Document:

Loan Assumption and Modification Agreement

 Exhibit 10.38 

 

			
	Upon recordation, return to:	  	Authorization I.D. # NJ - 1659
		  	Investment I.D. # 000453200-01
		  	90 Hudson Street

 Logan Grady LLC

 1233 Silas Deane Hwy 
 Wethersfield,
CT 06109 
  
  

Loan Assumption 

and 
 Modification
Agreement 
  
  
 Date: April 11, 2011 
 Location of Property:  90 Hudson Street 

	    	  Jersey City, New Jersey 07302 

	    	  Block 6, Lot 15 

 LOAN ASSUMPTION AND MODIFICATION AGREEMENT 

THIS LOAN ASSUMPTION AND MODIFICATION AGREEMENT (this “Agreement”) is made and entered into as of April
11, 2011 by and among RT 90 HUDSON, LLC, a Delaware limited liability company, having its principal place of business at c/o CB Richard Ellis Realty Trust, 47 Hulfish Street, Suite 210, Princeton, New Jersey 08542, Attention: Jack A. Cuneo
(“Assuming Borrower”) and 90 HUDSON STREET L.L.C., a New Jersey limited liability company having its principal place of business at c/o Hartz Mountain Industries, Inc., 400 Plaza Drive, Secaucus, New Jersey 07096-1515
(“Original Borrower”), in favor of TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, a New York corporation, having an address at 730 Third Avenue, New York, New York 10017 (together with its successors and
assigns, “Lender”). 
 Recitals 

All capitalized terms not defined herein are defined on the attached and incorporated Exhibit A. 

A. Lender made a loan to Original Borrower in the initial principal amount of Seventy Million and NO/100 Dollars
($70,000,000.00). Lender and Original Borrower subsequently modified said loan by, inter alia, increasing the principal amount thereof to One Hundred Twenty-Two Million Five Hundred Thousand and NO/100 Dollars ($122,500,000.00) (such
loan, as modified, the “Loan”). The Loan is evidenced and secured by (i) that certain Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement, dated January 14, 2000,
granted by Original Borrower to Lender, recorded in the Register of Deeds of Hudson County, New Jersey (the “Recorder’s Office”) in Book 7331 at Page 79, as modified by that certain Spreader and First
Amendment to Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement, dated as of April 7, 2006 by and between Original Borrower and Lender, recorded in the Recorder’s Office in Book 571 at Page 13 (as
modified, the “Mortgage”) and (ii) certain other documents executed or delivered in connection with the Loan, including without 

  
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limitation, those set forth on Exhibit A (such documents, including, without limitation, the Mortgage, the “Loan Documents”). 

B. Pursuant to a certain lease (the “Urban Renewal Lease”) by and between
Original Borrower, as landlord and its affiliate, 90 Hudson Street Urban Renewal Associates, L.L.C., as tenant (“Original Tenant”), Original Borrower leased all or a portion of the property acting as security
for the Loan (such property as more particularly described on Exhibit B, the “Property”) to Original Tenant and in connection therewith Original Tenant joined in the execution of the Mortgage to subject
its interest under the Urban Renewal Lease to the Mortgage and to acknowledge that the Urban Renewal Lease is subject and subordinate to the lien of the Mortgage and upon any foreclosure or conveyance in lieu of foreclosure thereof, said lease may
immediately be terminated by Lender. Additionally, pursuant to a certain sublease (the “Master Sublease”) by and between Original Tenant, as sublandlord, and Original Borrower, as subtenant, Original Tenant
subleased the Property (or such portion thereof that is the subject of the Urban Renewal Lease) back to Original Borrower. 
 C. Pursuant to that certain Agreement of Sale dated as of October 15, 2010 (as amended, the “Sales Agreement”), (a) the Original Borrower agreed to sell
all of its right, title and interest in and to the Property (including, without limitation, its right, title and interest as landlord under the Urban Renewal Lease and its right, title and interest as subtenant under the Master Sublease) to Assuming
Borrower and (b) the Original Tenant agreed to sell all of its right, title and interest as tenant in, to and under the Urban Renewal Lease and all of its right, title and interest as sublandlord under the Master Sublease to RT

  
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90 Hudson Urban Renewal, LLC, an affiliate of Assuming Borrower (“New Tenant”), all subject to the Mortgage and all of Lender’s right, title and
interest thereunder. The Sales Agreement requires that the Assuming Borrower assume the Loan and the obligations of Original Borrower under the Loan Documents, and conditions the closing of the transfer of the Property upon the Lender’s consent
to the transfer of the Property and the assumption of the Loan (the “Assumption Transaction”). 
 D. Original Borrower and Assuming Borrower have requested that Lender consent to the conveyance, assignment and transfer of the Property (including, without limitation, the transfer by Original
Borrower to Assuming Borrower of all right title and interest of Original Borrower, as landlord under the Urban Renewal Lease and subtenant under the Master Sublease) by Original Borrower to Assuming Borrower (and the related transfer by Original
Tenant of all its right, title and interest as tenant under the Urban Renewal Lease and sublandlord under the Master Sublease to New Tenant), all subject to the Mortgage, the Assignment of Rents and the other Loan Documents, each as modified herein,
and to (i) the assumption by Assuming Borrower of the Loan and the obligations of Original Borrower under the Loan Documents and the related release of Original Borrower in accordance with the terms hereof and (ii) the agreement of New
Tenant to subordinate its rights under the Urban Renewal Lease to the Mortgage. 
 E. Lender is willing to
consent to the transactions noted in the preceding Recital, on and subject to the terms and conditions set forth in this Agreement and in the Mortgage, the Assignment of Rents and in the other Loan Documents, each as modified herein. 

  
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 Statement of Agreement 

In consideration of the mutual covenants and agreements set forth herein, the parties hereto hereby agree as follows: 

1. Representations, Warranties, and Covenants of Original Borrower. 

(a) Original Borrower and Original Tenant hereby represent to Lender, as of the date hereof, that:
(i) contemporaneously with the execution and delivery hereof, (A) Original Borrower has conveyed and transferred all of the Property (including, without limitation, all of its right, title and interest as landlord under the Urban Renewal
Lease and subtenant under the Master Sublease) to Assuming Borrower and (B) Original Tenant has assigned all of its right, title and interest as tenant under the Urban Renewal Lease and sublandlord under the Master Sublease to New Tenant;
(ii) without limiting the foregoing, contemporaneously with the execution and delivery hereof, Borrower has assigned and transferred to Assuming Borrower all leases, tenancies, security deposits and prorated rents of the Property in effect as
of the date hereof (“Leases”) retaining no rights therein or thereto; (iii) neither Original Borrower nor Original Tenant has received a mortgage or other security interest from Assuming Borrower or New
Tenant encumbering the Property (or any interest therein) to secure the payment of any sums due Original Borrower or Original Tenant or any obligations to be performed by Assuming Borrower or New Tenant; (iv) subject to the Permitted
Exceptions, the Mortgage is a valid first lien on the Property for the full unpaid principal amount of the Loan and all other amounts as stated therein; (v) to Original Borrower’s and Original Tenant’s knowledge, there are no defaults
by Original Borrower under the provisions of the Note, the Mortgage, the Assignment of Rents or the other Loan Documents; (vi) neither Original Borrower nor Original Tenant (nor any affiliate thereof) has any defenses, set-offs or rights of
defense, set-off or counterclaim whether legal, equitable or otherwise to the obligations evidenced by or set forth in the Note, the Mortgage, the Assignment of Rents or the other Loan Documents; (vii) all provisions of the Note, the Mortgage,
the Assignment of Rents and the other Loan Documents are in full force and effect, except as modified herein; (viii) other than as may be expressly permitted by the Loan Documents, there are no subordinate liens of any kind covering or relating
to the Property (or any interest therein) nor are there any mechanics’ liens or liens for unpaid taxes or assessments encumbering the Property (or any interests therein), nor has notice of a lien

