out the purposes of this Agreement and the other Loan Documents or to perfect and preserve any security
interests or liens created by the Loan Documents; provided, however, that no such instruments shall (1) increase any of the obligations, or reduce any of the rights, of Borrower or Guarantor under the Loan Documents, (2) increase any costs
or expenses payable by Borrower or Guarantor under the Loan Documents or (3) reduce any of the obligations, or increase any of the rights, of Lender under the Loan Documents. The foregoing covenant includes, without limitation, Borrower’s
consent to the revision of any Loan Document in order to correct any scrivener, clerical or similar errors or to modify any term, condition or provision thereof in order to satisfy the provisions of this Section 7.7. 

 

	7.8	ASSIGNMENT. 

Without the prior written consent of Lender, Borrower shall not (except as otherwise permitted under Articles 14 and 15 hereof) assign
Borrower’s interest under any of the Loan Documents, or in any monies due or to become due thereunder, and any assignment without such consent shall be void. 
  

	7.9	EXISTENCE. 

Borrower shall at all times maintain its current legal existence and preserve and keep in full force and effect its legal rights and
authority. 
  

	7.10	COMPLIANCE WITH LAWS, ETC. 

Borrower shall (a) comply in all material respects with all applicable laws, and all restrictive covenants of record affecting
Borrower or the Property, performance, prospects, assets or operations of Borrower, and (b) seek to obtain as needed all permits necessary for its operations and maintain such in good standing. 

 

	7.11	LITIGATION. 

Borrower shall promptly notify Lender in writing of any litigation pending or threatened in writing against Borrower (which is not covered
by insurance) claiming damages in excess of Two Hundred and Fifty Thousand and No/100 Dollars ($250,000.00) and of all pending or threatened (in writing) litigation against Borrower if the aggregate damage claims against Borrower exceed One Million
and No/100 Dollars ($1,000,000.00). 
  

 23 

	7.12	MERGER, CONSOLIDATION, TRANSFER OF ASSETS. 

Without limiting Borrower’s obligations under Section 5.2, Article 14 and Article 15 of this Agreement,
Borrower shall not: (a) merge or consolidate with any other entity; (b) make any substantial change in the nature of Borrower’s business or structure; (c) acquire all or substantially all of the assets of any other entity; or
(d) sell, lease, assign, Transfer or otherwise dispose of a material part of Borrower’s assets, except in the ordinary course of Borrower’s business or as otherwise permitted hereunder (including under Section 7.4 and
Article 15 hereof). 
  

	7.13	ACCOUNTING RECORDS. 

Borrower shall maintain adequate books and records in accordance with the same accounting standard used by Borrower to prepare the
financial statements delivered to and approved by Lender in connection with the making of the Loan or other accounting standards reasonably approved by Lender. Borrower shall permit any representative of Lender, at any reasonable time and from time
to time during business hours, upon reasonable advance written notice (but not more frequently than one time per calendar year unless a Default shall be continuing), to inspect, audit and examine such books and records and make copies of same.

  

	7.14	PAYMENT OF TAXES AND CLAIMS. 

Borrower shall pay (or cause to be paid) (a) all taxes, assessments and other governmental charges imposed upon it or on any of its
properties or assets or in respect of any of its franchises, business, income or property before any penalty or interest accrues thereon (unless Lender is paying the same pursuant to the terms hereof or unless Borrower is contesting any such taxes,
assessments or other governmental charges in good faith pursuant to Section 16.7 herein) and (b) except to the extent being contested in good faith by appropriate proceedings and for which appropriate reserves (which may be funds
then held as Impounds, as determined in Lender’s reasonable discretion) have been established, all claims (including, without limitation, claims for labor, services, materials and supplies) for sums, which have become due and payable and which
by law have or may become a lien or encumbrance, other than a judgment lien, upon any of Borrower’s properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto. 

 

	7.15	MAINTENANCE OF PROPERTY. 

Borrower shall maintain (or cause to be maintained) in good repair, working order and condition in all material respects, excepting
ordinary wear and tear, the Property and will make or cause to be made all appropriate repairs, renewals and replacements thereof. 
  

	7.16	QUALIFICATION, NAME; EXISTENCE. 

Borrower shall qualify and remain qualified to do business in the jurisdiction in which the Property is located or in which the nature of
its business requires it to be so qualified. Borrower will transact business solely in its own name. Borrower will not change its name, address or state of organization without giving prior written notice thereof to Lender. Borrower shall at all
times maintain its current legal existence and preserve and keep in full force and effect its legal rights and authority. 
  

	7.17	ALTERATIONS. 

Lender’s prior approval (which approval shall not be unreasonably withheld or delayed) shall be required in connection with any
alterations to any Improvements (a) that would be reasonably expected to have a Material Adverse Effect, (b) the cost of which in the aggregate with all ongoing alterations is reasonably anticipated to exceed the Alteration Threshold or
(c) that are structural in nature, except in each case for alterations or tenant improvements being made expressly pursuant to existing Leases entered into pursuant to Section 7.4 or existing as of the date hereof (and as such are
deemed approved by Lender). If the total unpaid amounts incurred and to be incurred with respect to any alterations to the Improvements under 

 

 24 

 
subsection (b) above shall at any time exceed the Alteration Threshold (other than Improvements for which Borrower has deposited Impounds as required hereunder), Borrower shall, if required
in writing by Lender, promptly deliver to Lender as security for the payment of such amounts and as additional security for Borrower’s obligations under the Loan Documents any of the following: (i) cash, (ii) U.S. Obligations,
(iii) other securities acceptable to Lender, or (iv) a completion bond acceptable to Lender. Such security shall be in an amount equal to the excess of the total unpaid amounts incurred and to be incurred with respect to such alterations
to the Improvements over the Alteration Threshold. In addition to Borrower’s obligation to post security if the alteration exceeds the Alteration Threshold, Borrower shall deliver to Lender title coverage reasonably acceptable to Lender to
insure Lender for any mechanic’s liens filed in connection with such alteration to the extent such title coverage is available at a reasonable cost in the jurisdiction in which the Property is located. Any such security or excess funds shall be
disbursed to Borrower to pay or reimburse Borrower for completed work related to such alterations, provided Borrower complies with the requirements for disbursements for work as set forth in Section 4.4.4(d) of Exhibit E (such work being
performed in connection with such alterations being deemed “Work” in Section 4.4.4(d) of Exhibit E only for the purposes of disbursements pursuant to this Section 7.17). All such security or excess funds remaining
after completion of the alteration shall be promptly returned to Borrower. 
  

	7.18	COMPLIANCE WITH PATRIOT ACT. 

Borrower covenants and agrees that in the event Borrower receives any notice that Borrower, SPE Party, Guarantor, any property manager (if
such property manager is an Affiliate of Borrower) (or any of their respective beneficial owners, affiliates or participants) or any Person that has an interest in the Property (including, without limitation, any tenant at the Property) become
listed on any list promulgated under the Patriot Act or is indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, Borrower shall immediately notify Lender. At Lender’s option,
it shall be a Default hereunder if Borrower, SPE Party or Guarantor becomes listed on any list promulgated under the Patriot Act or is indicted, arraigned or custodially detained on charges involving money laundering or predicate crimes to money
laundering. 
  

	7.19	ACCESS TO PROPERTY. 

Borrower shall permit agents, representatives and employees of Lender to inspect the Property or any part thereof at reasonable hours upon
reasonable advance written notice subject to the tenant’s rights under the applicable Lease. 
  

	7.20	NOTICE OF DEFAULT. 

Borrower shall promptly advise Lender of any Material Adverse Effect or of the occurrence of any Default of which Borrower has knowledge.

  

	7.21	COOPERATE IN LEGAL PROCEEDINGS. 

Borrower shall cooperate fully with Lender with respect to any proceedings before any court, board or other Governmental Authority which
may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any of the Note, the Mortgage or the other Loan Documents and, in connection therewith, permit Lender, at its election, to participate in any such
proceedings. 
  

	7.22	PERFORMANCE BY BORROWER. 

Borrower shall (a) in a timely manner observe, perform and fulfill each and every covenant, term and provision to be observed and
performed by Borrower under this Agreement, the Mortgage, the Note and the other Loan Documents and (b) in a timely manner observe, perform and fulfill, in all material respects, its material obligations under any other agreement or instrument
affecting or pertaining to the Property and any amendments, modifications of changes thereto. 
  

 25 

	7.23	ESTOPPEL CERTIFICATES. 

  

	 	(a)	Borrower Estoppel. After request by Lender, Borrower shall, within twenty (20) days of such request (but in any event, unless a Default is
continuing, not more frequently than twice per calendar year), furnish Lender or any proposed assignee with a statement, duly acknowledged and certified, setting forth (i) the original principal amount of the Note, (ii) the unpaid
principal amount of the Note, (iii) the rate of interest of the Note, (iv) the terms of payment and maturity date of the Note, (v) the date installments of interest and/or principal were last paid, (vi) that, except as provided
in such statement, no Default exists, (vii) that this Agreement, the Note, the Mortgage and the other Loan Documents are valid, legal and binding obligations and have not been modified or if modified, giving particulars of such modification,
(viii) to Borrower’s knowledge, whether any offsets or defenses exist against the obligations secured hereby and, if any are alleged to exist, a detailed description thereof, (ix) that all Leases are in full force and effect and have
not been modified (or if modified, setting forth all modifications), (x) the date to which the Payments thereunder have been paid pursuant to the Leases, (xi) whether or not, to the best knowledge of Borrower, any of the lessees under the
Leases are in default in any material respect under the Leases, and, if any of the lessees are in default in any material respect setting forth the specific nature of all such defaults, (xii) the amount of security deposits held by Borrower
under each Lease and that such amounts are consistent with the amounts required under each Lease, and (xiii) as to any other matters reasonably requested by Lender and reasonably related to the Leases, the obligations created and evidenced
hereby and by the Mortgage or the Property. 

  

	 	(b)	Borrower shall use commercially reasonable efforts to deliver to Lender, promptly upon request, (but in any event not more frequently than one time per calendar year),
duly executed estoppel certificates from any one or more tenants as required by Lender attesting to such facts regarding the Lease as Lender may require, including, but not limited to, attestations that each Lease covered thereby is in full force
and effect with no defaults thereunder on the part of any party, that no rent under such Leases have been paid more than one (1) month in advance, except as security, and that the tenant claims no defense or offset against the full and timely
performance of its obligations under the Lease. 

  

	 	(c)	In connection with a Secondary Market Transaction in connection with the Loan (or any portion thereof or interest therein), at Lender’s request, Borrower shall
provide an estoppel certificate to any investor or any prospective investor in such form, substance and details as Lender, such investor or prospective investor may reasonably require. 

 

	 	(d)	Borrower shall use commercially reasonable efforts to deliver to Lender, upon request, estoppel certificates from each party under any REA in form and substance
reasonably acceptable to Lender. 

  

	 	(e)	On an annual basis, Lender shall promptly provide information reasonably requested by Borrower to assist with Borrower’s annual auditing, provided such information
is not confidential and is readily available. Any such information shall be provided without representation or warranty and Borrower shall pay any reasonable third party costs of Lender associated therewith. 

 

	7.24	ADVISOR. 

 TROP
shall at all times be operated by an experienced professional advisory firm (or have internal management similar to what an advisory firm provides) regularly engaged in the operation and advisement of real estate investment trusts similar in
experience and expertise to TRT. 
  

	7.25	NO JOINT ASSESSMENT. 

Borrower shall not consent to initiate the joint assessment of the Property with (a) any other real property constituting a tax lot
separate from the Property, or (b) any portion of the Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or
levied or charged to the Property. 
  

 26 

	7.26	REA COVENANTS. 

Borrower agrees that, without the prior consent of Lender, Borrower will not enter into any new REA or execute modifications to any
existing REA if such new REA or such modifications will have a Material Adverse Effect. Borrower shall enforce, shall comply with, and shall use commercially reasonable efforts to cause each of the parties to each REA to comply with all of the terms
and conditions contained in such REA. 
  

	7.27	DEFERRED MAINTENANCE. 

Within one hundred eighty (180) days of the date hereof, Borrower shall complete the repairs and replacements as described on
Exhibit E-1 attached hereto (the “Deferred Maintenance”). Notwithstanding the foregoing, for those items set forth on Exhibit E-1 and identified as “Tenant Responsibility”, Borrower shall not be required to
complete the Deferred Maintenance itself, but shall be required to enforce the terms of the applicable Lease to cause the tenant under such Lease to perform such repairs as and when required pursuant to the terms of the applicable Lease. 

 

	7.28	Loan to Cost. 

 At
all times while the Mezzanine Loan or any New Mezzanine Loan shall be in existence, the loan-to-cost ratio (calculated as the quotient of (i) the sum of (A) the outstanding principal balance of the Loan and (B) the outstanding
principal balance of the Mezzanine Loan or the New Mezzanine Loan, as applicable, and (ii) the purchase price of all Properties) shall not exceed sixty-two percent (62%). 

ARTICLE 8. FINANCIAL COVENANTS 
  

	8.1	STATEMENTS REQUIRED. 

During the term of the Loan and while any portion of the Debt remains outstanding, unless Lender otherwise consents in writing or, if
prior to a Securitization or during the continuance of a Default, requests on a more frequent basis, Borrower shall provide to Lender the following: 
  

	 	(a)	Annual Financial Statement. Within sixty (60) days of Lender’s written request therefor (but in no event earlier than sixty (60) days after
the end of each fiscal year), an unaudited financial statement, signed and certified as true and correct by an authorized officer of Borrower showing all revenues and expenses and a balance sheet showing all assets and liabilities of Borrower
relating to the Property for such fiscal year, provided, Borrower shall have a period of thirty (30) days from the delivery of such statements to provide any material adjustments to such statements. In addition, not later than one hundred
twenty (120) days after and as of the end of each fiscal year, an audited operating statement and balance sheet audited by a “Big Four” accounting firm or any other independent accounting firm reasonably satisfactory to Lender,
showing all revenues and expenses relating to the Property for such fiscal year; 

  

	 	(b)	Monthly and Quarterly Operating Statements. Not later than ten (10) days after request by Lender during the period prior to any sale of the Loan, and
thereafter not later than sixty (60) days after and as of the end of each calendar quarter, an unaudited operating statement, signed and certified as true and correct by an authorized officer of Borrower, showing all revenues and expenses
during the most recent month (for which such monthly statements are available) or quarter and year-to-date; 

  

	 	(c)	Intentionally Omitted. 

  

	 	(d)	 Annual Budget. Within ninety (90) days after the end of each fiscal year, an Annual Budget including a Capital Expenditures budget
signed and dated by Borrower, and certified by Borrower 

  

 27 

	 	 
to be a true, complete and correct copy of the Annual Budget adopted by Borrower for the applicable year; which, upon the occurrence and during the continuance of a Cash Trap Event Period shall
be approved by Lender, which approval shall not be unreasonably withheld (such approved Annual Budget, an “Approved Annual Budget”). Until such new proposed budget is approved (if applicable), the prior existing Approved Annual
Budget shall be used for the next calendar year, adjusted for customary increases of three percent (3%) per item. 

  

	 	(e)	Rent Roll. Not later than sixty (60) days after and as of the end of each calendar quarter (and together with the delivery of the quarterly
statements set forth in 8.1(b)), a Rent Roll signed and dated by Borrower, provided, Borrower shall have a period of thirty (30) days from the delivery of such Rent Roll to provide any material adjustments to such Rent Roll;

  

	 	(f)	Compliance Certificates. The Compliance Certificate described in Section 5.2(i) hereof; 

 

	 	(g)	Debt Yield. No later than sixty (60) days after the end of each quarter (and together with the delivery of the quarterly statements set forth in
8.1(b)), Borrower shall deliver to Lender an Officer’s Certificate setting forth Borrower’s calculation of the Debt Yield for the Loan, provided, Borrower shall have a period of thirty (30) days from the delivery of such statement to
provide any material adjustments to such statement; and 

  

	 	(h)	Other Information. From time to time prior to a Securitization or during the continuance of a Default, upon Lender’s delivery to Borrower of at least
ten (10) days’ prior written notice, such other information with regard to Borrower, principals of Borrower, any Guarantor or the Property, as Lender may reasonably request in writing. 

 

	8.2	FORM; WARRANTY. 

Borrower agrees that all financial statements to be delivered to Lender pursuant to this Article 8 shall: (a) be complete and
correct in all material respects; (b) present fairly the financial condition of the party; (c) disclose all liabilities that are required to be reflected or reserved against; and (d) be prepared in accordance with the same accounting
standard used by Borrower to prepare the financial statements delivered to and approved by Lender in connection with the making of the Loan or other accounting standards reasonably acceptable to Lender. By its execution of this Agreement, Borrower
shall be deemed to warrant and represent that, as of the date of delivery of any such financial statement, there has been no change in financial condition which would have a Material Adverse Effect, nor have any assets or properties been sold,
transferred, assigned, mortgaged, pledged or encumbered since the date of such financial statement which would have a Material Adverse Effect, except as disclosed by Borrower in a writing delivered to Lender. Borrower agrees that all rent rolls and
other information to be delivered to Lender pursuant to this Article 8 shall not contain any misrepresentation or omission of a material fact. 
  

	8.3	CHARGE FOR LATE DELIVERY. 

If any financial statement, leasing schedule or other items required to be delivered to Lender pursuant to this Article 8 is not
timely delivered, following written notice from Lender to Borrower, and such failure continues after ten (10) days of such written notice from Lender, Borrower shall promptly pay to Lender, as a late charge, the sum of One Thousand and No/100
Dollars ($1,000) per item. In addition, Borrower shall promptly pay to Lender an additional late charge of Five Hundred and No/100 Dollars ($500.00) per item for each full month during which such item remains undelivered following written notice
from Lender. Borrower acknowledges that Lender will incur additional expenses as a result of any such late deliveries, which expenses would be impracticable to quantify, and that Borrower’s payments under this Article 8 are a reasonable
estimate of such expenses. Borrower acknowledges further that payment by Borrower of this late charge does not in any manner affect or otherwise impair or waive any rights and remedies Lender may have hereunder, under the Loan Documents or under
applicable law for any Default. 
  

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 ARTICLE 9. DEFAULTS AND REMEDIES 

 

	9.1	DEFAULT. 

 For all
purposes hereof, “Default” shall mean either an “Optional Default” (as defined below) or an “Automatic Default” (as defined below). 

 

	 	(a)	Optional Default. An “Optional Default” shall occur, at Lender’s option (exercised in its sole and absolute discretion), upon the
occurrence of any of the following events: 

  

	 	(i)	Monetary. Borrower shall fail to (a) pay when due the P& I Payment Amount or sums which are payable on the Maturity Date, or (b) pay when
due any other sums payable under the Note, this Agreement or any of the other Loan Documents and such failure continues after ten (10) days’ written notice of such failure from Lender to Borrower. 

 

	 	(ii)	Failure to Perform. Borrower shall fail to observe, perform or discharge any of Borrower’s obligations, covenants, conditions or agreements, other
than Borrower’s payment obligations, under the Note, this Agreement or any of the other Loan Documents, and such failure shall remain uncured for forty-five (45) days after written notice thereof shall have been given to Borrower by
Lender; provided, however, if any failure under this Section 9.1(a)(ii) shall be of such a nature that it cannot be cured or remedied within such forty-five (45) days, Borrower shall be entitled to a reasonable period of time to
cure or remedy such failure (not to exceed one hundred twenty (120) days following the giving of such notice (subject to further extension by Lender, in Lender’s reasonable discretion)), provided Borrower commences the cure or remedy
thereof within the forty-five (45) day period following the giving of notice and, thereafter, proceeds with diligence to complete such cure or remedy. 

 

	 	(iii)	Representations and Warranties. Any representation, warranty, certificate or other written statement (financial or otherwise) made or furnished by or, in
the case of any financial statements of Borrower, on behalf of Borrower or Guarantor, to Lender under or in connection with any of the Loan Documents shall be false, incorrect, incomplete or misleading in any material respect when made or furnished.

  

	 	(iv)	Intentionally Omitted. 

  

	 	(v)	Bankruptcy of Partners, Managing Member, Guarantors and Sponsor. The occurrence of an event specified in subsections (b)(i) or (ii) herein as to any
general partner or managing member of Borrower (other than any SPE Party) or Guarantor. 

  

	 	(b)	Automatic Default. An “Automatic Default” shall occur automatically upon the occurrence of any of the following events:

  

	 	(i)	Voluntary Bankruptcy, Insolvency, Dissolution. (aa) Borrower’s or SPE Party’s filing a petition for relief under the Bankruptcy Code, or under
any other present or future state or federal law regarding bankruptcy, reorganization or other relief to debtors (collectively, “Debtor Relief Law”); or (bb) Borrower’s or SPE Party’s filing any pleading in any involuntary
proceeding under the Bankruptcy Code or other Debtor Relief Law which admits the petition’s material allegations regarding Borrower’s or SPE Party’s insolvency; or (cc) Borrower’s or SPE Party’s making a general assignment
for the benefit of creditors; or (dd) Borrower’s or SPE Party’s applying for, or the appointment of, a receiver, trustee, custodian or liquidator of Borrower, SPE Party or any of their property; or (ee) the filing by Borrower or SPE Party
of a petition seeking the liquidation or dissolution of Borrower or SPE Party or the commencement of any other procedure to liquidate or dissolve Borrower or SPE Party. 

 

 29 

	 	(ii)	Involuntary Bankruptcy. Borrower’s or SPE Party’s failure to effect a full dismissal of any involuntary petition under the Bankruptcy Code or
other Debtor Relief Law that is filed against Borrower or SPE Party, prior to the earlier of the entry of any order granting relief sought in the involuntary petition or ninety (90) days after the date of filing of the petition.

  

	9.2	ACCELERATION. 

Upon the occurrence of an Optional Default, Lender may, at its option (exercised in its sole and absolute discretion), declare all
principal, interest and other sums owing to Lender under the Note and the other Loan Documents (including, without limitation, all unpaid or unreimbursed Costs and Expenses) immediately due and payable. Upon the occurrence of an Automatic Default,
all principal, interest and other sums owing to Lender under the Note and the other Loan Documents (including, without limitation, all unpaid or unreimbursed Costs and Expenses) shall automatically become immediately due and payable. 

 

	9.3	RIGHTS AND REMEDIES. 

In addition to the other rights and remedies above and otherwise in this Agreement, at any time after a Default, Lender shall have all of
the rights and remedies as set forth in the Mortgage, the other Loan Documents, under applicable law and in equity. All rights and remedies of Lender under this Agreement and the other Loan Documents are cumulative and are in addition to all rights
and remedies provided by applicable law and in equity. Lender may enforce any such remedies or rights either successively or concurrently. 

ARTICLE 10. NO PREPAYMENT - DEFEASANCE ONLY 

Borrower acknowledges that any prepayment of the Loan will cause Lender to lose its interest rate yield on the Loan and will possibly require that Lender
reinvest any such prepayment amount in loans of a lesser interest rate yield (including, without limitation, in debt obligations other than first mortgage loans on commercial properties). As a consequence, Borrower agrees as follows, as an integral
part of the consideration for Lender’s making the Loan: 
  

	 	10.1	No Voluntary Prepayment. Voluntary prepayment of the Loan is prohibited during the Prepayment Lockout Period. After the Prepayment Lockout Period,
prepayment of the Loan is permitted in full only, and not in part. Subject to the foregoing, on and after the Open Period Start Date, Borrower may prepay the Loan without incurring any prepayment charge or premium. 

 

	 	10.2	Prepayment Charge. 

  

	 	(a)	 Basic Charge. Except as provided in clause (c) below and subject to Section 10.1, if at any time prior to the
Open Period Start Date prepayment of all or a portion of the principal amount of the Loan is tendered by Borrower, a purchaser at foreclosure or any other Person and accepted by Lender, whether such prepayment is voluntary, involuntary or made
concurrently with or after a Default, such tender shall be deemed an attempt to circumvent the prohibition against prepayment set forth in the 10.1 above, and Borrower, such purchaser at foreclosure or other Person shall pay to Lender on the
prepayment date (in addition to all other sums then due and owing to Lender under the Loan Documents) a prepayment charge equal to the greater of the following two amounts: (i) an amount equal to two percent (2%) of the amount prepaid; or
(ii) an amount equal to (A) the amount, if any, by which the sum of the present values as of the prepayment date of all unpaid principal and interest payments required under the Loan, calculated by discounting such payments from their
respective Due Dates (or, with respect to the payment required on the Maturity Date, from the Maturity Date) back to the prepayment date at a discount rate equal to the Periodic Treasury Yield (defined below) exceeds the outstanding principal
balance of the Loan as of the prepayment date, multiplied by (B) a fraction whose numerator is the amount prepaid and whose denominator is the outstanding principal balance of the Loan as of the prepayment date. For purposes of the foregoing,
“Periodic Treasury Yield” means the annual yield to maturity of the actively traded non-callable 

 

 30 

	 	 
United States Treasury fixed interest rate security (other than any such security which can be surrendered at the option of the holder at face value in payment of federal estate tax or which was
issued at a substantial discount) that has a maturity closest to (whether before, on or after) the Maturity Date (or if two or more such securities have maturity dates equally close to the Maturity Date, the average annual yield to maturity of all
such securities), as reported in The Wall Street Journal or other authoritative publication or news retrieval service on the fifth (5th) Business Day preceding the prepayment date. 

 

	 	(b)	Additional Charge. If the Loan is prepaid on any day other than a Due Date, whether such prepayment is voluntary, involuntary or upon full acceleration of
the principal amount of the Loan by Lender following a Default, Borrower shall pay to Lender on the prepayment date (in addition to the basic prepayment charge described in Section 10.2(a) above and all other sums then due and owing to
Lender under the Loan and the other Loan Documents) an additional prepayment charge equal to the interest which would otherwise have accrued on the amount prepaid (had such prepayment not occurred) during the period from and including the prepayment
date to and including the last day of the calendar month in which the prepayment occurred. 

  

	 	(c)	Exclusion. Notwithstanding the foregoing, no prepayment charge of any kind shall apply in respect to any prepayment resulting from Lender’s
application of any insurance proceeds or condemnation awards or scheduled P&I Payment Amount to the outstanding principal balance of the Loan. 

  

	 	10.3	Effect of Prepayment. No partial prepayment of the Loan shall change any Due Date or the P&I Payment Amount unless Lender otherwise agrees in writing.
Notwithstanding the foregoing, however, (i) in the event of a Partial Defeasance, the P&I Payment Amount shall be reduced by the monthly principal and interest payment due under the New Note, and (ii) following the Earn-Out Advance,
the P&I Payment Amount shall be adjusted based on the new outstanding principal balance of the Loan in the event of a prepayment of the Loan resulting from Lender’s application of any insurance proceeds as a result of a casualty at the
Northrop VA Property. 

  

	 	10.4	Waiver. Borrower waives any right to prepay the Loan, except under the terms and conditions set forth in this Article 10 and agrees that if the
Loan is prepaid, Borrower shall pay the prepayment charge set forth above, subject to Section 10.1 and except as provided for in Section 10.2(c). Borrower hereby acknowledges that: (a) the inclusion of this waiver of
prepayment rights and agreement to pay the prepayment charge for the right to prepay the Loan was separately negotiated with Lender; (b) the economic value of the various elements of this waiver and agreement was discussed; and (c) the
consideration given by Borrower for the Loan was adjusted to reflect the specific waiver and agreement negotiated between Borrower and Lender and contained herein. 

ARTICLE 11. DEFEASANCE - FULL OR PARTIAL. 

 

	 	11.1	Borrower Right to Defease. At any time (and from time to time) during the Defeasance Option Period, Borrower may elect to effect a Full Defeasance or a
Partial Defeasance, the last Defeasance of all Property being deemed a Full Defeasance, all in accordance with the provisions of this Article 11, at Borrower’s sole cost and expense. A Partial Defeasance shall be permitted only in
connection with a release of an Individual Property or to avoid a Cash Trap Event Period caused by clause (b) in the definition thereof in the Cash Management Agreement. 

 

	 	11.2	Conditions. Borrower shall only have the right to cause a Defeasance if all of the following conditions have been satisfied: 

 

	 	(a)	 Notice. Borrower shall give at least thirty (30) days written notice to Lender specifying Borrower’s intended Defeasance Date
and, for a Partial Defeasance, the Individual Property or Properties affected. Simultaneously with the delivery of such notice, Borrower shall deposit with Lender an amount reasonably estimated by Lender to be sufficient to reimburse Lender’s
anticipated reasonable and actual out of pocket expenses 

  

 31 

	 	 
in connection with the Defeasance, for which Borrower shall be solely responsible whether or not the Defeasance shall be completed. If any such notice shall have been given by Borrower, Borrower
shall be permitted to revoke such notice in writing prior to the Defeasance Date, provided Borrower pays all of Lender’s reasonable third party expenses incurred in connection with the proposed Defeasance or Partial Defeasance. Upon completion
of the Defeasance or revocation by Borrower as specified above, Lender shall return any surplus deposit to Borrower. 

  

	 	(b)	No Default. No Default shall exist either on the date of receipt of Borrower’s notice under Section 11.2(a) above or on the Defeasance
Date; provided, however, Borrower shall be permitted to conduct a Partial Defeasance, subject to all of the other conditions for a Partial Defeasance herein, while a Default exists if the release of the Property subject to the Partial Defeasance
will cure such Default. 

  

	 	(c)	Payments. Borrower shall pay in full, on or before the Defeasance Date (i) all unpaid interest accruing under the Loan to and including the
Defeasance Date (or otherwise cause Successor Borrower to assume liability for such interest), (ii) all other sums due under the Loan and the other Loan Documents on or before the Defeasance Date, (iii) all reasonable and actual out of
pocket escrow, closing, recording, legal, Rating Agency and other third party fees, costs and expenses paid or actually incurred by Lender and its agents in connection with the Defeasance, the release of the lien of the Mortgage on the Property or
the Individual Property, as the case may be, the review of the proposed Defeasance Collateral and the preparation of the Defeasance Security Agreements and related documentation, (iv) an administrative fee to Lender of $35,000, and (v) any
revenue, documentary stamp, intangible or other taxes, charges or fees due in connection with the transfer or assumption of the Loan or the New Note, or in connection with the Defeasance, excluding income taxes. Lender shall cooperate with Borrower
to effect a Partial Defeasance or Full Defeasance upon notice by Borrower of its decision to effectuate the same. 

  

	 	(d)	Deliveries. Borrower shall, at Borrower’s sole cost and expense, deliver the following items to Lender on or before the Defeasance Date:

  

	 	(i)	For any Partial Defeasance, the New Note, and the Amended Note evidencing only the remaining principal balance of the Loan (i.e., the outstanding principal balance of
the Loan immediately prior to the Partial Defeasance, less the principal balance of the New Note). The New Note and other Defeasance Security Agreements shall not be cross-defaulted with the Amended Note and other Loan Documents. Under no
circumstances shall the New Note be subject to prepayment prior to the Open Period Start Date. For the avoidance of doubt, the Amended Note shall have a principal and interest payment based on the remaining principal balance of the undefeased
portion of the Loan and the New Note shall have a principal and interest payment based on the defeased portion of the Loan. The principal and interest payable on the New Note and the Amended Note, in the aggregate, will, immediately following the
Partial Defeasance, equal the principal and interest payable on the Loan immediately prior to the Partial Defeasance; 

  

	 	(ii)	 The Defeasance Collateral, as substitute collateral for the Loan or, for a Partial Defeasance, for the New Note, provided, however, that the payments
generated from the Defeasance Collateral (without regard to earnings from reinvestment of proceeds) must be, in timing and amounts, sufficient to provide for payment prior, but as close as possible, to (A) all Due Dates occurring after the
Defeasance Date (with each such payment being equal to or greater than the amount of corresponding amount of scheduled principal and/or interest required (as applicable) to be paid under the Loan or, for a Partial Defeasance, under the New Note) for
the balance of the term of such note and (B) the Open Period 

  

 32 

	 	 
Start Date (with such payment being equal to or greater than the outstanding principal balloon payment together with all interest due with respect to the Loan or, for a Partial Defeasance, with
respect to the New Note, on the Open Period Start Date and assuming for purposes of calculating the outstanding principal balloon payment pursuant to this clause d(ii) only, that the Open Period Start Date is the Maturity Date); and provided
further, however, that Borrower shall take such actions, enter such agreements and issue such orders or directions (including those specified below), as are necessary or appropriate and in accordance with customary commercial standards to effectuate
book-entry transfers and pledges through the book-entry facilities of the institution holding the Defeasance Collateral or otherwise to create and perfect a valid, enforceable, first priority security interest in the Defeasance Collateral in favor
of Lender; 

  

	 	(iii)	The Defeasance Security Agreements creating, attaching and perfecting a first priority security interest in favor of Lender in the Defeasance Collateral, which
agreements shall provide, among other things, that all payments generated by the Defeasance Collateral shall be paid directly to Lender and applied by Lender to amounts then due and payable under the Loan or, for a Partial Defeasance, under the New
Note; 

  

	 	(iv)	A certificate of Borrower certifying that all of the requirements of this Article 11 have been satisfied; 

 

	 	(v)	Opinions of counsel for Borrower, addressed to Lender and all Rating Agencies and delivered by counsel satisfactory to Lender, subject only to customary assumptions,
qualifications and exceptions, stating, among other things, that (a) Lender has a perfected first priority security interest in the Defeasance Collateral, (b) the Defeasance Security Agreements are enforceable against Borrower or successor
Borrower, as applicable, in accordance with their terms and (c) any REMIC that holds the Loan immediately prior to the Defeasance will not, as a result of the Defeasance, fail to maintain its status as a REMIC; 

 

	 	(vi)	A certificate, addressed to Lender and all Rating Agencies, from a firm of independent certified public accountants reasonably acceptable to Lender, subject only to
customary assumptions, qualifications and exceptions, certifying that the Defeasance Collateral satisfies the requirements of Section 11.2(d)(ii) above and certifying that in no fiscal year of Successor Borrower will the interest earned
on the Defeasance Collateral exceed the interest payable for the same period on the Loan or, for a Partial Defeasance, under the New Note; 

  

	 	(vii)	If the Loan is held by a REMIC, written evidence from the Rating Agencies that the Defeasance will not result in a downgrading, withdrawal or qualification of the
respective ratings in effect immediately prior to the Defeasance for any securities representing interests in such REMIC which are then outstanding; and 

  

	 	(viii)	Such other certificates, opinions, documents or instruments as are customary in commercial mortgage defeasance transactions to effect the Defeasance.

  

	 	(e)	Partial Release Conditions for an Individual Property. For a Partial Defeasance, the following additional conditions for a release of an Individual
Property shall also have been satisfied: 

  

	 	(i)	The Release Property shall be (a) sold in its entirety pursuant to a bona fide sale of such Property to a third party purchaser that is not an Affiliate of
Borrower or (b) transferred in its entirety to an Affiliate of Borrower in connection with a refinancing of that Property; 

  

 33 

	 	(ii)	The principal amount of the New Note shall be no less than the applicable Release Price, or, in the event of a Partial Defeasance as a result of the substitution of the
Northrop VA Property, for an amount equal to the difference between (i) fifteen percent (15%) of the outstanding principal balance of the Loan at the time of the substitution in accordance with Section 14.2 hereof and
(ii) the Allocated Loan Amount attributable to the Northrop VA Property; 

  

	 	(iii)	If the Loan has been securitized, (A) the Partial Release shall not cause any of the Rating Agencies to withdraw, qualify or downgrade the then-applicable rating
on any security issued in connection with such securitization and, if required by Lender, Lender shall have received written confirmation of this from the applicable Rating Agencies; and (B) the Partial Release shall not (1) constitute a
“significant modification” of the Loan within the meaning of Treasury Regulation Section 1.860G-2(b) or (2) cause the Loan to fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the
Code, and, if required by Lender, Lender shall have received an opinion of counsel to this effect, in form and content and issued by counsel satisfactory to Lender; 

 

	 	(iv)	If the Release Party was covered by a title policy which covered any other Property not released, Borrower shall have delivered any title endorsements or updated title
reports as Lender may reasonably require with respect to any of the Properties not being released; and 

  

	 	(v)	All conditions, if any, for release of the Release Property under the Mezzanine Loan Agreement, if any, shall have been satisfied or will be satisfied simultaneously
therewith. 

  

	 	(f)	Release of Lien. Upon satisfaction of all conditions specified in this Article 11, the Property and the Collateral (or, for a Partial Defeasance,
the Defeasance Property and the associated portion of the Collateral) shall be released from the lien of the Mortgage and the other Loan Documents, and the Defeasance Collateral and the proceeds thereof shall constitute the only collateral securing
the obligations of Borrower under the Loan and the other Loan Documents (or, for a Partial Defeasance, under the New Note and the Defeasance Security Agreements). Lender shall, at Borrower’s expense, prepare, execute and deliver any instruments
reasonably necessary to release the lien of the Mortgage and other Loan Documents from the Defeasance Property and the Collateral (or, for a Partial Defeasance, the Defeasance Property and the associated portion of the Collateral).

  

	 	(g)	 Assignment and Assumption. In connection with the Defeasance, Borrower shall, at the request of Lender, assign all of its right, title
and interest in and to the pledged Defeasance Collateral and all its obligations and rights under the Loan (or, for a Partial Defeasance, the New Note) and the Defeasance Security Agreements to Successor Borrower. Successor Borrower shall execute an
assumption agreement in form and substance customary in commercial mortgage defeasance transactions, pursuant to which it shall assume Borrower’s obligations under the Loan (or, for a Partial Defeasance, the New Note) and the Defeasance
Security Agreements and Borrower shall be released from such obligations. As conditions to such assignment and assumption, Borrower shall (i) deliver to Lender opinions of counsel addressed to Lender and all Rating Agencies, in form and
substance customary in commercial Defeasance transactions and delivered by counsel reasonably satisfactory to Lender, and subject only to customary assumptions, qualifications and exceptions, stating, among other things, that such assumption
agreement is enforceable against Borrower and Successor Borrower in accordance with its terms and that the Loan (or, for a Partial Defeasance, the New Note) and the Defeasance Security Agreements, as so assumed, are enforceable against Successor
Borrower in accordance with their respective terms, and a bankruptcy non-consolidation opinion with respect to Successor Borrower, its equity owners and such other parties as Lender may reasonably require; and (ii) pay all reasonable and actual
out of pocket costs 

  

 34 

	 	 
and expenses incurred by Lender and its agents in connection with such assignment and assumption (including, without limitation, the formation or review of Successor Borrower and the preparation
of the assumption agreement and related documentation). Upon such assumption by Successor Borrower, Borrower shall be relieved of its obligations under the Loan (or, for a Partial Defeasance, under the New Note), the Defeasance Security Agreements
and the other Loan Documents, but, in the latter case, only to the extent applicable to the Individual Property affected by the Defeasance other than (i) representations and warranties made in connection with the Defeasance, (ii) the
obligation to effect the Defeasance in accordance with this Article 11, and to provide further assurances as necessary to do so, (iii) liability for losses to Lender resulting from an avoidance, rescission or set-aside of the Defeasance
as a result of actions taken by Borrower, and (iv) those obligations which are specifically stated in the Loan Documents to survive the repayment of the Loan or other termination, satisfaction, assignment, amendment or restatement of the Loan,
the Defeasance Security Agreements or the other Loan Documents or Lender’s exercise of its rights and remedies under any of such documents and instruments. 

ARTICLE 12. INSURANCE 
  

	12.1	REQUIRED INSURANCE. 

Throughout the term of the Loan, Borrower shall maintain the following types of insurance in the form and content as set forth in this
Article 12. 
  

	 	(a)	Casualty Insurance. Borrower, at its sole cost and expense, will keep the Property and the Collateral insured during the entire term of the Loan, for the
mutual benefit of Borrower and Lender, against fire and such other hazards that would be covered by an insurance policy issued on a Special Form Cause of Loss - “All Risk” basis (the “Casualty Policy”). The Casualty
Policy shall: 

  

	 	(i)	include coverage for, and specifically state that coverage is provided for: Windstorm Coverage (as defined in Section 12.1(b)(iii), hail, Terrorism Coverage
(as defined in Section 12.5 below) and, mold; 

  

	 	(ii)	provide coverage in an amount not less than full replacement value, without deduction for depreciation or co-insurance; 

 

	 	(iii)	have a deductible no greater than Twenty-Five Thousand and No/100 Dollars ($25,000.00) per occurrence, with the exception of a deductible no greater than (i) One
Hundred Thousand and No/100 Dollars ($100,000.00) for any flood location within the 100-500 year flood plain and (ii) Fifty Thousand and No/100 Dollars ($50,000.00) per occurrence specific to Special Flood Hazard NFIP coverage for buildings
located in Special Flood Hazard zones (other than a deductible of no greater than five percent (5%) of the replacement cost of the Property and the Collateral for Windstorm Coverage, Special Excess of NFIP Flood Hazard Coverage for buildings
located in Special Flood Hazard Zones and earthquake insurance) and no more than five percent (5%) of underwritten net cash flow as determined by Lender in accordance with its internal underwriting procedures, and contain a replacement cost
endorsement; 

  

	 	(iv)	contain a lender’s loss payable endorsement containing provisions equivalent to those provisions contained in Form 438BFU and naming Lender as the mortgagee
(unless otherwise agreed by Lender in its sole discretion). If the lender’s loss payable endorsement is not provided on Form 438BFU or ISO Form CP1218, the applicable form number shall be referenced on the proposed endorsement and such
endorsement must be acceptable to Lender; 

  

 35 

	 	(v)	be evidenced by an Accord 27 (Form Date: March, 1993), an Accord 28 (2003/10) or equivalent form, or such other form acceptable to Lender in its sole discretion in
favor of Lender, as mortgagee and loss payee, and such evidence shall be provided to Lender. Borrower shall also provide Lender with a complete copy of the Casualty Policy promptly upon issuance but no later than sixty (60) days from the
closing of the Loan; 

  

	 	(vi)	contain a so called “Agreed Amount” endorsement or a “No Co-Insurance” clause unless otherwise agreed by Lender in its sole and
absolute discretion; 

  

	 	(vii)	Building Ordinance or Law Coverage sufficient to compensate for the cost of demolition, increased costs of construction and loss to any undamaged portion of the
improvements at the Property if the current use of the Property or the improvements thereon are “nonconforming” or “legal nonconforming” or become “nonconforming” or “legal nonconforming” pursuant to the
applicable zoning regulations and if full rebuildability and continued full use following a casualty is otherwise not permitted under such zoning regulations; and 

 

	 	(viii)	except as provided in subsection(a)(vi) above, not contain any co-insurance clauses or provisions that would reduce the coverage available under the Casualty
Policy. 

  

	 	(b)	Other Property Insurance Coverage. Borrower must also provide the following additional forms of insurance coverage, whether as additional coverage under
the Casualty Policy or by purchasing one or more additional policies, which additional coverage or policies shall comply with all of the requirements contained herein applicable to the Casualty Policy unless otherwise provided below:

  

	 	(i)	Rental loss and/or business interruption insurance for a period of (i) twelve (12) months for all properties other than the Northrop VA Property (following
the Earn-Out Advance) or (ii) eighteen (18) months for the Northrop VA Property (following the Earn-Out Advance), in an amount sufficient such that the insurer would not deem Borrower a co-insurer under the policy, (A) with loss
payable to Lender; (B) which provides that after the physical loss to the Property and Collateral occurs, the loss of rents or income, as applicable, will be insured until such rents or income, as applicable, either return to the same level
that existed prior to the loss, or the expiration of (i) twelve (12) months for all properties other than the Northrop VA Property (following the Earn-Out Advance) or (ii) eighteen (18) months for the Northrop VA Property
(following the Earn-Out Advance), whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (C) if required by Lender from time to time, which contains an extended period of indemnity
endorsement which provides that after the physical loss to such Property and Collateral has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration
of twelve (12) months from the date that the Property and Collateral are repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. The amount of such
rental loss and/or business interruption insurance, as applicable, shall be determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of the gross income from the Property for the
succeeding period of coverage required above. All proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied to the obligations secured by the Loan Documents from time to time due and payable hereunder and
under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in the Note, this Agreement
and the other Loan Documents, except to the extent such amounts are actually paid out of the proceeds of such rental loss and/or business interruption insurance, as applicable. Any rental loss and/or business interruption insurance proceeds shall be
held by Lender and disbursed in accordance with Section 12 of this Agreement; 

  

 36 

	 	(ii)	Comprehensive boiler and machinery coverage, without exclusion for explosion, covering all boilers or other pressure vessels, machinery and equipment located at the
Property, in an amount not less than the full replacement value thereof and of the building or buildings housing the same and for “loss of income;” 

 

	 	(iii)	Pursuant to Section 12.1(a)(i), coverage for windstorm (“Windstorm Coverage”), which Windstorm Coverage shall comply with each of the
applicable requirements for insurance policies set forth in this Section 12 (including, without limitation, those relating to deductibles); provided, that, Lender, at Lender’s option, may require Borrower to obtain or cause to be
obtained the Windstorm Coverage with higher deductibles than set forth above; 

  

	 	(iv)	At all times during which structural construction, repairs or alterations are being made with respect to the improvements on the Property, and only if the Property and
liability coverage forms do not otherwise apply, (A) owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the below mentioned Liability Policy; and (B) the insurance
provided for in subsection (a) above written in a so called Builder’s Risk Completed Value form, including coverage for 100% of the total construction costs (1) on a non reporting basis, (2) against “all risks”
insured against pursuant to subsection (a) above, and (3) including permission to occupy the Property; and 

  

	 	(v)	Earthquake insurance in any area of increased risk (20% PML or higher). Lender may change its requirements for Earthquake Insurance from time to time based on
(i) review of a current probable maximum loss seismic study, to be prepared at Borrower’s expense (up to once every two years), forecasting the expected damage from any event anticipated to reoccur once in 475 years, on a 50%-certain
statistical basis; (ii) actual and potential losses at any other locations the same earthquake insurance covers and sharing the policy’s occurrence and annual aggregate limits of available coverage; and (iii) the amount of lost
business or rental income to be expected during Restoration of the Property. 

  

	 	(c)	Liability Insurance. Borrower, at its sole cost and expense and during the entire term of the Loan, shall maintain: 

 

	 	(i)	a Commercial General Liability Coverage Policy on the so-called “occurrence” form (“Liability Policy”) that includes coverage for contractual
damages, property damage, personal and bodily injuries (including death resulting therefrom) and provide for a per occurrence minimum limit of liability of not less than $1,000,000 and a general aggregate minimum limit of liability of not less than
$2,000,000 without any deductible or self-insured retention unless otherwise agreed by Lender in its sole and absolute discretion (to continue at not less than the aforesaid limits until reasonably required to be changed by Lender pursuant to
Section 12.2 hereof), and such other liability insurance as is reasonably requested by Lender. The Liability Policy shall cover at least the following hazards: (1) premises and operations; (2) products and completed operations;
(3) independent contractors; and (4) contractual liability coverage with regard to occurrences for property damage, bodily injury, personal injury and death for so-called “insured” contracts as defined in the Liability Policy.
Further, the policy shall include coverage for, and shall specifically state that coverage for, Terrorism Coverage and mold are not excluded. Borrower shall provide a Certificate of Liability Insurance that states the coverage limits per occurrence
and indicates the full name of Borrower as a named insured, rather than as an additional insured; and 

  

 37 

	 	(ii)	umbrella liability insurance in an amount not less than $50,000,000 million per occurrence on terms consistent with the commercial general liability insurance policy
required under subsection (i) above. 

  

	 	(d)	Blanket Insurance. Unless otherwise agreed to by Lender in its sole and absolute discretion, blanket policies shall be permitted only if (i) coverage
will not be affected by any loss on other properties covered by the policies, (ii) the policy specifically allocates to each Property the amount of coverage from time to time required hereunder or shall otherwise provide the same protection as
would a separate policy, and (iii) such policy is approved in advance in writing by Lender, and Lender’s interest is included therein as provided in this Agreement, (iv) such policy is otherwise issued in accordance with the terms of
Section 12 of this Agreement, and (v) any changes or amendments made hereafter to such policy (including any endorsements and riders) are subject to the approval of Lender or its servicing agent. At all times, approval of any
blanket policy remains subject to review and approval by Lender based on the schedule of locations and values. 

  

	12.2	ADDITIONAL INSURANCE. 

In addition to the foregoing, Borrower shall at all times obtain and maintain (or cause to be obtained and maintained) such additional
insurance policies and coverage (i) as may be required pursuant to any and all agreements, declarations, covenants, and/or other arrangements to which Borrower is party or to which Borrower or the Property is subject, including, without
limitation, any declarations of covenants, conditions and restrictions or similar covenants and/or restrictions affecting the Property, franchise agreements, licenses, leases, codes or ordinances, (ii) as set forth on Exhibit G attached
hereto, and (iii) such other insurance as may from time to time be reasonably required by Lender in order to protect its interests and/or to satisfy then current market conditions and requirements. 

 

	12.3	POLICY REQUIREMENTS. 

The Casualty Policy, the Liability Policy and each other insurance policy required hereunder (each, a “Policy” and,
collectively, the “Policies”) shall: 
  

	 	(a)	provide that (i) Lender shall receive thirty (30) days’ notice of any modification, cancellation or expiration of the Policy, (ii) Lender shall
receive ten (10) days’ notice of any nonpayment, and (iii) any such modification, cancellation or expiration without such notice shall not be effective against Lender; 

 

	 	(b)	unless otherwise agreed by Lender in its sole discretion and except for flood and earthquake insurance coverage, be issued by an insurer having a minimum rating of
“A” or better from S&P, and, in the event of a ratings downgrade from S&P, Borrower shall be required to replace said insurer(s) with a carrier satisfying the claims paying ability ratings required by this subsection (b);

  

	 	(c)	each insurer shall be admitted or authorized to do business in the state where the Property is located or shall otherwise be acceptable to Lender in its sole and
absolute discretion; 

  

	 	(d)	be evidenced by a certificate or other documents in form and substance acceptable to Lender, and shall be delivered to Lender on or before the date hereof;

  

	 	(e)	specifically state on the evidence thereof provided to Lender in accordance with this Article 12, any exclusion or condition which is a deviation from standard
insurance language or forms; 

  

	 	(f)	shall contain clauses or endorsements to the effect that the Policies shall not be materially changed (other than to increase the coverage provided thereby) or canceled
without at least thirty (30) days’ prior written notice to Lender and any other party named therein as an additional insured; 

  

	 	(g)	shall contain an endorsement providing that no policy shall be impaired or invalidated by virtue of any act, failure to act, negligence of or violation of declarations,
warranties or conditions contained in such policy by Borrower, Lender or any other named insured, additional insured or loss payee, except for the willful misconduct of Lender knowingly in violation of the conditions of such policy; and

  

 38 

	 	(h)	shall contain clauses or endorsements to the effect that no act or negligence of Borrower, or anyone acting for Borrower, or of any tenant or other occupant, or failure
to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned.