  
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or notice of intent to file a lien been received, (ix) there exists no default under the Financial Agreement (as modified by the Assignment of Financial Agreement, as defined below) and
other than as set forth in the Assignment of Financial Agreement, the Financial Agreement has not been amended or otherwise modified and (x) there are no new buildings constructed (or expansions of any existing buildings) or any other changes
to the Property, which would be disclosed by a current survey since funding of the Loan. 
 (b) Original
Borrower hereby covenants and agrees that: (i) from and after the date hereof, Lender may deal solely with Assuming Borrower in all matters relating to the Loan, the Loan Documents, and the Property; (ii) Original Borrower shall not at any
time hereafter take a mortgage encumbering the Property from Assuming Borrower to secure any sums to be paid or obligations to be performed by Assuming Borrower so long as any portion of the Loan remains unpaid; (iii) Lender has no further duty
or obligation of any nature relating to this Loan or the Loan Documents to Original Borrower; and (iv) Original Borrower hereby releases Lender and its officers, directors, partners, employees, servicers and agents, from all claims and
liabilities relating to the transaction evidenced by the Loan Documents or in connection with the Assumption Transaction through and including the date hereof. 
 Original Borrower understands and intends that Lender shall rely on the representations, warranties and covenants contained herein. 

2. Representations, Warranties, and Covenants of Assuming Borrower. 

(a) Assuming Borrower hereby represents and warrants to Lender, as of the date hereof, that: (i) simultaneously
with the execution and delivery hereof, (A) Assuming Borrower has acquired from Original Borrower all of the Property (including, without limitation, all of Original Borrower’s interest as landlord under the Urban Renewal Lease and
subtenant under the Master Sublease), and has accepted Original Borrower’s assignment of the Leases and (b) New Tenant has acquired from Original Tenant all of Original Tenant’s interest as tenant under the Urban Renewal Lease and
sublandlord under the Master Sublease; (ii) Assuming Borrower has assumed the performance of Original Borrower’s obligations under the Leases and New Tenant has assumed the performance of all of Original Tenant’s obligations under the
Urban Renewal Lease; and (iii) neither Assuming Borrower nor New Tenant has granted to Original Borrower or Original Tenant a mortgage or 

  
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other lien upon the Property or any interests therein to secure any debt or obligations owed to Original Borrower or Original Tenant. 

(b) Assuming Borrower hereby covenants and agrees that it hereby: (i) assumes the obligations contained in the
Loan Documents in accordance with the terms of this Agreement; (ii) shall pay when and as due all sums due under the Note and other Loan Documents (as modified hereby); (iii) shall perform all obligations imposed upon Original Borrower
under the Mortgage, the Assignment of Rents and all other Loan Documents, all as modified hereby; and (iv) releases Lender, and each of its predecessors in interest, together with any officers, directors, partners, employees, servicers and
agents of each of the foregoing, from all claims and liabilities relating to the transaction evidenced by the Loan Documents or in connection with the Assumption Transaction through and including the date hereof. Assuming Borrower shall not
hereafter, without Lender’s prior consent in accordance with the terms of the Loan Documents, further encumber the Property or sell or transfer the Property or any interest therein, except as may be specifically permitted in the Loan Documents.
Assuming Borrower has no actual knowledge that any of the representations and warranties made by the Original Borrower herein are untrue, incomplete, or incorrect. 

(c) Assuming Borrower is a limited liability company duly organized and validly existing under the laws of the State of
Delaware, and is qualified to do business in the State where the Property is located. Assuming Borrower’s registered office is as set forth in its Certificate of Formation or most recent amendment thereto. Assuming Borrower has full power and
authority to enter into and carry out the terms of this Agreement and to assume and carry out the terms of the Loan Documents. The Assuming Borrower is in good standing under the laws of the State of Delaware. 

(d) This Agreement and the Loan Documents constitute legal, valid and binding obligations of Assuming Borrower,
enforceable in accordance with their respective terms, except to the extent that such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting the rights of creditors generally or general
principles of equity. Neither the entry into nor the performance of and compliance with this Agreement or any of the Loan Documents has resulted or will result in any violation of, or a conflict with or a default under, any judgment, decree, order,
mortgage, indenture, contract, agreement or 

  
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lease by which Assuming Borrower or any property of Assuming Borrower is bound or any statute, rule or regulation applicable to Assuming Borrower. 

(e) Neither the execution of this Agreement nor the assumption and performance of the obligations hereunder has
resulted or will result in any violation of, or a conflict with or a default under, any judgment, decree, order, mortgage, indenture, contract, agreement or lease by which the Assuming Borrower or any property of Assuming Borrower is bound or any
statute, rule or regulation applicable to the Assuming Borrower. 
 (f) There is no action, proceeding or
investigation pending or, to the best of Assuming Borrower’s knowledge, threatened, which questions, directly or indirectly, the validity or enforceability of this Agreement or any of the other Loan Documents, or any action taken or to be taken
pursuant hereto or thereto, or which might result in any material adverse change in the condition (financial or otherwise) or business of Assuming Borrower. 
 (g) There has been no legislative action, regulatory change, revocation of license or right to do business, fire, explosion, flood, drought, windstorm, earthquake, accident, other casualty or act of
God, labor trouble, riot, civil commotion, condemnation or other action or event which has had any material adverse effect on the business or condition (financial or otherwise) of Assuming Borrower or any of its properties or assets, whether insured
against or not, since Assuming Borrower submitted to Lender its request to assume the Loan. 
 (h) The
financial statements and other data and information supplied by Assuming Borrower in connection with Assuming Borrower’s request to assume the Loan or otherwise supplied by Assuming Borrower in contemplation of the assumption of the Loan
(including, without limitation, all information so supplied regarding Assuming Borrower and CBRE Operating Partnership, L.P. (“Assuming Indemnitor”) were in all material respects true and correct as of the dates
specified therein, and since such dates no material adverse change in the financial condition of Assuming Borrower and Assuming Indemnitor has occurred, and there is not any pending or, to the best of Assuming Borrower’s knowledge, threatened
in writing, litigation or proceedings which might impair to a material extent the business or financial condition of Assuming Borrower or Assuming Indemnitor. 

(i) Pursuant to the terms of that (A) that certain Assignment and Assumption Agreement (Tax Abatement Financial
Agreement) between 

  
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90 Hudson Street Urban Renewal Associates and RT 90 Hudson Urban Renewal, LLC dated as of April __, 2011 and (B) that certain Consent to Assignment of Financial Agreement and Assumption of
Financial Agreement between 90 Hudson Street Urban Renewal Associates, LLC, the City of Jersey City and RT 90 Hudson Urban Renewal, LLC dated as of March 17, 2011 (collectively, the “Assignment of Financial
Agreement”), the interests of Original Tenant under the Financial Agreement have been assigned to and assumed by New Tenant. Other than with respect to said assignment and assumption, to the best of Assuming Borrower’s
knowledge, the Assignment of Financial Agreement does not amend or otherwise modify the Financial Agreement and all benefits granted to Original Tenant thereunder shall hereafter accrue to the benefit of New Tenant. 