  

	12.4	MAINTENANCE OF INSURANCE. 

Borrower shall: 
  

	 	(a)	maintain, or cause to be maintained, all required insurance throughout the term of the Loan and while any obligations of Borrower to Lender under any of the Loan
Documents remain outstanding, at Borrower’s expense, with companies, and in form and substance satisfactory to Lender. Insurance coverage as required hereunder which is provided by a tenant at the Property pursuant to a Lease shall be
acceptable coverage hereunder provided Lender has reasonably approved such coverage and all of the requirements for such insurance coverage in this Article 12 are satisfied, including, but not limited to, Section 12.6(b);

  

	 	(b)	as a condition to Lender entering into the Loan Documents and making the Loan, and as and when in the future requested by Lender, forward a paid receipt to Lender with
respect to all insurance coverage required under this Agreement, and such receipt shall indicate the policy period, the property location and the annual premium delineated with respect to each type of coverage provided by such policy. Lender, by
reason of accepting, rejecting, approving or obtaining insurance, shall not incur any liability for: (A) the existence, nonexistence, form or legal sufficiency of any insurance, (B) the solvency of any insurer or (C) the payment of
claims; 

  

	 	(c)	give Lender written notice of the cancellation of any Policies within five (5) days of receipt of any such notice of cancellation from the insurer; and

  

	 	(d)	deliver to Lender, not less than thirty (30) days prior to the expiration dates of the Policies (or certificates of insurance) theretofore furnished to Lender,
renewal Policies (or certificates of insurance) accompanied by evidence satisfactory to Lender of payment of the premiums due thereunder. 

  

	12.5	TERRORISM COVERAGE. 

Borrower shall at all times obtain and maintain (or cause to be obtained and maintained) coverage for Acts of Terror (the
“Terrorism Coverage”), which such Terrorism Coverage shall comply with each of the applicable requirements for the Policies set forth above (including, without limitation, those relating to deductibles, except as otherwise agreed to
by Lender in its sole and absolute discretion). As used herein, the term “Terrorism Coverage” shall mean coverage for Acts of Terror. As used above, “Acts of Terror” shall mean acts of terror or similar acts of
sabotage; provided, that, for so long as the Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (as the same may be further modified, amended, or extended, collectively,
“TRIPRA”), remains in full force and effect, the provisions of TRIPRA shall determine what is deemed to be included within this definition of “Acts of Terror”. Notwithstanding the foregoing, in no event shall
Borrower be required to pay annual premiums in excess of the TC Cap (defined below) in order to obtain the Terrorism Coverage (but Borrower shall be obligated to purchase such portion of the Terrorism Coverage as is obtainable by payment of annual
premiums equal to the TC Cap). As used above, “TC Cap” shall mean a premium in an amount to provide coverage equal to the outstanding principal balance of the Loan. 

 

 39 

	12.6	CERTAIN RIGHTS OF LENDER. 

  

	 	(a)	If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender shall have the right, with written
notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including obtaining such insurance coverage as Lender in its reasonable discretion deems appropriate. All premiums incurred by Lender in
connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Mortgage and shall bear interest at the Default Rate;

  

	 	(b)	Borrower shall assign the Policies or proofs of insurance to Lender, in such manner and form that Lender and its successors and assigns shall at all times have and hold
the same as security for the payment of the Loan. Lender shall be named as “Mortgagee” and “Loss Payee” on all Property Policies and as “Additional Insured” on any Liability Policy. If Borrower elects to obtain any
insurance which is not required under this Agreement, all related insurance policies shall be endorsed in compliance with this Section 12.6(b), and such additional insurance shall not be canceled without prior notice to Lender. From time
to time upon Lender’s request, Borrower shall identify to Lender all insurance maintained by Borrower with respect to the Property. The proceeds of Policies coming into the possession of Lender shall not be deemed trust funds, and Lender shall
be entitled to apply such proceeds as provided in Article 12 of this Agreement; and 

  

	 	(c)	Borrower shall give immediate written notice of any loss to the insurance carrier and to Lender. Borrower hereby irrevocably authorizes and empowers Lender, as attorney
in fact for Borrower coupled with an interest, to notify any of Borrower’s insurance carriers to add Lender as a loss payee, mortgagee insured or additional insured, as the case may be, to any policy maintained by Borrower (regardless of
whether such policy is required under this Agreement), to make proof of loss, to adjust and compromise any claim under insurance policies, to appear in and prosecute any action arising from such Policies, to collect and receive insurance proceeds,
and to deduct therefrom Lender’s reasonable expenses incurred in the collection of such proceeds. Nothing contained in this Section 12.6(c), however, shall require Lender to incur any expense or take any action hereunder.

  

	12.7	CASUALTY AND CONDEMNATION; RESTORATION PROCEEDS. 

  

	 	(a)	 Any and all awards, compensation, reimbursement, damages, proceeds, settlements, and other payments or relief paid or to be paid, together with all
rights and causes of action relating to or arising from, (i) any insurance policy maintained by, on behalf of, or by any tenant of the Property for the benefit of, Borrower following any damage, destruction, casualty or loss to all or any
portion of the Property (a “Casualty”, and such proceeds, “Insurance Proceeds”) or (ii) any temporary or permanent taking or voluntary conveyance of all or part of the Property, or any interest therein or right
accruing thereto or use thereof, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental Authority whether or not the same shall have actually been commenced (a “Taking”, and
such proceeds, “Condemnation Proceeds”, and together with Insurance Proceeds, collectively, “Restoration Proceeds”) are hereby assigned to Lender as additional collateral security hereunder subject to the Lien of
the Mortgage, to be applied in accordance with this Article 12. Borrower shall promptly notify Lender of any Casualty or Taking, but in no event later than ten (10) days thereafter. Subject to the terms and provisions of the Leases,
Lender shall be entitled to receive and collect all Restoration Proceeds, and Borrower shall instruct and cause the issuer of each policy of insurance described herein and any applicable Governmental Authority to deliver to Lender all Restoration
Proceeds. Borrower shall execute such further assignments of the Restoration Proceeds as Lender may from time to time reasonably require. Notwithstanding the foregoing, if the Restoration Proceeds, less the amount of Lender’s reasonable costs
and expenses (including attorneys’ fees and costs) incurred in collecting the same (the “Net Restoration Proceeds”), are $2,000,000 or less (the “Restoration Proceeds Threshold”), provided no Default then
exists, Lender shall disburse such Net Restoration Proceeds directly to Borrower and Borrower must use such Net Restoration Proceeds to restore and/or repair the Property. All Insurance Proceeds received by Borrower or

  

 40 

	 	 
Lender in respect of business interruption coverage, and all Condemnation Proceeds received with respect to a temporary Taking available to Borrower, shall be deposited in a segregated escrow
account with Lender or its servicer, as applicable, and Lender shall estimate the number of months required for Borrower to restore the damage caused such Casualty or replace cash flow interrupted by such temporary Taking, as applicable, and shall
to the extent of available proceeds (and subject to any other applicable requirements herein) divide the aggregate proceeds by such number of months, and, provided no Default then exists, shall disburse a monthly installment thereof to the
Restricted Account each such month to be held and disbursed in accordance with the terms of the Cash Management Agreement. Subject to Lender’s rights under Section 12.8, provided no Default has occurred and is continuing and the
Restoration has been completed in accordance with this Agreement, any Net Restoration Proceeds available to Borrower for Restoration, to the extent not used by Borrower in connection with, or to the extent they exceed the cost of such Restoration
and any reasonable costs incurred by Lender, shall be paid to Borrower. 

  

	 	(b)	Lender shall be entitled at its option to participate in any compromise, adjustment or settlement in connection with (i) any insurance policy claims relating to
any Casualty, and (ii) any Taking in an amount in controversy, in either case, in excess of the Restoration Proceeds Threshold, and Borrower shall within ten (10) Business Days after request therefor reimburse Lender for all reasonable
out-of-pocket expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection with such participation. Borrower shall not make any compromise, adjustment or settlement in connection with any such claim in
excess of the Restoration Proceeds Threshold or if a Default then exists without the prior written approval of Lender, which approval shall not be unreasonably withheld. Borrower shall not make any compromise, adjustment or settlement in connection
with any claim unless same is commercially reasonable. 

  

	 	(c)	If and to the extent Restoration Proceeds are not required to be made available to Borrower to be used for the Restoration of the Property affected by the Casualty or
Taking, as applicable, pursuant to this Agreement, Lender shall be entitled, without Borrower’s consent but subject to the rights of the tenant under any Lease, to apply such Restoration Proceeds or the balance thereof, at Lender’s option
either (i) to the full or partial payment or prepayment of the Loan, or (ii) to the Restoration of all or any part of the Property affected by the Casualty or Taking, as applicable. In the event that a Casualty or Taking exceeds the
thresholds set forth in Section 12.8(d) hereof and Lender has elected to apply the Restoration Proceeds thereof to the outstanding principal balance of the Loan, Borrower shall be permitted to release the affected Property from the Lien of the
Mortgage. 

  

	12.8	RESTORATION. 

Borrower shall restore and repair (or shall cause the restoration and repair of) the Property or any part thereof now or hereafter damaged
or destroyed by any Casualty or affected by any Taking; provided, however, that if the Casualty is not insured against or insurable, Borrower shall so restore and repair even though no Insurance Proceeds are received. Notwithstanding anything to the
contrary set forth in Section 12.7, Lender agrees that Lender shall make the Net Restoration Proceeds (other than business interruption insurance proceeds, which shall be held and disbursed as provided in Section 12.7)
available to Borrower for Borrower’s restoration and repair of the Property affected by the Casualty or Taking (a “Restoration”), as applicable, on the following terms and subject to Borrower’s satisfaction of the
following conditions; provided, that Lender shall have the right to waive any of the following conditions in its sole and absolute discretion: 
  

	 	(a)	At the time of such Casualty or Taking, as applicable, and at all times thereafter there shall exist no Default; 

 

	 	(b)	The Property affected by the Casualty or Taking, as applicable, shall be capable of being restored (including replacements) to substantially the same condition,
utility, quality and character, as existed immediately prior to such Casualty or Taking, as applicable, in all material respects with a fair market value and projected cash flow of the Property equal to or greater than prior to such Casualty or
Taking, as applicable; 

  

 41 

	 	(c)	Borrower shall demonstrate to Lender’s reasonable satisfaction Borrower’s ability to make the scheduled payments due under the Loan coming due during such
repair or restoration period (after taking into account proceeds from business interruption insurance carried by Borrower); 

  

	 	(d)	(i) in the event of a Casualty, less than thirty percent (30%) of each of (1) the fair market value of the Property and (2) the rentable area of the
Property has been damaged, destroyed or rendered unusable as a result of a Casualty or (ii) in the event of a Taking, less than fifteen percent (15%) of each of (1) the fair market value of the Property and (2) the rentable area
of the Property is taken, no material portion of the Improvements is located on such land and such Taking does not materially impair the existing access to the Property. In this clause (d), the fair market value shall be reasonably determined by
Lender, provided, however, if Borrower reasonably objects to Lender’s determination of fair market value, the fair market value shall be determined by an appraisal reasonably acceptable to Borrower and Lender; 

 

	 	(e)	Borrower shall have provided to Lender all of the following, and collaterally assigned the same to Lender pursuant to assignment documents reasonably acceptable to
Lender: (i) an architect’s contract with an architect reasonably acceptable to Lender and complete plans and specifications for the Restoration of the Property lost or damaged to the condition, utility and value required by
Section 12.8(b); (ii) fixed-price or guaranteed maximum cost construction contracts with contractors reasonably acceptable to Lender for completion of the Restoration work in accordance with the aforementioned plans and
specifications; (iii) such additional funds (if any) as are necessary from time to time, in Lender’s reasonable opinion, to complete the Restoration (which funds shall be held by Lender as additional collateral securing the Loan and shall
be disbursed, if at all, pursuant to this Article 12); and (iv) copies of all permits and licenses necessary to complete the Restoration in accordance with the plans and specifications and all applicable laws; 

 

	 	(f)	Borrower shall use commercially reasonable efforts to commence such work within one hundred eighty (180) days after such Casualty or Taking, as applicable, and
shall diligently pursue such work to completion; 

  

	 	(g)	Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (A) the date six (6) months prior to the Maturity Date,
(B) such time as may be required under applicable laws in order to repair and restore the Property to the condition as required hereunder, (C) the expiration of the business interruption insurance coverage referred to in
Section 12.1(b)(ii), and (D) earliest date required pursuant to the terms of any applicable Major Lease; and 

  

	 	(h)	the Property and the use thereof after the Restoration will be in compliance with all applicable laws in all material respects. 

 

	12.9	DISBURSEMENT. 

  

	 	(a)	Each disbursement by Lender of such Restoration Proceeds shall be funded subject to conditions and in accordance with disbursement procedures which a commercial
construction lender would typically establish in the exercise of sound banking practices, including, without limitation, requiring lien waivers, performance and insurance bonds, and any other documents, instruments or items which may be customarily
required by lenders. 

  

	 	(b)	 In no event shall Lender be obligated to make disbursements of Restoration Proceeds in excess of an amount equal to the costs actually incurred from
time to time for work in place as part of the Restoration, as determined by Lender, less, as to each contractor, subcontractor or materialman engaged in a Restoration, an amount equal to the greater of (i) ten percent (10%) of the costs
actually incurred for work in place as part of such Restoration, as reasonably determined by Lender, and (ii) the amount actually withheld by Borrower (the “Casualty Retainage”). The Casualty Retainage shall not be released
until Lender reasonably determines that the Restoration 

  

 42 

	 	 
has been completed in accordance with the provisions of this Agreement and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate
Governmental Authorities, and Lender receives evidence satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage. 

ARTICLE 13. INDEMNITY 
  

	13.1	INDEMNITY. 

BORROWER HEREBY AGREES TO DEFEND, INDEMNIFY AND HOLD HARMLESS LENDER, ITS DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, ATTORNEYS, AND
SUCCESSORS AND ASSIGNS (EACH, AN “INDEMNITEE”) FROM AND AGAINST ANY AND ALL ACTUAL LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS AND REASONABLE LEGAL OR OTHER EXPENSES (INCLUDING, WITHOUT LIMITATION,
REASONABLE ATTORNEYS’ FEES AND EXPENSES) WHICH LENDER OR SUCH OTHER INDEMNITEE MAY INCUR AS A DIRECT OR INDIRECT CONSEQUENCE OF: (A) THE PURPOSE TO WHICH BORROWER APPLIES THE LOAN PROCEEDS; (B) THE FAILURE OF BORROWER TO PERFORM ANY
OBLIGATIONS AS AND WHEN REQUIRED BY THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; (C) ANY FAILURE AT ANY TIME OF ANY OF BORROWER’S REPRESENTATIONS, COVENANTS OR WARRANTIES TO BE TRUE AND CORRECT; OR (D) ANY ACT OR OMISSION BY
BORROWER, CONSTITUENT PARTNER OR MEMBER OF BORROWER, ANY CONTRACTOR, SUBCONTRACTOR OR MATERIALS SUPPLIER, ENGINEER, ARCHITECT OR OTHER PERSON OR ENTITY WITH RESPECT TO ANY OF THE PROPERTY; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY
INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS, OR LEGAL OR OTHER EXPENSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE
RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE. BORROWER SHALL PROMPTLY PAY TO LENDER UPON DEMAND (WHICH DEMAND SHALL BE GIVEN PROMPTLY PROVIDED FAILURE TO PROMPTLY DELIVER SUCH DEMAND SHALL NOT ADVERSELY AFFECT
LENDER’S RIGHTS HEREUNDER) ANY AMOUNTS OWING UNDER THIS INDEMNITY, TOGETHER WITH INTEREST FROM THE DATE THE INDEBTEDNESS ARISES UNTIL PAID AT THE RATE OF INTEREST APPLICABLE TO THE PRINCIPAL BALANCE OF THE NOTE. BORROWER’S DUTY AND
OBLIGATIONS TO DEFEND, INDEMNIFY AND HOLD HARMLESS INDEMNITEES SHALL SURVIVE CANCELLATION OF THE NOTE AND THE RELEASE, RECONVEYANCE OR PARTIAL RECONVEYANCE OF ANY SECURITY FOR THE LOAN. 

 

	13.2	DUTY TO DEFEND, LEGAL FEES AND OTHER FEES AND EXPENSES. 

Upon written request by any Indemnitee, Borrower shall defend such Indemnitee (if requested by any Indemnitee, in the name of the
Indemnitee) by attorneys and other professionals approved by the Indemnitee. Notwithstanding the foregoing, any Indemnitee may, in their sole discretion, engage their own attorneys and other professionals to defend or assist them, and, at the option
of Indemnitee, their attorneys shall control the resolution of any claim or proceeding (other than a settlement thereof, which will require the prior written consent of Borrower). Upon demand, Borrower shall pay or, in the sole discretion of the
Indemnitee, reimburse, the Indemnitee for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith. 

 

	13.3	MORTGAGE AND INTANGIBLE TAX INDEMNIFICATION. 

Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless each Indemnitee from and against any
and all Losses imposed upon or incurred by or asserted against any Indemnitee and directly or indirectly arising out of or in any way relating to any tax on the making and/or recording of the Mortgage, the Note or any of the other Loan Documents.

  

 43 

	13.4	ERISA INDEMNIFICATION. 

Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless the Indemnitee from and against any
and all Losses (including, without limitation, reasonable attorneys’ fees and costs incurred in the investigation, defense, and settlement of Losses incurred in correcting any prohibited transaction or in the sale of a prohibited loan, and in
obtaining any individual prohibited transaction exemption under ERISA that may be required, in Lender’s sole discretion) that Indemnitee may incur, directly or indirectly, as a result of a default under Sections 5.1(i) and
7.2 of this Agreement. 
  

	13.5	SPECIAL SERVICING. 

Borrower shall pay all reasonable special servicing fees relating the transfer of the Loan to special servicing at any time during the
term of the Loan and for so long as the Loan is in special servicing. The obligations of Borrower set forth in this Section 13.5 are limited to the Borrower and Guarantor shall have no liability to Lender hereunder. 

ARTICLE 14. TRANSFER AND SUBSTITUTION OF PROPERTY 

 

	14.1	TRANSFER OF PROPERTY; ASSUMPTION OF LOAN. 

Notwithstanding anything to the contrary contained in the Mortgage, Lender shall consent to the voluntary sale or exchange of all (but not
a portion) of the Property by Mortgagor and an assumption of the Loan by the transferee no more than three (3) times so long as no Default has occurred and is continuing and all of the following conditions precedent have been satisfied:

  

	 	(a)	Notice. Lender’s receipt of not less than forty-five (45) days’ prior written notice of the proposed sale or exchange;

  

	 	(b)	Credit Review and Underwriting. Lender’s reasonable determination that the proposed purchaser, the proposed guarantor(s), if any, and the Property
all satisfy Lender’s then applicable credit review and market underwriting standards consistently applied to all borrowers, taking into consideration, among other things, (a) the experience and financial strength and condition and credit
quality of the proposed purchaser and the proposed guarantor(s), (b) any decrease in the Property’s cash flow which would result from any increase in real property taxes due to any anticipated reassessment of the Property for tax purposes,
and (c) any requirement of Lender that the proposed purchaser satisfy Lender’s then applicable criteria for a single purpose bankruptcy remote entity; 

 

	 	(c)	Experience. Lender’s reasonable determination that the proposed purchaser possesses satisfactory recent experience in the ownership and operation of
properties similar to the Property; 

  

	 	(d)	Impounds. Lender’s receipt of such new or increased Impounds as Lender may reasonably require, including, without limitation, new or increased
Impounds for taxes, insurance, tenant improvements and leasing commissions, capital improvements and capital expenditures, and the amendment of the Loan Documents to require the purchaser to make monthly deposits of such new or increased Impounds
for such purposes thereafter; 

  

	 	(e)	Documents and Instruments. Lender’s receipt of such fully executed documents and instruments as Lender shall reasonably require, in form and content
reasonably satisfactory to Lender, including, without limitation, (i) an assumption agreement under which the purchaser assumes all obligations and liabilities of Borrower under this Agreement and the other Loan Documents and agrees to such
amendments to the Loan Documents as Lender may reasonably require in order to reflect the change in the borrowing entity and principals and any new or increased Impounds, and (ii) a consent to the sale or exchange by each existing Guarantor and
a reaffirmation of each Guarantor’s obligations and liabilities under each guaranty or the execution of new guaranties by new guarantors satisfactory to Lender in its reasonable discretion, 

 

 44 

	 	(f)	Opinions. The purchaser shall furnish an opinion of counsel reasonably satisfactory to Lender and its counsel (i) that the assumption of the Loan has
been duly authorized, executed and delivered, and that the Note, the assumption agreement and the other Loan Documents are valid, binding and enforceable against the purchaser in accordance with their terms, (ii) that purchaser, any member or
general partner of the purchaser (including any SPE Party), and any additional signatory of the purchaser have been duly formed or organized and are in existence and good standing, and (iii) with respect to such other matters as Lender may
reasonably request, and if required in connection with the original Loan, a bankruptcy non-consolidation opinion with respect to the purchaser, its equity owners, Guarantor and such other parties as Lender may require, substantially in the form as
executed at closing of the original Loan; 

  

	 	(g)	Title Insurance. If required by Lender, delivery to Lender of evidence of title insurance reasonably satisfactory to Lender insuring Lender that the lien
of the Mortgage and the priority thereof will not be impaired or affected by reason of such sale or exchange of the Property; 

  

	 	(h)	Assumption Fee. Payment to Lender of an assumption fee equal to one half of one percent (.5%) of the then outstanding principal balance of the Note, but
not less than Fifteen Thousand and No/100 Dollars ($15,000); 

  

	 	(i)	Costs and Expenses. Payment to Lender of any and all reasonable costs and expenses paid or incurred by Lender in connection with any request for a sale or
exchange, including, without limitation, all in-house or outside counsel attorneys’ fees, title insurance fees, lien and tax search fees, appraisal fees, inspection fees, and environmental consultant’s fees and any fees or charges of the
applicable Rating Agencies; 

  

	 	(j)	No Downgrade. If required by Lender and with Lender’s assistance, delivery to Lender of written evidence from the Rating Agencies that such sale or
exchange will not result in a downgrading, withdrawal or qualification of the respective ratings in effect immediately prior to the sale or exchange for any securities issued in connection with the securitization of the Loan which are then
outstanding; and 

  

	 	(k)	No Adverse REMIC Event. If required by Lender, delivery to Lender of an opinion of tax counsel, in form and content and issued by tax counsel satisfactory
to Lender’s counsel, that such sale or exchange shall not (a) constitute a “significant modification” of the Loan within the meaning of Treasury Regulation Section 1.860G-2(b) or (b) cause the Loan to fail to be a
“qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code. 

 Lender shall fully
release Borrower and each existing Guarantor from any further obligation or liability to Lender under this Agreement and the other Loan Documents upon the assumption by the purchaser and each new guarantor of all of Borrower’s and each
Guarantor’s obligations and liabilities hereunder and under the Loan Documents and the satisfaction of all other conditions precedent to a sale or exchange in accordance with the provisions of this Article 14. 

Notwithstanding the foregoing or anything herein to the contrary, Borrower may not exercise its rights pursuant to this Article 14 during
the period that commences on the date that is sixty (60) days prior to the date of any intended securitization of the Loan and ending on the date that is sixty (60) days after the date of such securitization of the Loan. 

 

	14.2	SUBSTITUTION. 

  

	 	(a)	 Subject to the terms and conditions set forth in this Section 14.2, following the Earn-Out Advance, Borrower may obtain a release of the
Lien of the Mortgage (and the related Loan Documents) on the Northrop VA Property (the “Substituted Property”), but only up to fifteen percent (15%) of the outstanding principal balance of the Loan, it being understood that the
difference between fifteen 

  

 45 

	 	 
(15%) of the outstanding principal balance of the Loan and the Allocated Loan Amount of the Substituted Property shall be subject to Partial Defeasance, by substituting therefor another
commercial property or properties of like kind and quality acquired by Borrower or an Affiliate thereof (the “Substitute Property”), provided that the following conditions precedent are satisfied: 

(A) the purchase option granted with respect to the Northrop VA Property shall have been exercised; 

(B) all conditions to substitute the Northrop VA Property in the Mezzanine Loan Agreement shall have been satisfied;

 (C) the Maturity Date shall have not occurred. 

(D) Lender shall have received at least forty-five (45) days prior written notice requesting the substitution and
identifying the Substitute Property. 
 (E) Lender shall have received a copy of a deed conveying all of
Borrower’s right, title and interest in and to the Substituted Property to an entity other than Borrower pursuant to the purchase option with respect to the Northrop VA Property and a letter from Borrower countersigned by a title insurance
company acknowledging receipt of such deed and agreeing to record such deed in the real estate records for the county in which the Substituted Property is located. 

(F) Lender shall have received a fee in the amount of one quarter of one percent (0.25%) of the Release Price for the
Substituted Property. 
 (G) If the Loan is part of a Securitization, Lender shall have received an appraisal of
the Substitute Property, dated no more than sixty (60) days prior to the substitution date, by an appraiser reasonably acceptable to the Rating Agencies. 