(j) To the best of Assuming Borrower’s knowledge, there exists no default under the Financial Agreement (as
modified by the Assignment of Financial Agreement). 
 (k) To the best of Assuming Borrower’s
knowledge, neither Assuming Borrower nor its respective constituents or affiliates are in violation of any Laws relating to terrorism or money laundering, including Executive Order No. 13224 on Terrorist Financing (effective September 24,
2001) (the “Executive Order”), and the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56, the “Patriot
Act”). 
 (l) None of Assuming Borrower or its respective constituents or affiliates is a
“Prohibited Person” which is defined as follows: 
  

	 	(i)	a person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; 

 

	 	(ii)	a person or entity owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex to, or is otherwise subject to the provisions
of, the Executive Order; 

  

	 	(iii)	a person or entity with whom Lender is prohibited from dealing or otherwise engaging in any transaction by any terrorism or money laundering law, including, without
limitation, the Executive Order and the Patriot Act; 

  

	 	(iv)	a person or entity who commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; 

  
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	 	(v)	a person or entity that is named as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury Department
Office of Foreign Asset Control at its official website, http://www.treas.gov/ofac/tllsdn.pdf or at any replacement website or other replacement official publication of such list; and/or 

 

	 	(vi)	a person or entity who is affiliated with a person or entity listed above; 

 provided that the representations and warranties set forth above do not apply to the holders of any common shares of beneficial interests sold in a public offering of CB Richard Ellis Realty Trust, and
with respect to such holders Borrower hereby represents and warrants to Lender that in conducting its business (including, without limitation, the offering and sale of shares therein) CB Richard Ellis Realty Trust complies with all applicable laws
and regulations relating to foreign and domestic terrorism and/or money laundering. 
 (m) None of Assuming
Borrower or its respective affiliates or constituents will knowingly (i) conduct any business or engage in any transaction or dealing with any Prohibited Person, including the making or receiving or any contribution of funds, goods or services
to or for the benefit of any Prohibited Person, (ii) deal in, otherwise engage in any transaction relating to, any property or interest in property blocked pursuant to the Executive Order; or (iii) engage in or conspire to engage in any
transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate any of the prohibitions set forth in the Executive Order or the Patriot Act. 

(n) No representation or warranty of Assuming Borrower made in this Agreement contains any untrue statement of material
fact or omits to state a material fact necessary in order to make such representations and warranties not misleading in light of the circumstances under which they are made. 

Assuming Borrower understands and intends that Lender shall rely on the representations, warranties and covenants contained herein.

 3. Assumption of Obligations. Assuming Borrower hereby assumes all of the obligations of every type and nature
set forth in the Note, the Mortgage, the Assignment of Rents and the other Loan Documents (including, without limitation, the Reserve Agreement) in accordance with their respective terms and conditions, including all

  
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indebtedness due thereunder, as the same may be modified by this Agreement. Assuming Borrower further agrees to abide by and be bound by all of the terms of the Loan Documents, including but not
limited to, the representations, warranties, covenants, assurances and indemnifications therein (except for those representations which relate to the organizational status of Original Borrower, those that are inherently limited by time and those
that are modified by this Agreement), all as though each of the Loan Documents had been made, executed, and delivered by Assuming Borrower. Assuming Borrower agrees to pay, perform, and discharge each and every obligation of payment and performance
under, pursuant to and as set forth in the Note, the Mortgage, the Assignment of Rents and the other Loan Documents (including, without limitation, the Reserve Agreement) at the time, in the manner and otherwise in all respects as therein provided.
Assuming Borrower hereby acknowledges, agrees and warrants that (a) there are no rights of set-off or counterclaim, nor any defenses of any kind, whether legal, equitable or otherwise, which would enable Assuming Borrower to avoid or delay
timely performance of its obligations under the Note, the Mortgage, the Assignment of Rents or any of the Loan Documents (including, without limitation, the Reserve Agreement), as applicable; (b) there are no monetary encumbrances or liens of
any kind or nature against the Property except those created by the Loan Documents; and (c) all rights, priorities, titles, liens and equities securing the payment of the Note are expressly recognized as valid and are in all things renewed,
continued and preserved in force to secure payment of the Note, except as amended herein. 
 4. Consent to
Conveyance and Assumption; Release. Subject to the terms and conditions set forth in this Agreement, Lender consents to: (a) the conveyance, assignment and transfer of the Property by Original Borrower to Assuming Borrower, subject to the
Mortgage and the other Loan Documents; and (b) the assumption by Assuming Borrower of the Loan and of the obligations of Original Borrower under the Loan Documents. Original Borrower is hereby released from any liability to Lender under any and
all of the Note, the Mortgage, the Assignment of Rents and the other Loan Documents arising or first accruing subsequent to the transfer of the Property to Assuming Borrower and the assumption

  
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by Assuming Borrower hereunder. Lender’s consent to such transfer shall, however, not constitute its consent to any subsequent transfers of the Property (or any interests therein). Original
Borrower hereby acknowledges and agrees that the foregoing release shall not be construed to release Original Borrower from any personal liability under the Note or any of the other Loan Documents for any acts or events occurring or obligations
arising prior to or simultaneously with the transfer of the Property to the Assuming Borrower and the assumption by Assuming Borrower of the Obligations under the Loan Documents. 

5. Acknowledgment of Indebtedness and Loan Status. This Agreement recognizes the reduction of the principal amount of the
Note and the payment of interest thereon to the extent of payments made by Original Borrower prior to the date of execution of this Agreement. The parties acknowledge and agree that, as of the date of this Agreement, (i) the principal balance
of the Note is $117,561,895.27, (ii) interest on the Note is paid to April 1, 2011, (iii) the next installment of principal and interest is due on May 1, 2011, and (iv) the balances of all reserves and escrow accounts
required under the Loan Documents are set forth in Schedule 1 attached hereto and made a part hereof. To the actual knowledge of Lender, there exists no default by Original Borrower under the Loan Documents. Assuming Borrower acknowledges and agrees
that the Loan, as evidenced and secured by the Loan Documents, is a valid and existing indebtedness payable by Assuming Borrower to Lender. 
 6. Modifications of the Loan Documents. The Loan Documents are hereby modified as follows: 
 (a) All notice provisions of the Loan Documents which provide addresses for Lender, Borrower or any guarantor or indemnitor, together with the addresses for the mailing of copies of any notices
provided to such parties thereunder, are hereby deleted in their entirety and the following substituted in lieu thereof: 

“If to Borrower, Guarantor 

	 	or Indemnitor:	c/o CB Richard Ellis Realty Trust 

	 	    	            47 Hulfish Street, Suite 210 

	 	    	            Princeton, New Jersey 08542 

	 	    	            Attn: Jack A. Cuneo 

  
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	 With a copy by the same
	 	
	 means sent simultaneously to:
	 	
		 	CB Richard Ellis Investors
		 	800 Boylston Street
		 	Boston, Massachusetts 02199
		 	Attn: Victor S. Bucchere
		 	
		 	K&L Gates LLP
		 	599 Lexington Avenue
		 	New York, New York 10022-6030
		 	Attn: Jeffrey H. Weitzman, Esq.
		 	
	 If to Lender:
	 	Teachers Insurance and Annuity Association of America
		 	730 Third Avenue
		 	New York, New York 10017
		 	Attention: Director Global Private Markets, Portfolio Management
		 	Application #: NJ-1659
		 	Mortgage #: 000453200
		 	
	 With a copy by the same
	 	
	 means sent simultaneously to:
	 	
		 	
		 	Teachers Insurance and Annuity Association of America
		 	730 Third Avenue
		 	New York, New York 10017
		 	Attention: Chief Counsel – Advocacy and Oversight Mortgage and Real Estate Law
		 	Application #: NJ-1659
		 	Mortgage #: 000453200

 or to any other
Person or address in the continental United States of America, Alaska or Hawaii as either such party may designate as its address for the receipt of notices hereunder in a written notice duly given to the other party”; 

(b) Section 2.1 of the Mortgage is hereby amended as follows: (i) by deleting the reference in clause
(viii) thereof to “(other than any names or marks containing Hartz or Hartz Mountain)” in its entirety and substituting the following in lieu thereof “(other than any names or marks containing CBRE)” and (ii) by
deleting clause (xvii) thereof in its entirety and substituting the following in lieu thereof “(xvii) all of Borrower’s 

  
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interest as lessor in and to the Urban Renewal Lease as well as Borrower’s sub-leasehold estate in the lease with RT 90 Hudson Urban Renewal, LLC (as assignee of 90 Hudson Street Urban
Renewal Associates, L.L.C) dated February 23, 1999 (as amended and assigned), a memorandum of which was recorded on February 23, 1999 in the Land Records of Hudson County in Deed Book 5403 at Page 77.” 

(c) Section 2.3(b)(a) of the Mortgage is hereby deleted in its entirety and the following is substituted in lieu
thereof: 
 “(a) Name and address of Debtor: 

RT 90 Hudson, LLC 
 c/o CB Richard Ellis Realty Trust 
 47 Hulfish Street, Suite 210

 Princeton, New Jersey 08542 

Attn: Jack A. Cuneo”; 
 (d) Section 7.1(h) of the Mortgage is hereby amended by deleting the reference to “or any Hartz Related Entity” contained therein; 

(e) Section 7.4(i) of the Mortgage is hereby amended by deleting the reference to “90 Hudson Street LLC”
contained therein and replacing the same with a reference to “RT 90 Hudson, LLC”; 
 (f)
Section 7.4(viii) of the Mortgage is hereby deleted in its entirety and the following is substituted in lieu thereof: 
 “Lender is satisfied that Restoration will be completed on or before the date (the “Restoration Completion Date”) that is the earliest of: (A) 12 months prior to the
Maturity Date; (B) 12 months after the receipt of the insurance proceeds or condemnation award, as applicable, issued in connection with such Destruction Event; (C) the earliest date required for completion of Restoration under any Lease
or any Property Document; or (D) any date required by Law; and” 
 (g) Section 10.1(a)(i) of the
Mortgage is hereby amended by deleting the reference to “Hartz Mountain Industries, Inc.” contained therein and replacing the same with a reference to “CBRE Operating Partnership, L.P. or financials substantively representative
thereof”; 
 (h) Section 12.1(b)(i) of the Mortgage is hereby deleted in its entirety and the following
is hereby substituted in lieu thereof: 

  
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 “(i) Borrower is a Delaware limited liability company whose managing
(and sole) member (“Managing Member”) and its respective percentage interest in Borrower is as follows: directly 100% held by CBRE Operating Partnership, L.P.” 

(i) Section 12.1(b)(ii) of the Mortgage is hereby deleted in its entirety; 

(j) Section 12.2(b)(i) of the Mortgage is hereby amended by deleting the reference to “Leonard N. Stern (or
entities owned or controlled by Leonard N. Stern), the spouse, children or grandchildren of Leonard N. Stern and/or inter vivos trusts established for the benefit of Leonard N. Stern or the spouse, children or grandchildren of Leonard N. Stern
(together, the “Hartz Related Entities”)” contained therein and replacing the same with a reference to: “CBRE Operating Partnership, L.P. and/or CB Richard Ellis Realty Trust”; 

(k) Section 12.2(b)(ii)(A) of the Mortgage is hereby deleted in its entirety and the following is hereby substituted
in lieu thereof: “an aggregate fifty-one percent (51%) interest in the Borrower is retained directly or indirectly by any combination of CBRE Operating Partnership, L.P. and/or CB Richard Ellis Realty Trust”; 

(l) Section 15.1(a) of the Mortgage is hereby amended replacing the reference contained therein to “90 Hudson
Urban Renewal (as hereinafter defined)” with a reference to “RT 90 Hudson Urban Renewal, LLC”; 

(m) Section 15.1(b) of the Mortgage is hereby amended by adding the following at the end of clause
(iii) thereof: “, the obligations of Hartz Mountain Industries, Inc. thereunder having been assumed by CBRE Operating Partnership, L.P. as evidenced by, inter alia, that certain Substitution of Indemnitor and Assumption of
Obligations of Indemnitor dated as of April 11, 2011 by and among CBRE Operating Partnership, L.P., RT 90 Hudson, LLC, Hartz Mountain Industries, Inc. and Teachers Insurance and Annuity Association of America”; 

(n) Section 15.1(c)(xi) of the Mortgage is hereby deleted in its entirety and the following is substituted in lieu
thereof: 
 “(xi) any loss or damage suffered by Lender as a direct result of any misrepresentation of
Borrower in its capacity as Assuming Borrower under that certain Loan Assumption and Modification Agreement dated as of April 11, 2011 that (a) there exists no defaults under the Financial Agreement (as modified by that certain Assignment
and Assumption Agreement (Tax Abatement Financial Agreement) dated as of April 11, 2011 and that certain Consent to Assignment of Financial Agreement and Assumption of Financial Agreement dated as of March 17, 2011, collectively, the
“Assignment of Financial Agreement”, pursuant to which the interests of 90 Hudson Street Urban Renewal Associates, L.L.C. under 

  
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the Financial Agreement have been assigned to and assumed by RT Hudson Urban Renewal, LLC), (b) other than as set forth in the Assignment of Financial Agreement, the Financial Agreement has
not been amended or otherwise modified and (c) other than with respect to the assignment and assumption recited in the Assignment of Financial Agreement, the Assignment of Financial Agreement did not modify or amend the Financial Agreement and
all benefits granted to 90 Hudson Street Urban Renewal Associates, L.L.C. under the Financial Agreement have accrued to the benefit of RT Hudson Urban Renewal, LLC (it being acknowledged and agreed that all or certain of such representations and
warranties were made to the best of Borrower’s knowledge as of the date of such Loan Assumption and Modification Agreement)”; 
 (o) Exhibit A to the Mortgage is hereby deleted in its entirety and replaced with Exhibit B attached hereto; it being acknowledged and agreed that Exhibit B describes the same Land
secured by the Mortgage prior to the date hereof, but that in connection with the transfer of the Property to Assuming Borrower and assumption of the Loan by Assuming Borrower evidenced hereby, the Land and Improvements located thereon were
re-surveyed and are now described in the manner attached hereto as Exhibit B. 
 (p) Exhibit B to
the Mortgage is hereby amended by: (i) deleting the definitions contained therein of “Hartz Related Entities” and “Non-Hartz Related Entity”; (ii) deleting the definition of “Urban Renewal Lease” contained
therein in its entirety and substituting the following in lieu thereof: “Urban Renewal Lease” shall mean that certain lease by and between 90 Hudson Street, L.L.C., as landlord, and 90 Hudson Street Urban Renewal Associates, L.L.C., as
evidenced by that certain Memorandum of Lease dated February 23, 1999 and recorded February 26, 1999 in the records of Hudson County, New Jersey in Deed Book 5403 at Page 72, the interest of landlord thereunder having been assigned to RT
90 Hudson, LLC and the interest of tenant thereunder having been assigned to 90 Hudson Street Urban Renewal Associates, LLC, as the same may be amended, renewed, restated, supplemented or otherwise modified from time to time” and
(iii) adding the following definition thereto: “Assignment of Financial Agreement” is defined in Section 15(c)(xi). 
 (q) The second sentence of Section 2(b) of the Reserve Agreement is hereby deleted in its entirety and the following is substituted in lieu thereof: “Based upon current cash flow projections,
the escrow commencement date for the rollover of the National Union Fire Insurance Company lease would be 18 months prior to expiration of said lease (i.e. June 30, 2011) and the escrow commencement date of the rollover of the NDB Capital
Markets Lease would be 12 months prior to the expiration of said lease (i.e. January 31, 2014).” 
 (r)
The following sentence is hereby added to the end of Section 2(b) of the Reserve Agreement: “At such time as the National Union Fire Insurance Company 

  
 16 

 
premises is re-let and provided no Event of Default has occurred and is then continuing, Lender shall release to Borrower the funds deposited in the Lease Rollover Reserve for the purpose of
re-letting the National Union Fire Insurance Company premises pursuant to this Section 2(b) as and to the extent such funds exceed the amounts necessary to fund any Rollover Reserve Expense obligations of Landlord as set forth in the document
evidencing such re-letting (and any related leasing commission agreement). Furthermore, at such time as the NDB Capital Markets premises is re-let and provided no Event of Default has occurred and is then continuing, Lender shall release to Borrower
the funds deposited in the Lease Rollover Reserve for the purpose of re-letting the NDB Capital Markets premises pursuant to this Section 2(b) as and to the extent such funds exceed the amounts necessary to fund any Rollover Reserve Expense
obligations of Landlord as set forth in the document evidencing such re-letting (and any related leasing commission agreement). As used in this Section 2(b), the term “re-let” shall include a new lease and any extension or expansion
of an existing lease at the Property.” 
 7. Interest Accrual Rate and Monthly Installment Payment Amount to
Remain the Same. The interest rate and the monthly payments set forth in the Note shall remain unchanged. 