(H) The fair market value of the Substitute Property shall not be less than one hundred five percent (105%) of the
greater of (A) the fair market value of the Substituted Property as of the Disbursement Date and (B) the fair market value of the Substituted Property as of the date immediately preceding the substitution, which determination shall be made
by (I) Lender in its reasonable discretion if the Loan is not part of a Securitization and (II) Lender based on the appraisals delivered pursuant to clause (G) above if the Loan is part of a Securitization. 

(I) After giving effect to the substitution, the Debt Yield for the Loan for all of the Properties (excluding the
Substituted Property and including the Substitute Property) is not less than the greater of (i) the Closing Date Debt Yield and (ii) the Debt Yield for the Loan for all of the Properties as of the date immediately preceding the
substitution. 
 (J) The Adjusted Actual Net Operating Income for the Substitute Property as of the date of the
substitution is greater than the Adjusted Actual Net Income for the Substitute Property of any of the prior three (3) years. 

(K) The Adjusted Actual Net Operating Income for the Substitute Property is greater than one hundred five percent
(105%) of the Adjusted Actual Net Operating Income for the Substituted Property. 
 (L) If the Loan is part
of a Securitization, Lender shall have received (with Lender’s assistance) confirmation in writing from the Rating Agencies to the effect that such substitution will not result in a withdrawal, qualification or downgrade of the respective
ratings in effect immediately prior to such substitution for the securities, or any class thereof, issued in connection with the Securitization that are then outstanding. If the Loan is not part of a Securitization, Lender shall have consented in
writing to such substitution, which consent shall not be unreasonably withheld. 
  

 46 

 (M) No Default shall have occurred and be continuing and Borrower shall be
in compliance in all material respects with all terms and conditions set forth in this Agreement and in each Loan Document on Borrower’s part to be observed or performed. Lender shall have received a certificate from Borrower confirming the
foregoing, stating that the representations and warranties of Borrower contained in this Agreement and the other Loan Documents are true and correct in all material respects on and as of the date of the substitution with respect to Borrower, the
Properties and the Substitute Property and containing any other representations and warranties with respect to Borrower, the Properties, the Substitute Property or the Loan as the Rating Agencies may reasonably require, unless such certificate would
be inaccurate, such certificate to be in form and substance reasonably satisfactory to the Rating Agencies. 

(N) Borrower shall (A) have executed, acknowledged and delivered to Lender (I) such security instruments and
UCC-1 financing statements with respect to the Substitute Property as Lender may reasonably require, together with a letter from Borrower countersigned by a title insurance company acknowledging receipt of such security instruments and financing
statements and agreeing to record or file, as applicable, such security instruments and financing statements in the appropriate recording or filing offices so as to effectively create upon such recording and filing valid and enforceable Liens upon
the Substitute Property, of the requisite priority, in favor of Lender (or such other trustee as may be desired under local law), subject only to the Permitted Encumbrances and such other Liens as are permitted pursuant to the Loan Documents and
(II) a hazardous substances indemnity agreement with respect to the Substitute Property and (B) have caused the Guarantor to acknowledge and confirm their respective obligations under the Loan Documents. The required security documents,
financing statements and other documents shall be the same in form and substance as the counterparts of such documents executed and delivered with respect to the related Substituted Property subject to modifications reflecting only the Substitute
Property as the property that is the subject of such documents and such modifications reflecting the laws of the state in which the Substitute Property is located as are customarily delivered in similar transactions in such state and delivering the
opinion as to the enforceability of such documents required pursuant to clause (T) below. The security instrument encumbering the Substitute Property shall secure all amounts evidenced by the Note, provided that in the event that the
jurisdiction in which the Substitute Property is located imposes a mortgage recording, intangibles or similar tax and does not permit the allocation of indebtedness for the purpose of determining the amount of such tax payable, the principal amount
secured by such security instrument shall be equal to one hundred twenty-five percent (125%) of the allocated loan amount of the Substitute Property. The amount of the Loan allocated to the Substitute Property (such amount being hereinafter
referred to as the “Substitute Release Price”) shall equal an amount equal to fifteen percent (15%) of the then current principal balance of the Loan. 

(O) Lender shall have received (A) to the extent available any “tie-in” or similar endorsement to each
title insurance policy insuring the Lien of an existing Mortgage as of the date of the substitution with respect to the title insurance policy insuring the Lien of the Mortgage with respect to the Substitute Property and (B) a title insurance
policy (or a marked, signed and redated commitment to issue such title insurance policy) insuring the Lien of the Mortgage encumbering the Substitute Property, issued by the title company that issued the title insurance policies insuring the Lien of
the existing Mortgages (or any other reputable national title insurance company approved by Lender) and dated as of the date of the substitution, with reinsurance and direct access agreements that replace such agreements issued in connection with
the title insurance policy insuring the Lien of the Mortgage encumbering the Substituted Property. The title insurance policy issued with respect to the Substitute Property shall (1) provide coverage in the amount of the Substitute Release
Price if the “tie-in” or similar endorsement described above is available or, if such endorsement is not available, in an amount equal to one hundred fifty percent (150%) of the Substitute Release Amount, (2) insure Lender that
the relevant Mortgage creates a 
  

 47 

 
valid first lien on the Substitute Property encumbered thereby, free and clear of all exceptions from coverage other than Permitted Encumbrances and standard exceptions and exclusions from
coverage (as modified by the terms of any endorsements), (3) contain such endorsements and affirmative coverages as are then available and are contained in the title insurance policies insuring the Liens of the existing Mortgages, and
(4) name Lender as the insured. Lender also shall have received copies of paid receipts or other evidence showing that all premiums in respect of such endorsements and title insurance policies have been paid. 

(P) Lender shall have received a current survey for the Substitute Property, certified to the title company and Lender
and their successors and assigns, in the same form and having the same content as the certification of the survey of the Substituted Property prepared by a professional land surveyor licensed in the state in which the Substitute Property is located
and acceptable to the Rating Agencies. Such survey shall reflect the same legal description contained in the title insurance policy relating to such Substitute Property and shall include, among other things, a metes and bounds description of the
real property comprising part of such Substitute Property (unless such real property has been satisfactorily designated by lot number on a recorded plat). The surveyor’s seal shall be affixed to each survey and each survey shall certify that
the surveyed property is not located in a “one-hundred-year flood hazard area.” 
 (Q) Lender shall
have received valid certificates of insurance indicating that the requirements for the policies of insurance required for a Property hereunder have been satisfied with respect to the Substitute Property and evidence of the payment of all premiums
payable for the existing policy period. 
 (R) Lender shall have received a Phase I environmental report from an
environmental consultant that typically provides such reports to Lender, and, if recommended under the Phase I environmental report, a Phase II environmental report, which conclude that the Substitute Property does not contain any hazardous
materials and is not subject to any risk of contamination from any off-site hazardous materials. If any such report discloses the presence of any hazardous materials or the risk of contamination from any off-site hazardous materials, such report
shall include an estimate of the cost of any related remediation and Borrower shall deposit with Lender an amount equal to one hundred twenty-five percent (125%) of such estimated cost, which deposit shall constitute additional security for the
Loan and shall be released to Borrower upon the delivery to Lender of (A) an update to such report indicating that there are no longer any hazardous materials on the Substitute Property or any danger of contamination from any off-site hazardous
materials that has not been fully remediated and (B) paid receipts indicating that the costs of all such remediation work have been paid. 

(S) Borrower shall deliver or cause to be delivered to Lender (A) updates certified by Borrower of all
organizational documentation related to Borrower and/or the formation, structure, existence, good standing and/or qualification to do business delivered to Lender on the Disbursement Date; (B) good standing certificates, certificates of
qualification to do business in the jurisdiction in which the Substitute Property is located (if required in such jurisdiction); and (C) resolutions of Borrower authorizing the substitution and any actions taken in connection with such
substitution. 
 (T) Lender shall have received the following opinions of Borrower’s counsel: (A) an
opinion or opinions of counsel admitted to practice under the laws of the state in which the Substitute Property is located stating that the Loan Documents delivered with respect to the Substitute Property pursuant to clause (N) above are valid
and enforceable in accordance with their terms, subject to the laws applicable to creditors’ rights and equitable principles, and that Borrower is qualified to do business and in good standing under the laws of the jurisdiction where the
Substitute Property is located or that Borrower is not required by applicable law to qualify to do business in such jurisdiction; (B) an opinion of counsel acceptable to the Rating Agencies if the Loan is part of a Securitization, or the Lender
if the Loan is not part of a Securitization, stating that the Loan Documents delivered with respect to the Substitute Property pursuant to clause (N) 

 

 48 

 
above were duly authorized, executed and delivered by Borrower and that the execution and delivery of such Loan Documents and the performance by Borrower of its obligations thereunder will not
cause a breach of, or a default under, any agreement, document or instrument to which Borrower is a party or to which it or its properties are bound; (C) an opinion of counsel acceptable to, the Rating Agencies if the Loan is part of a
Securitization, or the Lender if the Loan is not part of a Securitization, stating that subjecting the Substitute Property to the Lien of the related Mortgage and the execution and delivery of the related Loan Documents does not and will not affect
or impair the ability of Lender to enforce its remedies under all of the Loan Documents or to realize the benefits of the cross-collateralization provided for thereunder; (D) an update of the Non-Consolidation Opinion indicating that the
substitution does not affect the opinions set forth therein; (E) an opinion of counsel acceptable to, the Rating Agencies if the Loan is part of a Securitization, or the Lender if the Loan is not part of a Securitization, stating that the
substitution and the related transactions are arms length transactions and do not constitute a fraudulent conveyance under applicable bankruptcy and insolvency laws and (F) if the Loan is part of a Securitization, an opinion of counsel
acceptable to the Rating Agencies that the substitution does not constitute a “significant modification” of the Loan under Section 1001 of the Code or otherwise cause a tax to be imposed on a “prohibited transaction” by any
REMIC Trust. 
 (U) Borrower shall have paid, or escrowed with Lender, all due and payable insurance premiums
(unless the Property is covered by a blanket insurance policy), taxes and other charges relating to each of the Properties and the Substitute Property, including without limitation, (i) accrued but unpaid insurance premiums relating to each of
the Properties and the Substitute Property, and (ii) currently due and payable Taxes (including any in arrears) relating to each of the Properties and the Substitute Property and (iii) currently due and payable maintenance charges and
other impositions relating to each of the Properties and Substitute Property. Any Impounds or other amounts held by Lender with respect to the Substituted Property shall, at the Borrower’s election, be applied to (i) amounts payable by
Borrower in connection with this Section 14.2(U), (ii) returned to Borrower, or (iii) or applied to other amounts due and payable by Borrower under this Agreement. 

(V) Borrower shall have paid or reimbursed Lender for all reasonable third party costs and expenses actually incurred by
Lender (including, without limitation, reasonable attorneys fees and disbursements) in connection with the substitution and Borrower shall have paid all recording charges, filing fees, taxes or other expenses (including, without limitation, mortgage
and intangibles taxes and documentary stamp taxes) payable in connection with the substitution. Borrower shall have paid all reasonable costs and expenses of the Rating Agencies incurred in connection with the substitution. 

(W) Lender shall have received annual operating statements and occupancy statements for the Substitute Property for the
most current completed fiscal year and a current operating statement for the Substituted Property, each certified (to Borrower’s knowledge) to Lender as being true and correct in all material respects and a certificate from Borrower certifying
(to Borrower’s knowledge) that there has been no material adverse change in the financial condition of the Substitute Property since the date of such operating statements. 

(X) Borrower shall have delivered to Lender estoppel certificates from any existing tenants of the Substitute Property.
All such estoppel certificates shall be substantially in the form approved by Lender in connection with the origination of the Loan and shall indicate that (1) the subject lease is a valid and binding obligation of the tenant thereunder,
(2) there are no material defaults under such lease on the part of the landlord or tenant thereunder, (3) the tenant thereunder has no defense or offset to the payment of rent under such leases, (4) no rent under such lease has been
paid more than one (1) month in advance, (5) the tenant thereunder has no option under such lease to purchase all or any portion of the Substitute Property, unless the lowest possible purchase price for such option to purchase exceeds the
Release Price of the Substituted Property, and (6) all tenant improvement work required under such lease has been completed and the tenant under such lease is in actual occupancy of its leased premises. If an estoppel certificate indicates that
all 
  

 49 

 
tenant improvement work required under the subject lease has not yet been completed, Borrower shall, if required by the Rating Agencies, deliver to Lender financial statements indicating that
Borrower has adequate funds to pay all costs related to such tenant improvement work as required under such lease. In lieu of estoppel certificates delivered by tenants, Borrower may execute and deliver estoppel certificates with respect to such
Leases for Leases of not more than 10% (in the aggregate) of the total square footage of the Substitute Property. 

(Y) Lender shall have received copies of all tenant leases affecting the Substitute Property certified to Borrower’s
knowledge as being true and correct. 
 (Z) Lender shall have received subordination, nondisturbance and
attornment agreements in the form approved by Lender in connection with the origination of the Loan with respect to tenants designated by Lender at the Substitute Property. 

(AA) Lender shall have received (A) an endorsement to the title insurance policy insuring the Lien of the Mortgage
encumbering the Substitute Property insuring that the Substitute Property constitutes a separate tax lot or, if such an endorsement is not available in the state in which the Substitute Property is located, a letter from the title insurance company
issuing such title insurance policy stating that the Substitute Policy constitutes a separate tax lot or (B) a letter from the appropriate taxing authority stating that the Substitute Property constitutes a separate tax lot (or other evidence
with respect thereto). 
 (BB) Lender shall have received a physical conditions report with respect to the
Substitute Property stating that the Substitute Property and its use comply in all material respects with all applicable legal requirements (including, without limitation, zoning, subdivision and building laws) and that the Substitute Property is in
good condition and repair and free of material damage or waste. If compliance with any legal requirements are not addressed by the physical conditions report, such compliance shall be confirmed by delivery to Lender of a certificate of an architect
licensed in the state in which the Substitute Property is located, a letter from the municipality in which such Property is located, a certificate of a surveyor that is licensed in the state in which the Substitute Property is located (with respect
to zoning and subdivision laws), an ALTA 3.1 zoning endorsement to the title insurance policy delivered pursuant to clause (O) above (with respect to zoning laws) or a subdivision endorsement to the title insurance policy delivered pursuant to
clause (O) above (with respect to subdivision laws). If the physical conditions report recommends that any repairs be made with respect to the Substitute Property, such physical conditions report shall include an estimate of the cost of such
recommended repairs and Borrower shall deposit with Lender an amount equal to one hundred twenty-five percent (125%) of such estimated cost, which deposit shall constitute additional security for the Loan and shall be released to Borrower upon
the delivery to Lender of (A) an update to such physical conditions report or a letter from the engineer that prepared such physical conditions report indicating that the recommended repairs were completed in good and workmanlike manner and
(B) paid receipts indicating that the costs of all such repairs have been paid. 
 (CC) Lender shall have
received a certified copy of the management agreement reflecting the Substitute Property as a property managed pursuant thereto and Manager shall have executed and delivered to Lender a consent and subordination agreement with respect to such
management agreement in the same form as delivered to Lender on the Disbursement Date. 
 (DD) Lender shall have
received such other and further approvals, opinions, documents and information in connection with the substitution as reasonably requested by the Rating Agencies if the Loan is part of a Securitization, or the Lender if the Loan is not part of a
Securitization. 
 (EE) Lender shall have received copies of all contracts and agreements relating to the
leasing and operation of the Substitute Property together with a certification of Borrower attached to each such contract or agreement certifying that the attached copy is a true and correct copy of such contract or agreement and all amendments
thereto. 
  

 50 

 (FF) Borrower shall submit to Lender, not less than ten (10) days
prior to the date of such substitution, a release of Lien (and related Loan Documents) for the Substituted Property for execution by Lender. Such release shall be in a form appropriate for the jurisdiction in which the Substituted Property is
located. Borrower shall deliver an Officer’s Certificate certifying that the requirements set forth in this Section 14.2 have been satisfied. 

(GG) The weighted average Lease terms at the Substitute Property based on Net Operating Income shall extend no less than
three (3) years beyond the Maturity Date. 
 (HH) Upon the satisfaction of the foregoing conditions
precedent, Lender will release its Lien from the Substituted Property to be released and the Substitute Property shall be deemed to be a Property for purposes of this Agreement and the Substitute Release Price with respect to such Substitute
Property shall be deemed to be the Release Price with respect to such Substitute Property for all purposes hereunder. 

ARTICLE 15. DUE ON SALE/ENCUMBRANCE 
  

	15.1	DUE ON SALE/ENCUMBRANCE. 

  

	 	(a)	Definitions. The following terms shall have the meanings indicated: 

“Restricted Party” shall mean each of (i) Borrower, (ii) any SPE Party, (iii) any Intermediate Holdco,
(iv) any Holdco, (v) Guarantor, and (vi) any shareholder, partner, member or non-member manager, or any direct legal or beneficial owner of Borrower, SPE Party, Intermediate Holdco, Holdco or Guarantor. 

“Transfer” shall mean any sale, installment sale, exchange, mortgage, pledge, hypothecation, assignment, encumbrance or
other transfer, conveyance or disposition, whether voluntarily, involuntarily or by operation of law or otherwise (but excluding Leases). 
  

	 	(b)	Property Transfers. 

  

	 	(i)	Prohibited Property Transfers. Except as otherwise permitted in this Agreement, Borrower shall not cause or permit any Transfer of all or any part of or
any direct or indirect legal or beneficial interest in the Property or the Collateral (collectively, a “Prohibited Property Transfer”), including, without limitation, (A) a Lease of all or a material part of the Property for
any purpose other than actual occupancy by a space tenant; and (B) the Transfer of all or any part of Borrower’s right, title and interest in and to any Leases or Payments. 	 

  

	 	(ii)	Permitted Property Transfers. Notwithstanding the foregoing, none of the following Transfers shall be deemed to be a Prohibited Property Transfer:
(A) a Transfer which is expressly permitted under this Agreement; (B) a Lease which is permitted under the terms of the Loan Documents; and (C) the sale of inventory in the ordinary course of business. 

 

	 	(c)	Equity Transfers. 

  

	 	(i)	 Prohibited Equity Transfers. Except as may be permitted under this Agreement, Borrower shall not cause or permit any Transfer of any
direct or indirect legal or beneficial interest in a Restricted Party (collectively, a “Prohibited Equity Transfer”), including without limitation, (A) if a Restricted Party is a corporation, any merger, consolidation or other
Transfer of such corporation’s stock or the creation or issuance of 

  

 51 

	 	 
new stock in one or a series of transactions; (B) if a Restricted Party is a limited partnership, limited liability partnership, general partnership or joint venture, any merger or
consolidation or the change, removal, resignation or addition of a general partner or the Transfer of the partnership interest of any general or limited partner or any profits or proceeds relating to such partnership interests or the creation or
issuance of new limited partnership interests; (C) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non-member manager (or if no managing
member, any member) or any profits or proceeds relating to such membership interest, or the Transfer of a non-managing membership interest or the creation or issuance of new non-managing membership interests; or (D) if a Restricted Party is a
trust, any merger, consolidation or other Transfer of any legal or beneficial interest in such Restricted Party or the creation or issuance of new legal or beneficial interests. 
	 

  

	 	(ii)	Permitted Equity Transfers. Notwithstanding the foregoing or any other provision hereunder to the contrary, the following equity or property transfers
shall be permitted and shall not be deemed Prohibited Equity Transfers (and each shall be permitted hereunder without the consent of Lender or the payment of any assumption fee), provided, (x) any of the applicable conditions set forth in this
Section 15.1(c)(ii) are complied with by Borrower, (y) Borrower pays all of Lender’s reasonable out of pocket costs and expenses in connection therewith and (z) in the event the transfer of any direct or indirect equity
ownership in any Restricted Party that results in any Person and its Affiliates owning in excess of forty-nine percent (49%) of the direct or indirect equity ownership interests in Borrower or in any SPE Party, such transfers, if otherwise
permitted hereunder, shall also be conditioned upon delivery to Lender of a new Non-Consolidation Opinion addressing such transfer: 

(A) a sale, transfer or assignment (each, a “Transfer”) by holders of direct or indirect interests in
Borrower (each an “Interest Holder”) as of the Disbursement Date (including, without limitation, those interests held, directly or indirectly, by Dividend Capital Total Realty Trust Inc. (“TRT”) or Dividend Capital
Total Realty Operating Partnership LP (“TROP”)) to another person or entity who is not an Interest Holder, provided, however, that (i) after taking into account any prior Transfers pursuant to this sentence, whether to the
proposed transferee or otherwise, no such Transfer (or series of Transfers) shall result in a change of Control (as hereinafter defined) of Borrower or the day to day operations of the Property, (ii) Borrower shall give Lender notice of such
Transfer together with copies of all instruments effecting such Transfer reasonably requested by Lender, not less than thirty (30) days after the date of such Transfer; and (iii) no Default shall have occurred and is continuing;

 (B) any Transfer, sale, assignment or issuance, from time to time, of (i) any securities in TRT, or
(ii) any operating partnership units in TROP, provided, however, that TRT and TROP shall continue to (x) Control (as defined in clause (ii) in the definition of Control) directly or indirectly, the Borrower and the day to day
operations of the Property on the date of such Transfer and (y) own, directly or indirectly, at least 25% of all equity interests in Borrower; 

(C)(i) any Transfer, sale, assignment, or issuance from time to time, of the shares of stock or assets in TRT or TROP,
(ii) any Transfer by operation of law resulting from the merger, consolidation, or non-bankruptcy reorganization, of TRT or TROP, (iii) the listing of the securities in TRT or TROP on a national securities exchange, (iv) the
conversion of TRT or TROP, or any subsidiary thereof, into an “open end fund”, or (v) the transfer of any Property from Borrower to an affiliate of Borrower that is owned and controlled in substantially the same manner as Borrower is
owned and controlled on the Disbursement Date and with the equivalent or better financial condition than that of Borrower (“Affiliate Transferee”) provided that (x) the organizational documents of the Affiliate Transferee are
substantially similar to the organizational documents of Borrower and (y) the Affiliate Transferee executes assumption documentation reasonably required by Lender (it being understood and agreed that no assumption fee shall be payable in
connection 
  

 52 

 
with any such assumption); provided, however, that, to the extent that any Transfer under subsections (i) or (ii) above, results in a change in Control of TRT or TROP, as applicable,
then Borrower must satisfy each of the applicable conditions relating to an assumption of the Loan by a new transferee pursuant to the applicable section within the Loan Agreement; 

(D) subject to clause (C) above, a sale, issuance or Transfer of shares or other securities of TRT or any of its
affiliates, which are listed on any national securities exchange; and 
 (E)(1) the closing of the
Mezzanine Loan and the execution and delivery of all of the Mezzanine Loan Documents and the performance of all of the obligations thereunder by Mezzanine Borrower and any other parties thereto and (2) foreclosure (or deed in lieu of
foreclosure) by Mezzanine Lender of any direct or indirect membership interests of Borrower under any pledge agreement under the Mezzanine Loan, including under the Mezzanine Pledge Agreement. 

 

	15.2	REPLACEMENT MEZZANINE DEBT. 

Notwithstanding anything to contrary contained in this Agreement, certain owners of Borrower shall be permitted to obtain mezzanine
financing (the “New Mezzanine Loan”) upon the repayment in full of the Mezzanine Loan, which New Mezzanine Loan shall be secured by the membership or partnership interests in Borrower or the direct or indirect owners of Borrower,
subject to the following conditions and requirements: 
  

	 	(a)	the New Mezzanine Loan shall be junior and subordinate to the Loan and subject to the terms of a New Mezzanine Intercreditor (defined below); 

 

	 	(b)	Lender’s review and approval in its reasonable discretion of all of the terms and conditions of the New Mezzanine Loan, including the interest rate and loan amount
(unless such interest rate and loan amount are less than the interest rate and the loan amount of the Mezzanine Loan), and the documents evidencing the New Mezzanine Loan; 

 

	 	(c)	the New Mezzanine Loan shall only be payable out of any excess cash flow from the Property (i.e., after all debt service and other payments, reserve payments and
escrows due under the Loan and all operating expenses have been paid) or from equity contributions, and as otherwise permitted under the New Mezzanine Intercreditor; 

 

	 	(d)	the Debt Yield, including for the purposes of this calculation the New Mezzanine Loan is not less than (i) 15.0% or (ii) in the event the Earn-Out Advance
shall have been made, 13.7%; 

  

	 	(e)	the lender under the New Mezzanine Loan (the “New Mezzanine Lender”) shall be a Qualified Transferee and shall at all times during the term of the Loan
be the sole owner and holder of the New Mezzanine Loan and shall not assign or pledge all or any portion thereof to any other third party other than a Qualified Transferee; 

 

	 	(f)	the New Mezzanine Lender shall enter into an intercreditor agreement with Lender in form and substance satisfactory to the Rating Agencies and reasonably satisfactory
to Lender (the “New Mezzanine Intercreditor”); 

  

	 	(g)	the New Mezzanine Loan shall be nonrecourse to Borrower as to principal and interest required to be paid under the New Mezzanine Loan and shall not be secured by a lien
against the Property; 

  

	 	(h)	Borrower shall reimburse Lender for all of Lender’s reasonable attorney’s fees and actual out-of-pocket expenses incurred by Lender in reviewing the New
Mezzanine Loan documents and negotiating and documenting the New Mezzanine Intercreditor; and 

  

	 	(i)	 Borrower, at Borrower’s sole cost and expense and with Lender’s assistance, shall deliver a confirmation from the Rating Agencies that such
New Mezzanine Loan will not result in a 

  

 53 

	 	 
downgrading, withdrawal or qualification of the respective ratings in effect immediately prior to the sale or exchange for any securities issued in connection with the securitization of the Loan
which are then outstanding. 