8. Conditions Precedent. This Agreement shall be of no force and effect until each of the following conditions has been met
to the reasonable satisfaction of Lender: 
 (a) Fees and Expenses. Original Borrower shall
pay, or cause to be paid: (i) all costs and expenses incident to the preparation, execution and recordation hereof and the consummation of the transaction contemplated hereby, including, but not limited to, recording fees, filing fees, transfer
fees, title insurance policy or endorsement premiums or other charges of Title Company and the reasonable fees and expenses of legal counsel to Lender; and (ii) Lender’s assumption fee; 

(b) Payment of Debt Service. Lender shall have received payment in full of the debt service payment due for the
month of April, 2011. 
 Additional Requirements. Satisfaction of all other requirements as may be
reasonably imposed by Lender in its reasonable discretion. 
 9. Condition Subsequent. As a condition
subsequent to Lender’s consent to the Assumption Transaction and without limitation of any other obligations set forth in the Mortgage and/or other Loan Documents, Assuming Borrower shall use best efforts to deliver to Lender within sixty

  
 17 

 
(60) days of the date hereof an income and expense statement for March, 2011 (Lender hereby acknowledges that Assuming Borrower’s ability to deliver such income and expense statements and
the timing of such delivery will be dependent on cooperation from Original Borrower). 
 10. No Further
Consents. Assuming Borrower and Original Borrower acknowledge and agree that Lender’s consent herein contained is expressly limited to the conveyance, assignment and transfer herein described and shall not waive or render unnecessary
Lender’s consent or approval of any subsequent sale, conveyance, assignment or transfer of the Property (or any interests therein). 
 11. Default. 
 (a) Breach. Any
breach of Assuming Borrower of any of the representations and warranties shall constitute a default under the Mortgage and each other Loan Document. 
 (b) Failure to Comply. Assuming Borrower’s failure to fulfill any one of the conditions set forth in this Agreement shall constitute a default under this Agreement and the Loan Documents.

 12. Incorporation of Recitals. Each of the Recitals set forth above in this Agreement are incorporated
herein and made a part hereof. 
 13. Property Remains as Security for Lender. All of the Property as
described and defined in the Mortgage, as amended, shall remain in all respects subject to the lien, charge or encumbrance of the Mortgage, and, except as expressly set forth herein, nothing herein contained and nothing done pursuant hereto shall
affect or be construed to release or affect the liability of any party or parties who may now or hereafter be liable under or on account of the Note or the Mortgage, or any of the Loan Documents, nor shall anything herein contained or done in
pursuance hereof affect or be construed to affect any other security for the Note, if any, held by Lender. 
 14.
No Waiver by Lender. Except as otherwise expressly provided herein, nothing contained herein shall be deemed a waiver of any of 

  
 18 

 
Lender’s rights or remedies under the Note or any of the other Loan Documents. 
 15. References. From and after the date hereof: (a) references in any of the Loan Documents to any of the other Loan Documents will be deemed to be references to such of the Loan
Documents, as modified by this Agreement; and (b) references in the Mortgage and the Loan Documents to “Borrower” shall hereafter be deemed to refer to Assuming Borrower. 

16. Relationship with Loan Documents. To the extent that this Agreement is inconsistent with the Loan Documents, this
Agreement will control and the Loan Documents will be deemed to be amended hereby. Except as amended hereby, the Loan Documents shall remain unchanged and in full force and effect. 

17. Captions. The headings to the Sections of this Agreement have been inserted for convenience of reference only and shall
in no way modify or restrict any provisions hereof or be used to construe any such provisions. 
 18. Partial
Invalidity. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws, such provision shall be fully severable, and this Agreement shall be construed and enforced as if such illegal, invalid
or unenforceable provision had never comprised a part of this Agreement. 
 19. Entire Agreement. This
Agreement and the documents contemplated to be executed herewith constitutes the entire agreement among the parties hereto with respect to the assumption of the Loan and shall not be amended unless such amendment is in writing and executed by each
of the parties. The Agreement supersedes all prior negotiations regarding the subject matter hereof. 
 20.
Binding Effect. This Agreement and the documents contemplated to be executed in connection herewith shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, that the
foregoing provisions 

  
 19 

 
of this Section shall not be deemed to be a consent by Lender to any further sale, conveyance, assignment or transfer of the Property by Assuming Borrower. 

21. Multiple Counterparts. This Agreement may be executed in multiple counterparts, each of which will be an original, but
any of which, taken together, will constitute one and the same Agreement. 
 22. Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey. 
 23.
Effective Date. This Agreement shall be effective as of the date of its execution by the parties hereto and thereupon is incorporated into the terms of the Loan Documents. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 20 

 IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto have executed this
Agreement to be effective as of the date first aforesaid. 
  

			
	ASSUMING BORROWER:
	
	 RT 90 HUDSON, LLC,
 a Delaware limited liability company

		
	 By:
	 	/S/ CHARLES W. HESSEL
		 	 Name: Charles W. Hessel

		 	 Title:   Vice President

 

					
	 STATE OF
	  	New Jersey)	  	
		  	)	  	 ss.:

	 COUNTY OF
	  	Somerset)	  	

 On the 25th day of March, 2011 before me, the undersigned, a notary in and for said state,
personally appeared Charles W. Hessel, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in
his/her capacity and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	
	/S/ JOSEPHINE COCJIN LOZANO
	 Notary Public
 Josephine
Cocjin Lozano
 Notary Public of New Jersey
 My Commission Expires 3/23/15

 [Assuming Borrower’s
Signature Page to Loan Assumption and Modification Agreement] 

  
 21 

 
			
	ORIGINAL BORROWER:
	
	 90 HUDSON STREET, L.L.C.,
 a New Jersey limited liability company

	
	By: Hartz Mountain Industries, Inc., its managing member
		
	 By:
	 	/S/ CONSTANTINO T. MILANO
		 	 Name: Constantino T. Milano

		 	 Title:   Executive vice President

 

					
	 STATE OF
	  	New Jersey)	  	
		  	)	  	 ss.:

	 COUNTY OF
	  	Hudson)	  	

 On the 31st day of March, 2011 before me, the undersigned, a notary in and for said state,
personally appeared Constantino T. Milano, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in
his/her capacity and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	
	/S/ MARY E. FAUSE
	 Notary Public
 Mary E.
Fause
 Notary Public of New Jersey
 My
Commission Expires Feb. 24, 2015

 [Original Borrower’s Signature Page to Loan Assumption and
Modification Agreement] 

  
 22 

 
			
	LENDER:
	
	TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
		
	 By:
	 	/S/ ROSEMARIE J. WAGNER
		 	 Name: Rosemarie J. Wagner

		 	 Title:   Director

 

					
	 STATE OF
	  	New York)	  	
		  	)	  	 ss.:

	 COUNTY OF
	  	New York)	  	

 On the 29th day of March, 2011 before me, the undersigned, a notary in and for said state,
personally appeared Rosemarie J. Wagner, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in
his/her capacity and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	
	/S/ DARREN S. MORAN
	 Notary Public
 Darren S.
Moran
 Notary Public, State of New York

No. 31-01 MO5062091
 Qualified in New York
County
 Commission Expires June 24, 2014

 [Lender’s Signature Page to Loan Assumption and Modification Agreement] 

  
 23 

 JOINDER OF NEW TENANT 
 RT 90 Hudson Urban Renewal, LLC, a New Jersey limited liability company, hereby joins in the execution of this Agreement to subject its interest as the tenant under the Urban Renewal Lease to the lien of
the Mortgage; and further agrees that (a) the Urban Renewal Lease is in all respects subject and subordinate to the lien of the Mortgage and (b) Lender may terminate the Urban Renewal Lease, at Lender’s election, upon any foreclosure
or conveyance in lieu of foreclosure. 
 Dated this 4th day of April, 2011 