 The final capital structure of the New Mezzanine Loan is subject in all respects
to Lender’s reasonable approval and the Rating Agencies’ approval, including, without limitation, the organizational structure of Borrower. 

ARTICLE 16. MISCELLANEOUS PROVISIONS 
  

	16.1	FORM OF DOCUMENTS. 

The form and substance of all documents, instruments, and forms of evidence to be delivered to Lender under the terms of this Agreement
and any of the other Loan Documents shall (unless expressly set forth to the contrary) be subject to Lender’s approval as more particularly set forth hereunder and under the other Loan Documents and shall not be modified, superseded or
terminated in any respect without Lender’s prior written approval. 
  

	16.2	NO THIRD PARTIES BENEFITED. 

No Person other than Lender and Borrower (and Guarantor with respect to the Guaranty) and their respective permitted successors and
assigns shall have any right of action under any of the Loan Documents. 
  

	16.3	NOTICES. 

 All
notices, demands, or other communications under this Agreement and the other Loan Documents shall be in writing and shall be delivered to the appropriate party at the address set forth on the signature page of this Agreement (subject to change from
time to time by written notice to all other parties to this Agreement). All notices, demands or other communications shall be considered as properly given if delivered personally or sent by certified mail, return receipt requested, or by overnight
express mail or by overnight commercial courier service, charges prepaid. Notices so sent shall be effective upon receipt; provided, however, that non-receipt of any communication as the result of any change of address of which the sending party was
not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. 
  

	16.4	ONGOING CREDIT AUTHORIZATION. 

Borrower grants authorization to Lender to perform credit investigation on Borrower, Guarantor and other Affiliates of Borrower from time
to time over the term of the Loan at Lender’s expense. 
  

	16.5	ATTORNEY-IN-FACT. 

Borrower hereby irrevocably appoints and authorizes Lender, as Borrower’s attorney-in-fact, after the occurrence and during the
continuance of a Default, which agency is coupled with an interest, to execute and/or record at any time hereafter and during the term of the Loan in Lender’s or Borrower’s name any notices, instruments or documents that Lender reasonably
deems necessary to protect or otherwise perfect Lender’s interest under any of the Loan Documents. 
  

	16.6	ACTIONS. 

 Borrower
agrees that Lender, in exercising the rights, duties or liabilities of Lender or Borrower under the Loan Documents, may (upon prior consultation with Borrower) commence, appear in or defend any action or proceeding which is reasonably likely to have
a Material Adverse Effect on the Property or the Loan Documents, and Borrower shall reimburse Lender upon demand for all such reasonable expenses so incurred or paid by Lender, including, without limitation, reasonable attorneys’ fees and
expenses and court costs; provided that Section 16.10 shall apply with respect to disputes between Lender and Borrower. 
  

 54 

	16.7	RIGHT OF CONTEST. 

Borrower may contest in good faith any claim, demand, levy or assessment by any Person other than Lender which would constitute a Default
if: (a) Borrower pursues the contest diligently, in a manner which Lender determines (in its reasonable discretion) is not prejudicial to Lender, and does not impair in any material respect the rights of Lender under any of the Loan Documents;
and (b) Borrower deposits with Lender any funds or other forms of assurance (which may include funds then held as Impounds, as determined in Lender’s reasonable discretion) which Lender in good faith determines from time to time
appropriate to protect Lender from the consequences of the contest being unsuccessful. Borrower’s compliance with this Section shall operate to prevent such claim, demand, levy or assessment from becoming a Default. 

 

	16.8	RELATIONSHIP OF PARTIES. 

The relationship of Borrower and Lender under the Loan Documents is, and shall at all times remain, solely that of borrower and lender,
and Lender neither undertakes nor assumes any responsibility or duty to Borrower or to any third party with respect to the Property, except as expressly provided in this Agreement and the other Loan Documents. 

 

	16.9	DELAY OUTSIDE LENDER’S CONTROL. 

Lender shall not be liable in any way to Borrower or any third party for Lender’s failure to perform or delay in performing under the
Loan Documents (and Lender may suspend or terminate all or any portion of Lender’s obligations under the Loan Documents) if such failure to perform or delay in performing results directly or indirectly from, or is based upon, the action,
inaction, or purported action, of any governmental or local authority, or because of war, rebellion, insurrection, strike, lockout, boycott or blockade (whether presently in effect, announced or in the sole judgment of Lender deemed probable), or
from any act of God or other cause or event beyond Lender’s control, provided that Lender provides prompt written notice of any such aforementioned event to Borrower. The limitation on Lender’s liability under this Section 16.9
shall be effective only during the continuance of any such aforementioned event. 
  

	16.10	ATTORNEYS’ FEES AND EXPENSES; ENFORCEMENT. 

If any attorney is engaged by Lender to enforce or defend, against Borrower, any SPE Party, Guarantor, Mezzanine Lender or any of their
Affiliates, agents or representatives, any provision of this Agreement and/or any of the other Loan Documents, or as a consequence of any Default under the Loan Documents, with or without the filing of any legal action or proceeding, and including,
without limitation, any reasonable fees and expenses incurred in connection with any “work-out” of the Loan or bankruptcy proceeding of Borrower, then Borrower shall pay to Lender, upon demand, the amount of all reasonable costs and
expenses incurred by Lender in connection therewith (including reasonable attorneys’ fees and any then reasonable and customary loan servicing and/or special servicing fees applicable to the Loan (including, without limitation any reasonable
“work-out” and/or liquidation fees)), together with interest thereon from the date of such demand until paid at the Default Rate; provided that, if any action is commenced in connection with any of the foregoing, the party who is
determined to be the prevailing party in such action shall be entitled to be paid, and the non-prevailing party shall pay to the prevailing party, all reasonable attorneys’ fees and interest thereon as noted above as fixed by the court. As used
herein the term “prevailing party” shall mean the party which obtains the principal relief it has sought, whether by compromise settlement or judgment. If the party which commenced or instituted the action, suit or proceeding shall dismiss
or discontinue it without the concurrence of the other party, such other party shall be deemed the prevailing party. 
  

 55 

	16.11	IMMEDIATELY AVAILABLE FUNDS. 

Unless otherwise expressly provided for in this Agreement, all amounts payable by Borrower to Lender shall be payable only in United
States currency in immediately available funds. 
  

	16.12	LOAN SALES AND LOAN PARTICIPATIONS; DISCLOSURE OF INFORMATION. 

Borrower hereby acknowledges that Lender may in one or more transactions (a) sell or securitize the Loan or portions
thereof in one or more transactions through the issuance of securities, which securities may be rated by the Rating Agencies, (b) sell or otherwise transfer the Loan or any portion thereof one or more times (including selling or assigning its
duties, rights or obligations hereunder or under any Loan Document in whole, or in part, to a servicer and/or a trustee), (c) sell participation interests in the Loan one or more times (d) re-securitize the securities issued in connection
with any securitization, and/or (e) further divide the Loan into two or more separate notes, including senior and junior notes, or components (the transactions referred to in clauses (a) through (e) above, each a
“Secondary Market Transaction” and collectively “Secondary Market Transactions”). With respect to any Secondary Market Transaction described in clause (e) above, (i) such notes and note
components may be assigned different principal amounts and interest rates, so long as (x) at all times prior to a Default, the weighted average of the interest rates payable under the Loan and such component notes(s), equals the Interest Rate
as of the closing of the Loan and (y) immediately after the effective date of such modification, the aggregate amount of the outstanding principal balance under such component notes equals the outstanding principal balance of the Loan
immediately prior to such modification, and (ii) Borrower, at Lender’s cost and expense, agrees to execute and deliver to Lender such non-material amendments to the Loan Documents, title insurance endorsements, legal opinions and other
customary loan documentation as Lender may reasonably require in connection therewith, provided that no such amendments or documents shall (1) increase any of the obligations, or reduce any of the rights, of Borrower or Guarantor under the Loan
Documents, (2) increase any costs or expenses payable by Borrower or Guarantor under the Loan Documents or (3) reduce any of the obligations, or increase any of the rights, of Lender under the Loan Documents. Provided that all such
recipients of any such documentation or information keep the same confidential (except that, in the case of a public securitization, information may be disclosed to the extent required by federal securities laws), Lender may disseminate to any
actual or potential purchasers, assignees or participants (and to any investment banking firms, rating agencies, accounting firms, law firms and other third party advisory firms and investors involved with the Loan and the Loan Documents or the
applicable sale, assignment, participation, securitization, or other secondary market transaction) all documents and financial and other information then possessed by or known to Lender with respect to: (a) the Property and its operation; and
(b) Borrower, any constituent partner or member of Borrower, any guarantor and any non-borrower trustor. Borrower shall (at Lender’s sole cost and expense), within fifteen (15) days after request by Lender; (a) deliver to Lender
such information and documents relating to Borrower, the Property and its operation and any party connected with the Loan as Lender or any Rating Agency may reasonably request; (b) deliver to Lender an estoppel certificate for the benefit of
Lender and any other party designated by Lender verifying the status and terms of the Loan, in form and content reasonably satisfactory to Lender; (c) enter into such amendments to the Loan Documents as may be requested in order to facilitate
any such sale, assignment, participation, securitization, or other secondary market transaction, provided that no such amendments or documents shall (1) increase any of the obligations, or reduce any of the rights, of Borrower or Guarantor
under the Loan Documents, (2) increase any costs or expenses payable by Borrower or Guarantor under the Loan Documents or (3) reduce any of the obligations, or increase any of the rights, of Lender under the Loan Documents; (d) enter
into such amendments to the organizational documents of Borrower as Lender or any Rating Agency may reasonably request to preserve or enhance Borrower’s special-purpose bankruptcy-remote status; and (e) provide opinions of counsel, which
may be relied on by Lender, the Rating Agencies and their respective counsel, agents and representatives, as to non-consolidation, matters of Delaware and federal bankruptcy law relating to Delaware limited liability companies and true sale or any
other opinion customary in Secondary Market Transactions or required by the Rating Agencies, including a 10b-5 opinion, with respect to the Loan, the Property, the Borrower and Guarantor, which counsel and opinions shall be reasonably satisfactory
in form and substance to Lender and the Rating Agencies. All of the foregoing shall be at no cost to Borrower provided no Default is continuing. Lender hereby agrees that any sale or participation (other than a Securitization) of all or any part of
the Loan shall be made only to a Qualified Transferee. 
  

 56 

	16.13	LENDER’S AGENTS. 

Lender may designate an agent or independent contractor to exercise any of Lender’s rights under this Agreement and any of the other
Loan Documents. Any reference to Lender in any of the Loan Documents shall include Lender’s agents, employees or independent contractors. Borrower shall pay the actual, reasonable costs of such agent or independent contractor either directly to
such Person or to Lender in reimbursement of such costs, as applicable. 
  

	16.14	AUTHORIZATION TO FILE FINANCING STATEMENTS. 

Borrower hereby authorizes Lender to file at any time on or after the date hereof, appropriate uniform commercial code financing
statements in such jurisdictions and offices as Lender deems necessary or appropriate in connection with the anticipated perfection of a security interest in any and all personal property part of the Collateral as same relate to the Property. If for
any reason the Loan is not consummated or upon Borrower’s payment in full of the Loan, Lender will cause the termination of such financing statements upon Lender’s receipt of written request from Borrower. 

 

	16.15	TAX SERVICE. 

Lender is authorized to secure a tax service contract with a third party vendor which shall provide tax information on the Property
satisfactory to Lender. Borrower shall pay any reasonable fees associated with procuring such tax service contract in connection with the closing of the Loan, but not in connection with any subsequent tax service contracts obtained by Lender.

  

	16.16	ADVERTISING. 

 In
connection with the Loan, Borrower hereby agrees that Lender and its affiliated entities may publicly identify details of the Loan in their respective advertising and public communications of all kinds, including, but not limited to, press releases,
direct mail, newspapers, magazines, journals, e-mail or Internet advertising or communications. Such details may include the name of the Property, address of the Property, the Loan amount, the date of the closing and a description of the
size/location of the Property. Subject to the prior approval of Lender (except in the case of disclosures required under applicable laws or regulations), Lender hereby agrees that Borrower and its affiliated entities may publicly identify details of
the Loan in their respective advertising and public communications of all kinds, including, but not limited to, press releases, direct mail, newspapers, magazines, journals, e-mail or Internet advertising or communications. Such details disclosed by
Borrower may include only the name of the Property, address of the Property, the Loan amount (but not the Note Rate), the date of the closing and a description of the size/location of the Property. 

 

	16.17	COMMERCIAL LOAN. 

Borrower warrants that the Loan evidenced by this Agreement, the Note and the other Loan Documents is being made solely to acquire or
carry on a business or commercial enterprise, and/or Borrower is a business or commercial organization. Borrower further warrants that all of the proceeds of this Agreement, the Note and the other Loan Documents shall be used for commercial purposes
and stipulates that the Loan evidenced by this Agreement, the Note and the other Loan Documents shall be construed for all purposes as a commercial loan, and is made for other than personal, family or household purposes. 

 

	16.18	DISBURSEMENT OF LOAN PROCEEDS; LIMITATION OF LIABILITY. 

Borrower authorizes Lender to disburse the proceeds of the Loan, after deducting any and all fees owed by Borrower to Lender in connection
with the Loan, to the Title Company. With respect to such disbursement, Borrower understands and agrees that Lender does not accept responsibility for errors, acts 

 

 57 

 
or omissions of others, including, without limitation, the escrow company, other banks, communications carriers or clearinghouses through which the transfer of Loan proceeds may be made or
through which Lender receives or transmits information, and no such entity shall be deemed Lender’s agent. As a consequence, Lender shall not be liable to Borrower for any actual (whether direct or indirect), consequential or punitive damages
which may arise with respect to the disbursement of Loan proceeds (other than as a result of the gross negligence or willful misconduct of Lender), whether or not (a) any claim for such damages is based on tort or contract, or (b) either
Lender or Borrower knew or should have known of the likelihood of such damages in any situation. 
  

	16.19	SEVERABILITY. 

 If
any provision or obligation under this Agreement and the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that provision shall be deemed severed from the Loan Documents and the
validity, legality and enforceability of the remaining provisions or obligations shall remain in full force as though the invalid, illegal, or unenforceable provision had never been a part of the Loan Documents, provided, however, that if the rate
of interest or any other amount payable under the Note or this Agreement or any other Loan Document, or the right of collectability therefor, are declared to be or become invalid, illegal or unenforceable, Lender’s obligations to make advances
under the Loan Documents shall not be enforceable by Borrower. 
  

	16.20	INTENTIONALLY OMITTED. 

  

	16.21	HEADINGS. 

 All
article, section or other headings appearing in this Agreement and any of the other Loan Documents are for convenience of reference only and shall be disregarded in construing this Agreement and any of the other Loan Documents. 

 

	16.22	SUCCESSORS AND ASSIGNS; JOINT AND SEVERAL LIABILITY. 

If Borrower consists of more than one Person, the obligations and liabilities of each such Person hereunder shall be joint and several.
Except as otherwise expressly provided under the terms and conditions of this Agreement, the terms, covenants, and conditions contained herein and in the other Loan Documents shall be binding upon and inure to the benefit of the heirs, successors
and assigns of the parties hereto and thereto. 
  

	16.23	GOVERNING LAW; JURISDICTION. 

  

	 	(a)	 THIS AGREEMENT AND THE LOAN, AS A WHOLE, WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LENDERS HAVE SUBSTANTIAL BUSINESS OPERATIONS IN THE STATE OF
NEW YORK AND THE LOAN DOCUMENTS WERE EXECUTED IN THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING
THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE
CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE APPLICABLE PROPERTY IS
LOCATED, IT BEING UNDERSTOOD 

  

 58 

	 	 
THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE
OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER
LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

  

	 	(b)	ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT LENDER’S OPTION
BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR
FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH OF LENDER AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT:

  

	
	National Registered Agents, Inc.
	160 Greentree Drive
	Suite 101
	Dover, Delaware 19904

 AS ITS
AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID
AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF
NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK
(WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS
DISSOLVED WITHOUT LEAVING A SUCCESSOR. 
  

	16.24	WAIVER OF RIGHT TO TRIAL BY JURY. 

TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THE LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE
PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THE LOAN DOCUMENTS (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN 

 

 59 

 
CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING
IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE
WAIVER OF ANY RIGHT THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY. 
  

	16.25	INTEGRATION; INTERPRETATION. 

The Loan Documents contain or expressly incorporate by reference the entire agreement of the parties with respect to the matters
contemplated therein and supersede all prior negotiations or agreements, written or oral. The Loan Documents shall not be modified, except by written instrument executed by all parties. Any reference to the Loan Documents includes any amendments,
renewals or extensions now or hereafter approved by the parties hereto in writing. 
  

	16.26	COUNTERPARTS. 

 To
facilitate execution, this document may be executed in as many counterparts as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any
party, appear on each counterpart. All counterparts shall collectively constitute a single document. 
  

	16.27	AMENDMENTS. 

Notwithstanding any provision of any other Loan Document (including without limitation the Note), in no event can any Loan Document be
amended, extended, supplemented or otherwise modified, in whole or in part, except pursuant to a written agreement executed by Lender and any other party who has executed such Loan Document. 

 

	16.28	CONSENTS AND APPROVALS; CONSTRUCTION. 

Wherever Lender’s consent, approval, acceptance or satisfaction is required under any provision of this Agreement or any of the other
Loan Documents, such consent, approval, acceptance or satisfaction shall be in Lender’s sole discretion except as may be otherwise expressly and specifically provided herein. 

 

	16.29	BRING DOWN OF REPRESENTATIONS; SURVIVAL OF WARRANTIES; CUMULATIVE. 

Borrower hereby covenants and agrees to execute and deliver, at such time and from time to time, as required by Lender, such agreements,
documents, instruments, estoppels, consents or certificates as Lender may, from time to time, reasonably request, including certificates reaffirming the representations and covenants of Borrower hereunder as if made on the date of any such
reaffirmation. All representations and warranties contained in this Agreement and in any of the other Loan Documents shall survive the execution and delivery of this Agreement and shall be deemed to have been made again to Lender on the date of such
compliance certificate (subject to the terms of Section 5.1(w) hereof), and each additional borrowing or other credit accommodation hereunder and shall be conclusively presumed to have been relied on by Lender regardless of any
investigation made or information possessed by Lender. The representations and warranties set forth herein shall be cumulative and in addition to any other representations or warranties which Borrower shall now or hereafter give, or cause to be
given, to Lender. 
  

 60 

	16.30	INTENTIONALLY OMITTED. 

  

	16.31	INTENTIONALLY OMITTED. 

  

	16.32	INTENTIONALLY OMITTED. 

  

	16.33	EXHIBITS; SCHEDULES. 

All exhibits and schedules attached hereto and listed in the Table of Contents are fully incorporated herein by reference for all
purposes. 
  

	16.34	CONFLICT. 

 In the
event of any conflict between this Agreement and any of the other Loan Documents, the terms of this Agreement shall govern. 
  

	16.35	SECURITIZATION INDEMNIFICATION. 

  

	 	(a)	Borrower understands that information provided to Lender by Borrower and its agents, counsel and representatives may be included in disclosure documents in connection
with a securitization of the Loan (the “Securitization”), including, without limitation, an offering circular, a prospectus, prospectus supplement, private placement memorandum or other offering document (each, a “Disclosure
Document”) and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Securities and Exchange Act of 1934, as amended
(the “Exchange Act”), and may be made available to investors or prospective investors in the certificates, notes or other securities issued in connection with the Securitization, the Rating Agencies, and service providers relating
to the Securitization. 

  

	 	(b)	 Upon Lender’s request, Borrower shall provide in connection with each of (i) a preliminary and a final private placement memorandum or
(ii) a preliminary and final prospectus or prospectus supplement, as applicable, an agreement (A) certifying that Borrower has examined such specific sections of the Disclosure Documents specified in writing by Lender, as specifically
relating to Borrower, Borrower Affiliates, the Property, Manager, Guarantor and other aspects of the Loan (the “Specific Sections”), does not contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements made, in the light of the circumstances under which they were made, not misleading, (B) indemnifying Lender (and for purposes of this Section 16.35, Lender hereunder shall include its officers and
directors), and any Affiliates of Lender that have filed the registration statement relating to the Securitization (the “Registration Statement”), each of its directors, each of its officers who have signed the Registration
Statement and each Person that controls the Affiliate of Lender within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Lender Group”), and any other placement agent or
underwriter with respect to the Securitization, each of their respective directors and each Person who controls Lender or any other placement agent or underwriter within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act (collectively, the “Underwriter Group”) for any losses, claims, damages or liabilities (collectively, the “Liabilities”) to which Lender, the Lender Group or the Underwriter Group may become subject
insofar as the Liabilities arise out of or are based upon any untrue statement of any material fact contained in the Specified Sections or arise out of or are based upon the omission or alleged omission to state therein a material fact required to
be stated in such Specified Sections in order to make the statements in such sections, in light of the circumstances under which they were made, not misleading and (C) agreeing to reimburse Lender, the Lender Group and/or the Underwriter Group
for any reasonable and actual out of pocket legal or other expenses reasonably incurred by Lender, the Lender Group and the Underwriter Group in connection with investigating or defending the Liabilities; provided, however, that Borrower will be
liable in any such case under clauses (B) or (C) above and under Section 16.35(c) below only to the extent that any such loss claim, damage or liability arises out of or is based upon any such untrue statement or omission

  

 61 

	 	 
made in the Specified Sections in reliance upon and in conformity with information furnished to Lender by or on behalf of Borrower in connection with the preparation of the Disclosure Document or
in connection with the underwriting or closing of the Loan, including, without limitation, financial statements of Borrower, and operating statements and rent rolls with respect to the Property provided by Borrower. The indemnification provided for
in clauses (B) and (C) above shall be effective whether or not the indemnification agreement described above is provided. The aforesaid indemnity will be in addition to any liability which Borrower may otherwise have.

  

	 	(c)	In connection with Exchange Act Filings, Borrower shall (subject to the proviso in Section 16.35(b)(ii)(C)) (i) indemnify Lender, the Lender Group and
the Underwriter Group for Liabilities to which Lender, the Lender Group or the Underwriter Group may become subject insofar as the Liabilities arise out of or are based upon the omission or alleged omission to state in the Specified Sections of the
Disclosure Document a material fact required to be stated in the Specified Sections of the Disclosure Document in order to make the statements in the Specified Sections of the Disclosure Document, in light of the circumstances under which they were
made, not misleading and (ii) reimburse Lender, the Lender Group or the Underwriter Group for any reasonable and actual out of pocket legal or other expenses reasonably incurred by Lender, the Lender Group or the Underwriter Group in connection
with defending or investigating the Liabilities. 

  

	 	(d)	Promptly after receipt by an indemnified party under this Section 16.35 of notice of a claim and/or the commencement of any action relating to an
indemnified Liability, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 16.35, notify the indemnifying party in writing of the commencement thereof, but the
omission to so notify the indemnifying party will not relieve the indemnifying party from any liability which the indemnifying party may have to any indemnified party hereunder except to the extent that failure to notify causes prejudice to the
indemnifying party. In the event that any claim or action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled, jointly with any other indemnifying
party, to participate therein and, to the extent that it (or they) may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel
reasonably satisfactory to such indemnified party. After notice from the indemnifying party to such indemnified party under this Section 16.35, such indemnified party shall pay for any legal or other expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified
party shall have reasonably concluded that there are any legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have
the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party at the cost of the indemnifying party. The indemnifying party(ies) shall not be liable
for the expenses of more than one separate counsel unless an indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to another indemnified party.

  

	 	(e)	 In order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in Section 16.35(b) or
(c) hereof is for any reason held to be unenforceable as to an indemnified party in respect of any losses, claims, damages or liabilities (or action in respect thereof) referred to therein which would otherwise be indemnifiable under
Section 16.35(b) or (c) hereof, the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages or liabilities (or action in respect thereof); provided,
however, that no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. In determining
the amount of contribution to which the respective parties are entitled, the following factors shall be 

  

 62 

	 	 
considered: (i) Lenders’ and Borrower’s relative knowledge and access to information concerning the matter with respect to which the claim was asserted; (ii) the opportunity
to correct and prevent any statement or omission; and (iii) any other equitable considerations appropriate in the circumstances. Lender and Borrower hereby agree that it would not be equitable if the amount of such contribution were determined
by pro rata or per capita allocation. 

  

	 	(f)	The liabilities and obligations of both Borrower and Lender under this Section 16.35 shall survive the termination of this Agreement and the satisfaction
and discharge of the Debt. 