 

			
	RT 90 HUDSON URBAN RENEWAL, LLC
		
	By:	 	/S/ CHARLES W. HESSEL
		 	Name: Charles W. Hessel
		 	Title:   Vice President

  

					
	 STATE OF
	  	New Jersey)	  	
		  	)	  	 ss.:

	 COUNTY OF
	  	Somerset)	  	

 On the 4th day of April, 2011 before me, the undersigned, a notary in and for said state,
personally appeared Charles W. Hessel, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in
his/her capacity and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	
	/S/ JOSEPHINE COCJIN LOZANO
	 Notary Public
 Josephine
Cocjin Lozano
 Notary Public

 [New Tenant’s Joinder to Loan Assumption and Modification Agreement] 

  
 24 

 JOINDER OF ORIGINAL TENANT 

90 Hudson Street Urban Renewal Associates, L.L.C., a New Jersey limited liability company, hereby joins in the execution of this Agreement to release
Lender and its officers, directors, partners, employees, servicers and agents, from all claims and liabilities through and including the date hereof that relate to or arise in connection with the transaction evidenced by the Loan Documents
(including any claims and liabilities relating to or arising in connection with the Assumption Transaction). 
 Dated this 31st day of March,
2011 
  

					
	90 HUDSON STREET URBAN RENEWAL ASSOCIATES, L.L.C., a New Jersey limited liability company
		
	By:	 	Hartz Mountain Industries, Inc., a New York corporation, its Managing Member
			
		 	By:	 	/S/ CONSTANTINO T. MILANO
		 		 	Name: Constantino T. Milano
		 		 	Title:   Executive Vice President

  

					
	 STATE OF
	  	New Jersey)	  	
		  	)	  	 ss.:

	 COUNTY OF
	  	Hudson)	  	

 On the 31st day of March, 2011 before me, the undersigned, a notary in and for said state,
personally appeared Constantino T. Milano, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in
his/her capacity and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	
	/S/ MARY E. FAUSE
	 Notary Public
 Mary E.
Fause
 Notary Public of New Jersey
 My
Commission Expires Feb. 24, 2015

 [Original Tenant’s Joinder to Loan Assumption and Modification
Agreement] 

  
 25 

 JOINDER OF NORTHMARQ CAPITAL, LLC 

Northmarq Capital, LLC, a Minnesota limited liability company, formerly known as Northmarq Capital, Inc., hereby joins in the execution of this Agreement
to acknowledge and agree to Assuming Borrower’s assumption of all obligations of Original Borrower under, inter alia, the Reserve Agreement and the amendments to the Reserve Agreement set forth herein. 

Dated this 4th day of April, 2011 
  

			
	NORTHMARQ CAPITAL, LLC., a Minnesota limited liability company
		
	By:	 	/S/ KAREN PRIBNOW
		 	Name: Karen Pribnow
		 	Title:   Executive Vice President

  

					
	 STATE OF
	  	Minnesota)	  	
		  	)	  	 ss.:

	 COUNTY OF
	  	Hennepin)	  	

 On the 4th day of April, 2011 before me, the undersigned, a notary in and for said state,
personally appeared Karen Pribnow, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her
capacity and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 

 

	
	
	/S/ LISA M. SABA
	 Notary Public
 Lisa M.
Saba
 Notary Public - Minnesota
 My
Commission Expires Jan. 31, 2015

 [Northmarq’s Joinder to Loan Assumption and Modification
Agreement] 

  
 26 

 EXHIBIT A 

 

	(1)	Promissory Note dated April 7, 2006, payable by Original Borrower to Lender in the original principal amount of One Hundred Twenty Two Million Five Hundred
Thousand and No/100 Dollars ($122,500,000.00) (the “Note”), the obligations of Original Borrower thereunder having been assigned to RT Hudson, LLC (“Assuming
Borrower”) as evidenced by that certain Allonge to Note dated as of the date hereof; which Note replaced and superceded that certain Promissory Note dated as of January 14, 2000, payable by Borrower to Lender in
the stated principal amount of Seventy Million and No/100 Dollars ($70,000,000.00); 

  

	(2)	Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement, dated January 14, 2000, granted by Original Borrower to Lender,
recorded in the Register of Deeds of Hudson County, New Jersey in Book 7331 at Page 79, as modified by that certain Spreader and First Amendment to Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement, dated as
of April 7, 2006 by and between Original Borrower and Lender, recorded in the Recorder’s Office in Book 571 at Page 13; 

  

	(3)	Assignment of Leases and Rents, dated January 14, 2000, granted by Original Borrower to Lender, recorded in the Recorder’s Office in Book 7331 at Page
146 (the “Assignment of Rents”); 

  

	(4)	Guaranty of Recourse Obligations of Borrower dated as of April 7, 2006, executed by Hartz Mountain Industries, Inc. (“Original
Indemnitor”) in favor of Lender, as amended by that certain Substitution of Indemnitor and Assumption of Obligations of Indemnitor dated as of the date hereof (the “Substitution of
Indemnitor”) by and among CBRE Operating Partnership, L.P. (“Assuming Indemnitor”), Assuming Borrower, Original Indemnitor and Lender. 

 

	(5)	Environmental Indemnity dated as of January 14, 2000, executed by Original Indemnitor in favor of Lender, as re-affirmed by that certain Affirmation of
Environmental Indemnity dated as of April 7, 2006, executed by Original Indemnitor in favor of Lender (the “EIA”), as amended by the Substitution of Indemnitor.

  

	(6)	Real Estate Tax and Rollover Reserve Escrow and Security Agreement dated as of April 7, 2006 by and among Original Borrower, Lender and Northmarq Capital,
Inc (the “Reserve Agreement”) 

  
 27 

	(7)	UCC-1 Financing Statement naming Assuming Borrower, as debtor, and Lender, as secured party, to be filed in the Recorder’s Office.

  

	(8)	UCC-1 Financing Statement naming Assuming Borrower, as debtor, and Lender, as secured party, to be filed with the Delaware Secretary of State’s Office.

  
 28 

 EXHIBIT B - Legal Description of Real Property 

ALL THAT CERTAIN tract, parcel and lot of land, lying and being situate in the City of Jersey City, County of Hudson and State of New Jersey,
being more particularly described as follows: 
 Tract I: (Deed Book 5312 Page 141) 
 COMMENCING at the intersection of the easterly ROW line of Greene Street and the Southerly ROW line of York Street and running along the Southerly ROW line of York Street South 81 degrees 47 minutes 01
seconds East a distance of 470.00 feet to a point of beginning; thence: 
 1. Along the southerly ROW line of York Street South 81 degrees 47
minutes 01 seconds East a distance of 250.00 feet to a point; thence 
 2. South 8 degrees 12 minutes 59 seconds West a distance of 200.42 feet
to a point; thence 
 3. Along the northerly ROW line of the former Grand Street North 81 degrees 47 minutes 01 seconds West a distance of
250.00 feet to a point lying on the Easterly ROW line of the former Hudson Street; thence 
 4. Along the easterly ROW line of the former Hudson
Street North 8 degrees 12 minutes 59 seconds East a distance of 200.42 feet to the point of BEGINNING. 
 Tract II (Deed Book 5948 Page 293):

 Commencing and beginning at the intersection of the Easterly terminus of York Street and the Southerly line of York Street; thence

 1. South 81 degrees 47 minutes 01 seconds East, a distance of 30.00 feet; thence 
 2. South 8 degrees 12 minutes 59 seconds West, a distance of 200.42 feet; thence 
 3. North 81
degrees 47 minutes 01 seconds West, a distance of 30.00 feet; thence 
 4. North 8 degrees 12 minutes 59 seconds East, a distance of 200.42 feet
to the point of BEGINNING. 
 The above two tracts being jointly described as follows: 
 BEGINNING at the point of intersection of the Northerly line of Grand Street (80’ feet wide) and the Easterly line of Hudson Street (70’ wide) and running; thence 