  

	 	(g)	If, at the time one or more Disclosure Documents are being prepared for a Securitization, Lender expects that Borrower alone or Borrower and one or more Affiliates of
Borrower collectively, or the Property alone or the Property and Related Properties collectively, will be a Significant Obligor for purposes of such Securitization, Borrower shall furnish (or cause to be furnished) to Lender upon request
(i) the selected financial data or, if applicable, net operating income, described in Item 1112(b)(1) of Regulation AB, if Lender expects that the principal amount of the Loan together with any Related Loans as of the cut-off date for such
Securitization may, or if the principal amount of the Loan together with any Related Loans as of the cut-off date for such Securitization and at any time during which the Loan (or portion of the Loan included in such Securitization) and any Related
Loans are included in a Securitization does, equal or exceed ten percent (10%) (but less than twenty percent (20%)) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable, in such
Securitization or (ii) the financial statements described in Item 1112(b)(2) of Regulation AB, if Lender expects that the principal amount of the Loan (or portion of the Loan included in such Securitization) together with any Related Loans
as of the cut-off date for such Securitization may, or if the principal amount of the Loan together with any Related Loans as of the cut-off date for such Securitization and at any time during which the Loan (or apportion of the Loan included in
such Securitization) and any Related Loans are included in a Securitization does, equal or exceed twenty percent (20%) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable, in the
Securitization. Such financial data or financial statements shall be furnished to Lender (A) within thirty (30) days after notice from Lender in connection with the preparation of Disclosure Documents for the Securitization, (B) not
later than sixty (60) days after the end of each fiscal quarter of Borrower and (C) not later than one hundred twenty (120) Business Days after the end of each fiscal year of Borrower; provided, however, that Borrower shall not be
obligated to furnish financial data or financial statements pursuant to clauses (B) or (C) of this sentence with respect to any period for which an Exchange Act Filing is not required. If reasonably requested by Lender, and to the extent
available to Borrower and not prohibited by any applicable lease, other agreement or order, Borrower shall furnish to Lender financial data and/or financial statements for any tenant of any of the Properties if, in connection with a Securitization,
Lender expects there to be, with respect to such tenant or group of affiliated tenants, a concentration within all of the mortgage loans included or expected to be included, as applicable, in the Securitization such that such tenant or group of
affiliated tenants would constitute a Significant Obligor. 

  

	 	(h)	 All financial data and financial statements provided by Borrower hereunder pursuant to Sections 16.35(g) and (h) hereof shall be prepared
in accordance with GAAP, and shall meet the requirements of Regulation AB and other applicable legal requirements. All annual financial statements referred to in Section 16.35(g) above shall be audited by independent accountants of
Borrower (which accountants shall be acceptable to Lender) in accordance with Regulation AB and all other applicable legal requirements, shall be accompanied by the manually executed report of the independent accountants thereon, which report shall
meet the requirements of Regulation AB and all applicable legal requirements, and shall be further accompanied by a manually executed written consent of the independent accountants, in form and substance reasonably acceptable to Lender, to the
inclusion of such financial statements in any Disclosure Document and any Exchange Act Filing and to the use of the name of such independent accountants and the reference to such independent accountants as “experts” in any Disclosure
Document and Exchange Act Filing, all of which shall be provided at the same time as the related financial statements are 

 

 63 

	 	 
required to be provided. All financial data and financial statements (audited or unaudited) provided by Borrower under Section 16.35(g) shall be accompanied by an Officer’s
Certificate stating that such financial statements meet the requirements set forth in the first sentence of this Section 16.35(h). 

  

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

  

	 	(j)	In the event Lender reasonably determines, in connection with a Securitization, that the financial data and financial statements and (if applicable) related
accountants’ reports and consents required in order to comply with Regulation AB or any amendment, modification or replacement of Regulation AB or with other legal requirements are other than as provided herein, then notwithstanding the
provisions of Section 16.35(g) and (h), Lender may request, and Borrower shall promptly provide, such other financial statements and (if applicable) related accountants’ reports and consents as Lender reasonably determines to be
necessary or appropriate for such compliance with applicable law. 

  

	16.36	BORROWER WAIVERS. 

With respect to any waivers given by Borrower under this Agreement and other Loan Documents, Borrower acknowledges that: (a) the
obligations undertaken by Borrower under and pursuant to this Agreement and the Loan Documents are complex in nature, (b) Borrower’s waivers variously involve rights that may otherwise be available to Borrower or for its benefit,
(c) as part of Lender’s consideration for entering into this transaction, Lender has specifically bargained for Borrower’s waivers and the relinquishment by Borrower of those rights so waived, and (d) Borrower has had the
opportunity to seek and receive legal advice from skilled legal counsel in the area of financial transactions of the type reflected in this Agreement and the Loan Documents. Based on the foregoing facts, Borrower represents and confirms to Lender
that Borrower is fully informed regarding, and that Borrower does thoroughly understand the following: (i) the nature of its waivers and rights it has waived, (ii) the circumstances under which those rights may arise, (iii) the
benefits which those rights might otherwise confer upon Borrower, and (iv) the legal consequences to Borrower of waiving those rights. Borrower acknowledges that Borrower has entered into this Agreement and the other Loan Documents and both
undertaken Borrower’s obligations hereunder and thereunder and given its waivers with the intent that all such waivers shall be fully enforceable by Lender, and that Lender has been induced to enter into this transaction in material reliance
upon the presumed full enforceability thereof. 
  

	16.37	REMEDIES OF BORROWER. 

In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any
case where, by applicable law or under this Agreement, the Mortgage, the Note and the other Loan Documents, Lender or such agent, has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents shall be liable for
any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted
reasonably shall be determined by an action seeking declaratory judgment. Lender agrees that, in such event, it shall cooperate in expediting any action seeking injunctive relief or declaratory judgment. 

 

	16.38	MULTIPLE BORROWERS. 

The parties hereto acknowledge that the defined term “Borrower” (as well as the defined term defining each other
Collective Group) has been defined to collectively include each individual Borrower (and in the case of each Collective Group, defined to collectively include each member of the same). It is the intent of the parties hereto in determining whether
(a) a breach of a representation or a covenant has occurred, (b)
  

 64 

 
there has occurred a Default, or (c) an event has occurred which would create recourse obligations under this Agreement, that any such breach, occurrence or event with respect to any
Borrower (or with respect to any single member of a Collective Group) shall be deemed to be such a breach, occurrence or event with respect to all Borrowers (and in the case of each Collective Group, each member of the same) and that all Borrowers
need not have been involved with such breach, occurrence or event in order for the same to be deemed such a breach, occurrence or event with respect to every Borrower (and likewise that each member of a Collective Group need not have been involved
with such breach, occurrence or event in order for the same to be deemed such a breach, occurrence or event with respect to such Collective Group). The term “Collective Group” as used in this Agreement shall refer to each of the
groups of entities represented in this Agreement by the following defined terms: Borrower and Guarantor. The obligations and liabilities of each Borrower shall be joint and several as more further set forth in a contribution agreement entered into
in connection with the Loan. 
  

	16.39	CO-LENDERS. 

  

	 	(a)	Borrower hereby acknowledges and agrees that notwithstanding the fact that the Loan may be serviced by a servicer, prior to a Securitization of the Loan, all requests
for approval and consents hereunder and in every instance in which Lender’s consent or approval is required, all requests for approval and all copies of documents, reports, requests and other delivery obligations of Borrower required hereunder
shall be delivered by Borrower to an agent appointed by the Co-Lenders. 

  

	 	(b)	Following the closing of the Loan (i) the liabilities of Lender shall be several and not joint, (ii) no Co-Lender shall be responsible for the obligations of
the other Co-Lender, and (iii) each Co-Lender shall be liable to Borrower only for their respective share of the Loan. Notwithstanding anything to the contrary herein, all indemnities by Borrower and obligations for principal and interest
payments, payment of prepayment fees, exits fees, default interest or any other amounts due hereunder, including costs, expenses, damages or advances each as set forth herein shall run to and benefit each Co-Lender in accordance with its share of
the Loan. 

  

	 	(c)	Each Co-Lender agrees that it has, independently and without reliance on the other Co-Lender, and based on such documents and information as it has deemed appropriate,
made its own credit analysis of Borrower and their Affiliates and decision to enter into this Agreement and that it will, independently and without reliance upon the other Co-Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement or under any other Loan Document. 

 

	 	(d)	In connection with any consent or approval under the Loan Documents, or any other circumstance in which “Lender” has the right to take an action and obtain
reimbursement therefor from Borrower or any Affiliate of Borrower under the Loan Documents, each Co-Lender agrees that the Co-Lenders shall designate one Co-Lender or one Servicer to act as the agent for all Co-Lenders for all dealings with Borrower
under the Loan Documents. The initial agent so appointed by the Co-Lenders shall be Wells Fargo Bank, National Association. Borrower shall be entitled to rely on any written consent, approval, notice of Default, any other notices given or statements
made or received by or from such agent pursuant to the Loan Documents believed by Borrower to be genuine and correct and to have been signed, sent or made by the proper Person, and with respect to all matters pertaining to this Agreement or any of
the other Loan Documents without the necessity of confirming the same with the Co-Lenders. Wells Fargo Bank, National Association shall remain the agent for the Co-Lenders hereunder until a servicer has been appointed to administer the Loan, or a
replacement agent has been appointed with the prior written consent of Borrower, which consent shall not be unreasonably withheld, conditioned or delayed. 

[The remainder of this page intentionally left blank] 
  

 65 

 THIS AGREEMENT IS EXECUTED by Lender and Borrower as of the date appearing on the first page hereof.

  

									
	 LENDER:
	 		 	
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION	 		 	Lender’s Address:
					
		 		 		 		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION

Loan Administration
 Wells Fargo
Center
 Commercial Mortgage Servicing

1901 Harrison Street,
2nd Floor

Mac A0227-020
 Oakland, California
94612
 Attention: Commercial Mortgage Servicing

Loan No.: 31-0909757

	 By:
	 	 /s/ ROBERT ROSENBERG
	 		 
		 	Name:	 	 Robert Rosenberg
	 		 
		 	Title:	 	 Managing Director
	 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
					
		 		 		 		 	with a copy to counsel:
					
		 		 		 		 	 Cadwalader, Wickersham & Taft LLP

227 West Trade Street
 Charlotte, North Carolina
28202
 Attention: James P. Carroll, Esq.

		 		 		 		 	
			
	 LENDER:
	 		 	
			
	 BANK OF AMERICA, N.A.
	 		 	Lender’s Address:
					
		 		 		 		 	BANK OF AMERICA, N.A.
	 By:
	 	 /s/ DAVID FALLICK
	 		 	 c/o Banc of America Securities LLC

NC1-027-20-03
 214 North Tryon Street

Charlotte, North Carolina 28255
 Attention:
Steven Wasser
 Facsimile: (704) 602-3726

Loan No.: 31-0909757
  

with a copy to counsel:
  

Cadwalader, Wickersham & Taft LLP
 227 West
Trade Street
 Charlotte, North Carolina 28202

Attention: James P. Carroll, Esq.

		 	Name:	 	 David Fallick
	 		 
		 	Title:	 	 Managing Director
	 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 
		 		 		 		 

 [Signatures continue on the following page] 

 THIS AGREEMENT IS EXECUTED by Lender and Borrower as of the date appearing on the first page hereof.

  

									
	BORROWER:	 		  	Borrower’s Address:
			
	 [BORROWER NAME]

a [STATE OF FORMATION] [ENTITY TYPE]
	 		  	c/o Dividend Capital Total Realty
	  
	 		  	Operating Partnership LP
	 a
	 	  
	 		  	518 17th Street, Suite 1700
		 		 		 		  	Denver, Colorado 80202
		 		 		 		  	
	 By:
	 	 /s/ GREG MORAN
	 		  	 with a copy to counsel: 
  

Greenberg Traurig, LLP
 200 Park
Avenue
 New York, New York 10166

Attention: Robert J. Ivanhoe, Esq.

		 	Name:	 	 Greg Moran
	 		  
		 	Title:	 	 SVP
	 		  
		 		 		 		  
		 		 		 		  

  

 Schedule 16.32 - Page 1 

 EXHIBIT A 

DEFINITIONS 
 As
used in this Agreement and the other Loan Documents, the following terms shall have the respective meanings set forth below. 

“30/360 Basis” – means on the basis of a 360-day year consisting of twelve (12) months of thirty (30) days
each. 
 “Acceptable Delaware LLC” – means a limited liability company formed under Delaware law which
(i) has at least one springing member which, upon the occurrence of an event that causes the last remaining member to cease to be a member, shall immediately become the sole member of such limited liability company, and (ii) otherwise
meets the Rating Agency criteria then applicable to such entities. 
 “Act” – means the limited liability
company act of the State of Delaware. 
 “Acts of Terror” – has the meaning ascribed to such term in
Section 12.5 hereof. 
 “Actual/360 Basis” – means on the basis of a 360-day year and charged
on the basis of actual days elapsed for any whole or partial month in which interest is being calculated. 
 “Adjusted
Actual Net Operating Income” – means projected annualized Net Operating Income over the twelve (12) month period subsequent to the date of calculation, adjusted as follows: (i) including in the calculation of Operating
Expenses any non-reimbursable Operating Expenses, including expenses of any Property that is not leased for the portion thereof; (ii) excluding from the calculation of Operating Income any rents from any tenant under any Lease at the Property
that has elected not to renew its Lease; and (iii) in the calculation of Operating Income, reduces the rents included in such calculation of any tenant under any Lease at the Property that has renewed its Lease at less rent than in its current
Lease, notwithstanding that such rent reduction may not take effect until the renewal term of the Lease. 

“Affiliate” – means, as to any specified Person, (a) any Person that directly or indirectly through one or more
intermediaries Controls or is Controlled by or is under common Control with such Person, (b) any Person owning or Controlling forty-nine percent (49%) or more of the outstanding voting securities of or other ownership interests in such
Person, (c) if such Person is an individual, any entity for which such Person directly or indirectly acts as an officer, director, partner, owner employee or member, (d) any entity in which such Person (together with the members of his
family if the Person in question is an individual) owns, directly or indirectly through one or more intermediaries an interest in any class of stock (or other beneficial interest in such entity) of forty-nine percent (49%) or more, or
(e) with respect to any Obligor, any other Obligor. 
 “Affiliate Transferee” – has the meaning
ascribed to such term in Section 15.1(c)(ii)(C) hereof. 
 “Agreement” – has the meaning
ascribed to such term in the preamble hereto. 
 “Allocated Loan Amount” – means that portion of the
original principal balance of the Loan which has been allocated to each Individual Property, as reduced from time to time in accordance with this Agreement, pursuant to scheduled principal amortization or otherwise. 

“Alteration Threshold” – means an amount equal to $3,000,000. 

“Amended Note” – means an amendment and restatement of the Note. 

“Amortization Period” – means thirty (30) years. 

 

 A-1 

 “Annual Budget” – means an operating and capital budget for the
Property setting forth Borrower’s good faith estimate of projected operating expenses and capital expenditures for each calendar year, including, without limitation, those for maintenance, repairs, annual taxes, insurance, utilities and other
annual expenses that are standard and customary for properties similar to the Property. 
 “Approved Annual
Budget” – has the meaning ascribed to such term in Section 8.1(d) hereof. 
 “Approved
Independent Manager Provider” – means each of CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company and Lord Securities Corporation; provided, that,
(a) the foregoing shall only be deemed Approved Independent Manager Providers to the extent acceptable to the Rating Agencies and (b) additional national providers of professional Independent Managers may be deemed added to the foregoing
hereunder to the extent approved in writing by Lender and the Rating Agencies. 
 “Automatic Default” – has
the meaning ascribed to such term in Section 9.1(b) hereof. 
 “Bankruptcy Code” – means the
Bankruptcy Reform Act of 1978 (11 U.S.C. § 101-1330) as now or hereafter amended or recodified, and any other existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship
or similar law, rule or regulation for the relief of debtors. 
 “Borrower” – has the meaning ascribed to
such term in the preamble hereto. 
 “Business Day” – means a day of the week (but not a Saturday or
Sunday) on which banking institutions located in California are not required or authorized by law or other governmental action to close. Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be
to calendar days. 
 “Capital Expenditures” – means major repairs and replacements to maintain or improve
the Property, including, without limitation, structural repairs, roof replacements, HVAC repairs and replacements, mechanical and plumbing repairs and replacements and boiler repair and replacements. 

“Capital Expenditures Impound” – has the meaning ascribed to such term in Section 4.4.4(c) of Exhibit
E attached hereto. 
 “Cash Management Agreement” – means that certain Cash Management Agreement
executed of even date herewith by Borrower, Lender and Depository, pursuant to the terms of Section 4.4 hereof. 

“Casualty” – has the meaning ascribed to such term in Section 12.7(a) hereof. 

“Casualty Policy” – has the meaning ascribed to such term in Section 12.1(a) hereof. 

“Casualty Retainage” – has the meaning ascribed to such term in Section 12.9(b) hereof. 

“Closing Date Debt Yield” – means (i) 18.2% or (ii) in the event the Earn-Out Advance shall have been
made, 16.4%. 
 “Code” – means the Internal Revenue Code of 1986, as amended, and as may be further amended
from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 

“Co-Lender” – has the meaning ascribed to such term in the preamble hereto. 

“Collateral” – has the meaning ascribed to such term in the Mortgage. 

 

 A-2 

 “Collective Group” – has the meaning ascribed to such term in
Section 16.38 hereof. 
 “Condemnation Proceeds” – has the meaning ascribed to such term in
Section 12.7(a) hereof. 
 “Constituent Members” – has the meaning ascribed to such term in
Section 5.2(g) hereof. 
 “Control” or “Controlling” – means, with respect to
any Person, either (i) ownership, directly or indirectly, of forty-nine percent (49%) or more of all equity interests in such Person, or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, through the ownership of voting securities, by contract or otherwise. 

“Corporate Special Member” – has the meaning ascribed to such term in Section 5.2(h) hereof.

 “Cost Breakdown” – has the meaning as ascribed to such term in Section 4.4.1 of Exhibit
E attached hereto. 
 “Costs and Expenses” – has the meaning ascribed to such term in
Section 7.1 hereof. 
 “Creditors Rights Laws” – has the meaning ascribed to such term in
Section 5.2(h) hereof. 
 “Debt” – means the outstanding principal amount set forth in, and
evidenced by, this Agreement and the Note together with all interest accrued and unpaid thereon and all other sums due to Lender in respect of the Loan under the Note, this Agreement or the other Loan Documents, and the payment of all sums advanced
and reasonable costs and expenses incurred by Lender in accordance with the terms of this Agreement in connection with the enforcement and/or collection of the Debt or any part thereof. 

“Debtor Relief Law” – has the meaning ascribed to such term in Section 9.1(b)(i) hereof. 

“Debt Service” – means, for any period, the aggregate of all principal, interest payments and all other amounts that
accrue or are due and payable in accordance with the Loan Documents during such period. 
 “Debt Yield” –
means as of the last day of the calendar month immediately preceding the applicable date of determination, the quotient obtained by dividing (1) the Adjusted Actual Net Operating Income by (2) the outstanding principal balance of the Loan.

 “Default” – has the meaning ascribed to such term in Section 9.1 hereof. 

“Default Rate” – means the lesser of (a) a fixed annual rate equal to five percent (5%) plus the Note
Rate, and (b) the maximum interest rate permitted by applicable law. 
 “Defeasance” – means
Borrower’s substitution of Collateral and Lender’s release of the lien of the Mortgage upon satisfaction of all of the terms and conditions set forth in Article 11. 

“Defeasance Collateral” – means obligations or securities, not subject to prepayment, call or early redemption, each
of which qualifies as a “Government security,” as defined in Section 2(a)(16) of the Investment Company Act of 1940, as amended (15 U.S.C. §80a-1 et seq.) or any “agency security” approved by Lender in its
reasonable discretion, together with all revenues and proceeds of such obligations or securities. 
 “Defeasance
Date” – means the date upon which the Defeasance is completed. 
 “Defeasance Option End Date”
– means April 30, 2020. 
 “Defeasance Option Period” – means the period from and including the
Defeasance Option Start Date to and including the Defeasance Option End Date. 
  

 A-3 

 “Defeasance Option Start Date” – means the earlier of (a) the
twenty-fourth (24th) Due Date following the Startup Day of any REMIC which holds all or any part of the Loan or (b) the thirty-fifth (35th) Due Date following the First Due Date. 

“Defeasance Property” – means any Individual Property or Properties that are released from the lien as a result of a
Partial Defeasance. 
 “Defeasance Security Agreements” – means a pledge and security agreement and an
account control agreement, each in form and substance customary in commercial mortgage defeasance transactions and, in case of Partial Defeasance, the New Note. 

“Deferred Maintenance” – has the meaning ascribed to such term in Section 7.27 hereof. 

“Delinquency Date” – has the meaning ascribed to such term in Section 4.1 hereof. 

“Deposit” – has the meaning ascribed to such term in Section 7.4(f) hereof. 

“Depository” – means Wells Fargo Bank, National Association under the Cash Management Agreement 

“Designated TI Impound” – has the meaning ascribed to such term in Section 4.4.3(b) of Exhibit E
attached hereto. 
 “Disbursement Date” – means the date upon which the Loan proceeds are funded by Lender
into escrow in connection with the closing of the Loan. 
 “Disclosure Document” – has the meaning set
forth in Section 16.35(a) hereof. 
 “Due Date” – means the first (1st) day of each
calendar month during the period commencing on the First Due Date and ending on the first (1st) day of the month preceding the Maturity Date; provided, however, upon ten (10) days prior-written notice from Lender to Borrower,
the Lender has the one-time right during the term of the Loan to change the Due Date, with a corresponding change to the period in which interest accrues. 

“Earn-Out Advance” – has the meaning set forth in Section 2.1(b) hereof. 

“Earn-Out Disbursement Date” – has the meaning set forth in Section 2.1(b) hereof. 

“Effective Date” – means the earlier of (a) the date the Mortgage is recorded in the real property records of
the jurisdiction where the Property is located or (b) the date Lender authorizes the release of the Loan proceeds to Borrower. 

“Eligibility Requirements” means, with respect to any Person, that such Person (i) has total assets (in name or
under management) in excess of $600,000,000 and (except with respect to a pension advisory firm or similar fiduciary) capital/statutory surplus or shareholder’s equity of $250,000,000 and (ii) is regularly engaged in the business of making
or owning commercial real estate loans or operating commercial mortgage properties. 
 “ERISA” – has the
meaning ascribed to such term in Section 5.1(i) hereof. 
 “Exchange Act” – has the meaning set
forth in Section 16.35(a) hereof. 
 “First Due Date” – means the first (1
st) day of the month following the Disbursement Date,
or, if the Disbursement Date is the first (1st) day
of the month, then the Disbursement Date. 
 “First P&I Due Date” – means August 1, 2010.

  

 A-4 

 “Full Defeasance” – means a Defeasance of the entire Property.

 “GE Loan Agreement” – has the meaning ascribed to such term in Section 5.2(n)(xiii) hereof.

 “General TI Cap” – has the meaning ascribed to such term in Section 4.4.1 of Exhibit
E attached hereto. 
 “General TI Deposit” – has the meaning ascribed to such term in
Section 4.4.3(a) of Exhibit E attached hereto. 
 “General TI Impound” – has the meaning
ascribed to such term in Section 4.4.3(a) of Exhibit E attached hereto. 
 “Governmental
Authority” or “Governmental Authorities” – means any national, federal, state, regional or local government, or any other political subdivision of any of the foregoing, in each case with jurisdiction over Borrower, the
Property, or any Person with jurisdiction over Borrower or the Property exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“GP SPE Party” has the meaning ascribed to such term in Section 5.2(e) hereof. 

“Gross Income” – has the meaning ascribed to such term in the Cash Management Agreement. 

“Guarantor” – means Dividend Capital Total Realty Operating Partnership LP, a Delaware limited partnership.

 “Guaranty” – means that certain Limited Guaranty of even date herewith executed and delivered by
Guarantor to Lender. 
 “Hazardous Materials” – has the meaning ascribed to such term in the Hazardous
Materials Indemnity Agreement. 
 “Hazardous Materials Indemnity Agreement” – means that certain Hazardous
Materials Indemnity Agreement of even date herewith, executed by Borrower and Guarantor in favor of Lender. 
 “Hazardous
Materials Laws” – has the meaning ascribed to such term in the Hazardous Materials Indemnity Agreement. 

“Holdco” – means TRT NOIP Fixed Real Estate Holdco LLC, a Delaware limited liability company. 

“Impound” and “Impounds” – as used herein and in the other Loan Documents has the meaning ascribed
to such term in Section 4.5 hereof. 
 “Improvements” – has the meaning ascribed to such term
in the Mortgage. 
 “Indemnitee” – has the meaning ascribed to such term in Section 13.1
hereof. 
 “Independent Manager” – means an individual who has prior experience as an independent director,
independent manager or independent member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company,
Lord Securities Corporation or, if none of those companies is then providing professional Independent Managers, another nationally-recognized company reasonably approved by Lender, in each case that is not an Affiliate of Holdco and that provides
professional Independent Managers and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Manager and is not, and has never been, and will not while serving as Independent Manager
be, any of the following: 
 (a) a member, partner, equityholder, manager, director, officer or employee of
Holdco or any of its equityholders or Affiliates (other than as an Independent Manager of Holdco an Affiliate of Holdco that is not in the direct chain of ownership of Holdco and that is required by a creditor to be a single purpose bankruptcy
remote entity, provided that such Independent Manager is employed by a company that routinely provides professional Independent Managers or managers in the ordinary course of its business); 

 

 A-5 

 (b) a creditor, supplier or service provider (including provider of
professional services) to Holdco or any of its equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional Independent Managers and other corporate services to Holdco or any of its Affiliates in the
ordinary course of its business); 
 (c) a family member of any such member, partner, equityholder, manager,
director, officer, employee, creditor, supplier or service provider; or 
 (d) a Person that controls (whether
directly, indirectly or otherwise) any of (a), (b) or (c) above. 
 A natural person who otherwise satisfies the
foregoing definition and satisfies subparagraph (a) by reason of being the Independent Manager of a “special purpose entity” affiliated with Holdco shall be qualified to serve as an Independent Manager of Holdco, provided that the
fees that such individual earns from serving as an Independent Manager of affiliates of Holdco in any given year constitute in the aggregate less than five percent (5%) of such individual’s annual income for that year. 