1. Along the said Easterly line of Hudson Street North 8 degrees 12 minutes 59 seconds East a 

  
 29 

 
distance of 200.42 feet to a point and corner, said corner being the intersection of the aforesaid Hudson Street with the Southerly line of York Street (60’ wide); thence 

2. Along the aforesaid York Street, South 81 degrees 47 minutes 01 seconds East, a distance of 280.00 feet to a point and corner, said corner being the
intersection of the aforesaid York Street with the Westerly Line of N//F Marginal Highway (Block 8 Lot 2); thence 
 3. Along the aforesaid
marginal highway, South 8 degrees 12 minutes 59 seconds West, a distance of 200.42 feet to a point and corner, said corner being the intersection of the aforesaid marginal highway and the Northerly line of the first mentioned Grand Street; thence

 4. Along the said Northerly line of Grand Street North 81 degrees 47 minutes 01 seconds West, a distance of 280.00 feet to the point and
place of BEGINNING. 
 Being also known as: Lot 15, Block 6, on the Official Tax Map of the City of Jersey City, County of Hudson, State of New
Jersey 

  
 30Promissory Note

 Exhibit 10.39 
 PROMISSORY NOTE 
  

			
	$122,500,000.00	  	 Secaucus, New Jersey
 Dated: as of April 11, 2006

 FOR VALUE RECEIVED, 90 HUDSON
STREET L.L.C. (“Borrower”), a New Jersey limited liability company, having its principal place of business at 400 Plaza Drive, Secaucus, New Jersey 07094, promises to pay to TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF
AMERICA (“Lender”), a New York corporation, or order, at Lender’s offices at 730 Third Avenue, New York, New York 10017 or at such other place as Lender designates in writing, the principal sum of ONE HUNDRED TWENTY TWO
MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($122,500,000.00) (the principal sum or so much of the principal sum as may be advanced and outstanding from time to time, the “Principal”), in lawful money of the United
States of America, with interest on the Principal from the date of this Promissory Note (this “Promissory Note”) through and including May 1, 2016 (the “Maturity Date”) at the fixed rate of five
and sixty-six one hundredths percent (5.66%) per annum (the “Fixed Interest Rate”). 
 This
Promissory Note evidences a loan (the “Loan”) in the maximum principal amount of ONE HUNDRED TWENTY TWO MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($122,500,000.00) made by Lender to Borrower. 

This Promissory Note is secured by, among other things, the Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture
Filing Statement made by Borrower to Lender, dated as of January 14, 2000, recorded January 18, 2000 in the Hudson County Recorder’s Office in Mortgage Book 7331, Page 79, as amended by Spreader and First Amendment of Mortgage,
Assignment of Leases and Rents, Security Agreement and Fixture Filing Statement, dated the date of this Promissory Note, made by Borrower and Lender, to be recorded in the Hudson County Recorder’s Office (collectively the
“Mortgage”). The Mortgage encumbers property known as 90 Hudson Street located in the City of Jersey City, County of Hudson, State of New Jersey, as more particularly described in the Mortgage and defined in the Mortgage as
the “Property”. All capitalized terms not expressly defined in this Promissory Note will have the definitions set forth in the Mortgage. 
 Section 1. Payments of Principal and Fixed Interest. 
 (a) Borrower will make
monthly installment payments (“Debt Service Payments”) as follows: 
 (i) On May 1, 2006, a payment of accrued
interest on the Principal at the Fixed Interest Rate; 
 (ii) On June 1, 2006 and on the first day of each succeeding calendar month
through and including May 1, 2008, payments in the amount of FIVE HUNDRED SEVENTY SEVEN THOUSAND SEVEN HUNDRED NINETY ONE AND 67/100 DOLLARS ($577,791.67), each of which will be applied first to accrued interest on the Principal at the Fixed
Interest Rate; 

 (iii) On June 1, 2008 and on the first day of each succeeding calendar month through and including
May 1, 2016, payments in the amount of SEVEN HUNDRED SEVEN THOUSAND EIGHT HUNDRED EIGHTY SIX AND 67/100 DOLLARS ($707,886.67), each of which will be applied first to accrued interest on the Principal at the Fixed Interest Rate and then to the
Principal; 
 (b) On the Maturity Date, Borrower will pay the Principal in full together with accrued interest at the Fixed Interest Rate and
all other amounts due under the Loan Documents. 
 Section 2. Prepayment Provisions. 

(a) The following definitions apply: 

“Discount Rate” means the yield on a U.S. Treasury issue plus fifty (50) basis points selected by Lender, as published in
The Wall Street Journal, two weeks prior to prepayment, having a maturity date corresponding (or most closely corresponding, if not identical) to the Maturity Date, and, if applicable, a coupon rate corresponding (or most closely corresponding, if
not identical) to the Fixed Interest Rate. 
 “Default Discount Rate” means the Discount Rate less 300 basis points.

 “Discounted Value” means the Discounted Value of a Note Payment based on the following formula: 

NP (1 + R/12)n = Discounted Value 
  

							
	 	NP	  	  	=	  	Amount of Note Payment.
	 	R	  	  	=	  	Discount Rate or Default Discount Rate as the case may be.
	 	n	  	  	=	  	The number of months between the date of prepayment and the scheduled date of the Note Payment being discounted rounded to the nearest integer.

  
 2 

 “Note Payments” means (i) the scheduled Debt Service Payments for the period
from the date of prepayment through the Maturity Date and (ii) the scheduled repayment of Principal, if any, on the Maturity Date. 

“Prepayment Date Principal” means the Principal on the date of prepayment. 

(b) This Promissory Note may not be prepaid in full or in part before May 1, 2009. Commencing on May 1, 2009, provided there is no Event of
Default, Borrower may prepay this Promissory Note in full, but not in part, on the first day of any calendar month, upon 60 days prior notice to Lender and upon payment in full of the Debt which will include a payment (the “Prepayment
Premium”) equal to the greater of (i) an amount equal to the product of 1% times the Prepayment Date Principal and (ii) the amount by which the sum of the Discounted Values of Note Payments, calculated at the Discount Rate,
exceeds the Prepayment Date Principal. Provided there is no Event of Default, this Promissory Note: (i) may be prepaid in full, during the period beginning May 1, 2016, upon payment of the amount by which the sum of the Discounted Values
of Note Payments, calculated at the Discount Rate, exceeds the Prepayment Date Principal (without consideration of whether that is greater than 1% times the Prepayment Date Principal), and (ii) may be prepaid in full without payment of the
Prepayment Premium during the last 90 days of the Term. This Promissory Note may not be prepaid without simultaneous prepayment in full of any other notes secured by the Loan Documents. Notwithstanding the foregoing, no Prepayment Premium will be
due in the event Lender applies Proceeds from a Casualty or Condemnation as a credit against any portion of the Debt. 
 (c) After an
Acceleration or upon any other prepayment not permitted by the Loan Documents, any tender of payment of the amount necessary to satisfy the Debt accelerated, any judgment of foreclosure, any statement of the amount due at the time of foreclosure and
any tender of payment made during any redemption period after foreclosure, will include, in lieu of any Prepayment Premium, a payment (the “Evasion Premium”) equal to the greater of (i) an amount equal to the product of
1% plus 300 basis points times the Prepayment Date Principal, and (ii) the amount by which the sum of the Discounted Values of the Note Payments, calculated at the Default Discount Rate, exceeds the Prepayment Date Principal. Notwithstanding
the foregoing, during any period the Loan is open for prepayment, the Prepayment Premium will be in lieu of any Evasion Premium. 
 (d) Borrower
acknowledges that at any time an Evasion Premium is due hereunder: 
 (i) a prepayment after an Event of Default will cause damage to Lender;

 (ii) the Evasion Premium is intended to compensate Lender for the loss of its investment and the expense incurred and time and effort
associated with making the Loan, which will not be fully repaid if the Loan is prepaid; 

  
 3 

 (iii) it will be extremely difficult and impractical to ascertain the extent
of Lender’s damages caused by a prepayment after an Event of Default or any other prepayment not permitted by the Loan Documents; and 
 (iv) the Evasion Premium represents Lender and Borrower’s reasonable estimate of Lender’s damages for the prepayment and is not a penalty. 

Section 3. Events of Default:  
 (a) It is an “Event of Default” under this Promissory Note: 
 (i) if
Borrower fails to pay a regularly scheduled escrow amount due under the Real Estate Tax and Rollover Reserve Escrow and Security Agreement dated of even date herewith or Debt Service Payment due, as and when required, under this Promissory Note or
any other Loan Document and the failure continues for a period of 5 days; 
 (ii) if Borrower fails to pay any amount due (other than a Debt
Service Payment or not regularly scheduled escrow amount under the Real Estate Tax and Rollover Reserve Escrow and Security Agreement dated of even date herewith), as and when required, under this Promissory Note or any other Loan Document and the
failure continues for a period of 10 days; or 
 (iii) if an Event of Default occurs under any other Loan
Document. 
 (b) If an Event of Default occurs, Lender may declare all or any portion of the Debt immediately due and payable
(“Acceleration”) and exercise any of the other Remedies. 
 Section 4. Default Rate.
Interest on the Principal will accrue at the Default Interest Rate from the date an Event of Default occurs. 

Section 5. Late Charges. 

  
 4 

 (a) If Borrower fails to pay any Debt Service Payment when due or fails to pay any amount
due under the Loan Documents on the Maturity Date (in either event, without giving consideration to any grace period contained in the Loan Documents), Borrower agrees to pay to Lender an amount (a “Late Charge”) equal to five
cents ($.05) for each one dollar ($1.00) of the delinquent payment. 
 (b) Borrower acknowledges that: 

(i) a delinquent payment will cause damage to Lender; 
 (ii) the Late Charge is intended to compensate Lender for loss of use of the delinquent payment and the expense incurred and time and effort associated with recovering the delinquent payment; 

(iii) it will be extremely difficult and impractical to ascertain the extent of Lender’s damages caused by the
delinquency; and 
 (iv) the Late Charge represents Lender and Borrower’s reasonable estimate of
Lender’s damages from the delinquency and is not a penalty. 
 Section 6. Limitation of Liability. This
Promissory Note is subject to the limitations on liability set forth in the Article of the Mortgage entitled “Limitation of Liability”. 
 Section 7. WAIVERS. IN ADDITION TO THE WAIVERS SET FORTH IN THE ARTICLE OF THE MORTGAGE ENTITLED “WAIVERS”, BORROWER WAIVES PRESENTMENT FOR PAYMENT, DEMAND, DISHONOR
AND, EXCEPT AS EXPRESSLY SET FORTH IN THE LOAN DOCUMENTS, NOTICE OF ANY OF THE FOREGOING. BORROWER FURTHER WAIVES ANY PROTEST, LACK OF DILIGENCE OR DELAY IN COLLECTION OF THE DEBT OR ENFORCEMENT OF THE LOAN DOCUMENTS. BORROWER AND ALL INDORSERS,
SURETIES AND GUARANTORS OF THE OBLIGATIONS CONSENT TO ANY EXTENSIONS OF TIME, RENEWALS, WAIVERS AND MODIFICATIONS THAT LENDER MAY GRANT WITH RESPECT TO THE OBLIGATIONS AND TO THE RELEASE OF ANY SECURITY FOR THIS PROMISSORY NOTE AND AGREE THAT
ADDITIONAL MAKERS MAY BECOME PARTIES TO THIS PROMISSORY NOTE AND ADDITIONAL INDORSERS, GUARANTORS OR SURETIES MAY BE ADDED WITHOUT NOTICE AND WITHOUT AFFECTING THE LIABILITY OF THE ORIGINAL MAKER OR ANY ORIGINAL INDORSER, SURETY OR GUARANTOR.

 Section 8. Commercial Loan. The Loan is made for the purpose of carrying on a business or commercial
activity or acquiring real or personal property as an investment or carrying on an investment activity and not for personal or household purposes. 

  
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 Section 9. Usury Limitations. Borrower and Lender intend to comply with
all Laws with respect to the charging and receiving of interest. Any amounts charged or received by Lender for the use or forbearance of the Principal to the extent permitted by Law, will be amortized and spread throughout the Term until payment in
full so that the rate or amount of interest charged or received by Lender on account the Principal does not exceed the Maximum Interest Rate. If any amount charged or received under the Loan Documents that is deemed to be interest is determined to
be in excess of the amount permitted to be charged or received at the Maximum Interest Rate, the interest payments will be reduced to the extent necessary so that Lender will not receive interest at a rate in excess of the Maximum Interest Rate. In
such event, the excess will be deemed to be a prepayment of Principal when paid, without premium, and any portion of the excess not capable of being so applied will be refunded to Borrower. If during the Term the Maximum Interest Rate, if any, is
eliminated, then for purposes of the Loan, there will be no Maximum Interest Rate. 
 Section 10. Applicable
Law. This Promissory Note was executed and delivered in New York and is intended as a New York contract which will be governed by and construed in accordance with the Laws of the State of New Jersey without regard to conflict of law provisions.
Borrower irrevocably and unconditionally consents to the jurisdiction of the courts of the State of New Jersey in any Proceedings arising out of or in connection with this Promissory Note (although this covenant shall not preclude an action on this
Promissory Note by Lender in any other appropriate jurisdiction). 
 Section 11. Time of the Essence. Time is
of the essence with respect to the payment and performance of the Obligations. 
 Section 12. Cross-Default.
A default under any other note now or hereafter secured by the Loan Documents or under any loan document related to such other note constitutes a default under this Promissory Note and under the other Loan Documents. When the default under the other
note constitutes an Event of Default under that other note or the related loan document, an Event of Default also will exist under this Promissory Note and the other Loan Documents. 

Section 13. Construction. Unless expressly provided otherwise in this Promissory Note, this Promissory Note will be
construed in accordance with the Exhibit attached to the Mortgage entitled “Rules of Construction”. 

Section 14. Mortgage Provisions Incorporated. To the extent not otherwise set forth in this Promissory Note, the
provisions of the Articles of the Mortgage entitled “Expenses and Duty to Defend”, “Waivers”, “Notices”, and “Miscellaneous” are applicable to this
Promissory Note and deemed incorporated by reference as if set forth at length in this Promissory Note. 

Section 15. Joint and Several Liability; Successors and Assigns. If Borrower consists of more than one entity, the
obligations and liabilities of each such entity will be 

  
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joint and several. This Promissory Note binds Borrower and successors, assigns, heirs, administrators, executors, agents and representatives and inures to the benefit of Lender and its
successors, assigns, heirs, administrators, executors, agents and representatives. 
 Section 16. Replacement
Note. This Note replaces and supercedes that certain Promissory Note dated as of January 14, 2000, made by Borrower in favor of Lender, which was secured by the January 14, 2000 Mortgage, Assignment of Leases and Rents, Security
Agreement and Fixture Filing Statement which encumbers the Property. 
 Section 17. Absolute Obligation. Except for
the Section of this Promissory Note entitled “Limitation of Liability”, no reference in this Promissory Note to the other Loan Documents and no other provision of this Promissory Note or of the other Loan Documents will
impair or alter the obligation of Borrower, which is absolute and unconditional, to pay the Principal, interest at the Fixed Interest Rate and any other amounts due and payable under this Promissory Note, as and when required. 

IN WITNESS WHEREOF, Borrower has executed and delivered this Promissory Note effective as of the date first set forth above. 

90 HUDSON STREET L.L.C., a New Jersey limited liability company 

 

					
	
		
	By:	 	 HARTZ MOUNTAIN INDUSTRIES, INC.,
 a New York corporation, Managing Member

			
		 	By	 	/s/ Constantino T. Milano
		 		 	Name: Constantino T. Milano
		 		 	Title: Executive Vice President

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