“Individual Property” – means each Property identified as such on Exhibit F hereto. 

“Insurance Expiration Date” – has the meaning ascribed to such term in Section 4.2 hereof. 

“Insurance Impound” – has the meaning ascribed to such term in Section 4.2 hereof. 

“Insurance Premiums” – has the meaning ascribed to such term in Section 4.2 hereof. 

“Insurance Proceeds” – has the meaning ascribed to such term in Section 12.7(a) hereof. 

“Interest Holder” – has the meaning ascribed to such term in Section 15.1(c)(ii)(A) hereof. 

“Intermediate Holdco” – means, collectively, TRT NOIP Fixed CA LP Holdco LLC, a Delaware limited liability company,
TRT NOIP CEVA Lease Holdco LLC, a Delaware limited liability company, TRT NOIP Connection - Irving LP LLC, a Delaware limited liability company, TRT NOIP Glenville - Richardson LP LLC, a Delaware limited liability company and TRT NOIP Sunset Hills -
Reston LLC, a Delaware limited liability company. 
 “Late Charge” – has the meaning ascribed to such term
in Section 2.3(a) hereof. 
 “Lease” and “Leases” – mean any and all present
and future leases of the Property or any portion thereof, and all licenses and all other agreements of any kind relating to the use or occupancy of the Property or any portion thereof. 

“Lease Documents” – has the meaning ascribed to such term in Section 7.4(f) hereof. 

“Lease Payment Event” – has the meaning ascribed to such term in Section 7.4(c) hereof. 

“Leasing Costs” – has the meaning ascribed to such term in Section 4.4.3 of Exhibit E attached
hereto. 
 “Lender” – has the meaning ascribed to such term in the preamble hereto, or any successors in
interest thereto. 
  

 A-6 

 “Lender Group” – has the meaning set forth in
Section 16.35(b) hereof. 
 “Letter of Credit Assignment” – has the meaning ascribed to such
term in Section 7.4(g) hereof. 
 “Liabilities” – has the meaning set forth in
Section 16.35(b) hereof. 
 “Liability Policy” – has the meaning ascribed to such term in
Section 12.1(c) hereof. 
 “LLC Agreement” – has the meaning ascribed to such term in
Section 5.2(h) hereof. 
 “Loan” – means the principal sum that Lender agrees to lend and
Borrower agrees to borrow, pursuant to the terms and conditions of this Agreement. 
 “Loan Documents” –
means those documents, as hereafter amended, supplemented, replaced or modified, properly executed and in recordable form, if necessary, listed and identified on Exhibit C attached hereto. 

“Lockbox Agreement” shall mean that certain Blocked Account Control Agreement, or similar replacement account control
agreement reasonably approved by Lender, by and among Borrower, Lockbox Bank and Lender. 
 “Lockbox Bank” shall
mean U.S. Bank National Association or any replacement bank reasonably approved by Lender under a Lockbox Agreement. 

“Losses” – has the meaning ascribed to such term in Section 3.1(b) hereof. 

“Major Lease” – has the meaning ascribed to such term in Section 7.4(b) hereof. 

“Manager” – means the property manager approved by Lender in accordance with the terms of the Loan Documents.

 “Managing Entity” – has the meaning ascribed to such term in Section 5.1(a) hereof.

 “Material Action(s)” – means to file any insolvency, or reorganization case or proceeding, to institute
proceedings to have the Borrower or SPE Party be adjudicated bankrupt or insolvent, to institute proceedings under any applicable insolvency law, to seek any relief under any law relating to relief from debts or the protection of debtors, to consent
to the filing or institution of bankruptcy or insolvency proceedings against the Borrower or SPE Party, to file a petition seeking, or consent to, reorganization or relief with respect to the Borrower or SPE Party under any applicable federal or
state law relating to bankruptcy or insolvency, to seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian, or any similar official of or for the Borrower or SPE Party or a substantial part of its
property, to make any assignment for the benefit of creditors of the Borrower SPE Party, to admit in writing the Borrower’s or SPE Party’s inability to pay its debts generally as they become due, or to take action in furtherance of any of
the foregoing. 
 “Material Adverse Effect” – means a material adverse effect upon (i) the business or
financial position or results of operation of Borrower, (ii) the ability of Borrower to perform, or of Lender to enforce, any of the Loan Documents, (iii) the Property or the value thereof, or (iv) the ability of the Guarantor to
perform under the Guaranty. 
 “Material Contract” – means (i) any management agreement for the
Property or (ii) any contract or other agreement relating to the operating, maintenance or construction of any Property which is in excess of $1,000,000. 

“Maturity Date” – means July 1, 2020. 

 

 A-7 

 “Member” – has the meaning ascribed to such term in
Section 5.2(k) hereof. 
 “Mezzanine Borrower” – means TRT NOIP Fixed Mezz Holdco LLC, a
Delaware limited liability company. 
 “Mezzanine Lender” – means iStar Financial Inc. and its successors
and permitted assigns. 
 “Mezzanine Loan” – means (1) that certain mezzanine loan in the original
principal amount of $39,438,205 (as may be increased to $57,870,000.00 upon the Earn-Out Advance) made on the date hereof from Mezzanine Lender to Mezzanine Borrower or (2) any New Mezzanine Loan. 

“Mezzanine Loan Agreement” – means that certain Loan Agreement evidencing the Mezzanine Loan entered into by
Mezzanine Lender and Mezzanine Borrower. 
 “Mezzanine Loan Documents” – means those loan documents entered
into by Mezzanine Borrower in connection with a Mezzanine Loan. 
 “Mezzanine Pledge Agreement” – means any
pledge agreement securing a Mezzanine Loan. 
 “Moody’s” – means Moody’s Investor Service, Inc.

 “Mortgage” – means, as applicable and whether one or more, that certain Mortgage and Absolute Assignment
of Rents and Leases and Security Agreement (and Fixture Filing), Deed of Trust and Absolute Assignment of Rents and Leases and Security Agreement (and Fixture Filing), or Deed to Secure Debt and Absolute Assignment of Rents and Leases and Security
Agreement (and Fixture Filing), executed by Borrower in favor of Lender, granting to Lender security interests in the Property as security for the Loan. 

“Mortgagor” – means the grantor, trustor, mortgagor, or borrower, as applicable, granting or conveying the liens
under the Mortgage. 
 “Net Operating Income” – means Operating Income less Operating Expenses. 

“Net Restoration Proceeds” – has the meaning ascribed to such term in Section 12.7(a) hereof.

 “New Mezzanine Intercreditor” – has the meaning ascribed to such term in Section 15.2(f)
hereof. 
 “New Mezzanine Lender” – has the meaning ascribed to such term in Section 15.2(e)
hereof. 
 “New Mezzanine Loan” – has the meaning ascribed to such term in Section 15.2 hereof.

 “New Note” – means a new promissory note in a principal amount equal to (x) the Release Price in
the case of a Partial Defeasance or (y) the difference between (i) the Allocated Loan Amount applicable to the Northrop VA Property and (ii) fifteen percent (15%) of the outstanding principal balance of the Loan or (z) the
amount necessary to cure a Cash Trap Event Period. 
 “Non- Holdco Member” – has the meaning
ascribed to such term in Section 5.2(h) hereof. 
 “Non-Consolidation Opinion” – has the
meaning ascribed to such term in Section 5.2(f) hereof. 
 “Northrop TI Cap” – has the meaning
ascribed to such term in Section 4.4.1 of Exhibit E attached hereto. 
 “Northrop VA” –
means Northrop Grumman Systems Corporation, as tenant at the Northrop VA Property. 
 “Northrop VA Borrower”
– has the meaning set forth in Section 2.1(b) hereof. 
  

 A-8 

 “Northrop VA Event” – means the failure of Northrop VA to renew its
Lease on or before the latest notice date permitted pursuant to the Northrop VA Lease. 
 “Northrop VA Lease”
– means that certain Deed of Lease dated July 27, 1999, by and between Northrop VA Borrower, successor-in-interest to 7555-7575 Colshire Drive LLC, successor-in-interest to WestGroup Properties LLC, as landlord, and Northrop Grumman
Information Technology, Inc., successor-in-interest to PRC Inc., as tenant, as amended by First Amendment to the Deed of Lease dated July 27, 1999, as further amended by the Second Amendment to the Deed of Lease dated March 30, 2001, as
further amended by the Third Amendment to the Deed of Lease dated April 30, 2002, as modified by the Assignment and Assumption dated May 14, 2002, as further modified by Letter regarding landlord ownership dated May 21, 2003, as
supplemented by the Guaranty dated July 23, 1999, as further supplemented by that certain Commencement Notice dated June 5, 2001, and as further supplemented by the Northrop Grumman Corporation Payment and Performance Guaranty dated
April 25, 2002. 
 “Northrop VA Property” – means the Property located at 7555 Colshire Drive, McLean,
Virginia. 
 “Note” – means that certain Promissory Note (Secured) of even date herewith, in the original
principal amount of the Loan, executed by Borrower and payable to the order of Lender, or the Amended Note, as applicable, as the same may be hereafter amended, restated, supplemented, replaced, extended or otherwise modified from time to time.

 “Note Rate” – means a fixed annual rate of 5.455%. 

“Obligor” – means any of Borrower or Guarantor. 

“Open Period Start Date” – means May 1, 2020. 

“Officer’s Certificate” – means a certificate delivered to Lender by Borrower which is signed by a Responsible
Officer of Borrower. 
 “Operating Expenses” – means all expenses, computed in accordance with generally
accepted accounting principles or other sound and prudent accounting principles approved by Lender, of whatever kind and from whatever source, relating to the ownership, operation, repair, maintenance and management of the Property that are incurred
on a regular monthly or other periodic basis, including, without limitation (and without duplication), Taxes, Insurance Premiums, management fees payable under any Management Agreement, costs attributable to the ordinary operation, repair and
maintenance of the systems for heating, ventilation and air conditioning, advertising expenses, license fees, utilities, payroll and related taxes, computer processing charges, operating equipment or other lease payments as approved by Lender,
ground lease payments, bond assessments and other similar costs, in each instance, actually incurred by Borrower. Operating Expenses shall not include Debt Service, capital expenditures, extraordinary expenditures, tenant improvement costs, leasing
commissions regardless of whether or not paid from escrows required by the Loan Documents, or other expenses which are paid from escrows required by the Loan Documents, any payment or expense for which Borrower was or is to be reimbursed from
proceeds of the loan or insurance or by any third party, federal, state or local income taxes, any non-cash charges such as depreciation and amortization and reserves for bad debt (to the extent such amounts have otherwise been incorporated in the
determination of Adjusted Actual Net Operating Income), and any item of expense otherwise includable in Operating Expenses which is paid directly by any tenant. 

“Operating Income” – means all revenue, computed in accordance with generally accepted accounting principles or
other sound and prudent accounting principles approved by Lender, derived from the ownership and operation of the Property from whatever source, including, without limitation, rental income reflected in a current rent roll pursuant to Leases which
are in full force and effect (whether denominated as basic rent, additional rent, escalation payments, electrical payments or otherwise), common area maintenance recoveries, real estate tax recoveries, utility recoveries, other miscellaneous expense
recoveries, other required pass-throughs, business interruption, rent loss or other similar insurance proceeds 
  

 A-9 

 
and other miscellaneous income. Operating Income shall not include non-cash straight-line rent adjustments, non-cash amortization of market rents, Insurance Proceeds (other than proceeds of rent
loss, business interruption or other similar insurance allocable to the applicable period), Condemnation Proceeds (other than Condemnation Proceeds arising from a temporary taking or the use and occupancy of all or part of the applicable Property
allocable to the applicable period), proceeds of any financing, proceeds of any sale, exchange or transfer of the Property or any part thereof or interest therein, capital contributions or loans to Borrower or an Affiliate of Borrower, any item of
income otherwise includable in Operating Income but paid directly by any tenant to a Person other than Borrower, any other extraordinary, non-recurring revenues, Payments paid by or on behalf of any tenant under a Lease which is the subject of any
proceeding or action relating to its bankruptcy, reorganization or other arrangement pursuant to the Bankruptcy Code or any similar federal or state law or which has been adjudicated a bankrupt or insolvent unless such Lease has been affirmed by the
trustee in such proceeding or action pursuant to a final, non-appealable order of a court of competent jurisdiction, Payments paid by or on behalf of any tenant under a Lease the demised premises of which are not occupied either by such tenant or by
a sublessee thereof (unless, with the exception of Northrop VA (following the Earn-Out Advance), such tenant maintains a credit rating of BBB- or better), Payments paid by or on behalf of any tenant under a Lease in whole or partial consideration
for the termination of any Lease, sales tax rebates from any Governmental Authority, sales, use and occupancy taxes on receipts required to be accounted for by Borrower to any Governmental Authority, refunds and uncollectible accounts, interest
income from any source other than the Impounds required pursuant to this Agreement or the other Loan Documents, unforfeited security deposits, utility and other similar deposits, income from any Tenant that is in a monetary default beyond all notice
and cure periods under its Lease or any disbursements to Borrower from the Impounds. 
 “Optional Default”
– has the meaning ascribed to such term in Section 9.1(a) hereof. 
 “P&I Payment Amount”
– means (i) One Million Forty-Five Thousand One Hundred Ninety-Two and 28/100 Dollars ($1,045,192.28) and (ii) in the event the Earn-Out Advance shall have been made, One Million Six Hundred Forty-Nine Thousand Seven Hundred Eight and
90/100 Dollars ($1,649,708.90), each based on the Note Rate and the Amortization Period as it applies to the Note, as such amount may be adjusted by an Amended Note. 

“Partial Defeasance” – means a Defeasance of one or more (but less than all) Individual Properties. 

“Partial Release” – means a partial release of the Mortgage with respect to any Individual Property in connection
with a Partial Defeasance. 
 “Patriot Act” – has the meaning as set forth in Section 5.1(l)
hereof, as the same may be amended, modified and/or supplemented from time to time, together any and all successor statutes and laws and any and all rules, regulations and orders promulgated pursuant thereto. 

“Payments” – means payments in connection with the Leases as defined in the Mortgage. 

“Periodic Treasury Yield” – has the meaning ascribed to such term in Section 10.2(a). 

“Permitted Encumbrances” – means, collectively, (a) the lien and security interests created by this Agreement
and the other Loan Documents, (b) all liens, encumbrances and other matters disclosed in the title insurance policy delivered to Lender in connection with the Loan, (c) liens, if any, for Taxes imposed by any Governmental Authority not yet
due or delinquent, and (d) such other title and survey exceptions as Lender has approved or may approve in writing in Lender’s reasonable discretion. 

“Permitted Fund Manager” means any Person that on the date of determination is (i) a nationally-recognized manager
of investment funds investing in debt or equity interests relating to commercial real estate, (ii) investing through a fund with committed capital of at least $250,000,000 and (iii) not subject to a bankruptcy proceeding. 

 

 A-10 

 “Person” – means any individual, sole proprietorship, corporation,
general partnership, limited partnership, limited liability company or partnership, joint venture, association, joint- stock company, bank, trust, land trust, estate, association, joint stock company, unincorporated organization, any federal, state,
county or municipal government (or any agency or political subdivision thereof), endowment fund or any other form of entity. 

“Plan” – has the meaning ascribed to such term in Section 5.1(i) hereof. 

“Policies” and “Policy” – have the respective meanings ascribed to such terms in
Section 12.3 hereof. 
 “Prepayment Lockout End Date” – means the calendar day immediately
preceding the Open Period Start Date. 
 “Prepayment Lockout Period” – means the period from and including
the Effective Date to and including the Prepayment Lockout End Date. 
 “Prohibited Equity Transfer” – has
the meaning ascribed to such term in Section 15.1(c)(i) hereof. 
 “Prohibited Property Transfer”
– has the meaning ascribed to such term in Section 15.1(b)(i) hereof. 
 “Property” –
means each individual property or all of that certain real property, as the context may require, described on Exhibit B attached hereto and incorporated herein for all purposes, together with all improvements thereon and other property as
more particularly described in the Mortgage. 
 “Qualified Manager” – means (i) a nationally
recognized and reputable property management company with at least five (5) years’ experience managing at least 500,000 square feet of properties similar in size and type to the Property, but not including the Property, (ii) a
management company approved by Lender in its reasonable discretion and for which Lender shall have received written confirmation from the applicable Rating Agencies that such manager will not result in a downgrading, withdrawal or qualification of
the respective ratings in effect immediately prior to such manager succeeding the then currently existing manager, (iii) any management company which is an Affiliate of Borrower, (iv) the property managers set forth on Schedule A-10
attached hereto, which entities are the property managers under property management agreements which have been assumed by Borrower and/or (v) the tenants set forth on Schedule A-10 attached hereto, which tenants are self managing the applicable
Property in connection with their respective Leases. 
 “Qualified Transferee” shall mean (a) Lender or any
affiliate of Lender, (b) Dividend Capital Total Realty Trust, Inc., or (c) one or more of the following: 

(i) a real estate investment trust, bank, saving and loan association, investment bank, insurance company, trust company,
commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, provided that any such Person referred to in this clause (A) satisfies the Eligibility Requirements;

 (ii) an investment company, money management firm or “qualified institutional buyer” within the
meaning of Rule 144A under the Securities Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended, provided that any such Person referred to
in this clause (ii) satisfies the Eligibility Requirements; 
 (iii) an institution substantially
similar to any of the foregoing entities described in clauses (c)(i) or (c)(ii) that satisfies the Eligibility Requirements; 

(iv) any entity Controlled by any of the entities described in clause (a), clause (b) or clauses
(c)(i). (c)(iii) or (c)(vi) of this definition; 
  

 A-11 

 (v) a Qualified Trustee in connection with a securitization of, the creation
of collateralized debt obligations (“CDO”) secured by or financing through an “owner trust” of, the New Mezzanine Loan (collectively, “Securitization Vehicles”), so long as (A) the special servicer or
manager of such Securitization Vehicle has the Required Special Servicer Rating and (B) the entire “controlling class” of such Securitization Vehicle, other than with respect to a CDO Securitization Vehicle, is held by one or more
entities that are otherwise Qualified Transferees under clauses (c)(i), (ii), (iii) or (iv) of this definition; provided that the operative documents of the related Securitization Vehicle require that
(1) in the case of a CDO Securitization Vehicle, the “equity interest” in such Securitization Vehicle is owned by one or more entities that are Qualified Transferees under clauses (c)(i), (ii), (iii) or
(iv) of this definition and (2) if any of the relevant trustee, special servicer, manager fails to meet the requirements of this clause (v), such Person must be replaced by a Person meeting the requirements of this clause
(v) within thirty (30) days; 
 (vi) an investment fund, limited liability company, limited
partnership or general partnership (a “Permitted Investment Fund”) where a Permitted Fund Manager or an entity that is otherwise a Qualified Transferee under clauses (c)(i), (ii), (iii) or
(iv) of this definition acts as the general partner, managing member or fund manager and at least 50% of the equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise
Qualified Transferees under clauses (c)(i), (ii), (iii) or (iv) of this definition; or 

(vii) a Qualified Trustee or Person that is otherwise a Qualified Transferee, in each case, acting as trustee,
administrative agent or collateral agent, for one or more Persons with respect to a revolving credit facility, bond, term loan or other financing (which may be in form of repurchase arrangements) with a committed or funded amount, as of the initial
closing thereof, of at least $500,000,000. 
 “Qualified Trustee” means (i) a corporation, national bank,
national banking association or a trust company, organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the trust conferred, having a
combined capital and surplus of at least $100,000,000 and subject to supervision or examination by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution whose long-term
senior unsecured debt is rated either of the then in effect top two rating categories of each of the Rating Agencies. 

“Rating Agency” or “Rating Agencies” – means any one or more of Dominion Bond Rating Services,
Inc., Fitch, Inc., Moody’s Investors Service, Inc., S&P, Realpoint, LLC and any other nationally-recognized statistical rating organization that is designated by Lender (and any successor to the foregoing); provided that the foregoing shall
only be deemed to be included within the definition of “Rating Agencies” hereunder to the extent that the same have rated (or are reasonably anticipated by Lender to rate) the securities associated with the Securitization of the Loan.

 “REA” – means, individually and/or collectively (as the context may require), each reciprocal easement,
covenant, condition and restriction agreement or similar agreement affecting the Property, if any, as more particularly described on Schedule 5.1(v) attached hereto and any future reciprocal easement or similar agreement affecting the Property
entered into in accordance with the applicable terms and conditions hereof. 
 “Registration Statement” –
has the meaning set forth in Section 16.35(b) hereof. 
 “Regulation AB” shall mean Regulation AB
under the Securities Act and the Exchange Act, as such Regulation may be amended from time to time. 
 “Related
Loan” shall mean a loan made to an Affiliate of Borrower, or secured by a Related Property, that is included with the Loan (or a portion of the Loan) in a Securitization. 

“Related Party” and “Related Parties” – have the meaning ascribed to such term in
Section 5.2(n)(i) hereof. 
  

 A-12 

 “Related Property” shall mean a parcel of real property, together with
improvements thereon and personal property related thereto, that is “related”, within the meaning of the definition of Significant Obligor, to the Property. 

“Release Date” – means the date upon which a Partial Release is completed. 

“Release Price” – means the greater of (i) one hundred twenty percent (120%) of the Allocated Loan Amount
and (ii) an amount that causes the Debt Yield after the Partial Release to be no less than (A) the Closing Date Debt Yield and (B) the Debt Yield immediately prior to such Partial Release. 

“Release Property” – means the Individual Property or Properties subject to a Partial Release. 

“Release Request” – means Borrower’s written request for a Partial Release. 

“Remainder Property” – means any Individual Property or Properties that are not released from the lien of the
Mortgage as a result of a Partial Defeasance. 
 “REMIC” – means a “real estate mortgage investment
conduit” within the meaning of Section 860D of the Code. 
 “Rent Roll” – has the meaning
ascribed to such term in Section 5.1(j) hereof. 
 “Responsible Officer” – means with respect
to a Person, the chairman of the board, president, chief operating officer, chief financial officer, treasurer or vice president-finance of such Person or such other similar officer of such Person reasonably acceptable to Lender and appropriately
authorized by the applicable Person in a manner reasonably acceptable to Lender. 
 “Reston VA Borrower” –
has the meaning set forth in Section 5.2(n) hereof. 
 “Restoration” – has the meaning ascribed
to such term in Section 12.8 hereof. 
 “Restoration Proceeds” – has the meaning ascribed to
such term in Section 12.7(a) hereof. 
 “Restoration Proceeds Threshold” – has the meaning
ascribed to such term in Section 12.7(a) hereof. 
 “Restricted Account” – has the meaning
ascribed to such term in the Cash Management Agreement. 
 “Restricted Party” – has the meaning ascribed to
such term in Section 15.1(a) hereof. 
 “S&P” – means Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc. 
 “Secondary Market Transaction” and
“Secondary Market Transactions” – have the meaning ascribed to such terms in Section 16.12 hereof. 

“Secured Obligations” – has the meaning ascribed to such term in the Mortgage. 

“Securities Act” – has the meaning set forth in Section 16.35(a) hereof. 

“Securitization” – has the meaning set forth in Section 16.35(a) hereof. 

“Security Documents” – means, collectively, the Mortgage, the Guaranty and any and all other agreements,
instruments, certificates and/or documents prepared or executed as security for the Note and this Agreement. 

“Separateness Provisions” – has the meaning ascribed to such term in Section 5.2(c) hereof. 

 

 A-13 

 “Significant Obligor” shall have the meaning set forth in Item 1101(k)
of Regulation AB under the Securities Act. 
 “SPE Party” – means GP SPE Party, Intermediate Holdco and
Holdco, as applicable. 
 “Special Member” – has the meaning ascribed to such term in
Section 5.2(k) hereof. 
 “Startup Day” – means the “startup day” within the meaning
of Section 860G(a)(9) of the Code, of a “real estate mortgage investment conduit,” as defined in Section 860D of the Code, that holds the Note. 

“State” – means the state in which the Property is located. 

“Substitute Property” – has the meaning ascribed to such term in Section 14.2 hereof. 

“Substituted Property” – has the meaning ascribed to such term in Section 14.2 hereof. 

“Substitute Release Price” – has the meaning ascribed to such term in Section 14.2(a)(N) hereof.

 “Successor Borrower” – means an entity designated or approved by Lender whose sole purpose is to own the
Defeasance Collateral delivered by Borrower under Article 11 and assume Borrower’s obligations with respect to the Loan or New Note, as applicable. Successor Borrower shall be a single purpose bankruptcy remote entity. 

“Subsidiary” – has the meaning ascribed to such term in Section 5.2(n)(xiii) hereof. 

“Taking” – has the meaning ascribed to such term in Section 12.7(a) hereof. 

“Tax Impound” – has the meaning ascribed to such term in Section 4.1 hereof. 

“Taxes” – has the meaning ascribed to such term in Section 4.1 hereof. 

“TC Cap” – has the meaning ascribed to such term in Section 12.5 hereof. 

“Terrorism Coverage” – has the meaning ascribed to such term in Section 12.5 hereof. 

“Title Company” – means First American Title Insurance Corporation. 

“Transfer” – has the meaning ascribed to such term in Section 15.1(a) hereof. 

“TRIPRA” – has the meaning ascribed to such term in Section 12.5 hereof. 

“TROP” – has the meaning ascribed to such term in Section 15.1(c)(ii)(A) hereof. 

“TRT” – has the meaning ascribed to such term in Section 15.1(c)(ii)(A) hereof. 

“UCC” – means the Uniform Commercial Code as adopted in the State where the Property is located. 

“U.S. Obligations” – means direct full faith and credit obligations of the United States of America that are not
subject to prepayment, call or early redemption. 
 “Underwriter Group” – has the meaning set forth in
Section 16.35(b) hereof. 
 “Windstorm Coverage” – has the meaning ascribed to such term in
Section 12.1(b)(iii) hereof. 
 “Work” – has the meaning as ascribed to such term in
Section 4.4.1 of Exhibit E attached hereto. 
  

 A-14 

 [NO FURTHER TEXT ON THIS PAGE] 

 

 A-15 

 EXHIBIT B 

PROPERTY/ADDRESS INFORMATION 

Property Address: See Schedule 1 
  

 B-1 

 EXHIBIT C 

LIST OF LOAN DOCUMENTS AND CLOSING DOCUMENTS 

 

	1.	LOAN DOCUMENTS. The documents numbered 1.1 through 5.3 below of even date herewith (unless otherwise specified) and any amendments, modifications and
supplements thereto which have received the prior written approval of Lender and any documents executed in the future that are approved by Lender and that recite that they are “Loan Documents” for purposes of this Agreement, are
collectively referred to as the “Loan Documents”. 

  

	 	1.1	This Agreement; 

  

	 	1.2	Note; 

  

	 	1.3	Mortgage; 

  

	 	1.4	Absolute Assignment of Leases and Rents; 

  

	 	1.5	States of California, Colorado, Florida, Illinois, Kentucky, New Jersey, Ohio, Texas and Virginia Uniform Commercial Code - Financing Statement - Form UCC-1;

  

	 	1.6	State of Delaware Uniform Commercial Code - Financing Statement - Form UCC-1; 

 

	 	1.7	Borrower’s Certification; 

  

	 	1.8	Certification of Taxpayer Identification Number and Non-Foreign Status; 

  

	 	1.9	Borrower Authorization Form; 

  

	 	1.10	Estoppel Certificates; 

  

	 	1.11	Cash Management Agreement; 

  

	 	1.12	O&M Letter Agreements; 

  

	2.	OTHER CLOSING DOCUMENTS. 

  

	 	A.	State Specific Documents/Affidavits: 

  

	 	2.1	Flood Hazard Notices; 

  

	 	B.	Opinions: 

  

	 	2.1	Bankruptcy Non-Consolidation Opinion of Borrower’s legal counsel; 

  

	 	2.2	Formation, Existence and Authority Opinions; 

  

	 	2.3	Enforceability Opinions; 

  

	3.	ORGANIZATIONAL DOCUMENTS. 

  

	 	3.1	Certificate of Limited Partnership Borrower; 

  

	 	3.2	Certificate of Limited Liability Company Borrower; 

  

	 	3.3	Certificate of Limited Partnership Guarantor; 

  

 C-1 

	4.	TITLE COMPANY DOCUMENTS. 

  

	 	4.1	Title Company Escrow Instruction Letter; 

  

	 	4.2	Closing Statement; 

  

	5.	MISCELLANEOUS DOCUMENTS. 

  

	 	5.1	Hazardous Materials Indemnity Agreement (Unsecured); and 

  

	 	5.3	Limited Guaranty. 

  

 C-2 

 EXHIBIT D 

LITIGATION DISCLOSURES 
  

												
	 Claimant
	  	 Location
	  	 Date of Loss
	  	 Description of Incident
	  	 Reserve Amount
	  	 Status

	Sharon Edwards	  	6 Sylvan Way	  	12/8/2005	  	slip & fall on snow/ice	  	$	10,000	  	Law suit - discovery ongoing

  

 D-1 

 EXHIBIT E 

ADDITIONAL IMPOUNDS 
  

	4.4.1	DEFINITIONS. 

“Cost Breakdown” shall mean a reasonably detailed description and cost breakdown of the Work to be paid or reimbursed
from the disbursement from the applicable Impound. 
 “Work” shall mean any work performed and to be paid from
the disbursement from the applicable Impound. 
 “General TI Cap” shall mean (i) in the event Northrop VA
renews its Lease pursuant to the terms of its Lease or the Earn-Out Advance shall not have occurred, $11,000,000, as such amount may be reduced as a result of releases of Release Properties as set forth in Exhibit F attached hereto, or
(ii) in the event Northrop VA fails to renew its Lease pursuant to the terms of such lease (following the Earn-Out Advance), $30,000,000 (“Northrop TI Cap”), which such Northrop TI Cap shall not be reduced in any event as a
result of releases of Release Properties (other than the release of the Northrop VA Property, and in such event clause (i) hereof shall apply). 
  

	4.4.2	INTENTIONALLY OMITTED. 

  

	4.4.3	TENANT IMPROVEMENT IMPOUNDS. 

  

	 	(a)	General TI Impound. Borrower shall deposit with Lender the following amounts (collectively, “General TI Impound”): (i) $281,250.00
commencing on July 1, 2012 in the event the Earn-Out Advance is made and (ii) $177,083.33 commencing on July 1, 2013 in the event the Earn-Out Advance is not made (each such amount, the “General TI Deposit”) and on
each Due Date after such respective date until such time as the General TI Impound equals or exceeds the amount of the General TI Cap whereupon (provided no Default has then occurred and is continuing) further deposits shall be suspended. Upon the
occurrence of a Default, deposits hereunder shall resume commencing with the next ensuing Due Date and shall continue until the Default shall have been cured. If the General TI Impound is drawn upon and the balance of such impound falls below the
General TI Cap, deposits hereunder shall resume commencing with the next ensuing Due Date and shall continue until the General TI Cap is again achieved. Notwithstanding the foregoing, in the event that rollover of tenants at the Property (based on
both Lease renewals and future leasing) exceeds twenty percent (20%) of Adjusted Actual Net Operating Income in any one year or forty percent (40%) in any two year period from July 1, 2017 to July 1, 2021, the General TI Cap
shall not be in effect. In the event that rollover of tenants at the Property falls below the thresholds set forth in the previous sentence, the General TI Cap shall be reinstated and, provided no Default is continuing, any General TI Impound funds
in excess of the General TI Cap shall be returned to Borrower. The General TI Impound shall be used to pay or reimburse Borrower for tenant improvements, leasing commissions and other leasing costs (collectively, “General TI Leasing
Costs”) that may be required for new or renewal tenants in the Property. So long as no Default exists, Lender shall disburse funds from the General TI Impound to Borrower monthly, on a space by space basis. Lender shall disburse funds from
the General TI Impound for any space in accordance with Section 4.4.3(d) hereof. All funds held in the General TI Impound that are directly related to a Property that is to be released from the encumbrance of the Loan in accordance with
the terms and conditions of this Agreement shall be released from the General TI Impound and delivered to Borrower upon the release of said Property, and the monthly amount payable by Borrower on each Due Date will be adjusted downward by the
corresponding impound amount set forth on Exhibit F hereto for the Released Property. 

  

	 	(b)	 Designated TI Impound. Borrower shall deposit with Lender (collectively, “Designated TI Impound”) (i) an amount
equal to $2,243,534.00 on the Disbursement Date for the currently 

  

 E-1 

	 	 
identified tenant improvements, leasing commissions and other leasing costs (collectively, the “Designated TI Leasing Costs”) that may be required for new or renewal tenants of
the spaces in amounts identified on Exhibit E-2 attached hereto and (ii) any and all Lease-termination payments received by Borrower (collectively, the “Lease Termination Payments”). The portion of the Designated TI
Impound to be disbursed with respect to such space shall (subject to (y) below) be equal to the actual costs incurred for tenant improvements, leasing commissions and other leasing costs for such space pursuant to evidence as required by
Section 4.4.3(d) hereof. So long as no Default exists, Lender shall disburse funds from the Designated TI Impound (x) to pay or reimburse Borrower in accordance with Section 4.4.3(d) hereof and (y) to return Lease
Termination Payments to Borrower upon the execution of a new lease for the space for which the applicable Lease Termination Payment was received. So long as no Default exists, Lender shall disburse funds from the Designated TI Impound to pay or
reimburse Borrower in accordance with Section 4.4.3(d) hereof. Provided no Default is continuing and upon payment of all Designated TI Leasing Costs, any funds remaining in the Designated TI Impound shall be disbursed to Borrower at the
direction of Borrower. All funds held in the Designated TI Impound that are directly related to a Property that is to be released from the encumbrance of the Loan in accordance with the terms and conditions of this Agreement shall be released from
the Designated TI Impound and delivered to Borrower upon the release of said Property. 

  

	 	(c)	Northrop VA Deposits. Following the Earn-Out Advance, in the event of a Northrop VA Event, the General TI Cap shall increase to the Northrop TI Cap. At
Borrower’s option, either the General TI Deposit shall be increased or Excess Cash Flow (as defined in the Cash Management Agreement) shall be deposited into the General TI Impound in an amount determined by Lender that would cause the General
TI Impound to meet the Northrop TI Cap no later than the date of the expiration of the Northrop VA Lease. All General TI Impounds over and above the $11,000,000.00 General TI Cap shall be released to Borrower upon the reletting of the Northrop VA
space if the Earn-Out Advance shall have occurred. 

  

	 	(d)	Disbursements General TI Impound and Designated TI Impound. With respect to a General TI Impound and Designated TI Impound, Lender shall disburse funds to
Borrower only upon Lender’s receipt and approval of each of the following items with respect to the applicable space, which Borrower agrees are reasonable: 

 

	 	(i)	Borrower’s written request for such disbursement, including the name of the tenant and the location and total net rentable square feet contained in the applicable
space; 

  

	 	(ii)	a complete copy of a fully executed new lease of the applicable space or a renewal or extension of the current lease of such space, certified by Borrower to be such;

  

	 	(iii)	with respect to any disbursement which, when added to all prior disbursements, equals ninety percent (90%) or less of the original Impound for such space:

  

	 	(1)	the Cost Breakdown of the Work; 

  

	 	(2)	a certification of an authorized officer of Borrower that: 

  

	 	(i)	the Cost Breakdown is accurate and all Work shown in the Cost Breakdown has been completed lien-free, in a workmanlike manner and in accordance with the requirements of
the Lease and all applicable laws; 

  

	 	(ii)	Borrower has actually paid or incurred the Leasing Costs to be paid or reimbursed from the disbursement; and 

 

	 	(iii)	the Leasing Costs to be paid or reimbursed from the disbursement are not in excess of the market-rates for these items; 

 

 E-2 

	 	(3)	paid receipts evidencing that the Work has been fully paid (provided, however, that such paid receipts shall not be required in the event Borrower is requesting funds
to pay the applicable contractors or subcontractors rather than requesting a reimbursement for costs already paid); 

  

	 	(4)	lien waivers evidencing that the Work has been completed lien free; 

  

	 	(5)	if required by Lender, an inspection report issued by an inspector selected and retained by Lender, the cost of which shall be paid by Borrower, evidencing that all
Work covered by the disbursement has been completed in a workmanlike manner and in accordance with applicable building codes; and 

  

	 	(6)	if required by Lender, such other evidence as may be reasonably necessary to verify the current accuracy of the certification and any inspection report, the costs of
which shall be paid by Borrower; 

  

	 	(iv)	with respect to any disbursement which, when added to all prior disbursements, equals more than ninety percent (90%) of the original Impound for such space the
following additional items shall be required: 

  

	 	(1)	a current estoppel certificate executed by the tenant of the space which shall include, without limitation, such tenant’s acknowledgment that:

  

	 	(i)	the Lease is in full force and effect and neither Borrower nor the tenant is in default thereunder; 

 

	 	(ii)	all Work required under the Lease has been satisfactorily completed and all tenant allowances required to be paid under the Lease have been paid in full and the tenant
claims no offset rights or rent credits with respect to such Work; 

  

	 	(iii)	all conditions to the tenant’s occupancy of the space and the payment of rent have been satisfied; and 

 

	 	(iv)	the tenant is in actual occupancy of and conducting business in the space. 

 

	 	(2)	if required by Lender, such other evidence as may be necessary to verify the current accuracy of the estoppel certificate, the costs of which shall be paid by Borrower;
and 

  

	 	(3)	Borrower shall complete the lien-free performance or installation of the Work in a workmanlike manner and in accordance with all applicable laws, ordinances, rules and
regulations. 

 For purposes on this Section 4.4.3, the term “Leasing Costs” shall
mean, as applicable, the General TI Leasing Costs and/or the Designated TI Leasing Costs. 
  

	4.4.4	MAINTENANCE AND CAPITAL IMPOUNDS. 

  

	 	(a)	Intentionally Omitted. 

  

	 	(b)	Intentionally Omitted. 

  

	 	(c)	 Capital Expenditures Impound. Borrower shall deposit with Lender the following amount(s) (collectively, “Capital Expenditures
Impound”): an annualized amount equal to $0.20 per square 

  

 E-3 

	 	 
foot of net rentable area on each Due Date commencing with the First P&I Due Date. The Capital Expenditures Impound shall be used for payment or reimbursement of the Capital Expenditures
(defined below). So long as no Default exists, Lender shall disburse funds from the Capital Expenditures Impound to Borrower monthly, in increments of at least $5,000.00 or more per disbursement, to pay or reimburse Borrower for the Capital
Expenditures, in accordance with Section 4.4.4(d) hereof. No deposits into the Capital Expenditures Impound shall be required with respect to any Property leased to a single tenant that is responsible for capital improvements and repairs
under its Lease, provided (a) no Default is continuing, (b) such tenant is not in material default under its Lease beyond all applicable notice and cure periods provided therein, and (c) Borrower enforces the terms of the Lease
requiring the applicable tenant to make such repairs and improvements. With respect to a Property for which no Capital Expenditures Impound is being required, if any of the foregoing conditions are not satisfied or if the applicable tenant fails to
extend or renew its Lease within the time periods set forth in such Lease, Borrower shall commence making Capital Expenditure Impound deposits with respect to such Property not to exceed an annualized amount equal to $0.20 per square foot of net
rentable area upon Lender’s written demand. All funds held in the Capital Expenditures Impound that are directly related to a Property that is to be released from the encumbrance of the Loan in accordance with the terms and conditions of this
Agreement shall be released from the Capital Expenditures Impound and delivered to Borrower upon the release of said Property. 

  

	 	(d)	Disbursements from the Capital Expenditures Impound. Lender shall pay to and/or reimburse Borrower out of the Capital Expenditures Impound upon receipt
and approval by Lender of the following items, which Borrower agrees are reasonable: 

  

	 	(i)	a Cost Breakdown of the Work; 

  

	 	(ii)	a certification of an authorized officer of Borrower that the Cost Breakdown is accurate and all Work shown on the Cost Breakdown has been completed lien-free, in a
workmanlike manner and in accordance with all applicable laws, ordinances, rules and regulations; 

  

	 	(iii)	paid receipts evidencing that the Work has been fully paid (provided, however, that such paid receipts shall not be required in the event Borrower is requesting funds
to pay the applicable contractors or subcontractors rather than requesting a reimbursement for costs already paid); 

  

	 	(iv)	lien waivers evidencing that the Work has been completed lien free; 

  

	 	(v)	if required by Lender, an inspection report issued by an inspector selected and retained by Lender, the cost of which shall be paid by Borrower, evidencing that all
Work covered by the disbursement has been completed in a workmanlike manner and in accordance with applicable building codes; 

  

	 	(vi)	if required by Lender, a title search for the Property indicating that the Property is free from all liens, claims, and other encumbrances not previously approved by
Lender; 

  

	 	(vii)	if required by Lender, such other evidence as may be reasonably necessary to verify the current accuracy of the certification and any inspection report, the costs of
which shall be paid by Borrower; and 

  

	 	(viii)	Borrower shall complete the lien-free performance or installation of the Work in a workmanlike manner and in accordance with all applicable laws, ordinances, rules and
regulations. 

 All Impounds set forth in this Exhibit E shall be maintained in an account which will bear interest for the
benefit of Borrower. 
  

 E-4 

 EXHIBIT E-1 

LIST OF WORK 

Attached 
  

 E-1-1 

 Northrop VA Property – In the event the Earn-Out Advance has been made 

Attached 
  

 E-1-2 

 EXHIBIT E-2 

DESIGNATED TI IMPOUND AMOUNTS 

2000 Corporate Center Drive, Newbury Park, CA: $2,243,534.00 
  

 E-2-1 

 EXHIBIT F 

ALLOCATED LOAN AMOUNT FOR EACH INDIVIDUAL PROPERTY 

 

																				
	 Loan No.
	 	 Address
	 	 County
	 	Allocated
Loan Amount	 	Reduction in
General TI
Deposit
(per annum)	 	Reduction in
General
TI
Deposit*
(per annum)	 	Reduction in
General TI
Cap
(clause
(i) only)	 	Reduction in
General TI
Cap
(clause
(i) only)*
	 31-0909757
	 	2000 & 21000 Corporate Center Drive, Newbury Park, CA	 	Ventura	 	$	13,094,034.00	 	$	187,000.00	 	$	192,000.00	 	$	625,000.00	 	$	968,000.00
								
	 31-0909757
	 	3701 Doolittle Drive, Redondo Beach, CA	 	Los Angeles	 	$	10,755,814.00	 	$	148,000.00	 	$	152,000.00	 	$	496,000.00	 	$	768,000.00
								
	 31-0909757
	 	5200 Sheila Street, Commerce, CA	 	Los Angeles	 	$	9,352,882.00	 	$	103,000.00	 	$	106,000.00	 	$	344,000.00	 	$	532,000.00
								
	 31-0909757
	 	1920 E. Maple Drive, El Segundo, CA	 	Los Angeles	 	$	17,770,475.00	 	$	110,000.00	 	$	114,000.00	 	$	369,000.00	 	$	571,000.00
								
	 31-0909757
	 	6000 Connection Drive, Irving, TX	 	Dallas	 	$	25,065,723.00	 	$	336,000.00	 	$	345,000.00	 	$	1,125,000.00	 	$	1,740,000.00
								
	 31-0909757
	 	1460 N. Glenville Drive, Richardson, TX	 	Dallas	 	$	3,741,153.00	 	$	53,000.00	 	$	55,000.00	 	$	178,000.00	 	$	276,000.00
								
	 31-0909757
	 	6 Sylvan Way, Parsippany, NJ	 	Morris	 	$	17,162,538.00	 	$	272,000.00	 	$	279,000.00	 	$	909,000.00	 	$	1,407,000.00
								
	 31-0909757
	 	1600-1601 SW 80th Street, Plantation, FL	 	Broward	 	$	20,342,518.00	 	$	297,000.00	 	$	305,000.00	 	$	992,000.00	 	$	1,535,000.00
								
	 31-0909757
	 	200 Corporate Drive, Dixon, IL	 	Lee	 	$	9,352,882.00	 	$	99,000.00	 	$	102,000.00	 	$	331,000.00	 	$	513,000.00
								
	 31-0909757
	 	11493 Sunset Hills Road, Reston, VA	 	Fairfax	 	$	14,684,024.00	 	$	127,000.00	 	$	131,000.00	 	$	426,000.00	 	$	659,000.00
								
	 31-0909757
	 	3201 Columbia Road, Richfield, OH	 	Summit	 	$	9,119,060.00	 	$	51,000.00	 	$	53,000.00	 	$	171,000.00	 	$	265,000.00
								
	 31-0909757
	 	1150 South Columbia Drive, Campbellsville, KY	 	Taylor	 	$	12,158,746.00	 	$	118,000.00	 	$	122,000.00	 	$	396,000.00	 	$	613,000.00

  

 F-1 

																						
	 Loan No.
	 	 Address
	 	 County
	 	Allocated
Loan Amount	 	Reduction in
General TI
Deposit
(per annum)	 	Reduction in
General
TI
Deposit*
(per annum)	 	 	Reduction in
General TI
Cap
(clause
(i) only)	 	 	Reduction in
General TI
Cap
(clause
(i) only)*
	 31-0909757
	 	15350-15395 Vickery Drive, Houston, TX	 	Harris	 	$	20,015,167.00	 	$	200,150.00	 	$	203,724.00	  	 	$	665,678.00	  	 	$	1,030,238.00
								
	 31-0909757
	 	18300 East 28th Avenue, Aurora, CO	 	Adams	 	$	2,384,985.00	 	$	23,850.00	 	$	24,276.00	  	 	$	79,322.00	  	 	$	122,762.00
								
	 31-0909757*
	 	7555 Colshire Drive, McLean, VA*	 	Fairfax*	 	 	N/A	 	 	N/A	 	$	1,191,000.00	* 	 	$	3,893,000.00	* 	 	 	N/A

  

	*	In the event the Earn-Out Advance shall have been made. 

  

 F-2 

 EXHIBIT G 

ADDITIONAL INSURANCE PROVISIONS 

Pursuant to Section 12.2 hereof, Borrower, at its sole cost and expense, shall also obtain and maintain the coverage and/or
policy marked below which shall comply with the requirements of Section 12 of this Agreement: 

x  Special Flood Hazard Coverage: Flood insurance in an amount
equal to the lesser of (A) the outstanding principal balance of the Note or (B) the maximum amount of such insurance available for the type of property as the Property under the National Flood Insurance Act of 1968, the Flood Disaster
Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended. Borrower shall execute and deliver to Lender the Official Flood Notice provided by Lender, and, prior to Lender’s receipt of evidence of the
related flood insurance policy, Borrower shall deliver to Lender a copy of the flood insurance application and evidence of payment for such insurance. 
  

 G-1 

 SCHEDULE 1 

BORROWERS 

1. TRT NOIP Corporate Center Drive – Newbury Park LP, a Delaware limited partnership (2000 & 21000 Corporate Center Drive,
Newbury Park, CA) 
 2. TRT NOIP Doolittle – Redondo Beach LP, a Delaware limited partnership (3701 Doolittle Drive,
Redondo Beach, CA) 
 3. TRT NOIP Sheila – Commerce LP, a Delaware limited partnership (5200 Sheila Street, Commerce, CA)

 4. TRT NOIP Maple – El Segundo LP, a Delaware limited partnership (1920 E. Maple Drive, El Segundo, CA) 

5. TRT NOIP Connection – Irving LP, a Delaware limited partnership (6000 Connection Drive, Irving, TX) 

6. TRT NOIP Glenville – Richardson LP, a Delaware limited partnership (1460 N. Glenville Drive, Richardson, TX) 

7. TRT NOIP Sylvan Way – Parsippany LLC, a Delaware limited liability company (6 Sylvan Way, Parsippany, NJ) 

8. TRT NOIP SW 80 – Plantation LLC, a Delaware limited liability company (1600-1601 SW
80th Street, Plantation, FL) 

9. TRT NOIP Corporate Drive – Dixon LLC, a Delaware limited liability company (200 Corporate Drive, Dixon, IL) 

10. iStar CTL Sunset Hills – Reston LLC, a Delaware limited liability company (11493 Sunset Hills Road, Reston, VA) 

11. TRT NOIP Columbia – Richfield LLC, a Delaware limited liability company (3201 Columbia Road, Richfield, OH) 

12. TRT NOIP Columbia – Campbellsville LLC, a Delaware limited liability company (1150 South Columbia Drive, Campbellsville, KY)

 13. TRT NOIP Eagle LP, a Delaware limited partnership (15350-15395 Vickery Drive, Houston, TX) 

14. TRT NOIP East 28 – Aurora LLC, a Delaware limited liability company (18300 East
28th Avenue, Aurora, CO) 

 

 G-1 

 SCHEDULE 5.1(v) 

DESCRIPTION OF REA’s 

None 
  

 Schedule 16.31 - Page 1 

 SCHEDULE A-10 

PROPERTY MANAGERS/TENANT MANAGERS 

Property Managers 
 None. 

Tenant Managers 
  

					
	 	  	 Tenant Manager
	  	 Property

			
	1.	  	 WellPoint, Inc.
	  	 2000 & 2100 Corporate Center Dr., Newbury Park, California

			
	2.	  	 Northrop Grumman Space & Mission
	  	 3701 Doolittle Drive, Redondo Beach, California

			
	3.	  	 Unified Western Grocers, Inc.
	  	 5200 Sheila Street, Commerce, California

			
	4.	  	 Equinix Operating Company, Inc.
	  	 1920 E. Maple Drive, El Segundo, California

			
	5.	  	 CEVA Freight LLC
	  	 (1) 15350 - 15395 Vickery Drive, Houston, Texas

 
 (2) 18300 East
28th Avenue, Aurora, Colorado

			
	6.	  	 Nokia Inc.
	  	 6000 Connection Drive, Irving, Texas

			
	7.	  	 Nortel Networks, Inc.
	  	 1460 N. Glenville Dr., Richardson, Texas

			
	8.	  	 Avis Budget Group, Inc.
	  	 6 Sylvan Way, Parsippany, New Jersey

			
	9.	  	 Crawford & Company
	  	 1600-1601 SW
80th Street, Plantation, Florida

			
	10.	  	 Spectrum Brands, Inc.
	  	 200 Corporate Drive, Dixon, Illinois

			
	11.	  	 Unysis Corporation
	  	 11493 Sunset Hills Road, Reston, Virginia

			
	12.	  	 Amazon.com Inc.
	  	 1150 South Columbia Drive, Campbellsville, Kentucky

			
	13.	  	FedEx Ground Package Systems	  	3201 Columbia Road, Richfield, Ohio

  

 Schedule 16.32 - Page 1

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